A small business refers to one that is owned privately, operates with a small number of employees and has relatively low sales in terms of volume. They are generally privately owned partnerships, corporations, or sole proprietorships. A large corporation on the other hand refers to the productive engine of modern industrial world. It generally acts as a holder of specialized resources –rights, routines, reputation and competencies. The most distinctive feature of large corporations is its organizational form.
This paper describes and states the effects that both small and large corporation brings in the improvement of the economy. There are generally several steps that these businesses follow in the improvement of the economy.
Improvement of the economy
The first step is based on the involvement of the employees in all the decisions made in the business (Rutherford, 2000). The main reason as to why this issue should be looked at keenly is due to the fact employees are placed in a better position of knowing detailed steps that are required in each process as well as the roadblocks and bottlenecks and the contacts in the organization that can make things done.
The second step involves the process of identifying the start and end of activities. This prevents the involvement of activities that creep up and in turn make the process unmanageable. This will thus help to put in place a good pan in the improvement of the economy.
The third step that can lead to the improvement of the economy is the identification of the objectives, inputs and outputs. The employees are involved in this process and are given an opportunity to state their expectations on the process (Robinson, 2001). This gives them a sense of belonging in their work and motivation towards putting more efforts for the improvement of the economy
The forth step is related to the identification of the requirement given by the both the customer and the suppliers. If any business entity would perfectly meet the requirements of the employees and the suppliers, there would be an easy time for the company in improving the economy.
The fifth step involves the identification of project owners for each process. If project efficiency is to be achieved, one individual has to be responsible for the process from end to end. This process owner is given authority of making efficient decisions in the assigned departments and thus eases in improving the company’s profit margins and in turn improves the economy.
The sixth essential step involves management of the level of details. This makes it easy for reference and use in the improvement of the economy. This brings up the priority process and concentrates on it.
The seventh issue would involve the use of standardized mapping conventions. This enables every person in the organization to understand a process map at a glance. In this case therefore, a better way of improving the business level as well as the economy is devised.
The eighth issue in the process of improvement of the economy involves getting an agreement in the process. The major actors should show a lot of commitment if any documented process is to succeed. Formal agreements will assist incase the agreed process do not work accordingly and hence lay a good foundation for the improvement of the economy since risks are taken readily.
The ninth step involves the documentation of the process. Team leaders should write down the process definitions and steps as a way of keeping accurate records that can lead to economic improvement. The processes are made accessible to the persons who need them in their line of duty and thus easy implementation.
The last step is concerned with conveying management commitment and training of the team members. The management team is made to show visible support and some king of commitment to the stated project. This support will in turn lead to the improvement of the economy.
The improvement of the economy generally requires the efforts of both the small business and large corporations. In order to attain this, there are several steps that should be put into consideration. Among this is the improvement of the team and laying out a good strategy for the implementation of these strategies. This would thus ensure a significant improvement in the profit margins of the enterprises and the economy.