How can Jim Dickson address the major issues concerning his new business? The question can be answered by first stating and verifying the current challenges that are affecting him. Most entrepreneurs are faced with a host of challenges that need to be addressed. In most cases, the issue of establishing one's brand, keeping up with the competitors, and making a reasonable profit, has been proven to be the biggest challenges to many entrepreneurs. For instance, Jim Dickson has several issues which need to be addressed for his success. First, Jim has to address cash flow management, the location of the business, marketing strategy, finding customers, and self-doubt.
Recommendations
Jim can address his issues through an action plan. The purpose of a strategic action plan is to set business goals and how to achieve them. Jim needs a step-by-step plan that will help him address the issues. The first step is to identify the strategic issues. The issues are unknown problems, market shifts, and opportunities that are surrounding a business. Jim's strategic issues include his inadequacy in the capital and cash flow; therefore, Jim can increase his revenue sources by minimizing dependency on one source. The second step is conducting an environmental scan ( Baporikar, 2019) . The scan will help Jim know the social, economic, and technological analysis of a particular location. Jim can change the location of his business to a more accommodative location to gain more profit. The next step is conducting a competitive analysis. The analysis will help Jim identify the threats posed by other companies with the same business strategies as his. Also, Jim can employ the next step of identifying opportunities and threats. These opportunities require Jim to know the customers' needs, the economic trends, and the niches that other competitors such as Millard missed. Also, Jim should know what service the customers need specifically from him, such as washing minor stains. Another step should be Jim knowing his customer segments. Jim has to understand the groups of customers that are attracted by his services. Jim is required to categorize his customers according to their preferences, locations, and communication channels. The last step to take is identifying his strengths and weaknesses.
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Support of Recommendations
The weakness and strategies can be for the company, himself, and its customers. For instance, the planning strategies can help Jim relocate to other places, borrow some cash, or identify more customers to improve his business. Also, Jim should stop doubting himself and concentrate on his strengths for success. He can relocate to more places where the niche is promising and where other businesses have not ventured into the cleaning of carpets and homes. Hence, the customers will be more supportive of his business when he refurbishes his brand and quality.
Reference
Baporikar, N. (2019). Influence of Business Competitiveness on SMEs Performance. International Journal of Productivity Management and Assessment Technologies (IJPMAT) , 7 (2), 1-25. https://doi. 10.4018/IJPMAT.2019070101.
