Small business and its challenges Case Study Example | Topics and Well Written Essays - 1000 words

Small business and its challenges - Case Study Example Long term forecasts allows company time to better position itself in the market competitively and at the same time enable it to implement any new approaches. Advance planning will help her reduce expenses, organize her resources, and cope with new trends therefore avoiding unnecessary surprises. With regard to her services, she should be more focused on how to ensure that they are satisfying to her customers hence ensuring a stable operation that can last for long. In every business, slight changes are necessary in order to better meet the needs of the target market. Therefore, it would be of benefit if Mort introduced slight changes or advance versions of her old service, such that she is able to keep up with the new trends. It will ensure that the business future is stable and at the same time keep the legacy of the family. The long term planning will help her know what modifications to make and know when to implement them which will help her business stay afloat regardless of competition, (Morrell, 2001). Capital expenditure is cash spent by an enterprise to obtain or renovate fixed, tangible, non-consumable assets, like buildings and equipment or a new business for a profitable purpose. Since Mort’s business has been there for long, is obvious that the building is worn out and might as well require renovation. She should, therefore, put aside some money that would cater for an overall upgrade. It can involve a little more partitioning of the entire building into a customized way that almost match the current models. Also, she should acquire newer versions of equipment used, such as freezers, in order to better preserve the bodies. Since technology is here to stay and new and advanced ones get introduced very often, it would be advisable if she embraced technologies such as computers. They will assist her in keeping records and vital information in good state and even upgrade her way of keeping tabs on which bodies are