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Running any business requires the investor to have the proper business strategies and tactics tailored to meet all the needs. I own a small campervan and RV/Motor home rental company located in a major city. The company operates six days a week and has a total of seven staff. In ensuring efficiency and effectiveness in the business, I have employed different financial, marketing, and operational activities management strategies. Renting campervans and RVs requires regular financing to keep the business afloat, as it is capital-intensive. Sometimes the company needs funds that are not always available at that moment. As such, to maintain the business afloat financially, I use the borrowing strategy. The tactic that I use to achieve the financing strategy is borrowing against the accounts receivable. In the future, I intend to find investors to help in financing the business.
Like any other business, marketing activities are essential to the company. I use social media marketing to manage my advertising activities. The tactics include placing adverts on social media platforms such as Instagram and Facebook. The company has active social media accounts that offer instant responses to customer requests and questions. Finally, to ensure efficient day-to-day operation, the companys strategy is to lower the operations cost by using an online platform. The tactic is making use of the companys website to minimize the number of employees. Consumers can request, book, and pay for the vehicles on the online platform. The use of an online platform removes the need to have customer service personnel in the company. In that way, the company can save salary money as it is able to operate with few employees. In addition, it ensures efficiency and increases consumer satisfaction.
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