Small business responsibilities

5 Running the business: some choices

Figure 8  Business decisions

We will now look at some of the options and choices businesses face in how they operate.

In this activity formulate your first thoughts, you can then see if your views change after reading the rest of the section.

Activity 4

Allow about 15 minutes

Consider these three options and how they might apply to a small business, what are the benefits and concerns of:

  • do it yourself (in-house)
  • buy the service from someone else (outsource)
  • employ staff part or full time
  • use external people such as associates or sub-contractors
  • buy equipment outright
  • lease equipment.

Now for each of these six options give your immediate reaction to the benefits and concerns.

Option Benefits Concerns
Do it yourself
Outsource
Employ staff
Use external people
Buy equipment
Lease equipment

We will not give our comments here, rather we will discuss some of the decisions that could be made by our five businesses and then let you see if your views have changed.