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Business - Sources of Information.

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Introduction

Sources of Information Everyday life is full of planning processes. To put these plans into action depends mainly on the past and current situations. E.g. If I decide to go shopping, before leaving, I check what I can afford to buy "is it a pair of Prada shoes or just a common pair from any shop". When decided on the cost, I can visit the shops by setting another plan "would I go to all the shoe shops or have some shops in the past treated me badly?" When in a specific shop and I find a pair I like I have to check whether that style is out of fashion or if it matches with a specific out fit, or if I have a similar pair at home. As you can see everybody at anytime and anyplace refers to various sources of information - be it internal or external. When a company plans the future for its well being, the most important factor to take into consideration are the different sources of information, which include the internal and also the external sources of information. When a business takes into consideration these two factors, then the planning of the business's future objectives are slightly more accurate and improves the business's performance and profitability. ...read more.

Middle

* What type of promotional campaign competitors are offering? - Advertising also affects the way the business obtains its sales. Prospective customers must be aware of our product rather than our competitors. There are various means of advertising e.g. catalogues, magazines, TV, radio, press and also receiving advertising door-to-door is more effective. The advertising may also include the prices of the products for the right market to be attracted to the business. External information will provide you with: * Competitors financial statements (to check how the company is getting on profitably) * Other financial information about competitors (can e very difficult to get if they are not exposed to the public) * Competitors catalogues & Price list (to compare our prices and see if they lowered the prices (maybe that's why they have more sales)) * Official statistics * Trade journals * Market research reports (to see what is happening in the market you are catering in) * The financial press (to check how company's are getting along) Internal Information The internal sources of information are all obtained from within the business, through records kept and performances observed. Through out the years the business should keep: * Detailed records of all transactions being made. * Plans and budgets. * Comparisons. * Decisions for opportunities must be taken. ...read more.

Conclusion

* Suggestions for new products or other changes - Suggestions should always be mentioned in meetings and discussed with the managerial bodies of the business. - When a business suggests something new, then the internal and external sources of information come into use to check if the business would be making a right move or should it postpone the suggestions. * Delivery periods by suppliers and to customers. - In a business it is very important to keep all types of records, especially when dealing with customers or suppliers. - When signing a contract with suppliers it is important to check how often is the delivery period and what stick is ordered and not. After the stock arrives an invoice is given informing you on what stock has arrived. - These invoices must be kept for reference and also for the company's accounts. Delivery periods to customers must be of very high standard and employees should try and not disappoint customers because disappointing one customer's is like disappointing another ten. Conclusion: Dear Mr. Mallia Borg and Bugeja Accountants hope that you have understood the concept of how and why is it an asset to keep financial information available concerning your business and that of the market sector. We encourage you to start keeping your accounts up-to-date, as you can see they are not as difficult as they seem. If you require any further information or help when dealing with the accounts please do not hesitate to ask. Yours sincerely ...read more.

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