In a business world, we need to find the right cash cow. It could be either in providing goods or services to the target market. “Is that easy?” Having business is not a piece of cake. In small-scale business, some people start up without the basis. But then, cash inflow had been obtained without any tools needed. “How about the people without any ideas in starting up a business?” It is better to find a secret to forecast if the business will be successful.
One thing for sure that might find the business future, that is, conducting a Feasibility Study. Some people who don’t have any idea on how to execute this. It seems difficult to obtain the information needed in determining the viability of the business. This study comprises four (4) important elements: management, marketing, financial and social.
Management is the vital part in determining the position title, main job responsibilities of the position titles, and the appropriate salary for them. It is also indicated where the probationary period and when the salary will be increased in specific period working in the company, either small or big scale.
This is the inner core of the company. The business owner should determine the competitors and the target market. It is all the basis of knowing the advantages of business goods or services over the competitors. It takes to conduct the research about the marketing in a given area. However, it is worth to know what needs to develop or not.
The cash flow can be determined in this part. It is where you can overview how the start-up capital will be used: operation, employment salary, allocation of budgets, etc. Choosing if the business will be in partnership or not. The loan scheme in the bank or how to come up with the best option for maximizing the available resources.
A small or big scale of business should still render their services to the society. They need to bring back the success of a business and be shared with the community. It could be in the form of sharing some of the profit to the charity or create a fund for the needy.