Four constraints of service business with example
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Answer:
The most common types of constraints facing service businesses are - Time, Labour, Equipment, and Facilities.
1. Time - Business is a way to put assets to work over time. Physical assets typically depreciate with time and cash tends to go down in value due to inflation. So, time becomes a fundamental constraint and techniques to use time more efficiently such as time management are common management considerations.
2. Labour - The human resource is one of the most important resources of any organization. It is essential to have the right number of people with the appropriate skills to enable the business to achieve its business objectives.
3. Equipment - Any owned physical asset that is intangible contributes to the future cash flow of your business. An example of an asset related constraint is a slow piece of equipment on a production line. Any asset including property, plant, equipment, intellectual property or brands can represent a constraint.
4. Facilities - Resources or Facilities refer to anything that needs to conduct business. For example, a farmer may require access to water for irrigation and a bank may require access to programmers to maintain their systems. Access to sufficient resources and facilities is a business constraint.
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