KEY ISSUES AND FUTURE DEVELOPMENT ON THE BICYCLE FRAME KIT
Key issues Future Development
Insufficient funds or low cash inflow Application of startup loans and
Incentives
Inadequate skilled Labor force Increase staffing and retention
Tactics, finding the right people and
developing the right skills and
competencies are the key to a
sustainable future. Bringing in a
consultant with the expertise to find
exactly the workers you need would
be a wise investment.
Lack of target market for the merchandise Improve the marketing strategies like
advertising also doing market research
about the product
Mismanagement of the project business Applying new systems such as proper
documentation will ensure
reasonable and appropriate working terms of the
business.
Changes in the Business market A proper market research will be
thoroughly undertaken for appropriate planning
purposes
Risks in the operationality of the business A proper problem-solving plan will be
formulated to ascertain future
changes that may come about
Customer needs and preferences A proper market research has to be done
to enable us with the knowledge on the
customer’s needs, demand, and taste
about the product.
Monitoring performances This helps to avoid pitfalls and how to
best communicate in decision making.
Regulation and Compliance Complying with the authorities bring in a
consultant to help with these areas
rather than trying to understand the
complexities yourself — and risk fines
or worse for non-compliance.
Lack of Professional reputation Maintaining online reputations and also.
Involving joint ventures and partnership
Businesses. Bringing in a consultant with
the expertise to find precisely the workers
you would be a wise investment.
Technology As technology change, there is a need for
Innovativeness and Creativity
Customer Service Improve customer service by offering
after-sale services such as packaging
References
Bernard, Marr (2017). “Growth and Operations, Management Consultants”
Ethan, Benjamin (2020). “Business planning, starting a business.”