...Small Business Plan September 20, 2011 Accounting 561 Being able to have a small business that is important to the community is the ultimate goal for my company. Providing lost cost party and wedding planning is goal of Sia’s Supreme Planning. Deciding on the best business form out of sole proprietorship, partnership, “C” corporation, and “S” corporation are the first step in building a lucrative company. Once the business organization has been decided, we have to decide on the best financial statement associated with the business. Understanding the business forms such as tax implications, legal implications and accounting implications will provide clarity during the filing for taxes. There are several advantages and disadvantages to sole proprietorship, partnership, “C” corporation and “S” corporation. A sole proprietorship is one person alone. He or she will have unlimited liability for all debts of the business, and the income or loss from the business will be reported on his or her personal income tax return along with all other income and expense he or she normally reports (although it will be on a separate schedule). Although proprietorship avoids the expense of forming a partnership or corporation, many start businesses this way because they are unfamiliar with the other forms of organizations (Business Organization, 2011). All profits and can be re-invested in the business or it can be used by the owner and negative aspect is Owner has full liability for entire...
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...Executive Summary 1.A & A Kids Wear (AAKW) is a retail store for kids wear with good quality and latest trends 2.This business will cater to the needs of Kid’s age from 6 to 11 3.Location of the business is assume an actual location in Chittagong city. The target audiences of the business are : |Age |Population | |5 to 9 years |250,000 | |10 to 14 years |250,000 | |Total : ( 5 to 14 years) |500,000 | 4. Slogan of the business is : “Kids wear, with care” General Company Description I. Company Overview A&A Kids Wear (AAKW) is a retail store for kids wear with good quality and latest trends. It present an extensive range of kids wear that are manufactured using gorgeous colors, designs and prints, these apparels are designed keeping in mind the most up-to-date fashion trends. Slogan : “Kids wear, with care” II. Vision “To be a distinguished kid-wear retailer known worldwide for the quality of products, setting new trends and life style” III. Mission “To offer continuous value added products to our customers”. To accomplish this, we focus on exceptional design, innovation, quality, convenience...
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...m Small Business Network Plan Gareth McCartney CIS – 175: Introduction to Networking Assignment 6 August 29th 2010 When designing and building a small business network we must consider the fact that small businesses generally lack the support associated with corporate IT offices. Therefore small business networks should ideally be straightforward and easy to manage. Since the needs of organizations vary, complications will always arise if we attempt to use a generic plan. The main principle we should use in creating this plan is to “follow the simplest approach to achieve the desired result” (Breeding, 2010). Our goal is the create the best possible network with the greatest functionality while maintaining the lowest possible cost. Typically a small business network would consist of around twenty four computers, possibly two servers, a network printer and access to other networks and/or the internet. However for this paper we will limit this network to two workstations one quality printer Internet access multiple email addresses. In most situations, the available finances to connect machines together to share files, printers and internet is limited. Therefore we should consider the cost of acquiring and setting up network adapters, hubs and other network devices such as gateways. An important factor that should be considered is the available options for connecting to the internet. Most areas of the United States have access to dial-up...
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...Plan Small Business Finances Assessment 1: Simulated Workplace Scenario: Introduction: For the case of this task, I will be simulating that I have invested my life savings to start a small business, that of a bakery. Having had previous skills in this industry, and already locating an ideal position with minimal competition, I will now undertake a number of financial projections for the business, with the end goal being to obtain finance to help with the start-up costs. The document will cover aspects as follows: Part A: • All costs, fixed and variable, relating to the start-up and general running of the business. • Prices of goods based off of costs and profit margin. • Break even sales points. • Pricing strategies related to market conditions. • Projected profit statement. Part B: • Set profit targets/goals. • Identify working capital requirements. • Identify asset requirements and asset management strategies. • Prepare cash flow projections. • Identify capital investment requirements. • Select budget targets and monitor financial performance. Part C: • Start-up and ongoing financial requirements • Sources of potential finance. • Cost of securing finance and strategies in order to obtain it. Part A: Research: The general running of the business will be done by myself and 2 full time employees, from a single location, operating 6 days a week, Monday through Saturday. The initial set up costs for the location, including 2 months of upfront rent and a...
