Last Updated 16 Jun 2020

Creating a dream business

Category business
Essay type Process
Words 3173 (12 pages)
Views 634

Introduction.

            Creating a dream business is a complex feat to achieve, given the fact that it requires dexterity and activities that are multifaceted in approach to planning. At the same time, the complexity of this feat is underscored by the fact that failure to make good strategic plans and to ratify the plans in a speedy succession are factors that have been known to be the very elements that demarcate between successful businesses and unsuccessful ones.

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. Therefore, it behooves anyone who wants to start an ideal business, to assume a meticulous chain of activities that should be carried out so as to realize success. This paper seeks to divulge on the  necessary steps and measures that should be taken so as to realize the existence of a successful business. In this case, the business organization to be opened up is the Francis and Sons Auditing and Accounting Firm.

Choosing a name for the business.

            Choosing a business name for a firm or an organization is a very important feat, given the fact that as an exercise, it possesses the potency to determine the profitability of any business. This is because, the name of a business strongly bears on the corporate image of any firm or business. Following this, there is lucidity in the claims by pundits and professionals in the business world such as  Abrams and Cook (2004 p 90) that a name is the very first corporate representative of any firm. Francis and Sons Auditing and Accounting Firm as a name will invoke a sense of the company having been in existence for generations. This earns the company reputation.

            There are five steps that have been followed conventionally in the effort to establish the name of any organization. The first observation when establishing an ideal name for a business is to ensure that the proposed name is one which is easy to memorize and to spell. This is important since both the potential and prospective clients, together with the entire corporate world remember a business by its name. At the same time, the simplicity in spelling the name of a business is seen to be important, given the fact that it helps in locating a business entity in a telephone directory or address book. Francis and Sons Auditing and Accounting Firm is a name easy to memorize and spell.

            The use of visual elements is also required as the second element or concept in naming a business. The use of the visual element is seen to be very instrumental in establishing the cause of any business, given that the visual element presents the mind of the corporate world with hooks on which the image of the business is pegged. Giving a name to a business entity devoid of a visual element leaves an abstract sense in the mind of the corporate world, whenever the name of the business comes to mind. For instance, visual elements that Francis and Sons Auditing and Accounting Firm can use is trimmed leaflet of a statement of account.

            It is also a prerequisite that the proposed name of a business must be devoid of negative connotations. The careless mistake of assigning a name to an organization or a business entity based on the denotative meaning alone is an affair that can be very costly to any business organization. This is because words have connotative meanings, alongside the denotative meaning. Francis and Sons Auditing and Accounting Firm is a name that is appropriate enough to secure it a good image.

            The fourth rule in ensuring a positive name for a business involves ensuring that the name conveys some traces of the operations of the business enterprise. This will help the potential clients solicit the services of Francis and Sons Auditing and Accounting Firm even without prior knowledge about the business organization. Francis and Sons Auditing and Accounting Firm as an organization that seeks to provide transport services will be better off adopting this name , rather than just Francis and Sons. This also simplifies matters for the clients who seek services or goods through the telephone directory or the address book.

            The fifth measure that has to be taken to account when assigning a favorable name for any business entity demands, ensuring that the proposed name is fairly short. This is needful since it is helpful in ensuring that clients are in a position to recall the business enterprise. This shortness in the name of a business will ensure both proportional and attractive display of the business name in the business card. At the same time, the same will ensure easy tracing and recalling either from the recess of the mind, or from the telephone directory. Francis and Sons Auditing and Accounting Firm is a name that is not too long a name to memorise.

            At the same time, it is expedient that the Francis and Sons Auditing and Accounting Firm's name  must be put in colors that are attractive. It is advisable that if possible, the accounting firm must ensure that the colors are always consistently applied on the brand name of the business. This in future will be instrumental to the clients in detecting counterfeits. At the same time, it is needed that the color being associated with the name of an organization be appropriate. This for instance means that color red can be avoided, given the fact that it is considered bold, fiery and aggressive. This is as far as agricultural organizations are concerned. For the Francis and Sons Auditing and Accounting Firm, the color white will do since it is highly associated with integrity.

            In the same wavelength, it would be recommendable for an agricultural organization or firm to choose green color, given the fact that the color is highly associated with nature, growth, renewal and development. However, for a business that needs to carry out its services with a sense of urgency, the idea of the red color being used in coloring the name or the logo of the business may be welcoming. This is because the color is conventionally associated with passion, zest, excitement and speed. A good example to this is the internet services providing companies or the speed post delivery services organizations.

Articulation of the vision of the business.

            For Francis and Sons Auditing and Accounting Firm articulation of the vision of a business basically portends communicating the manner in which the goals and the aims of corporate or a business entity are to be executed. This means that there are comprehensive  tools and mechanisms that must be set in place so as to enhance communication among the rank and file of the entire accounting organization. Nevertheless, it is also expedient that it be taken to stock, the fact that different types of vision or goals require different means through which they will be communicated.

