If you’re not documenting what you do, you’re setting the stage for failure.
There are 2 grocery stores in my neighborhood. I mainly go to one, due to fast service. But sometimes the shop is out of stock.
I asked the shopkeeper why he doesn’t keep stock all the time. He said he does the purchasing only when the need arises.
So, I told him that he could keep track of his inventory by writing down the quantities of each item sold every week, allowing him to make purchases ahead of time so that he doesn’t lose customers.
And that should also allow him to forecast demand as well as identify fast moving items, which ultimately allows him to plan a budget and calculate profit/loss.
He was very excited about the suggestion. Hopefully he implements it and benefits from this.
I’m not a big fan of the ‘survival of the fittest’ concept.
It breeds a competitive, cut-throat environment. People (and businesses run by them) need a nurturing environment to achieve their full potential.
Competition is only with one’s self, to always strive to outperform our own selves, against our previous achievements.
Every small business out there deserves a leg up, a helping hand. I believe that small businesses can do better than what they are used to. So much good can come out of it.
MSMEs (Micro, Small, Medium Enterprises) are the backbone of the economy. These are also the entities that an average consumer deals with mostly.
Everyone wins when MSMEs do well.
Some employees are good at taking initiative, while some aren’t.
So, how do you get them to learn to take initiative with the least damage to the company? Since mistakes are bound to happen in the process.
Setting up systems that act as training wheels is the best way to do it. That way, constant oversight is minimized while task autonomy is grown.
Well, how does one go about setting up the systems?
That’s a story for another time.