Goventure Small Business Essay

I was pretty confident that our sales would justify the additional office and salary expense. However, as I looked at the pro forma statements it became very apparent that the sales force would sell more unit than the plant could produce. In hindsight, I should have increase production in Quarter 2 so I could keep up with future sales in Quarter 4. As a result, I did not hire new sales people but I fine tuned my advertising by copying my competitors and increased the advertising budget from $198,598 to $311,897. The pro forma income statement showed total revenues at $8,280,065 which was jump from $6,888,870. My operating profit also increased from $1,104,794 to $1,658,769. I was content with the slow but steady growth.

The Small Business Administration “aids, counsels, assists, and protects the interests of small business concerns.” They assist small businesses by providing them with whatever is necessary and will not stop until they get the business to be successful without their assistance. Although they are not able to give the business all of the necessities they need, they do their best and as much as they can do. Their motto is, “Aid, counsel, assist, and protect insofar as is possible, the interests of small business concerns.”

As we learned, this was a big mistake. Going into the final quarter we did invest in seven things on the conscious scorecard. However, this was to little to late. In the end we ended in a reputation disaster over lead paint. Looking back we should have started to invest in issues with lead paint when they first arose. This would have been a lot cheaper since we could have adapted our firm to the costs. The alternative was investing a large amount changes all at once, which would have been very costly on our bottom line. We decided to not invest at all in the lead paint issue. If we had, we probably would have seen our reputation increase, our employees more productive, increased employee morale, and showed that we are good neighbors which all would have ultimately lead to even more sales and

It appeared that what I was doing in those departments was reflected in the success of my market share. Instead, I paid to have my capacity increased from 25 to 100 per day due to my lost sales in the previous quarter. At the end of the fourth quarter I still held a majority of the market share; considering I turned away 9,064 consumers and only sold 1,625 products – this was impressive. The biggest mistake I made, due to anticipating my capacity would increase immediately, was hiring additional sales staff. By the end of the fourth quarter, my net income and cash flow statements had plummeted. I wish I would have taken more time in the third and fourth quarters to really evaluate my decisions and ensure they were effective.

I enhanced the quality of product 2, which was slightly higher than product 1. The sales were decreased in this quarter mainly due to high quality and price however net income was improved. The key metrics which I emphasized in this quarter was on forecasting and finances which I did using different reports such as raw material, financial reports etc. By viewing these reports, I was able to handle the sales forecast of this quarter and the forecasted sales were very closer to the actual demand. This resulted in improvement of my sales forecast efficiency and, as a result, the company was moved to rank 2 as compared to its

As the franchise owner and Area Representative, I have gathered you, my business partners and franchisees to discuss how we are going to increase our profits at our Leesville Road, Raleigh location. As you are aware, I am Area Representative to a total of nine locations (four in Fayetteville, four in Raleigh, and one in Wake Forest), and the owner of the four locations in Fayetteville and Leesville Road in Raleigh. After looking into our numbers from the last three quarters, I am seeing a consistent loss of money each month for this one store. Each of the other eight stores is, on the other hand, consistently making us a profit. It is because of this that I have decided that we needed to sit down together and talk about how we are going to amend this problem. I have several different options that I have considered implementing that I will outline for you here. After careful consideration, one of these options I have decided will have the most positive impact on our incoming revenue, and I will be sharing with you why and how that is the best option. These options include changing the advertising plan for this store, cutting back on the number of employees working in this store, investigating labor costs, and analyzing our business costs and making any changes where appropriate.

In order to run at maximum efficiency we will require the production department to have very accurate measures of capacity and inventory. Some areas that we will focus on to make the production department more efficient are:

Nonprofit businesses are unique in the fact that they don't have to pay sales tax on the items that they purchase most of the time. This doesn't mean that they have a blanket exemption that gives them protection against all forms of taxation though. Each state has its own requirements regarding when and how they are supposed to pay taxes on goods or services. It also doesn't prevent them from having to file a state or federal income tax return at the end of the year.

That is why many went out of business when competitors with better operating practice joining the market. Therefore, it is critical that John's Bakery optimise its operations to save costs while preserving product quality.

Improved manufacturing efficiencies and cost and substantial improvements to a logistic network while improving quality and customer service levels.

Outline the key proposals contained in the budget for 2015-16 and 2016-17 that may impact on small business owners in Australia. Identify any limitations of these proposals for a small start-up business in regional Australia.

However, followed by the statistic of UK SMEs that 10% of businesses close down each year. The median age of U.K companies is however 12 years, and nearly half of the companies in the UK have been in business for nearly 15 years. Many businesses do not last that long, however, 50% of new businesses will have failed within four years, according by (The Department for Business Innovation and Skills UK statistic report 2008). The failure rate and profits fluctuate with general economies conditions. The primary cause of business failure is incompetent management. Other reasons include poor financial control. ( Norman M. Scarborough, 2006)

Second, excess inventory will be reduced on items that have a lower demand. Third, there should be enhanced credibility with customers due to the better availability of product. Forecasting should also benefit scheduling and labor needs for production. Ultimately, there should be an increase in inventory for products with high demand, a decrease in overall inventory, and reduced operating expenses.

This is the last module of the qualification. Well done for having persevered and having made it this far!

The new century has brought upon the most advanced consumer products that are simply magical. The smartest man from only a few decades ago could never imagined that a hunk of metal, electricity, and glass the size of a wallet could give the average American access to all of the worlds documented information. Technology has shaped the world at an alarming rate, it is a crazy time to be alive. Technology changed how we interact with our peers and loved ones, in my opinion, humanity has evolved.