Planning for Small Businesses and Aiding they Success

Name

Institutional Affiliation

Market conditions are highly dynamic and firms, either large or small, have to find a way to survive amidst many competitors. Currently, according to Abramowicz (2007), the major threats to business success emanates from relatively larger firms that have the financial capability to implement up-to-date technology, and more so, enact better advertising. An entrepreneur may increase the success rate for a small business by seeking alternative sources of capital to facilitate operations. As such, they can get the benefits of economies of scale by buying in large quantities. Secondly, success can be improved through advertising both through friends and social media. By alerting the prospective customers about the existence of the products and services being offered, a business is at an upper hand in improving sales and brand image. These business success strategies are applicable for a starter and established business firms.

A business...