1. DScovery

Priority Scale: Definition, Factors and Benefits for Business

Analysis that helps you make the best decision for your business

Managing a business in an unfavorable economic situation is not easy, but if you keep your business priorities in mind, chances are that your business will survive.

Of course there are many things that must be considered in running a business and this sometimes makes us confused which are the most important things and which should take precedence.

Therefore, a business priority scale can help you be alert to important matters.

Then what is meant by priority scale?

How do you set priorities in business? What are the benefits of setting priorities?

Here, DailySocial.id will explain it simply to you!

Priority Scale Definition

Priority Scale is a measure of needs arranged in the form of a list according to the level of a person's needs, starting from the most important needs and ending with needs that can be postponed.

This priority scale can also be used as a strategy in running a business or starting a new business. Making this priority scale can be started from the highest, for example when applying for venture capital and conducting market research.

In addition, all preparations for starting a business can be included in this priority scale, so that later business management will run better and not be confused with needs that are not taken into account.

Priority Scale Influence Factor

In compiling a priority scale in business is influenced by several factors, both from within and outside. The following are several factors that can influence the setting of priorities:

Income Level

The most important thing to consider when making a priority scale is the level of income. When setting priorities, this factor is an indication of how long it will take to raise capital.

Of course, if you have a high income, you are more likely to set it aside for better capital and vice versa.

Social status

Social status includes things that affect you when making a priority scale. The higher the social status, the greater the need. This is more or less disturbing your focus on building a business because you have other responsibilities besides running a business.

Social environment

Another factor that is no less important than social status is the social environment. The environment influences a person's way of thinking and lifestyle to meet their daily needs.

So now you can make a priority scale, you can pay attention to environmental conditions, then you can set a priority scale that will help you meet your life needs accurately and carefully.

Benefits of Having a Priority Scale

The existence of a priority scale that is compiled will greatly facilitate you in planning and preparing the business to be run.

As Sorter

This priority scale is useful for sorting out which must be done first and which can be postponed.

This situation makes you more focused on doing things that are more important than other needs without forgetting other things.

As a Hint

This priority scale can also be your guide in managing the needs needed when the business being done is ongoing.

You can arrange the scale of importance that each subject or activity has.

As a reference

You need referrals to expand or add to an existing business.

Therefore, setting a priority scale before starting a business, this will really help your way. You can start writing extensively about skills and opportunities, and start thinking about the benefits of your business.

The priority scale shows you when you need to innovate so that the product or service you offer attracts more consumers. You can also find out when the time is right when you want to reduce or increase the product produced.

With this priority scale, your business can actually run more smoothly and be goal-oriented.

Develop Priority Scale

Having a priority scale in a new business is very important. So you know what things to prepare both from a technical and non-technical side. Before compiling this priority scale, you should pay attention to the following things:

Urgency Level

Urgency has the meaning of urgency and is the most important need. In terms of priority, this urgency is defined as something that must be fulfilled first. So if you want to set a priority scale, the most important thing is the urgent need.

For example, making a list of the most important needs that must be met first so that the planned business goes well.

Don't forget to make a list of the needs that you have to pay each month, such as operational costs, employee salaries, and taxes. Even if you have business debt, you should make it a priority.

Assess the Number of Products

Products sold must be verified. This may refer to the raw materials from which the product is sold. If the desired product is difficult to obtain, it must be included in the highest priority scale.

That's because so you won't have trouble getting quality raw materials later.

The quality of the products offered is the most important asset to attract consumers. Apart from that, proper inventory management can also increase the speed of your business.

Future Considerations

When setting priorities, the future of the company to be managed must also be taken into account. You should carefully consider the implementing company's long-term plans, including conducting a market analysis.

Market analysis can help you find new ways to grow your business. When preparing and planning, you must have several alternative options for this business plan.

Therefore, if later you receive unexpected things about the future of this business, you already have a way to overcome these problems.

Owned Opportunity

Interesting opportunities that don't appear for the second time will certainly change the priority scale that has been set before. If you are faced with a profitable opportunity, there is nothing wrong with taking advantage of this opportunity.

However, before you use this option, you can see the priority scale that was made before. You can consider this possibility after looking at the priority scale.

This is done so that later you don't regret taking advantage of this opportunity or giving up.

Capability Owned

This must be taken into account when setting priorities when starting a business. Skill is the most important thing needed in business.

The intended skills may vary, for example; the ability to prepare a budget, the ability to compete with competitors and other skills related to the management of human resources or production materials.

Therefore, in business, making a priority scale, an analysis of your abilities must be taken into account.

Those are some explanations about the meaning, factors, and benefits of setting priorities in business.

Based on the explanation above, it can be concluded that this priority scale is important and very useful if you want to develop a business.

Are you sure to continue this transaction?
Yes
No
processing your transactions....
Transaction Failed
try Again

Sign up for our
newsletter

Subscribe Newsletter
Are you sure to continue this transaction?
Yes
No
processing your transactions....
Transaction Failed
try Again