Working Capital Management Practices
The business also works on the pillars of integrity and fair business practices. As also described in the video, George’s Trains business specializes not only on train repairs but also sales and trade-ins for all train models product line. The perceived high level of customer service, which George says that needs full commitment even on weekends, is developed from the skilled employees that George has. The excellence is also as a result of long-term experience in train models repair which George started right after WWI. One unique business practice learned from George is that of believing in fairness. Moreover, George ran his business based on the practice of fairness. This gained him trust from the bank which financially ensured that his business was running well.
Additionally, the concept of not overstocking his shop guided him through his success. He knew that there were low seasons and he also mastered his high seasons which helped him to effectively budget and sufficiently stock his shop ready for the good seasons. Good budgeting also helped him in covering for new loads through continuously having enough funds to cover these loads. In terms of recommendations, George has been in business for a long time, and has made a profit and gained a strong customer base. Therefore, he has enough experience to enable his run the business towards its growth. By growth, and as mentioned earlier, I mean expanding to deal with other products. It is important as well as brand developing to have your customers know that you offer variety (Lisboa et al, 2016).
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