If I get the opportunity to have my own business once in a lifetime, then I would like to start an accounting service business. Every business, whether good or bad, needs accountant. The business owner is conscious enough of his finance and he knows the value of accountant or a book keeper in his business. Since it could be expensive for the small business owners to appoint an accountant for his business, it opens up a great opportunity for all the accountants and the book keepers to open up their own accounting businesses.
Owning a business opens up the opportunity of making more money than what he could make as an employee of a company (Davenport, Dalle and Lucker 2014). A business opens up the possibility of making truckloads full of money (Nahavandi and Chesteen 2017). However, there are few disadvantages too. They include financial risk, time commitment and stress. Every business needs financial resources to start and grow (Williams 2014). In order to do so, a person may need to commit most of his savings or even go into debt. With the same, there will be a huge array of things to get worried about such as competition, bills, employees customer problems etc. Mostly people start a business so that they could spend more time with their families but the fact is running a business is immensely time consuming.
In addition to that, when a person owns his own business; he is the only one in control. He is his own boss and there is no one who has a control over him. No one needs to tell him to do his work. Though, there are government workers, customers and suppliers who needs to get satisfied by him but the good news is that he still have the choices of whether to act according to them or not.
The PESTLE analysis discovers and records the different factors in the Political, Economic, Social, Technological, Legal, and Environmental factors that may have an impact on a business (Lolios and Read 2013). It helps the business owners in planning and strategizing their next steps and that too with a clear view of the current as well as upcoming external factors that may affect their business. The PESTLE analysis will help me to spot my business and personal opportunities and will assist me with advanced warning of consequential threats. It shall reveal the way of changes within my business environment. Furthermore, it will help in to opt out the projects that will probably fail for the reasons that would be beyond my control. Pestle analysis will help me indentify the way by which each element of the pestle is influencing my business and with the help of this, i shall focus more on finding out the solution of the same. It will also evaluate the associated risks with the countries and states that i am interested in introducing my business.
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Week |
Task 2 |
Learning Outcomes |
|
Week 4-5 |
a. In what ways can ‘globalisation’ have an impact on your business? Discuss two examples. b. What suitable technology would your business use and how would it improve the operations of the business? |
LO1/2 |
Globalization has become a major factor in the business life throughout the last few decades (Glatzer 2012). It has affected almost all the corporations including economy and society as well. It has lead to increased competition, information transfer and rapid change in technology. The increased competition has a great influence on the target market, product and service cost, quick response and production, technological adaptation any many more. In case of accounting service business, the increase in competition will open up multitude of choices for the business owners (Hiebeler, Kelly and Ketteman 2012). For example, globalisation will help my business to get merge with the other new international businesses and will to develop my business’s value. Will the same, this will help promote my business to the other countries as well.
I would make use of accounting software in my business in order to track my business’s financial condition and supervise the money movement. It will be creating invoices, tracking expenses and would be generating various reports, which will help me examine and measure my business’s performance from different angles. Furthermore, It will track the expenses, sales and recurring invoices of my customers. It will have in built advanced reporting abilities and purchase reporting. Through this software, I shall take advantage of a daily developing suite of the organisational technologies and software in order to decrease the pain of receipt, invoices and bills management. This software is accessible progressively as the cloud oriented and majority of the small businesses and entrepreneur would move their current accounting work progress to cloud.
It is true that the American economies are still improving and not many business man can afford owning an accountant. However, if one manages to hire an accountant then his motivation process, insurance and motoring club, all will sum up together and will increase the average running cost of the accountant. It is something that many people will fail to deal with. My accounting service business will not need these additional charges. Just get registered with my business and enjoy the service without any inconvenience and interruptions. This will attract more and more customer demands.
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Week |
Task 3 |
Word Count |
Learning Outcomes |
|
Week 6-7 |
a. Briefly identify who your ‘customer’ is likely to be. Why is it important for a business to understand its customers? b. Describe TWO ways in which you might attract more customers to your business. |
5 |
LO1/3 |
The target customers of my bus service will be the very small business group. I shall generally emphasise on the small scale business owners who feels it costly to hire an account for their company. Every successful company have one thing in common. They know who their target audience are. It is very important for an executive to understand the needs, wants and behaviour of his customers. The more he concentrates on knowing his customer, the more likely he is to continue his success (Christensen, Raynor and McDonald 2015). The most important thing to know about the customers includes their name, age, address, gender, marital status, children, education, profession and hobbies. In addition to these, it is also good to make a clear note on their expectations from your business, why they would like to choose you and what they think about your business (Onetti et al. 2012). It is also very important to keep up with the latest trends that might influence your customers. The more you get to know your customers, the better scheme and strategy you will able to put for your business efforts. Hence, it can be said that understanding the customers in depth is the key to highly successful business (Verhoef and Lemon 2013).
