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Monroe Lock Security

In: Business and Management

Submitted By ania85mass
Words 455
Pages 2
Case 1 “A Monroe Lock Security Systems”

Ray Monroe was the owner of “A Monroe Lock Security Systems”(AMLSS)Ray’s business was established 2 years ago and offered lock-smithing services to residential and commercial customers as well as automobile owners in the greater Boston area. AMLSS was certified by the Commonwealth of Massachusetts to perform alarm installation and offered a full range of alarm products as well as rekeying, lock and deadbolt installation, master key systems, emergency residential lockouts, foreign and domestic automobile lockouts and window security locks.
Financial outcomes were not the best, with loses of $6500 in the first year and a profit of only $3500 in year 2. As of right now AMLSS’s target market is 3 local communities in the Boston area.
Ray was the only child of parents who were both successful entrepreneurs. He had substantial inheritance that would satisfy any of his financial needs for the rest of his life. For years Ray worked with a friend who owned a security and alarm manufacturing business in the western side of the state. Ray also entered a special program to learn more about the locksmith business so that he can start his own lock and security business. He learned that utilizing his experience will help him to become successful businessman.
Monroe Lock and Security Systems offered almost all locksmith services excluding alarms. He assumed that there were already many large competitors in the alarm market that would be able to offer those services in much lower price. During the operation hours, he was able to respond to a;; requests fairy and quickly even if he was not in the office because most of his equipment was stored in his van. However, Ray decided to turn off his cell phone and refused to take phone calls. The advertisements in yellow pages help the business and added $2,500 to his profit.
To resolve the main issues that are affecting Ray Monroe’s business he needs to hire 2-3 new employees that would work shifts. Also, providing 24-hour emergency service, and creating social media websites for the business like company’s website, Facebook, advertising on craigslist or even Angie’s list would he would bring more business to the company. By getting more customers he will be able to expand his business and cover more territory. Since Ray has that big inheritance, he should invest in buying or renting building where he would keep his equipment and at the same time hire more technical specialists. Also, he should invest in reliable vehicles that would last him for long time. I think the most important recommendation that I would suggest to start installing and selling alarm products and services to his customers.

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