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Small Business Solutions

Small Business Solutions. Jade Lee Elizabeth Ahn Estefi Medina Mike Andrews Esther Blinkoff Vidya Sathyamoorthy Dmitriy Portnyagin Nick Deckard Taylor Schulz Lauren Ficco Max Koehler Akhila Iruku Jeff Lue. Importance of Small Businesses.

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Small Business Solutions

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  1. Small Business Solutions Jade Lee Elizabeth Ahn Estefi Medina Mike Andrews Esther Blinkoff Vidya Sathyamoorthy Dmitriy Portnyagin Nick Deckard Taylor Schulz Lauren Ficco Max Koehler Akhila Iruku Jeff Lue

  2. Importance of Small Businesses “There are approximately 23 million small businesses in the United States, representing more than 99% of all firms...collectively, these firms generate almost 50% of the sales revenues of all U.S. companies and employ more than half of the private-sector workforce.”

  3. Research Problem • Lack of… • attention in optimizing small businesses’ processes • efficient inventory and retail technologies for small businesses • customization for select niches

  4. Research Question How can we improve retail management for small businesses in order to reduce excess inventory, increase profits, and increase overall efficiency? I E

  5. Focus Areas • Inventory Control • Finance/Accounting • Customer Relationship Management (CRM)

  6. Retail Strategies= Technology+ Our Solution 

  7. Inventory Management Accounting/ Finance Customer Relationship Management • Quicker inventory turnover • Reduce holding costs • Improve forecast accuracy • Pinpoint bottlenecks • Just-In-Time Inventory (JIT) • Total Quality Management (TQM) • Point-Of-Sale (POS) • Improve demand forecasting • Increase revenue • Cut costs • Improve margins • Balance Sheet • Cash Flow • Earnings • Costs • Efficient Customer Response • Increase customer satisfaction • Increase cross-selling • Increase up-selling

  8. Methodology

  9. Progress Update • Informal Interviews • International Toy Fair 2009 – New York City • Local small business owners (11) • Consulted Experts • Vinayak Sathyamoorthy – AccentureAnalyst • Mike Ficco – Programmer, Author - What Every Engineer Should Know About Career Management • Posted Website • www.sbsmaryland.com • Beginning stages

  10. Subteams PURPOSE: Focus Research and Find Niche • Topical • Inventory • Finance/Accounting • CRM • Supplemental • Grants • IRB

  11. Spring 2009 Informal Interviews Search and Apply For Grants Apply for IRB Approval Finding a Niche

  12. Summer 2009 Requirements Review Receive IRB Approval

  13. Fall 2009 Finalize Requirements Review Design Flow Chart

  14. Winter 2010 Programmers Code System

  15. Spring 2010 Troubleshoot and Modify Program Accordingly Pre-Test Implement Prototype for 3-4 Months

  16. Summer 2010 Post-Test Analyze Data Begin Writing Thesis

  17. Fall 2010 Continue Writing Final Thesis Investigate Market Opportunities

  18. Spring 2011 Finalize Thesis

  19. Image Credit http://www.integratedconsultants.com/images/magnifyingGlass.jpghttp://friend.ly.net/users/jorban/interviews/microphone.gif http://www.adamdorman.com/_images/3d_tin_robot.jpg http://www.primelifeenrichment.org/volunteers/Volunteers.jpg http://www.majestictheatre.net/images/200805182208060.survey.jpg http://how-to-box.com/boxing/files/images/dollar_sign.jpg http://www.momandpopsdeli.com/images/store/storefront.jpg http://neuro.amygdala.net/wp-content/uploads/2007/10/binoculars.jpg http://www.syspro.com.au/img/financial.jpg http://www.rhsmith.umd.edu/news/stories/2008/smith-store.aspx

  20. Any Questions?

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