Answer to Question #207925 in Management for Pravendra Shankar

Question

The other concerns from an operational point of view which should be considered are the forecast which he should consider when he opens his business, the profitability which he would achieve if he opens a business which already has excessive competition, the availability of resources and suppliers for this business according to which he will have to decide the pricing and processes in his bar, the knowledge and skills which he has to run a business and the knowledge and skills he has in this field of work. These are important factors to consider while opening a new business. He also needs to consider if the government will grant him licenses to conduct business in the area owing to the existing number of bars in the region. He also needs to think about the funding of the bar and sustainability in the current market and the business.

Answer 1

Money's role in business cannot be overstated. With few exceptions, money is required to get a business off the ground. Once revenues begin to flow in, a portion of that money may be re-invested in the company to attract new consumers and increase profitability. Business money are not squandered on initiatives that have a low return on investment because of proper planning and cash management.

Sustainability enhances our quality of life while also safeguarding our environment and natural resources for future generations. In the business sector, sustainability is linked to a company's holistic strategy, which considers everything from manufacturing to logistics to customer service. Going green and sustainable is not just good for business; it also optimizes the long-term advantages of an environmental emphasis.