CLF Construction Company is selected as an imaginary business for this paper. This company will be opened in Texas within 6 months. It will be a purely civil engineering, which excels in building commercial and residential sites. The company is planning to spread throughout the world and that is why they need a business plan for the same. This plan will consider the suitable ways by which the business can become successful throughout the world. The possible ethical considerations will also be discussed by focusing on the possible disagreements and the ways by which those can be resolved.
There are different types of business entities such as sole proprietorship, general partnership, corporation and Limited Liability Company (Burns, 2016). Sole proprietorship is a type of business that is owned by one individual and has no legal difference between him and the business. In partnership business, there are partners who agree on a common interest to carry on with the business. Corporation business consists of a group of people who are authorized to act as one single entity and identified legally by the same. In Limited liability company business structure, the members are not solely responsible for the debts or liabilities of the company because it has the combined characteristics of corporation, partnership and sole proprietorship (Cant, 2016).
The suitable business entity for CLF Construction Company can be partnership. This is because in a partnership business there is no liability of paying income tax by the whole business. Only the partners register their profits and losses on their personal income tax return. It is helpful for the business to get easy establishment because there is no separate tax system (Finch, 2016).
The steps to initiate a business successfully and legally there are certain important factors. By following the factors given below CLF Construction Company can begin their business and establish their products and services in the market.
The company needs to offer their products and services as per the demand of the people without thinking only about their sale. It will be wise on the part of the company not to jump to an immediate decision about the products and services. For instance, CLF can think of innovating the designs and materials of their products rather than trying to make something new.
Cash flowing needs to be done as soon as possible as it is the lifeline of a business. It can be done by adding value to the general items by developing continuity programs and creating private labels. Customers therefore pay a monthly amount for getting the delivery on a regular basis (Hadzaman, Takim & Fadhil, 2016).
Other important factors that need to be followed are- finding methods to reduce costs; overestimate expenses and underestimate revenues; focus on marketing and sales; finding methods to increase profits; examine and evaluate; learning equalizes earning; add value not discount; a proper guide with a checklist (Lee et al., 2016).
There are possible ethical considerations, which need to be implemented in the business plan of CLF Construction Company. It will be helpful in using the standards of society as the basis for correct or incorrect behavior.
Following are the possible ethical considerations that need to be considered:
Mission statement- the mission statement should be created in such a way so that the company objectives become clear to all the staff members as well as the internal and external stakeholders. The long- term vision of the company is dependent on the mission statement.
Code of conduct- the code of conduct needs to be created for providing a correct direction to the employees, which will guide them to work in certain situations. These can be difficult because maintaining the ethical standard might lead to the disobeying of company objectives (Millar, Oliner & Sichel, 2016).
Apart from that, there are customer and employee relations strategy and social responsibility strategies. CLF Construction Company can implement these strategies to reduce employee turnover. It will also be effective in avoiding any kind of negative consequences in the course of business. The company can aim to reduce the use of certain hazardous elements in their products to protect the environment (Rosati & Conti, 2016).
There is a scope of possible disagreements among the owners and stakeholders of the company. The management might think of certain strategies, which will fail to impress the stakeholders. For instance, if the owners of CLF Construction Company are planning to avoid the use of certain hazardous materials then the suppliers might not accept that. They will have problem in finding a suitable alternative material and that might increase the cost. This will lead to a possible disagreement between the management and the stakeholders, which will bring a negative impact on the company (Ross & Byrd, 2015).
There is a possibility that the stakeholders might not agree to supply the raw materials to foreign countries where CLF is going to open their offices. This will lead to a disagreement between the management and the stakeholders. At the time of expansion of their business, CLF cannot afford to lose their valuable stakeholders. A conflict within the members of the organization will have a negative impact on the employees as well as the customers. Therefore the company should think of ways by which the disagreement could be resolved (Thomas et al., 2014).
The management will need to resolve any possible disagreement that arises between the stakeholders for the benefit of the company. There are certain steps, which can be implemented to mitigate possible disagreements, which are given below.
The managers need to listen to the stakeholders first and then voice their opinion. They can come to a mutual decision by negotiation, which will benefit both sides. The conflict needs to be resolved in such a way that no one has to face loss in any way. In that way, some norms and rules can be molded as per the demand of the situation. The managers have to look for the best possible solution always without being biased or judgmental (Wynne, 2016).
As per John 17:14- 15, the Christians are physically present in the world but they are not a part of the world, they are known to be set apart. The business can be conducted with a biblical worldview by realizing the meaning of this verse. The way in which businesses are conducted can please God by moving away from the small piece of the typical concept of business. Therefore business profits are not a way to honor God but be caring and compassionate to the customers through sale of products and services (Millar, Oliner & Sichel, 2016).
Conclusion
It can be concluded from the business plan that CLF Construction Company will have to consider the priorities of the customers before starting and expanding their business in the foreign land. As they are a partnership company, therefore they need to think about the benefits of all the partners and the stakeholders to avoid conflicts. Moreover, they need to serve the customers well to follow the biblical verse of ethics in business.
References
Burns, P. (2016). Entrepreneurship and small business. Palgrave Macmillan Limited.
Cant, M. C. (2016). ENTRANTS AND WINNERS OF A BUSINESS PLAN COMPETITION: DOES MARKETING MEDIA PLAY A ROLE IN SUCCESS?. Journal of Entrepreneurship Education, 19(2), 98.
Finch, B. (2016). How to write a business plan. Kogan Page Publishers.
Hadzaman, N. A. H., Takim, R., & Fadhil, A. H. N. M. (2016). An exploratory study: Building information modelling execution plan (BEP) procedure in mega construction projects. Malaysian Construction Research Journal, 18(1), 29-40.
Lee, D. Y., Choi, C. H., Won, S. K., Cho, M. Y., Han, C. H., & Lee, J. (2016). The Development of a Standardized Work Process for Planning of Plant Project-Focus on Excavating and Investing Participation Plan. Korean Journal of Construction Engineering and Management, 17(4), 3-11.
Millar, J. N., Oliner, S. D., & Sichel, D. E. (2016). Time-to-plan lags for commercial construction projects. Regional Science and Urban Economics, 59, 75-89.
Rosati, U., & Conti, S. (2016). What is a smart city project? An urban model or a corporate business plan?. Procedia-Social and Behavioral Sciences, 223, 968-973.
Ross, L. W., & Byrd, K. (2015). Business Plan Competitions: Start-Up’Idols’ and Their Twenty-First Century Launch Pads.
Thomas, D. F., Gudmundson, D., Turner, K., & Suhr, D. (2014). Business Plan Competitions and Their Impact on New Ventures’ Business Models. Journal of Strategic Innovation and Sustainability, 10(1), 34.
Wynne, H. S. (2016). 4 Wynnes Boating Manufacturing Company: A Market Analysis and Business Plan for Northwest Arkansas.
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