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...S. Small Business Administration MP-5 BUSINESS PLAN FOR THE SMALL CONSTRUCTION FIRM Management and Planning Series ______________________________________________________________________________ The material in this publication may not be reproduced or transmitted in any form or by any means -- electronic, mechanical, photocopying or other -- without prior written permission of the U.S. Small Business Administration. "How to Write a Business Plan." Copyright 1990, Linda Pinson and Jerry Jinnett. All right reserved. All of SBA's programs and services are extended to the public on a nondiscriminatory basis. ______________________________________________________________________________ TABLE OF CONTENTS INTRODUCTION A Note on Using This Publication 1 What's in This for You? 1 Why Are You in Business? 1 What Business Are You In? 1 MARKETING Where Is Your Market? 2 Advertising 2 Competition 3 Sales Strategy 3 PLANNING THE WORK 4 GETTING THE WORK DONE Personnel Requirements 7 Equipment Requirements 7 PUT YOUR PLAN INTO DOLLARS Expenses 8 Matching Money and Expenses 8 Is Additional Money Needed? 8 CONTROL AND FEEDBACK 9 IS YOUR PLAN WORKABLE? 9 IMPLEMENTING YOUR PLAN 9 KEEPING YOUR PLAN CURRENT 10 APPENDIXES A. Income Projection Statement 11 B. Cash Flow Projection Construction Firms 15 C. Balance Sheet 17 D. How to Write a Business Plan 21 E. Information Resources 25 ______________________________________________________________________________ INTRODUCTION A business plan can...
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..."Double taxation" refers to the fact that the corporation itself must pay taxes on its net profits, and the stockholders must also pay taxes on the portion of those same profits distributed to them as dividends.Answer T "Knocking on the doors" of businesses an entrepreneur would like to buy—although they are not advertised "for sale"—is a waste time. Answer F ____ percent of small businesses sell on credit.Seventy-seven ____ recognizes any improvement in quality may improve a company’s competitive ability.Return on quality _____ are those things that a business owns which have value.Assets _____ is simply the money owed the firm by customers because they’ve purchased goods or services on credit. Accounts receivable ______ gives owners the security of a sales contract but permits them to stay at the “helm” for several years.The two-step sale ______ is a small number of customers to give you feedback on specific issues in your business—quality, convenience, hours of operation, service, and so on.Focus Group ______ is not a primary goal of a competitive intelligence program: All these are primary goals of a competitive intelligence program ______ is the process of creating and delivering desired goods and services to customers, and involves all of the activities associated with winning and retaining loyal customers. Marketing ______ publishes Annual Statement Studies, showing ratios and other financial data for over 650 different industrial, retail, and wholesale...
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...Assignment #5 - Business Succession Planning Dr. Kerry Lanza Entrepreneurship & Innovation – BUS521 12/11/2011 1. Discuss the current small business start up success and failure rate in the U.S. market. As of 2009, according to the U.S. Small Business Administration Office of Advocacy there were 627,200 in successful start-ups, 595,600 in business closures and another 43,546 in bankruptcies. According to the Small Business Administration, over seventy five percent of jobs are created by small companies; and according to the Bureau of Labor Statistics' (BLS) job-growth projections for small businesses in the next ten years are on the rise for the following categories: IT, employment services, management, home health care, childcare, and entertainment. However, the business closures and bankruptcies are staggering. The recent failure rates in the US are due to a variety of reasons; the greatest at this point is the global economic recession. 2. Discuss the red flags for a small business related to business failure and bankruptcy. Approximately fifty percent of company start-ups shut their doors in approximately four years. This is due business owners not recognizing red flags such as insufficient planning, meager cash-flow managing, undercapitalizing, and too much debt. Many businesses fail to due the appropriate market research which would have justified whether there was a demand for their service or product. A major red flag, yet one time and again overlooked...
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...opportunities for small businesses, including the role of the Small Business Administration (SBA). Then, evaluate the effectiveness of these funding opportunities in light of the current economy. • In this time of economic challenges, suggest two ways that the SBA might be of assistance to your small business. Explain how you would request this assistance. Small businesses have two major options for funding; a bank loan or pursue the Small Business Administration (SBA). A bank loan is standard, acceptance is granted based on a business plan, credit score, collateral and likeliness of success. The same process can be accomplished through the SBA but grants are also available. A grant would be the best option for the start of a small business because these monies do not have to be paid back where as payment of a loan is definite as well as interest. Even if a small business were given a grant in addition to a loan it would only benefit. The SBA would be helpful in today’s economy because they provide information of how to start a business and how to create a business plan. Also, information on government contracts, how laws could effect your business and taxes is available for anyone wanting to start a small business. • Compare and contrast three different types of entrepreneurs and state which you are most likely to emulate should you begin a small business. • Assess the impact of globalization and information technology on the creation of small businesses...
