Small Business Management | Business

Small business managers perceive more uncertainty in their environment than their counterparts in larger businesses. Effective management of external information can help them to reduce the level of uncertainty that they feel. There are two facets to the external environment that relate to IT and small businesses. The first is the use of IT to assist with obtaining and using external information that is useful to business in an effective and efficient manner. A number of surveys of small businesses have found that they are more preoccupied with external information than larger businesses, looking for information relating to their customers, their competitors, regulatory information and how they can grow their business or make it more efficient. Traditionally, the sources of much of this information are the personal contacts and networks developed by the small business manager. The ability to gather trade information and intelligence on competitors requires not only the ability to research the market and analyze information, but also experience with IT, which can provide difficulties for many small businesses (International Trade Forum, 1999). The second facet involves gaining external information and support in relation to the IT operated by the business. Three important ways of gaining these are through training programs, vendors and consultants, and through government support programs.

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Source: http://arc-f.org/2012/02/small-business-management/

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