Last Updated 06 Jul 2020

Business Studies Research Task

Category business
Essay type Research
Words 2115 (8 pages)
Views 528

Also as this requires human resources and annual labor It does not require many skills or degrees to higher some people to be on the payroll and to gain more business. This business can also be established from scratch or by buying into a franchise, but I will start from scratch as this is also an exterior cleaning business. 1. 2 SOOT Analysis 1. 3 Classification of Business The business that I have chosen to establish Is a service business, which means that is offers services or intangible assets and it charges for labor rather than a good which is sold.

The business will also end up being over 20 workers making it a tedium enterprise and in this way it will expand from Just the small area around where we being to more of Sydney. 1. 4 Vision and goals "To provide a busy family home with a quick, thorough cleaning service which Is accurate, on time, staff friendly and always efficient. " The vision that I have for the business is to provide a family home with a cleaning service that can fit around their busy time schedule and is always done properly, finished on time with friendly staff that are always efficient in their work.

This will give the family or person comfort that they have chosen the right business to clean their house for them. Goals for the business: To gain a trustworthy and good name To gain good business and a substantial Income To expand and slowly gain more employees and customers 2. 1 Identification of the target Market The target mark that my business is aiming for is the young family or couple (being 2+ people) this is because as the young family is becoming busier and busier they cannot afford to waste time cleaning their house, this means that it is a great place to start getting Jobs to work the employees of the business.

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It is also the ideal place because not only do they have less time to clean the house themselves, usually the souse is bigger than Just a single floor which means the more time to clean means that there is also a higher income for the company. This target market also is much higher than others meaning there will be plenty of Jobs and even if some of them do not continue on a contract there are still plenty of places that need the service we provide. 2. Recommendation of marketing strategies Service: In most service business companies the focus that people pay to is obvious. How good the service is, in this matter our focus is on selling how efficient and on time our service is. So what we will focus on in the first few weeks is being a company that focuses all of its effort on the service, making it the best that it could possibly be, in doing this hopefully we are noticed and the word is spread, with a good working policy the business will be better known and therefore we will sell to our target market better.

Price: The price that we will aim for is based on the size of the house and the time spent there, but the best way that we are going to sell our service onto our target market would be with value added, such as not only is the house vacuumed for this price but t is also mopped. Or if the inside of the house wishes to be fully cleaned something of the outside will be added at no extra cost to the bill. But this is mainly based on the one time usage of our service.

If a contract is signed to keep us on for a certain time or we become regular then something will be worked out to cheapen the cost, but no free additions are done in the same way as before. Place: Something not usually focused on by people but in the early stages of the business we must Just try to stay in a general area, making our name something that is better now and then the company can expand to outer areas and then further again. But the main reason that in the early days the company must stay confined to a small area is that there will not be enough staff to do the inner circle of our companies' area and the outside also.

Once we expand and gain more employees then we can move onto the outer circle areas and places that are harder to get to. Promotion: To gain our first Jobs the company will try with some yellow pages advertisement and small things like that, but once the name gets around hopefully with our mission easy to find and promotion will be done on its own . Finance Plan 3. 1 Sources of Finance Short Term: In the short term I can take a loan from the bank, only a short term loan Just to help me pay for the equipment and vehicle (either for hire or lease). Then within the first few weeks the income should rise and these loans can be paid off.

If not then the business could fall as the workers will not be paid their wages and the debt will Just get bigger. Another source I could use is ask for either sponsorship from a larger company or ask a wealthy investor to help me start the business off so that way I have a short term source of income. But in doing this I must be aware that later on when the business expands (if it does) then they company or investor will ask for his money back or he will want a place in the business, and I must be prepared for this otherwise things will go downhill very quickly.

Long Term: The long term finance should be much simpler than short term, as long term is at least one year later by that time the business will have expanded and we should have over 50 employees if the business is running smoothly and with plenty of income. If this is the case then I should be making a healthy profit and long term insane is something that I don't need to worry about, the only thing that I should worry about is the workers doing their finest work and the Jobs keep being created so we can keep the company running at its highest level possible. . 2 Recommendation of a financial forecast I believe that a financial forecast is a must, in the early stages of the business especially this is due to the fact the business could run into hardship or rapid growth and therefore one must be written up either weekly or monthly to make sure that we can find the best possible outcome for the early life cycle of the business. They not only help find good outcomes but with constant forecasts we can closely monitor the figures and develop strategies to rectify any problems before they become a major issue.

