Here is a print screen of the company
HD television
Security system
I will need a security system in order to prevent theft. This will be provided by ADT Security Company because they offer the best security service according to my research made as shown below. This will cost me about £1,000
In order for us to operate effectively we need to ensure that we have all the necessary equipments and materials required for the business, such as tables and chairs. A computer will be purchase from Comet recording stock and employees details, etc, we will also purchase two tills for the first year as the venture will be expected to be slow
Insurance
My business will need to be covered with insurance just in case there is an accident in the premises. So therefore, I did a research and found out one business solution was the best option for me as it covers all the necessary needs, which is shown on the print screen above. This will cost £1,000 per month in total £12,000 a year.
Lawyer/solicitor
A solicitor will be required for the benefit of advising me on legal aspects of running or starting up my business. On the other hand I will some contracts with other parties these contracts include:
- A contract with partners
- Employee contract
- And contracts for my suppliers and customers.
We have started negotiation with firm called Anthony Gold solicitors, which they be providing us with legal on the issues listed above, for their services and other information.
Human Resources
Human resources are all the people that work within an organisation, including office staff, operational and shop floor employees and managers.
The Staff
- We are going to employ three/four full time experienced sales assistant that will work in flexible shift hours to suit them and the business. The shift pattern will run seven-day week from 9:00 am to 6:00 pm and from 11.00 am to 6.00 pm, which will be 6 or 7 hour shift running from Monday to Sunday. The entire staff will be given the appropriate training to become the best and meet the demand of our customers.
- To be maintaining our standards and giving customers the best, the entire staff will be attending training in, service and customer relations programmes every six months.
- We will employ a further 2-3 full/part time staff that will be assisting in direct contact with our customers.
- Each member is responsible for taking orders, and ensuring our customers get the best service. We will provide each member of the team the necessary training upon starting. The training will consist of a brief on how to deal with complaints, customer service, layout of the shop i.e. fire exits, etc, where the business wants to go and what we aims to achieved so that we can all work towards that goal. Training and appraisal will be given on yearly basis, because maintaining our standard and rewarding employee’s effort is very important to the business. Employees will be permitted/invited to share ideas of the running the business.
- At the start of every shift, each employee will report to the manager which is me for a brief on daily sales and sales targets for the day. They will be given a free choice of mobile phone and to motivate the workforce, an employee of the month scheme will be enforced and a profit sharing scheme as well and the rule will, no profit sharing, as this can motivate staff to put good effort as they know they will be getting something back from the effort they will be putting in the business.
The reasons why we will need to train our staff are because:
- It will ensure that our staff are fully able to meet the needs of their job role.
- This will raise staff morale which will make them more productive.
- It will also maintain competitive advantage in the market.
- Our staff will be motivated which will lead to them delivering our business objectives.
Financial Resource
Most businesses aim to make profit just like me and for this reason it will be vital that I manage my business finance every carefully. In order for this to happen, I will have to minimised my cost and increase my revenue and income as much as possible.
So therefore my business can be monitored in two different ways and they are
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Liquidity: This is where by my business will be able to pay their daily debts. But if am unable to pay any of the businesses debts in time, then my business could be in danger of insolvency. So therefore is very important that I and my partner keep an eye on our inflows and outflows of the business finance.
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Profitability: we will have to keep track of our business revenue and cost each month in order for us to monitor profitability. So therefore by doing this we will know if any improvement needs to be taken, so that we can raise our profit margin.
As an entrepreneur, I am sincere and have offered a full briefing through my business plan of the ideas, facts and proposals that I wish to pursue. I will borrow money from the bank as that is part of my plans to raise capital in which I will agree upon the terms and conditions.
The fund required to operationalise this business proposal, £92,944. Personally I have been able to raised £65,000 from partner will be working with, and my parents especially helping me with inheritance money of about £20,000.
A further £27,944 is required from the bank and will be amount to a total start-up cost of £92,944. This will be used for the shop equipments such as furniture, stock, staff and fixtures and fittings, for the shop to look very attractive, as people say, neatness and attractiveness pay a very much influence on the buyer.
How my business financial area will be monitored
We will be maintaining the accounts on a weekly basis by using a double entry book keeping system and that will be the latest accounting software package called “sage”.
I will be working closely with my partner Mr. Edwards who will be in responsible on the account of the venture internally. The double entry bookkeeping system will allow us to maintain a formal set of accounts that includes both journal and ledge. This will include two entries for each transaction and it helps us to balance our accounts accurately when completed. This will also enable us to maintain the following records:
- Sales and Purchase ledger:
This will enable us to record all sales and purchases made by credit, debit or cash by our customers for the venture.
This will also help us to maintain an initial record of each transaction in a date order. An example will be phone accessories and fixture and fittings.
It will enable us to record all necessary transactions made by cash or cheque. This transaction will balance and check against the shop bank statement at the end of every week to ensure that the information we record is balanced and accurate.
- Nominal or Private Ledger
This will allow us to keep records of all the primary records mentioned above.
Each will be posted to left/right hand side according to expenses and sales.
This will ensure us that all the accounts will be maintained and are located in one file which will make it easier to analyse at the end of the financial year.
This ledge will be totalled at the end of every month and will be used to draw up our trial balance which will benefit us of all transactions in both columns are accurate.
TQM
At MOB WORLD we will make sure that quality of our products is maintained through total quality management (TQM) procedure. For example check that all mobile phones ordered from suppliers are in good condition before purchasing. And by doing this it will benefit our business as it will improved skills, morale and confidence among our staff and the quality of services offered will result in increasingly satisfied customers.