Small Business Management by Tim Mazzarol & Sophie Reboud

Small Business Management by Tim Mazzarol & Sophie Reboud

Author:Tim Mazzarol & Sophie Reboud
Language: eng
Format: epub
ISBN: 9789811395093
Publisher: Springer Singapore


8.4.1 Operational Control

In developing effective business operations, attention should be given to four key elements:1.Utilisation: How well are you using your labour and equipment or premises?

2.Efficiency: How efficiently are these assets being used?

3.Quality: Do you have clear standards for quality and performance?

4.Wastage: Do you monitor wastage rates to ensure that they are minimised?

It is common for small business owners to lack adequate measures to monitor these four areas. Manufacturers should monitor labour and equipment utilisation, productivity and quality levels and wastage to ensure that they are within set tolerance levels. Any evidence of benchmarks not being met should lead to management taking corrective steps as soon as possible. Retailers might set standards for floor space utilisation, sales per salesperson or square metre of floor space, and number of customer complaints, stock losses or theft. Service firms might monitor hours spent per job, with attention given to the quoted rate and the actual rate, as well as use of parts.



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