Explain how operational issues in small business administration are never ease for small business owners. No matter how hard you try, there are always problems to solve and fires to extinguish. Each team of 4 or 5 people are team owners of an automotive repair and retail auto parts store. Business is thriving; however, you keep experiencing setbacks which prevent you from reaching your full potential. Specifically, you are experiencing the following issues with your small business:
1. Effectively hiring and keeping good employees: Bringing in new employees is costly when factoring in hiring, on boarding, and training. For some reason, over 50 percent of your new employees leave your company within less than one year of being hired causing you to start the hiring process all over again.
2. Though business in this industry is thriving, you are finding it more and more difficult to increase profits. Part of the reason you believe is the increase in the number of competitors and your inability to remain the low-cost leader. Your competitors are national chains with better economies of scale.
3. Healthcare for your employees: You are able to provide very basic healthcare benefits to your employees due to the skyrocketing cost of healthcare. You believe this is one reason you are unable to keep good employees resulting in increased turnover.
4. Ineffective marketing: You have a clear idea about your target market and your completion, however you are no longer able to see cost effective results to your advertising and marketing efforts. A change is needed, but what changes?
5. You have the opportunity to grow your business, but you’re hesitant to do so due to your limited resources and limited managerial skills. Strong strategic managerial skills are needed to explore new growth opportunities.
Please provide a two paragraph response to each issue that includes a recommended solution, implementation and results.
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