            According to Tracy (2002 p 211) transformational changes and planning on behavior change require short term means of communication. By short term communication, it is meant, communication channels that are susceptible to  change, depending on the circumstances and the time. This means that Francis and Sons Auditing and Accounting Firm's goals that are based on short changes can be best communicated through channels such as internal memos and staff meetings.

            Conversely, Francis and Sons Auditing and Accounting Firm goals or business visions that are regarded as longterm require forms of communication that are more fixed and permanent. To this effect, the longterm business goals and visions are best entrenched within the rules and regulations of Francis and Sons Auditing and Accounting Firm. In the same vein, it is not seldom to find permanent business vision incorporated within the philosophical doctrines of a business. The philosophical doctrines include the vision statement, and the mission statement of an organization or a business entity.

The form of business entity to be used to carry out business dream.

            There are diverse forms of business ownership and management that exist. In most cases, the method chosen will depend on some factors. These factors entail underpinnings such as the size of the capital base, the scale of the business and the nature of the business. For instance, should one wish to open a business entity that does not require much capital, labor and dexterity, sole proprietorship may be the best way to go. This is more so the case if the capital that is used to open up a business is minuscule.

            On the other hand, if the nature of the business organization's operations are heavy and laborious, it will be advisable that the business be run, based on general partnership. This is also very true, should the operations of the business require large capital.

            The best way to go for the Francis and Sons Auditing and Accounting Firm is General Partnership. This is because, unlike sole proprietorship General Partnership remains the most feasible, given the fact that it involves many stakeholders. This managerial plurality is likely to favor the firm with plurality of views and ideas that are based on skills. At the same time, General Partnership remains very favorable for the ideal business over corporations since the former is only limited to 21 partners, as opposed to the latter whereby the number of partners is not limited. This means that by adopting General Partnership, reaching at decision making will be a feat relatively easy to achieve for the Francis and Sons Auditing and Accounting Firm, courtesy of the relatively smaller number of partners.

            In the same wavelength, it is needful that Francis and Sons Auditing and Accounting Firm go the General Partnership way, and not the way of Limited Partnership, given the fact that the former allows for the transfer of liabilities to the rest of the shareholders. This allows for the easier diffusion of losses within the company, and as such, there is less strain on the assets and the management of the firm in times of losses. This will allow this auditing and accounting firm to survive during crisis, and thereby increasing its longevity. At the other end, is the Limited Partnership that has regulations that cannot favor the longevity of Francis and Sons Auditing and Accounting Firm. This is because, in times of losses, it is required that the deficit be diffused by the firm itself. To this end, the business' assets can be sold so as to reverse the situation. This state of affairs can easily lead to the dissolution of Francis and Sons Auditing and Accounting Firm in times of chronic and persistent losses.

The three legal downsides to the choice over the dream business.

            There are several downsides that may stem from a specific country's penal code. For instance, the Francis and Sons Auditing and Accounting Firm is likely to realize a setback due to the fact that it is a legal injunction that prior to the registration of any business, it is a prerequisite that it possesses a minimal base of capital. This poses danger to the firm.

            At the same time, it is true that the same judicial injunction has been responsible for the catalyzing of the dissolution of fledgling firms. This is because, as a young organization, Francis and Sons Auditing and Accounting Firm is still susceptible to the danger of sliding back to higher operational costs at the onset stage. Continual registration of deficits by Francis and Sons Auditing and Accounting Firm as a young organization is bound to expose the same to unprecedented closures.

            In the same vein, there are  legal provisions that may present bottlenecks to the registration process of Francis and Sons Auditing and Accounting Firm. For instance, it is a well known fact that the registration process as stipulated by the federal business law is very punctilious for upcoming firms. To this effect, it is required that the certificates of operations be obtained from pertinent departments. In this case, the potential businesses are to register with the federal departments so as to bolster national security. In the same wavelength, it is mandatory that Francis and Sons Auditing and Accounting Firm registers with the Internal Revenue Service department, so as to ensure that there is no defaulting of taxes.

            Bidgoli (2004 p 219) maintains that given the fact that globalization as a concept that fosters the shrinking of the world into one village, different states and nations have come up with laws that are to protect indigenous businesses from competition stemming from exotic business organizations. To this effect, the judicial sector through the penal code, ensures that laws that safeguard the business sector are advantageous to the local businesses in lieu of the foreign ones. Whereas the legitimacy of this law is seen in the fact that it consolidates the cause of local firms, the same is seen to pose a setback to Francis and Sons Auditing and Accounting Firm realizing international business expansion.

Three legal steps that should be followed to create a business entity.

