Efficiency

A business term meaning delivering the product or service with the least amount of resources thereby keeping the cost as low as possible.

Operate Within Your Range of Production

One of the basic business concepts is range of production.  It means maximizing the capacity (range) of the assets in your operation.  When the business operation goes beyond the maximum production range, costs associated with the marginal production generally exceed the revenue generated with the marginal increase.  So to maximize profit in any business, operate within …

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Small Business Model Series Entry #3 – Automated Teller Machines

I started out on this identification process by first listing my personal characteristics and then environmental ones associated with where I live.  I was able to generate a list of 10 industries that had promise for me to start a business.  Next I reduced those 10 down to four distinct possibilities.  They are as follows: …

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