small business solutions

Jade LeeElizabeth AhnEstefi MedinaMike Andrews

Esther BlinkoffVidya Sathyamoorthy

Dmitriy PortnyaginNick DeckardTaylor SchulzLauren Ficco Max KoehlerAkhila Iruku

Jeff Lue

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“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.”

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Lack of…•attention in optimizing

small businesses’ processes

•efficient inventory and retail technologies for small businesses

•customization for select niches

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How can we improve retail management for small businesses in

order to reduce excess inventory, increase profits, and increase overall

efficiency?

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Inventory Control Finance/Accounting Customer

Relationship Management (CRM)

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Customer RelationshipManagement

Accounting/Finance

Inventory Management

•Balance Sheet

•Cash Flow

•Earnings

•Costs

•Efficient Customer Response

•Just-In-Time Inventory (JIT)

•Total Quality Management (TQM)

•Point-Of-Sale (POS)

•Quicker inventory turnover

•Reduce holding costs

•Improve forecast accuracy

•Pinpoint bottlenecks

•Increase customer satisfaction

•Increase cross-selling

•Increase up-selling

•Improve demand forecasting

•Increase revenue

•Cut costs

•Improve margins

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Informal Interviews• International Toy Fair 2009 – New York City• Local small business owners (11)

Consulted Experts• Vinayak Sathyamoorthy – Accenture Analyst• Mike Ficco – Programmer, Author - What Every

Engineer Should Know About Career Management

Posted Website• www.sbsmaryland.com • Beginning stages

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PURPOSE: Focus Research and Find Niche

Topical• Inventory• Finance/Accounting• CRM

Supplemental• Grants• IRB

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Finding a Niche

Search and Apply For Grants

Apply for IRB Approval

Informal Interviews

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Requirements Review Receive IRB Approval

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Finalize Requirements Review

Design Flow Chart

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Programmers Code System

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Pre-Test

Troubleshoot and Modify Program

Accordingly

Implement Prototype for 3-4 Months

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Post-Test Analyze Data

Begin Writing Thesis

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Continue Writing Final Thesis Investigate Market

Opportunities

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Finalize Thesis

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http://www.rhsmith.umd.edu/news/stories/2008/smith-store.aspx

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Any Questions?Any Questions?

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