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The profit of our enterprise for some time now has been dwindling each year, and due to the authority you given to me, I did research to ascertain the solutions of this problem. This has been the greatest challenge to us, because the resources are always channeled to business, but surprisingly the revenue collected is about to be exceeded by the expenditures. Every business enterprise is formed with the main aim of making profit but for our case, it seems we are not achieving this goal. This is what we should do as a enterprise; improve the quality of our products so as to outdo our competitors, increase promotion and advertisement of our products, venturing into new markets, reducing cost of production.

Recommendation

GROW is methodology we are going to use in analyzing these problem. Our main goal is to be vibrant in our profit making, but where we are currently deteriorating on our profits. In achieving this goal, it requires the removal of obstacles which are overspending and we get the way forward in attaining our goals. If we improve the quality of our products, our potential customers can not be swayed by other companies, and we can also attract more and totally new customers. The criteria we are going to use are the expected new investment required and potential impact on personnel.

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The Main Problem

Here is the main problem of our enterprise, deteriorating profits. This has been seen for the last trading periods whereby the profits is decreasing instead of increasing as expected. Due to my research on this problem here are some of tentative solutions that I will analyze; to ensure that we change the trend of our business we need to improve the quality of products. The products we are selling to our customers are being outsmarted by our competitors. That is the reason we have been losing our potential competitors yearly. Our competitors have devised a means of producing products that meets customers’ satisfactions whereby for us we still behind. The raw materials we have been using ought to be substituted we high quality for us to achieve high quality outputs. This will allows us as a company to compete with higher quality products than our opponents.

Important Solution

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Reduction of running costs can also enable us improve our profits. This can be achieved if we ensure that some unnecessary expenses are omitted completely, though getting high quality products come with a cost, but we ought to minimize it. Employees in the enterprise that seems to be less importance can be relief off duty. Hiring employees who can multi-task in our enterprise can reduce greatly salary paid to the employees by more than half if done properly. During low seasons our enterprise should not be producing, for we know there will be less market for our products and resources pumped into the business will lay idle.

The enterprise should be in a position to regain and be profit making organization. This can be achieved in the situation that; quality of the product we are offering to the market are up to standard. It the remaining approach that can take our enterprise out of this mess. A strategy should be put in place to concentrate resources and channel it to bettering the quality of our products, so to attain a level of being an organization that has rising profit. If the cost of running organization can be greatly reduced, the expenses will go down meaning the profit is found to be increasing. 

As an enterprise we need to invest more in promotion and advertisement, though we have been doing and we are well known to the public. Capturing the attention of the public can be achieved by changing the colorings of our products, so that they perceive that it is a new thing altogether.  Posters, media and also roads shows in different parts of this nation are the way of reaching many customers. This will enable us to educate and enlighten many customers about our products. The return of this brings a lot of impacts to our sells and in turn revenue increases and thus achieving our goal as a company. This is the area most of our competitors even the new ones beat us, because they have invested greatly in advertisement and product promotion  of their products they bring to the market. 

Another very important solution to this problem is the idea of venturing in to new markets location. There are some regions that are unexploited by our competitors and have potential customers who can turn around our business. These unexploited potential markets calls for venturing with full strength, and we ensure we dominate it such that any new entries cannot outdo. These markets require that we establish branches there and be in a position to offer services which is of a standard being offered at the main enterprise. If we are in a position to capture these new markets then we can generate more revenue and thus increase profits.

Potential Advantages of each solution.

Improving of quality of our products has the following advantages.

  • Attract more customers to consume our products.
  • Increase the revenue of the company
  • Lifts the company’s standard level

Disadvantages and Potential Consequences of Each Solution

The followings are demerits that come with improving of the quality of standard.

  • A lot of resources are required to purchase the raw materials that will be use to come up with quality products. This needs the enterprise to dig deep to the pocket which can be a challenge.
  •  There also that uncertainty on sell of the products. Outputs with all the cost incurred in producing it may fail to hit the market trend, thereby challenging the progress of the company.

The advantages of production promotion

Our enterprise shall affirm to our existing customers that we are still there in the market.

  • We are in a position to attract new customers to buy our products, for they have information already with them about our products.
  • It is also best mode of introducing the improve quality products to the customers, such that they can compare with the one of our competitors.

Disadvantages of promotion and advertisement

  • The cost of running product promotion and advertising is very high which can be a challenge for the company as at now.

The consequence of running product promotion and advertisement is the increases in the number customer that we can serve and that means increase in profit.

Advantages of reducing the cost of production

  • It ensure that extravagance spending is reduce to zero
  • Employees who are not productive are dismissed which cuts down the spending

Disadvantages

  • Over reduction of costs of production may lead to collapse of very vital section of production which may worsen the problem.

Criteria Utilized

Criteria 1: Expected new investment

Our enterprise can achieve the new level of revenue by improving the quality of our products. This can be realized by invest more resources in to the business and leaving the old method s of production. All obsolete devices can disposed off to generate some amount that can be channeled back to the business as investments. Products promotion and advertisement can use to introduce this product to customers.

Criteria 2:  Potential impact on the personnel

The enterprise could hire new employees in the company who are multi-skilled. The existing employees a large number are specialized in one field and this make the enterprise to pay a lot of salaries to be employees. Introduction of multi-skilled personnel reduces a lot the spending of the enterprise and thus can figure out increase in profits. The existing will have to lose their jobs to allow for these changes to be effective.

Criteria Analysis

The enterprise should adopt criteria 1 this is because of the following reasons; the cost of hiring new employees is very high and furthermore getting let say ten employees who are multi-skilled is not an easy task. This leaves me with option of settling in criteria 1 because it requires only a little more resources to be channeled back to the business.  The profit of our enterprise for some time now has been dwindling each year, and due the authority you gave me I did research to ascertain the solutions of this problem. This has been the greatest challenge to us, because the resources are always channeled to business, but surprisingly the revenue collected is about to be exceeded by the expenditures. Every business is being form with the main aim of making profit, but for our case it seems we are not achieving this goal. This is what we should do as an enterprise; improve the quality of our products so as to outdo our competitors, increase promotion and advertisement of our products, venturing into new markets, reducing cost of production.

Contingency Plan

Reduction of running costs can also enable us improve our profits. This can be achieved if we ensure that some unnecessary expenses are omitted completely, though getting high quality products come with a cost, but we ought to minimize it. Employees in the enterprise that seems to be less importance can be relief off duty. Hiring employees who can multi-task in our enterprise can reduce greatly salary paid to the employees by more than half if done properly. The enterprise can regain and move further from the previous profits made to a profit making organization. This can only be achieved if the company adapts this policy of introducing improve quality of products. It can be achieved within a period of one year, whereby the same machineries are used but the raw materials being used to produce the products, ought to source from suppliers of high quality. This solution if implemented within the first six months can bring tremendous changes in our profits margins. Our competitors ought to be surprised by these changes before they bring stiff competition to us.

If expected new investment fails to work then the other alternative is to reduce the number employees in the company. This will involve hiring the multi-skilled employees by company. Employing of the multi-skilled employees can reduce expenses on existing employees by half. Person who can do work that could done by five people, to the company such person is a great resource. Our company can go to this channel if the first option fails.

Conclusion

Our enterprise should be in a position to regain and be profit making organization. This can be achieved in the situation that; quality of the product we are offering to the market are up to standard. It the remaining approach that can take our enterprise out of this mess. A strategy should be put in place to concentrate resources and channel it to bettering the quality of our products, so to attain a level of being an organization that has rising profit. If the cost of running organization can be greatly reduced, the expenses will go down meaning the profit is found to be increasing.  

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