Retail business ownership
The ownership alternatives one considers when debating store format options
There are numerous forms of retail business owners that have their advantages and disadvantages. The entrepreneurs choose one particular form depending on their reasons to start a business, the skills they have, their preferences and many other peculiarities. The five main forms of retail business ownership are:
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It is a person who creates one’s business from the ground up. He/she considers when the store should open, whether consultants’ assistance is needed, what staff should be hired and what responsibilities it should have. In other words, an independent retailer is free to implement any changes one wants. Unfortunately, many of them do not have a decent business plan, which leads to failure in the early years. One can search for help within trade associations to omit possible issues.
Existing Retail Business
It is possible to inherit or buy the business that already exists instead of creating a new one. One is to remember that he/she receives not only the ownership but also the responsibility of someone’s work. The advantage of such a form of retail business ownership is that the foundation is already laid, and lots of time need to build a customer base and maintain other primary activities can be saved. Still, the company may have a poor reputation or clients will be reluctant to accept a new owner.
One can also buy a franchise. In this way, the opportunity to use the name of the other company is provided. The owner can utilize products, concepts, and business strategies and plan to apply it to the established business, which is a great advantage even though the lack of flexibility exists.
A mix of franchise and independent retailer provides an opportunity to sell a brand of products, utilizing a “plug and play” option. However, it might be difficult to receive customer loyalty.
The people in the network have the power to influence sales. Even though a storefront may be needed, the company can receive support from the interaction with all types of people (Waters, 2016).
Recommendations to senior management expansion from a retail manager for a small chain
Taking into consideration the previously obtained information, I would recommend having only a few senior management professionals. Thus, the issues connected with the information exchange and interaction among the personnel will be rarely observed. The expansion should take place only if the chain expands.
“Competitive edge” of the workforce
I believe that the National Retail Federation website is a great source that should be referred to by all job seekers who are willing to make a lodgment in this sphere. Its Career Center is full of information about retail careers that gives me a competitive edge as I enter the workforce (NRF Retail Careers Center, 2016).
The sphere examination
I deepened my knowledge of retail business and careers. This information is likely to be useful because I found out what will be expected of me and received an opportunity to get prepared. I got a spotlight on retail employment, which allowed me to see what positions are mostly preferred. Thus, I got to know more about the executives and was able to create a list of retail careers that I believe to be right for me.
Information on education
The website provides a lot of information about education and training opportunities for both students and workers. The existence of scholarship programs encouraged me to do my best and perform better than my competitors to prove that I can become a key man.
Job search plan
Taking into consideration all pieces of information that can be found on the National Retail Federation website, I turned out to be able to define what I want and can reach in this sphere. I debated a matter in my mind and created a plan of action on how it can be done.
I got a chance to look at posted jobs and see what skills and values are required. Thus, I can adjust my resume. It is also a way to look at competitors and find out how to be better than them.
Experience of those who succeeded
I received advice and can have leadership lessons that will give me more chances to reach my goals.
Review of the Presidential Directive on Government Contracting
Reasons to reduce cost-reimbursement contracts
He wants to do so because of the increased expenditure on these contracts between 2000 and 2008. They turned from $71 billion to $135 billion, which is a great increase that seems to run out of control. Except for that, the President takes into consideration the taxpayer funds. He is afraid that they will not be spent to meet the interests of the general public and will be wasted on these contracts. Moreover, the government accepts the greatest risk (The White House, 2009).
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Advantages of use a Firm Fixed type contract
This contract allows remaining in control of what is owned and requires the payment only for the item mentioned in the contract. All details are written down, which reduces the number of disagreements and prevents the necessity to provide additional compensation. Moreover, the effort level can be controlled. The greatest risk will be on the contractor, and one’s proposal is likely to be forced up.
The greatest risk under each type of contract
Competition vs. sole source
Competition is critical because it encourages potential contractors to enhance their performance. In this framework, no favoritism is observed, and all units have equal opportunities to cooperate with the government and compete with each other. As a result, the best representative who can bring the most benefit to the government can be awarded. Collusion is also minimalized in this way. The competition also ensures to some degree that both sides will meet the agreement. It allows to find out what is available to meet the government’s need and improve existed technologies and quality of products or services. Thus, competition enhances efficiency and effectiveness.
NRF Retail Career Center. (2016). Career center. Web.
The White House. (2009). Memorandum for the heads of executive departments and agencies. Web.
Waters, S. (2016). Top 5 types of retail ownership. Web.