            There are numerous legal hurdles that Francis and Sons Auditing and Accounting Firm registration process will have to jump. However, the three steps that should be followed in order to create a business entity are discussed forthwith. In the first case, Francis and Sons Auditing and Accounting Firm, like any other corporate entity or any social association is required to register with the registrar of societies. On registering the new firm, the same commercial entities are issued with permits which act as certificates giving the business entities the green light to carry on with their operations.

            Secondly, it is expedient that Francis and Sons Auditing and Accounting Firm registers with the internal revenue authority of a given country, the nationality of this firm notwithstanding. In the US for example, all business organizations are to register with the Internal Revenue Service (IRS). This is normally observed so as to ensure that tax collection remains a reality so that the government can earn revenue.

            In the third case, Francis and Sons Auditing and Accounting Firm must subscribed to the Labor Law Act. This Act exists to ensure that the employees of the firm are protected from exploitation. In this case, matters to do with plummeted wages, mistreatment of employees and poor working conditions among other issues are dealt with.

Copies of State forms and Federal Forms that are needed to be filled so as to initiate the business entity.

            There are sundry types of State forms that are to be filled to mark the entry of Francis and Sons Auditing and Accounting Firm into the corporate sector in a legitimate sense. At times, the primary importance of a certain form may be state specific. For instance, in Utah, it is a prerequisite that all firms must sign and comply with the terms and conditions in the Notary Public Nomino Forms (Gaynor 2001 p 341).

            The above ensures that there is no overlapping of names of firms. However, the most important forms that are to be filled by Francis and Sons Auditing and Accounting Firm remains the Tax Application and Registration Form. The latter exists to ensure that tax evasion by business organizations is totally extirpated.

The system of governance that is to be applied on the dream business.

            The best system of governance that is to be used to run Francis and Sons Auditing and Accounting Firm is the democratic form of government. This ensures that decisions reached are very representational and identical with each rank and file of the entire firm. This is to the effect that each and every member of the business organization has to be consulted in the decision making processes. However, to redeem time, given that collective decision making is a feat hard to achieve, Francis and Sons Auditing and Accounting Firm can take to use the representational kind of democracy. In this type of rule, the heads of different departments are to represent the entire staff during board meetings.

The decision makers.

            According to Haines (2005 p 75) in the representational type of leadership, each member and employee of the Francis and Sons Auditing and Accounting Firm gets to participate in the decision making process. However,  as opposed to the assumption of the classical form of democratic management and decision making, the employees and the entire staff are represented by the directors of different departments so as to save time and resources. Decision making as an exercise involves round table meetings between the departmental heads and top management board of Francis and Sons Auditing and Accounting Firm.

The number of decision makers.

            To save time, it is incumbent upon the topmost management to ensure that the process of decision making involves each departmental head. However, this is done after that employees' views have been solicited at the departmental level.

The control over decision making.

            Francis and Sons Auditing and Accounting Firm democratic type of leadership has to ensure that the power to make decisions is vested on the directors of the business and a convention of the shareholders.

Definition of a major decision.

            Major decision making involves reaching at decisions for execution that are to affect the welfare of the Francis and Sons Auditing and Accounting Firm in a longterm basis. This may for instance portend making decisions on the organizational structure and the type of leadership to be adopted by the management of this firm.

Two ways in which the business can act as a model in the assumption of corporate or business responsibility.

            In the first case, Francis and Sons Auditing and Accounting Firm acts as a model in the assumption of corporate responsibility, given the fact that it ensures the observation of the payment of tax. It is the responsibility of Francis and Sons Auditing and Accounting Firm or any corporate entity to ensure that socio- economic growth is facilitated through the payment of tax. Secondly, corporate responsibility demands that  business entities ensure proper working conditions for employees. Francis and Sons Auditing and Accounting Firm ensures that its employees' working conditions are democratic and decent.

Conclusion.

            It is therefore easy to see that the line that demarcates the success of Francis and Sons Auditing and Accounting Firm from other unsuccessful firms is skills, and not scale. It is these skills that ensure the proper policies are formed. At the same time, good business management skills are useful in the ratification of Francis and Sons Auditing and Accounting Firm's policies. With proper and adequate business skills, profitability, growth and expansion are likely to become part and parcel of Francis and Sons Auditing and Accounting Firm's operations.

Word count 3,172 (equivalent to 11.53 pages).

References.

Abrams, R and Cook, S. (2004). Steps to realizing a successful business.

            New York: McGraw Hill.

Bidgoli, H. (2004). Using technology and business management to realize business growth.

            London: SAGE.

Gaynor, G (2001). Using cooperative management to achieve a competitive edge.

            Michigan: Michigan University Press.

Haines, G. S. (2005). Thinking successful business strategies.

            Colorado: Butterswoth.

Tracy, B. (2002)

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Creating a dream business. (2018, Feb 15). Retrieved from https://phdessay.com/creating-a-dream-business/

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