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...June 19th Response & Resumption Potential Damage There are many threat that we us a small business has to be aware of and understand because if we don’t we will surely be a main target for potential catastrophic events such as, natural disasters, fires, floods, power outages, or even acts of terrorism. These kinds of catastrophic events need to be prevented or minimize so that it would not hurt our physical or digital assets. Even though many small businesses have some type of plans to minimize the physical damages when these type of even occurs; however, many of small companies usually overlooked or fail to safeguards the digitals damages. Managing the Business Risk Small company like us would require having some type of contingency plans and insurance polices so that we could deal with catastrophic events that might affect our business. In addition, to minimize the risk of unforeseen events when it occurs we would surely required to take out the insurance policies that we have to protect and minimize the assets that were lost, should we unable to cover the lost. Also, determining the cost of the protection plan is very important because if the plan cost more, than the plan is a failure and we should come up with a better plan. Digital and Physical Protection Plans The plans that are made for the company should be effective so to ensure that the protection plan works effectively we would need to come up with good strategy like: Consulting Expert. ...
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...Chapter 5—Options for Organizing Small and Large Businesses COMPLETION Directions: Complete the following using the terms listed. A. sole proprietorship B. partnership C. corporation D. merger E. acquisitions F. horizontal merger G. conglomerate merger H. outside directors I. vertical merger J. small business K. business plan L. alien corporation M. domestic corporation N. franchising O. corporate charter 1. The form of business ownership that is subject to the least legal red tape is the _____. ANS: A DIF: 1 REF: p. 180 OBJ: TYPE: KN 2. If Chrysler and Ford were to merge, it would be an example of a(n) _____. ANS: F DIF: 1 REF: p. 187 OBJ: TYPE: AP 3. The form of business ownership that establishes the firm as a separate legal entity is the _____. ANS: C DIF: 1 REF: p. 182 OBJ: TYPE: KN 4. If Anheuser-Busch were to acquire a bottling/canning firm, it would be an example of a(n) _____. ANS: I DIF: 1 REF: p. 187 OBJ: TYPE: AP 5. _____ are people on the board of directors of a corporation, but are not employed by the corporation. ANS: H DIF: 1 REF: p. 185 OBJ: TYPE: AP 6. A(n) _____ refers to two or more firms that combine to form one company. ANS: D DIF: 1 REF: p. 187 OBJ: TYPE: KN 7. A(n) _____ occurs when one firm purchases the property and assumes the obligations of another. ANS: E DIF: 1 REF: p. 187 OBJ: TYPE: KN 8. A merger...
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...is a business plan? A business plan is a road map for a company, it is put into black and white so that the company may look ahead in order to dispense funds to the appropriate areas of the business. The main purpose of the plan is to optimize growth and development according to priorities. A plan is a way to show your investors that you know what you are doing and that they will get a return on their investment. A plan should be used as a business tool, in which they can find great ideas and goals. A business plan is an easy way to communicate the idea and goals to the decision makers, it outlines Strong points as well as weak ones. Mission The mission of Primerica is to Help Families Become Properly Protected, Debt Free and Financially Independent. Company summary Primerica is excited about helping people to solve the financial problems of the middle market. Our representatives meet with families in their own homes, across the kitchen table, and teach them “how money works”. These fundamental financial concepts are not taught in school. Primerica believes everyone has a right to know these simple principles – not just the wealthy! While other companies target the affluent, Primerica helps hardworking families all across North America. Through education and by offering a customized financial strategy, our clients are able to take advantage of our common sense solutions and get on the path to financial independence and freedom! Primerica has been in business since...