I shall confidently advice the audit and boards committees on the accounting issues comprise of effects on the existing processes and systems. I shall implement streamline financial procedures in order to refine efficiencies that will include reviews on financial functions and the ERP implementations. Furthermore, I shall understand how the forthcoming changes on financial reporting will influence the reportings to my stakeholders and other important investors. In addition, I shall also understand the possible material weaknesses in order to reduce the risk of my customers by implementing important controls and shall improve the financial reportings to the investors and stakeholders following acquisitions. For the promotion of my business, I shall opt for advertising it on social media so that more and more people will get aware of it. I will decrease the cost value of my business, which in return will also decrease the service price. Since people today are more price conscious, lowering the service cost will attract more customers towards my service.
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Week |
Task 4 |
Learning Outcomes |
|
Week 8-9 |
a. What is the role of ethics in business? b. With examples from other businesses, describe how your business can treat its staff ethically. |
LO3/4 |
The term ethics is associated with a person’s moral judgment about good and bad, right and wrong. It is a system of moral principles that governs the appropriate conduct for a person or group. Hence, moral development is also equally important. It is foundation of well-developed leader. A good leader follows a decision-making process (Pettigrew, 2014) and an ethical decision-making deals with moral issues (Shaw & Barry, 2015). The ethical behaviour and social responsibility plays a significant role in any business (Crane and Matten 2016). They attract the customers to the company’s products and boost the sales and profits. A person who has strong moral is honest and trustworthy. He demonstrates a concern for people and is seen as approachable. When a customer gets to that the business that they are dealing with has promised to work in the responsible and ethical stated manners and has stated their morals gives him relief and pace of mind that their money is not wasted and is being used in a field that arranges with its own moral standing (Trvino and Nelson 2016). The customers feel easy to deal with those companies, which know how to source its materials and labour in a responsible and ethical manner (Weiss 2014).
For example, when a coffee company states that the raw beans that they use are all picked from the sustainable plants from the land where no deforestation has occurred. By people, paying a good living wage in the area where investments are made in order to produce the coffee for an international market has not destroyed a local way of living; they will find that these all elements will eventually become a selling point for their product.
References:
Crane, A. and Matten, D., 2016. Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
Davenport, T.H., Dalle Mule, L. and Lucker, J., 2014. Know what your customers want before they do.
Glatzer, W., 2012. Cross-national comparisons of quality of life in developed nations, including the impact of globalization. In Handbook of social indicators and quality of life research (pp. 381-398). Springer Netherlands.
Hiebeler, R., Kelly, T. and Ketteman, C., 2012. Best practices: Building your business with customer-focused solutions. Simon and Schuster.
Kolios, A. and Read, G., 2013. A political, economic, social, technology, legal and environmental (PESTLE) approach for risk identification of the tidal industry in the United Kingdom. Energies, 6(10), pp.5023-5045.
Onetti, A., Zucchella, A., Jones, M.V. and McDougall-Covin, P.P., 2012. Internationalization, innovation and entrepreneurship: business models for new technology-based firms. Journal of Management & Governance, 16(3), pp.337-368.
Seybold, P.B., 2014. Outside innovation. HarperCollins e-books.
Trevino, L.K. and Nelson, K.A., 2016. Managing business ethics: Straight talk about how to do it right. John Wiley & Sons.
Verhoef, P.C. and Lemon, K.N., 2013. Successful customer value management: Key lessons and emerging trends. European Management Journal, 31(1), pp.1-15.
Weiss, J.W., 2014. Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers.
Williams, J., 2014. Financial accounting. McGraw-Hill Higher Education.
Christensen, C.M., Raynor, M.E. and McDonald, R., 2015. Disruptive innovation. Harvard Business Review, 93(12), pp.44-53.
Nahavandi, A. and Chesteen, S., 2017. The impact of consulting on small business: A further examination. Entrepreneurship Theory and Practice.
Pettigrew, A. M. (2014). The politics of organizational decision-making. Routledge.
Shaw, W. H., and Barry, V. (2015). Moral issues in business. Cengage Learning.
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