Small Business essay example

Category: Small Business
Last Updated: 05 Jul 2021
Pages: 2 Views: 48

An advisory council is a panel of individuals that come together to discuss ways of improving on operations carried out in an organization. They are saddled with the responsibility of reviewing all processes being carried out and suggesting ways of improving on them, or outright change in ways of doing these things. The advisory council is involved in the formulation of policies that eventually lead to the growth of the company.

1. Franchises, like any other business still needs the input of the advisory council because these franchises are actually constitute a small percentage of the main business ans as such, still needs expert advice to be able to function at a rate that is profitable, both to the franchisor and the franchisee.

2. Why do you think some small business owners fear computerization? Some of the small business owners fear computerizations because of the following reasons:

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• Fear of a malfunction of the computer system.

• Fear of the employees knowing more about the inflow and outflow of the cash.

• Fear of accounting errors arising from wrong input of data from the POS terminal to the accounting software.

3. How would Stan catch a discrepancy in the Cash account? How would he record a loss? He can catch a discrepancy by reconciling the money stored in the Cash register with the amount recorded by the register tape. He can still record a loss if he makes a mistake in the process of transferring data from the POS terminal to the accounting software.

4. Why does Subway invest time, money and effort in investigating new cash handling systems like the POS terminal?

This method makes it easier to adjust prices of products to match new promotions. It gives room for greater accountability on the part of the franchise outlets since Subway still gets a percentage of all the profits made by the franchise outlets. Also, losses arising from employee theft can be avoided by compelling them to enter all sales made instantly. It also gives room for real-time monitoring of sales by Subway, or even, the franchise owners in the comfort of their offices, or when they are back home.

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