Small business owners need some form of capital to continue with the business as it refers to the money that finances the business. Funding is important and especially in case of small type, business firms (Sahut & Peris-Ortiz, 2014). Bootstrapping is one of the ways that should be adopted by small business owner to come up with additional funding. The small business owner should plan for ways to reduce expenses and use retained earnings or profits to grow in the business premises. Successful small business owners need to give their employees the tools, training as well as sufficient time for accomplishing their tasks and meeting goals of the company. Proper business planning will help small business owners to manage finances to pay daily expenses for attainment of future goals as well as objectives of small type business enterprise. This study deals with explaining the issues that are faced by small “Mom & Pop” type business. In this particular assignment, proper emphasis has been given on whether BC planning has the ability to elaborate on the various options that are made available to the small business owners (Storey, 2016). Several million small business owners show interest in starting up new business plan. The current segment properly explain how small business owners have to face difficulty in setting up any new business venture and finding ways so that they can compete with Multinational Corporation. There are several issues faced by small Mom & Pop type business. The main issue is to attract customer who will pay for the product or services. With the emergence of internet, small business had been hampered as online marketplace is highly competitive and it is tough to stand out in the crowd. The small business owner faces marketing issue, as they have to look for several rules, regulations and best practices of search engine optimization. Small business type owners do not have enough resources to devote to social media as well as search engine optimization and website content development. Financing is the challenge faced by these small business owners. These small business owners could not afford to hire search engine optimization writers, so they have to know how to write this content all by themselves. Huge cost is needed for hiring efficient and talented professionals who will be dedicated towards working hard to become true asset of the small type business “Mom & Pop” types (Blackburn, Hart & Wainwright, 2013).
The bottom line is that it is very difficult to get business leaders who show interest to spend money as well as resources on BC planning and implement risk-mitigating strategies at the same time. It had become easier over past decades but challenges remain the same. In addition, the soft global economy over past 5 years had shown dramatic impact on company’s willingness as well as ability to invest on BC solutions (Smallbone, Welter & Ateljevic, 2014). BC Planning provides an opportunity for these Mom & Pop types business to evaluate as well as improve its business processes. BC planning help in discovering new ways for streamlining operations in the most appropriate way.
Blackburn, R. A., Hart, M., & Wainwright, T. (2013). Small business performance: business, strategy and owner-manager characteristics. Journal of small business and enterprise development, 20(1), 8-27. (Accessed from: http://www.emeraldinsight.com/doi/abs/10.1108/14626001311298394)
Sahut, J. M., & Peris-Ortiz, M. (2014). Small business, innovation, and entrepreneurship. Small Business Economics, 42(4), 663-668. (Accessed from: https://link.springer.com/article/10.1007/s11187-013-9521-9)
Smallbone, D., Welter, F., & Ateljevic, J. (2014). Entrepreneurship in emerging market economies: Contemporary issues and perspectives. International Small Business Journal, 32(2), 113-116. (Accessed from: http://journals.sagepub.com/doi/abs/10.1177/0266242613511479)
Storey, D. J. (2016). Understanding the small business sector. Routledge. (Accessed from: https://books.google.co.in/books?hl=en&lr=&id=B263DAAAQBAJ&oi=fnd&pg=PP1&dq=Storey,+D.+J.+(2016).+Understanding+the+small+business+sector.+Routledge.&ots=Qa8GSMWm8w&sig=_R-ZsVCH5RjKn4BAEYg2wMuAHmM)
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