Discuss about the Business Plan.
The SWOT analysis is very commonly used tool which needs to develop business objectives. By SWOT analysis a company can develop their business performance management in future (Aguinis 2009). Each business has its internal and external factors. To identify the effects of internal and external factors, a small startup company like Web Startup need to do the SWOT analysis. Almost all small company can support this technique to develop their business performance (Shahzad and Sharfman 2015).
A web startup is a small company which is web or e-commerce based. The company can use SWOT analysis to observe their websites. By the SWOT analysis, the company can judge their websites according to the user-friendly criteria. Web Startup can also be helped by traditional SWOT analysis. Nowadays, the organizations as well company need to be more develop on behalf of their websites. They always need to enhance their user experience. So it is crucial for a Web startup to find consistently some fresh ways to update their web. Also, the SWOT analysis can be known as structured analysis. It helps to develop the basic planning method. The entire SWOT analysis can depend on some factors. The factors are-
These factors help a company to classify between internal and external factors. The internal factors depend on the strength and weaknesses of the company. The external factors depend on the opportunities and threats of the company. Web startup can control their internal factors but not the external factors. By the analysis, Web startup identifies their company faults and improvements (Tracy 2014).
Strength
Weaknesses
Opportunities
Threats
To start a small scale company like Web startup, it is crucial to maintaining some strategy or planning. The business must consider some planning, efficient decision on financial criteria and lastly complete a sequence of the legal activities. There are ten stages which must be followed by small scale company to start a business. The stages are as follows-
Do a Business Plan
Web startup must follow some tools as well as resources to make their business strategy. By making the plan, the company can observe the entire management of their company and the business performance making procedure (Barrow, Barrow and Brown 2008). That plan will help the company to make their business successful.
Get Business Support and Preparation
The company may take some support from free training as well as from the counseling services. By this stage, Web startup can prepare their business plan and also secure their financial requirements. That helps the company to relocate and raise the business (Business strategy series 2008).
Customer Business Friendly Location
Every company, like Web startup, must use a customer-friendly business location to grow their business. The company owner needs to get some advice about the location. The company should comply with the zoning laws to observe the location (Repullo 2013).
Business Finance
Finance is a vital part for a company to start their business efficiently. The owner of the company may take government-backed loans. The venture capital helps the company to start their business. The research grants can help the company to get started.
Determining the Legal Structure of Business
This part can be introduced to decide the ownership form. It can depend on sole proprietorship and partnership. Also some other structure such as Limited Liability Company, cooperative, corporation and S corporation (Berry 2013).
Registration for the Business Name
The owner of the Web startup must register the company name to the state government. By this, the company can get a number regarding tax identification. The company can observe the number from IRS as well as the agency of state revenue.
Registration for Local Taxes and State Taxes
The company must be registered with their state. That is crucial to get the tax identification number as well as the workers compensation. It is a major part to secure unemployment and the insurance of disability.
Business License and Ppermit
The company must get the list of state, federal and local licenses which required for their business
Recognize Employee Responsibilities
To maintain the employee responsibilities, The company should maintain the legal steps. The legal steps help the company to hire employees.
To turn a business successful, clear and compelling idea needed. To start up a small business the entrepreneur needs to decide some practical decisions. The company must decide their monetary amount and the period during the finance continued. The company also concern with their finance securities. The finance contains startup costs, startup investment, working capital and allowance. The development of a company mainly depends on the company finance status. Various resources must be available to startup a small business.
The internal resources are an essential source to start a small company. This part have many sections. The retained profit section can be introduced to generate cash for trades profitable business. In the next section, the share capital can be invested. The shared capital can be invested by the Founder of the company. The business structure can be more developed by investing the share capital.
To start up a small business, it is crucial to use some external resources. The external resource contains Loan capital. The loan capital is a very common resource which can be used by a maximum number of a business person. It contains various forms. Bank loan, as well as Bank overdraft, is the heavy used part of this section. The external resource contains some shared capital which can be used by outside investors (Libby, Libby and Short 2007).
It contains the management of personal finances. By this, the entrepreneur can invest by personal cash balance. Also, the entrepreneur can take cash from friends as well as family. Using credit card is another way to finance a startup business.
Aggregation
In the case of financial accounting, the report mainly depends on the business results. The detail level report can be represented by Managerial accounting (Davis and Davis 2012).
Efficiency
The business profitability can be reported by Financial Accounting, whereas the primary cause of the problem can be reported by managerial accounting.
Proven Information
The financial statement record can be required by financial accounting, whereas managerial accounting regularly deals with the estimates.
Broad Thinking and Auditing Name
It is not the point of concern that how big the business is, one has to place a mental image in his/her mind that there is nobody in front of him/her in the industrial field. One has to spend more time on more important tasks like marketing approaches, improving the relation between the customers. One must find alternative strategies to increase and expand the quality of the service.