Once the business expands and goes into later stages and becomes stable the forecasts may only need to be monthly. 4. Human Resources plan 4. 1 Describe the Human Resource function and requirements This function is concerned with insuring that processes are documented, employee records are accurately maintained and safeguarded, employee get paid, employment adds are placed along with many others daily activities that are essential to the motto operation of a business.

These are very important functions that must be listed below: Manpower Planning It involves the planning for the future and finding out how many employees will be needed in the future by the business and what types of skills should they possess. Job analysis and Job description HRS Department is also involved in designing the Job analysis and Job description for the prospective vacancies.

A Job analysis is the process used to collect information about the duties, responsibilities, necessary skills, outcomes, and work environment of a particular Job. Determining wages and salaries HRS Department is also involved in conducting market surveys and determining the wages and salaries for different position in an organization. These decisions may be taken in consultation with top management and the Finance department.

Recruitment and Selection One of the most important Jobs HRS departments is to recruit the best people for the organization. This is of crucial importance as the success of any organization depends on the quality of its workforce. 4. 2 Recommendation of a recruitment and training program The HRS plan is defiantly required in my business; this is because my business squires a large number of employees who need to know what they are doing so they can do the best Job possible.

The recruitment isn't as highly needed as training is, as long as the person doesn't look untrustworthy and will not steal from the clients it would mostly be okay, but they need to be trained due to the fact that the cleaning equipment is now much more mechanical and requires mixing of the soaps/cleaning products and therefore cannot be done incorrectly as it could damage property then I will have to compensate for what my workers did. 5. Operations plan 5. 1 Description of the production process

The production process is not going to be the creation of something but rather the use of manual labor/ a service to create the income and let the business flow properly. The way that it will begin is I begin advertising for employees and put the business name out there, then I will hire the people, equipment and do all the paperwork to register the business, then the workers will be trained in how to use the equipment and how I want the business to run (show the vision and goals of the business) and then from there as Jobs come in the employees I now have trained will go and work to the best of their ability.

Hopefully in doing all of this the business will begin to run smoothly and as it does I can hire more people for the other parts, such as accountants and managers. 5. 2 Recommendation off quality management program Quality management programs work towards making sure that the product or service is at its top form, making sure it is as good as possible and the customers are all it is hard to implement it into the company as the employees are not based in the building, they go out and do their Job away from the company.

The best way to implement a quality management program would be getting the employees to either rite a short report after the Job or get the client to write the report seeing if they were satisfactory or not and whether the customer would call the company again for its service. In this way you know the main point behind the quality management, not how it was done but whether it was good enough for the customer to want the business to come back and clean for them again. . Monitoring and evaluation plan 6. 1 Analyses an approach to monitoring and evaluating the business plan To monitor the business plan and to always be on top of it making sure it grows and expands there needs to be a few things that must be checked each week or so. These mainly would come in reports, as stated in 5. 2 if a customer wrote a report showing how pleased they were with the service that the employee of yours has done.

Constantly having these checked to make sure the employees you have are doing their very best work is essential, it will help the business grow in the best of ways and letting the managers know if anyone is working at a subpart rate and whether they need to be reprimanded, spoken to or even let go. Also following the visions and goals of a business in 1. 4 will help all employees work together towards the same target giving n equal vision of the company and therefore and much more unified cohort.

Giving all the employees something to aim for such as what is shown in the mission statement will help everyone be on the same page, more work will get done and therefore more income and profit is created. Both income and profit are essential for the business to finish its final stage which is growth. Growth is the main goal off SEEM like this cleaning company I plan to establish, using income to pay what is already owed to a bank or for the wages of the employees will help the business become stronger as it can then spend more things on equipment, vehicles and more employees.

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Business Studies Research Task. (2018, Jan 18). Retrieved from https://phdessay.com/business-studies-research-task/

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