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The, Mission And Vision For The Company

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Purpose
This project will give us the brief idea about the necessary steps that needs to consider before starting any small business. How the brand name, vision, mission and budget are the important factors that plays an vital role in making any further decisions and helps in growing the company. Based on what on the type of business, we need to come up with name. Below are the key questions that Tacit IT services need to answer, 1)What is the mission and vision for the company? 2)What will be the initial budget? 3) What is the long term growth plan? 4)How do we get the best resources within available budget? Apart from above basic questions, in this project we are concentrating on the RACI and Communication plan within the organization.
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Products and Services

Tacit IT solutions provide IT services and data recovery services. It also provides IT support, security audit services and online/ cloud services. It offers both private and semi-public hosting cloud services.

Budget:
Budget will be the estimate of the revenue and expense for the specific period of time. It is how you allocate your resource in future.sales,services,accounts receivable,intrest and other income sources are considered to be revenue. While the expenses are rent,marketing,payroll,utilities and other variable and fixed costs.
When creating the budget we need to consider below points:
Future planning and growth: How much an organization can spend on different operations. It should give the insight on the use of revenues and expenses that can be incurred due the fiscal year.
Management of Cash flow: Organization should monitor the input and output compared with their budget. If the outflow is more than inflow, how to stop it?

When Staring the new business it will be difficult to have planned budget. Due to unavailability of the previous data. It this case we need to do research on the cost and sales associated with other firms in the same sector and can come up with forecasting.
While forecasting , we need to come up with 2 types:1)what an organization would really expect which will be considered to be "Best Guess"
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