Presentation on theme: "1 S MALL B USINESS S OLUTIONS Jade Lee Elizabeth Ahn Estefi Medina Mike Andrews Esther Blinkoff Vidya Sathyamoorthy Nick Deckard Taylor Schulz Lauren Ficco."— Presentation transcript:
1 S MALL B USINESS S OLUTIONS Jade Lee Elizabeth Ahn Estefi Medina Mike Andrews Esther Blinkoff Vidya Sathyamoorthy Nick Deckard Taylor Schulz Lauren Ficco Max Koehler Akhila Iruku Jeff Lue
2 Importance of Small Business 2 “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.” - U.S. Small Business Administration
3 Research Problem 3 Small retailers are underperforming Various business functions have been cited as problem source Researchers have not yet identified most significant problem source
4 Research Question 4 What is the major pain point affecting small retailers today? Can a technological solution addressing this problem improve small business performance as measured by overall sales, net profit, and customer retention?
5 Hypothesis 5 If small businesses implement a technological solution to improve their customer relationship management, they will improve their sales, net profit and customer retention.
6 Methodology 6 Mixed Method Design Multiple Case Study Product Development
7 Progress Update 7 Conducted in-store interviews Attended International Toy Fair Established relationship with software developer: Rolotrak Distributing surveys Translating survey to Spanish Gathering past sales data from existing small business owners
8 Fall Survey Retailers Conduct Focus Group Determine Solution
9 Winter Determine Requirements for System and Develop Design Rolotrak Programs System Contact Stores and Finalize Case Study Participants
10 Spring Pre-TestImplement Prototype for 3- 4 Months Monitor Store Data
11 Summer Post-Test Analyze Data Begin Writing Thesis
12 Fall Continue Writing Final Thesis
13 Spring Finalize Thesis
14 Data Collection Distributing surveys online and in-person Targeting communities with large numbers of mall businesses in one area Not limited geographically
15 Survey Distribution = Survey Distributed
16 Obstacles Encountered Managers often unavailable Language barrier Limited scope Only surveying retailers with nonperishable goods No services Retailer hesitancy to provide data Difficult to distribute surveys
17 Preliminary Results If you do not currently have a retail management system, how much would you be willing to pay for one? I use my current checkout system for: What kind of checkout system do you use?
18 Team Composition Topical Teams CRM, Finance/Accounting, Inventory Administrative Grants Team, IRB Team Functional (Future) One sub-team for each case study participant Software development subteam
19 Research Goals 19 Pinpoint major problem area Determine method to address problem Enable small businesses to be more competitive in marketplace.
20 Advice for Freshmen Propose a project Be passionate Be problem-oriented, not solution-oriented GEMS102 section leader is important Be open minded Don't get discouraged Team cohesiveness is important Celebrate the little achievements