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Unit one: business at work

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Introduction

Unit one: business at work 1. Terms of reference I have been employed by Hangloose, a small business in Middlesbrough, as a management consultant to assess and evaluate their company's performance in their period of growth and to produce a report to identify problem areas. My analysis will be produced in report form and will highlight the problems ready for feedback to the company. 2. Procedure The information I am going to focus on in the report will be obtained from the business scenario I have been presented with. However I will introduce other knowledge from the use of text books, internet, and notes made in class. 3. Analysis 3.1 Ownership & Classification Hangloose t-shirts started off as a small partnership with two owners directly responsible for all the decisions made within the business. A partnership consists of between 2 and 20 owners, which could have been advantageous to this business if one partner desired to have less responsibility than the other. ...read more.

Middle

A business becomes limited when it has been incorporated and in the eyes of the law gains a separate legal identity from its owners. Documents have to be signed such as the articles and memorandum of association that determine the agreements shareholders have to abide by whilst they remain owners for their part of the business. When a company becomes limited, one advantage to the owners is that they gain limited liability; meaning if the business fails to break even they will only lose the amount of capital that they originally invested in the business. Another advantage to becoming a limited company could be that now Hangloose can sell its shares to upto 20 of the original owners' family and friends. They may want to do this to raise extra capital for the business to buy new premises or machinery to expand the business into a new customer base, or to employ more staff to fill vacancy situations that have arisen through the expansion of the company. ...read more.

Conclusion

Hangloose is meeting its objectives well. It is consulting the customer as much as possible and can still tailor make products for customers due to its small friendly way of being run. This causes a strong customer relation base that the business can rely on because customers will return time after time. We can see from their long-term aim however that at the moment they do not have a very wide target audience, this could be very restricting for the business because it could prevent them reaching their potential quite so quickly. Hangloose realise that in order to achieve growth in the future they will need to re-invest a large proportion of profits. This is a large risk to take in business because if it fails - the owners lose profit that they have already constructed. Nevertheless if the re-investment goes to plan it will allow Hangloose to supply a more varied range of stock appealing to a wider audience, resulting in an increase in profits for the owners. ...read more.

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