Salon West sounds and looks like a wonderful salon that deserves a lot of recognition. One thing I learned from this presentation was that a business can be extremely small, but have a large clientele list. Most small businesses have a steady flow of business, or else they would probably become nonexistent, however not all small businesses have a great number of clients/consumers. I also found it very interesting that the owners are husband and wife. Family businesses are not as popular anymore, and a lot of family businesses cause stress on relationships. As you stated in your PowerPoint, one of their most difficult challenges is keeping personal and business life separate. The book states: “Partnerships have caused splits between relatives, friends, and spouses” (Nickels, McHugh & McHugh, 2010). The stress of having to always be with someone and work through every issue, personal and business-wise, can be a major downfall to businesses. The fact that they acknowledge that it is one of their challenges is one of their keys to success in my opinion. If you know there is a problem, you are given the opportunity to fix it and help work it out. Through this presentation, I learned that there can be a fatal side to word-of- mouth advertising if something does not go well. I knew it was not a good thing, but I never thought about how fatal it can be, as people could lose clients if the clients are not regular ones. I also learned that surrounding businesses are a great way to advertise your business. As long as you have established a positive relationship with the other businesses, it is possible to either go into advertising with them or advertise for each other. Something that I never thought would be so difficult would be hiring new workers. As the PowerPoint said, it is hard to do financially and it is time consuming, which could serve as a blow to the company at that time. However, having employees can make the business more efficient, therefore making it more profitable for the owners. All staff members must have a knowledge of what they are doing and be personable in order for a business to succeed. Reference Nickels, W., McHugh, J., & McHugh, S. (2010). Understanding business. (9 ed., p. 167). New York, NY: McGraw-Hill.
Salon West sounds and looks like a wonderful salon that deserves a lot of recognition. One thing I learned from this presentation was that a business can be extremely small, but have a large clientele list. Most small businesses have a steady flow of business, or else they would probably become nonexistent, however not all small businesses have a great number of clients/consumers. I also found it very interesting that the owners are husband and wife. Family businesses are not as popular anymore, and a lot of family businesses cause stress on relationships. As you stated in your PowerPoint, one of their most difficult challenges is keeping personal and business life separate. The book states: “Partnerships have caused splits between relatives, friends, and spouses” (Nickels, McHugh & McHugh, 2010). The stress of having to always be with someone and work through every issue, personal and business-wise, can be a major downfall to businesses. The fact that they acknowledge that it is one of their challenges is one of their keys to success in my opinion. If you know there is a problem, you are given the opportunity to fix it and help work it out.
ReplyDeleteThrough this presentation, I learned that there can be a fatal side to word-of- mouth advertising if something does not go well. I knew it was not a good thing, but I never thought about how fatal it can be, as people could lose clients if the clients are not regular ones. I also learned that surrounding businesses are a great way to advertise your business. As long as you have established a positive relationship with the other businesses, it is possible to either go into advertising with them or advertise for each other. Something that I never thought would be so difficult would be hiring new workers. As the PowerPoint said, it is hard to do financially and it is time consuming, which could serve as a blow to the company at that time. However, having employees can make the business more efficient, therefore making it more profitable for the owners. All staff members must have a knowledge of what they are doing and be personable in order for a business to succeed.
Reference
Nickels, W., McHugh, J., & McHugh, S. (2010). Understanding business. (9 ed., p. 167). New York, NY: McGraw-Hill.