Describe the strategies you plan to use to maintain your business.

Maintaining Your Business

Student’s name

Institutional Affiliation

Describe the strategies you plan to use to maintain your business.

I plan to use several strategies to maintain my consulting business. First, business planning will help in maintain my business. This will involve setting realistic financial goals for attaining annually, identifying potential risks, considering possible solutions to these risks, estimating business cost, evaluating current expenditure, and finally eliminating activities that may prevent the achievement of set goals (Hedge & Borman, 2008). Planning will be a continuous process. Second, I will provide good customer service. Keeping my customers will always be my priority. Third, I will always maintain a competitive edge. I will ensure that my service is better than the competitors. This will include taking risks that will benefit my business (Hedge & Borman, 2008). Failing to take risks may lead to lagging behind my competitors. I, therefore, plan to take risks as a strategy of maintaining my consulting business.

Describe how you will evaluate the effectiveness of the strategies.

I will evaluate the effectiveness of the strategies by reviewing effectiveness in terms of the set objectives. After implementing the strategies, I will review the extent to which my business has attained set objectives with the allocated resources. If the strategy enables the reaching of the objectives with the allocated resources, then it will be effective. If the strategy achieved the set objectives with additional resources or didn’t reach the objectives, then it will have failed (Babafemi, 2015). Aligning the strategies with business strengths will ensure that the strategies perform as expected.

Outline the ethical considerations that will be important with these strategies.

Several ethical considerations will be important with the strategies. First, in planning, a code of ethics will be developed which serve as a point of reference in the business. The code of ethics will help take into consideration the concerns of all stakeholders. Second, in providing customer service, ethical behaviors such as honesty will be considered. Under no circumstances should customers be offended (Babafemi, 2015). Additionally, in an attempt to maintain a competitive edge, ethical considerations including keeping health competition level, respecting human rights, and being fair will be made.

References

Babafemi, I. (2015). Corporate Strategy, Planning and Performance Evaluation: A Survey of         Literature. Journal of Management Policies and Practices, Vol. 3, No. 1, pp. 43-49.

Hedge, J. W., & Borman, W. C. (2008). Networking. In The I/O consultant: Advice and           insights for building a successful career. (pp. 177–181). Washington, DC: American   Psychological Association.