Relocating and Existing Business
Business Relocation Literature Review: Ronnie's Place Convenience Store Four Oaks, NC
One of the most integral parts of successful business transitions of any kind is associated with proper and seemingly exhaustive research. A literature review of the particular issues associated with any business trend or transition can serve any business owner no matter how small their scope. Though it is important to understand the local and regional aspects of small business that can sometimes only be learned through owning a business in a particular region and practicing controlled trial and error, the larger concepts of business relocation and/or retail service practices also serve as a tool for better understandings of needs and practices.
In this particular case the owner of Ronnie's Place Convenience store will need to assess local and national information sources on issues particular to the transition that he/she is facing. Business relocation is not a simple prospect and the development of some idea of what has worked for other businesses and what has not worked can be of assistance to any entrepreneur.
The possible confusion and pitfalls of negotiating a value and compensation package from the North Carolina Department of Transportation is something that requires more understanding and a more concrete idea of what to do and what not to do in the development of a transitional business plan, especially a plan that would be sufficient to obtain a government contract, essentially the form of a compensation package award. (Gambarotto, 1993, p. 34)
Fortunately, winning a government deal or contract is not as complicated as one may think. The government (especially in this type of economy) is actually an oasis of funds. Canadian government institutions spend over $90 billion annually in goods and services.(*)
Being successful really boils down to two ingredients:
1. Analyzing the thousands of federal and provincial agencies, corporations, colleges and universities, etc., and finding out which of these could benefit from your offerings. And then, 2. Ascertaining who makes the key decisions and how in these divisions. (Gambarotto, 1993, p. 34)
Though the process and outcome may be essentially the same the issues regarding the identification of agencies is not as important, as you already know who you are dealing with, namely the North Carolina Department of Transportation. Gambarotto may teach that the largest obstacle may be believing you can do it the process is complicated and may require both expert advice and expert intervention. In the case of the small business, the resources for obtaining this expert may be out of reach beyond local and regional business association assistance. The best solution to this problem may be becoming your own expert.
The results of a survey conducted by PlanWare show that the typical business plan has about 15
Pages, needs a few months to research and write, and requires about three drafts. General plans are more difficult to prepare than usually anticipated, especially the financial projections and market analyses. Only limited use is made of an external advisor, and most plans are viewed as critically important and frequently used to help raise venture capital. Much more time is spent researching plans than writing them. Two types of plans were identified: Basic plans, less than 10 pages long, are widely used for internal purposes or to assess the viability of a business, and comprehensive plans are mainly used to raise venture capital or bank loans. Business planners should consider the following lessons drawn from the survey:
1. Decide the underlying purpose of the plan to get an idea of the length of the plan, the amount of research required, and the overall timescale.
2. Compile a detailed table of contents first. Use this to identify critical issues requiring research and/or assistance.
3. Plan a work program and timetable, which allows adequate time for researching, rewriting, and redrafting. The more important the plan, the longer it will be and the longer it will take to complete.
4. Recognize the process could be more difficult than expected. Consider seeking outside help at the beginning of the process, especially for the most vital areas of the plan.
The survey findings were based on 450 respondents who had written business plans. Full details and analyses are available in a white paper entitled Insights into Business Planning and can be viewed at the Website www.planware.org/insights.htm.(PlanWare Survey, 2002, p. 9-10)
With the challenging climate of the post 9/11 economy the prospect of business relocation can hold formative pitfalls for any entrepreneur. In regards to small businesses and more specifically retail small businesses there are both benefits...
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