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...Preliminary Business Studies Assessment Task 3 Notification SCEGGS Darlinghurst Preliminary Business Studies Assessment Task 3 Notification BUSINESS STUDIES PRELIMINARY ASSESSMENT TASK Assessment Task 3 Notification Assessment Task 3: A BUSINESS REPORT Date Issued: Wednesday 6th May, 2013. Subject: Preliminary Business Studies, Topics: 1-3 Title of Task: Business Report on an SME Weighting: 30% Due Date: Part 1 - This should be presented to your teacher by Friday 17th May (Wk 3). It may be presented as either one page of notes or a one page mind map. Part 2 - Tuesday 11 June 2013 (in your lesson), 2013 Term 2, Week 7 (PF- P4, MW-P3) Component: Inquiry & research, Communication of business information, ideas & issues in appropriate forms, Knowledge and understanding of course content Outcomes: P1 discusses the nature of the business, its role in society and its legal structure P2 explains internal and external influences on business P3 describes factors contributing to the success or failure of small to medium business enterprises P4 assesses the processes and interdependence of key business functions P6 analyses the responsibilities of business to internal and external stakeholders P7 plans and conducts investigations into contemporary business issues P8 evaluates information for actual business situations ...
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...A Framework for IT Governance in Small Businesses by Herman Koornhof A FRAMEWORK FOR IT G O V E R N A N C E by IN SMALL BUSINESSES Herman Koornhof TREATISE Submitted for the partial fulfilment of the requirements for the degree MAGISTER TECHNOLOGIAE in Business Information Systems in the FACULTY ENGINEERING, BUILT ENVIRONMENT OF THE AND INFORMATION TECHNOLOGY of the N E L S O N M A N D E L A M E T R O P O L I T A N U N I V E R SI T Y Supervisor: Prof. Rossouw von Solms January 2009 ii Declaration I, Herman Koornhof, hereby declare that: • • • The work in this treatise is my own work. All sources used or referred to have been documented and recognised. This treatise has not previously been submitted in full of partial fulfilment of the requirements for an equivalent or qualification at any other recognised educational institution. higher Herman Koornhof iii Acknowledgements I would like to express my gratitude to the following people: • My love, Jenny, for your love and understanding during the past year. Without your encouragement and inspiration this work would not have been possible. • • My family and friends for your interest and support. My supervisor, Prof. Rossouw von Solms, for your guidance and advice, and your detailed and constructive comments. • To Him who is able to do immeasurably more than all we ask or imagine, according to his power that is at work within us. iv Table...
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...Franchises & Business Plans What is a franchise? Using examples from the real world, explain three advantages to the franchiser and to the franchisee. A franchise is where a business with a well-known brand name (the franchisor) lets a person (the franchisee) or a group of people set up their own business using that brand. This is in exchange for an initial fee and continuing royalty payments (a certain percentage of turnover or profit) for as long as the franchise lasts. A franchise is not a type of legal structure in itself. The liability for the person using the franchise depends on the how the business is established. A franchisee can choose which legal structure to adopt, although the franchisor may recommend a type. They have unlimited liability if they are in business as a sole trader or partnership but have limited liability if they set up the franchise as a company. Advantages for the franchiser: * The firm does not have to spend a large amount of money in order to expand * The products necessary for the franchise to operate are under the franchisers direct control * Issuing franchises should generate a continuous stream of revenue from franchisees who are determined to succeed Disadvantages for the franchiser: * The control it has over the product is not as great as if the business sold the product itself, bad publicity from a franchisee could affect the brand image * Franchisers have to offer continuous support, training and development and...
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...themselves, not how they actually appear to others. Many small businesses get snared in this same trap. For an accurate picture of where your business is, conduct external and internal audits to get a clear understanding of the marketplace, the competitive environment, and your organization’s competencies (your real—not perceived—competencies). 2. Identify what’s important. Focus on where you want to take your organization over time. This sets the direction of the enterprise over the long term and clearly defines the mission (markets, customers, products, etc.) and vision (conceptualization of what your organization’s future should or could be). From this analysis, you can determine the priority issues—those issues so significant to the overall well-being of the enterprise that they require the full and immediate attention of the entire management team. The strategic plan should focus on these issues. 3. Define what you must achieve. Define the expected objectives that clearly state what your organization must achieve to address the priority issues. 4. Determine who is accountable. This is how you’re going to get to where you want to go. The strategies, action plans, and budgets are all steps in the process that effectively communicates how you will allocate time, human capital, and money to address the priority issues and achieve the defined objectives. 5. Review. Review. Review. It’s not over. It’s never over. To ensure the plan performs as designed, you must hold regularly scheduled...
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