Question

Mobile Phone Company: Achieving Personal Excellence Your new mobile phone business is now approaching its first anniversary and you are able to step back and finally take a deep breath and consider positive changes that could be implemented. One of these changes is to transform you from a reactive maniac running around putting out fires, to a role model, achieving personal excellence. What specific steps will you use to make this transition? What specific programs will you put in place to help your key personnel do the same?

Answer 1

Now that my mobile business is up an running successfully into its second year, it is the perfect time to make some much-needed changes and to take up initiatives to improve the management.

The first year helped me immensely in learning about the customer tastes/ preferences, prices at which they are willing to buy and how to procure the products at a lower cost to be able to satisfy the customers etc. But it is time to see ahead and plan what the future would entail for my business.

For this purpose,

1. I am setting a few goals for the business which are to be achieved by the end of the second year as well as some long term goals to be achieved by the end of five years of business. this will help me in targeting my strategies towards the goals rather than shooting in the dark as I did in my first year.

2. the first year taught me a lot about how important it is to understand the preferences of customers to forecast the demand. This year, I will spend more time researching the right products and spend a considerable amount of time promoting them to the right market.

3. Although the 3 employees of my small business are dedicated to their jobs and very hard-working, I would ensure to ease off some of their burdens by hiring additional help. Moreover, there is a need for a proper system of recording and accounting of transactions. I will use the help of a system technician to make me a program which will help me in this endeavor and will also get required training for my staff so that they can do the accounting in the system without any hassle.

4. From competitors and other big business houses, I have learned that the main component of the success in this industry is to procure the raw materials at low prices. Some of them do it from abroad. I am planning to do more research on this and try to buy materials from foreign sellers.

5. The staff of my first year helped me immensely in my initial phase of doing business. they put in extra hours and gave their everything to make my business a successful one. I would like to acknowledge their contribution is some manner. Although there will be an increase in their salaries, I would also give them more time off to spend quality time with their family and friends who suffered while we were busy setting up the business.