Staying out of the Competition Being Different from the Others
One always has to think big, to make the small business large. It is just a waste of time to be in the competition with the others in the market. It is to notice that the main aim of any business is to reach the highest level of success (Quitt, 2010). So being different from the others by innovative business strategies is one of the main approaches to marketing in this case.
Building Relationship with the Customers
Now this is a very crucial fact that one must have a strong relationship with the customer. Decent behaviour and proper service can build a strong relationship with the customer. Customers always try to find a beneficial offer in the market. If the satisfactory level of the customer is reached then it can be said the relationship with the customer will become strong.
Email Address Collection
In today’s generation internet has been one of the key aspects of any business. Online marketing and resourcing have the capability to improve any kind of business big time. Customer may also find it easy to fetch their needful through online marketing. One of the most crucial facts of any business is to access the demands of the customer.
Hiring top Sales People
Every successful business has to realise the fact the quality of their sales staff is a critical fact to sustain their growth in the place of the market. The strength of the mentioned staffs must have the potentiality to reach their goals within the given deadline. Many of the companies have the potentiality to provide efficient sales staff to identify the top candidates and develop the quality of the new sales staffs (Fledelius, 2008).
Qualitative vs. quantitative
The qualitative indicators help to understand the behaviour of the humans in accordance with the perspective of the informant. It also helps to assume a reality which is negotiated as well as dynamic. This is a very useful tool for a new organisation which is planning to operate their business successfully. It provides a conceptual method to the organisation as mentioned above. Similarly, it includes some methodological factors which an organisation should be concerned with. In this format firstly the data is collected according to the observation of the participant as well as their interviews. After that, it is the responsibility of the management of the organisation to analyse the collected data. The analysis is done with the help of the descriptions and the themes of the interview along with the organisations a whole. When all of these processes are done, it is the time for the reporting the data in the informant’s language (Farmer and Xie, 2012).
On the other hand, the quantitative indicator is another useful tool for the development of the organization which is planning, to begin with, their business plan. This type of indicator also helps the organization conceptually. It helps to discover the various facts regarding the social phenomena. Contrary to the qualitative indicator it assumes the reality on the basis of a measurable and fixed data. The process of the execution of this indicator also differs from the former indicator. For example, in this process, the data is collected through the measurements and statistics instead of the observation of the participants. After the collection of the data, it is the job of the management of the organization to analyze the data with the help of appropriate numerical comparisons and arithmetical inferences (Connecting with your customers, 2006). Last but not the least similar to the qualitative indicator, in this process also the data is reported but in a different manner, which is statistical analysis. Thus it is quite clear that both of the indicators are equally important for an organization and they have their own value to the business of the organization.
Possible Qualitative and Quantitative Indicators for Booth’s Engineering Company
Booth’s engineering company has concerned the human resource behavior understanding the informant’s perspective; it has also assumed a negotiated and dynamic fact in the real world. The data are collected through the observation and interview. The company has also remembered the fact of the language of the informant (Armstrong and Armstrong, 2011). These are the qualitative indicators whereas this company has concerned the social phenomena in the field of discovering new facts. The reality is fixed and measurable which has helped the company on many issues. By measuring different things data are collected and these data are reported through statistical analysis.
References
Aguinis, H. (2009). Performance management. Upper Saddle River, N.J.: Pearson Prentice Hall.
Barrow, C., Barrow, P. and Brown, R. (2008). The business plan workbook. London: Kogan Page.
Berry, S. (2013). QUESTIONS OF OWNERSHIP: PROPRIETORSHIP AND CONTROL IN A CHANGING RURAL TERRAIN – A CASE STUDY FROM GHANA. Africa, 83(01), pp.36-56.
Business strategy series. (2008). [Bradford, England]: Emerald.
Davis, C. and Davis, E. (2012). Managerial accounting. Hoboken, N.J.: John Wiley & Sons.
Libby, R., Libby, P. and Short, D. (2007). Financial accounting. Boston, Mass.: McGraw-Hill/Irwin.
Repullo, R. (2013). Cyclical adjustment of capital requirements: A simple framework. Journal of Financial Intermediation, 22(4), pp.608-626.
Shahzad, A. and Sharfman, M. (2015). Corporate Social Performance and Financial Performance: Sample-Selection Issues. Business & Society.
Tracy, B. (2014). Leadership. New York: American Management Association.
Armstrong, M. and Armstrong, M. (2011). Armstrong’s handbook of strategic human resource management. London: Kogan Page.
Connecting with your customers. (2006). Boston, Mass.: Harvard Business School Press.
Farmer, T. and Xie, H. (2012). Manufacturing Phenomena or Preserving Phenomena? Core Issues in the Identification of Peer Social Groups With Social Cognitive Mapping Procedures. Social Development, 22(3), pp.595-603.
Fledelius, H. (2008). Optic disc size: are methodological factors taken into account?. Acta Ophthalmologica, 86(7), pp.813-814.
Quitt, A. (2010). Measuring supply management’s budget effects. Wiesbaden: Gabler.
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