been in business for some time (possibly working out of your home) and are now considering moving to a new facility, you may have a good idea about what you need. In this case, you may be ready to decide how to choose the right facility. Finally, maybe you have a clear picture of your facility needs and have identified one or more potential sites for your business. The next question is often: should you rent or buy? Because important, and complex, tax and cash management issues are tied up in this rent or buy question, many small business owners rely heavily on the advice of their accountant or attorney when making this decision. You may also wish to do so. But even if you do, you should be aware that the decision on the rent or buy question will, down the road, influence other business decisions that go beyond tax and cash management issues. It is strongly recommended that your first move should be to map out your facility needs in some detail. To do this, you may wish to consider what small business owners generally look for in a business facility and how the facility can aid their businesses. As a small business owner, you can greatly increase the chances that you will acquire a business facility that will make a positive contribution to your bottom line if you carefully consider the functions that the facility must perform for your business. A good facility should: ● Be accessible (location is key). ● Foster efficient business operation. ● Present your business in a good light. ● Allow for future business growth. ● Accomplish these objectives at an economical cost.
Technology Explain how technology affects your business, the products you sell, the means you use to sell them, and the needs of the customers you serve. Will a website change the way you do business? Sometimes, technology can be vital to a service company, such as the case of the Internet provider that uses wireless connections as a competitive edge, or the local company that offers conference rooms for video conferencing. An accounting practice might gain a competitive advantage from proprietary software or wide-area network connections to its clients. A medical laboratory might depend completely on certain expensive technologies for medical diagnostics. A travel agency might depend on its connection to an airline reservation system. All businesses have a technological aspect. The shelves of a point of sales (a shop), the cashiers and the lighting devices, are technology dependent, in one extreme,
SOCIAL & CULTURAL ENTREPRENEURSHIP | TOOL KIT