When investigating a startup company, these are some of the first questions investors and lenders want answered: What’s the product? Is there a market for that product? Is the management team well experienced?
Almost every business plan typically addresses these and other related questions in some detail, but what about an Operations Plan? If Operations is mentioned at all, details are likely to be sketchy at best. The truth is, Operations and other forms of management plays a role in the startup firm. And if so, what is the role?
Management might play an important role, and when it does operations management professionals need to be prepared. This is where your job as an entrepreneur or owners comes in. It is your responsibility to understand the needs of the company at any given time and the skills and experience that need to be brought on board at different stages of development.
Understanding the value that Management and how it can help improve his existing business and help get the new line of business off on the right foot is extremely important.
The competitive nature of the industry, whether you are in the hospitality or manufacturing industry, is increasing at a rate previously unseen. This has resulted in not only the rise of such business, but given rise to the role of a sound and thorough process of small business management.
For more on small business management, check this out: http://www.businessinsider.com.au/five-tips-for-managing-your-small-business-day-to-day-2014-10