If Philip Andersons decided to quit from the company, another alternative that he can choose is to open up his own business in the same industries which is brokerage industries. If he decided to open his own company, Philip does not need to worry about the management of his new company since he has enough skills and experiences in brokerage industries for about thirtieth year. Managerial skills and knowledge is one of an important key factor of a successful business-owners because you need to meet and communicate with different people and for a different purpose.
For example you need to be know how to behave if you communicate with your investor and how would you behave if its your clients. Having a lot of experiences may also help you to be more effective in decision-making and make some action or movement. Of course you can still succeed even if you dont have some skill and experiences, however, the more you are missing, the more likely you are to fail.
In this case, it is already mentioned that Philip was an outgoing individual who had a talent for financial matters and his experiences as a branch manager for a long time should be enough to make him handle his own business in a better way and in the way he wanted the company to be operates which is to emphasized a strong relationship in a long-term with their customer is becoming his top priorities by achieving the customers specific financial target.
Besides, if he decided to open his own company, he should not worry whether he can have clients for his new company or not. Philip is known as someone who is being hardworking, loyal, a good manager and also have high ethical manner. This behavior of Philip can make his client to satisfy with his services and may be loyal with his services. A main reason to continue a relationship with someones service or products is the positive feedback of the product or service that the clients acquires, and an important pillar that upholds loyalty. Satisfied customers are more likely to repurchase, lower their price sensitivity, engage in positive word-of-mouth recommendation, and become loyal customers. If a customers satisfaction is earned, then it is sure that customer loyalty will also come along with it and could make the customer want to receive the serviced only under Philips consultation. If he just quit from his current job and open his own business, he can just tell his clients that he has opened a new business in the same nature of business. His clients from Stuart & Co may be will try to get the services from his new company since they used to get the services from Philip and they already know that Philip is a good and loyal manager, hardworking and also a manager who can give a high superior value of services because he has the ability deliver investment options suited to his clients financial situation due to his experiences for about thirtieth year. Another reason that attract the client to get his services is because of the good and positive relationship between them. Moreover, the clients also know that Philip is a manager who emphasizes a long-term relationship with their customer and his clients specific financial target is become priorities, therefore, they will just prefer to receive the service from Philip and move to his new company. The client may be tell their related family, friends and other company about Philips new business which are giving a high superior value of services.
Finally, of course there will be some crisis if Philip decided to open a new company especially the financial or fund crisis. In order to open a new company, Philip need to have a lot of funds to funding the costs of developing the new business. In this case, Philip can try to get fund from bank loan and other commercial lenders. Band and lender are known as a popular sources of business financing, but it is not easy to get a funding from the bank or other commercial lender because it requires some conditions such having a fixed job, strong business plan or proposal, positive track record or have a good financial background. Philip can also get sources from government programs. Government programs is a program to assists the financing or funding of new ventures and small business designed by the Federal, state, and local government such as Business Administration and USDA Rural Development programs. Philip can make a loan repayment to those lender when his company already stable in term of financial. Next, he can also get sources of financing from his friends and relatives. Founders of a new company usually look to private sources to get their funds. However, if Philip continue to get sources of financing from his friends and relatives, this should be done with the same formality such as borrow from a commercial lender. This means that he need to create a specific document to record the agreement. He can also asked his friend to make an investment in his new business and offer them something in return. Another alternative that Philip could do in order to get fund to open his new business is to forgo and sell his brand new red Corvette which is worth high value in the market.