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Creating Your Dream Job - Essay Example

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According to the following paper, a financial plan refers to a series of tasks of determining how the business will afford to achieve its strategic goals. The financial plan is an important activity that must be outlined before starting any business…
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Creating Your Dream Job
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Creating Your Dream Job Financial plan refers to series of task of determining how the business will afford to achieve its strategic goals. The financial plan is an important activity that must be outlined before starting any business. This ensures that the proposed business is viable in the context of funds available to finance its activities as well as its operations. It involves several tasks, which include, identifying the resources needed, equipment and materials that the firm will require to attain its objectives and facilitate the earning of profit to the proprietor. It involves a comprehensive evaluation of an investor’s current and future financial condition by using the current variables to predict future cash flows, value of assets and withdrawal plan. In formulating a business plan, the proprietor must hire the services of tax and financial professionals who enables him to estimate with greater degree of accuracy the financial requirements (Abrams, 2005, p. 248). Financial plan objectively requires before executing a Bookstore small business. This is because a lump sum of capital must be invested to facilitate the establishment and operational needs of finance. It requires a huge amount of capital simply because there are many competing needs such as purchasing of storehouse, the furnishing of stall and stocks required. In addition to this, more finance is required to establish a modern Bookstore that will remain competitive in the Bookstore market. General financial planning The business operates using a store within the town. All legal formalities of purchasing storehouse will be initiated. The store is worth $ 50,000 which will be finances using two available sources of finance, business mortgage and personal savings. The firm will aim at minimizing the overall debt of finance by taking different loan portfolios and diversified financial investments. The loan will be acquired from local bank based on the interest charged and most preferably, the bank shall offer loan at relatively lower price. In addition to this, measures have to be taken to provide financing for any emergency financial needs of the firm. To this end, regular saving will be made on the firm’s saving account. The main goal of this strategy is to ensure continuity in business operations even under unfavorable market conditions. Special circumstances Prior establishment of the business, considerations have to be made on special circumstances that may occur in day-to-day operation of business. Such circumstances include legal conflict, probability of loss due to uncertain events, tax noncompliance dispute and so on (Abrams, 2005, p. 250). To this end, the firm intent to establish various departments under administration to cater for this unforeseen circumstance and financial allocation has to be made. Investment planning The main objective of the firm is to maximize its earning by diversifying its project earnings. Despite its main earnings, the firm will invest in the financial market through purchasing of shares and equities. The business intended to invest all unused funds as certificate of deposit with the objects of earning interest on its deposit (Friend & Zehle, 2004, p. 20). However, the firm will consider the market condition in the financial market and will determine whether it is worth investing. Diversification of portfolios will also include asset accumulations, real estate and it shall demonstrate a rational behavior in spending. Insurance planning The firm’s equipment, stores, employees and clients are subject to uncertainty. The earning of the firm as well is determined exogenously by the market condition and thus it is variable and uncertain. The firm will take cover that shall be considered reasonable to secure all agents involved in case of uncertainty. Life insurance of the third party, fire insurance, and theft insurance among other insurance policy will be applied and financial allocation made for the same (Transportation Safety Board of Canada, 2009, p. 212). Employee retirement benefits The firm’s employee is entitled to a retirement benefit after successfully attaining 65 years thus which financial planning has to be done. This is s future expenditure that has to be accounted for. This will be paid out from the firm’s saving account and from income earned from financial investment such as shares and equities. Guerrilla marketing strategy for small business Guerilla marketing is an advertising strategy in which low cost tools are used to market and promoted products of the business (Abrams, 2005, p. 300). It involves the use of inexpensive readily available tools to advertise the products of the firm. The firm will make a flyer using cost effective means, which will be fixed in each book sold as well as those in the library. With this strategy, all individuals who access or buy books will have the flyer, read the message, and probably share it with others thus increasing the flow of information. With the innovation and technology, information asymmetry is not a problem (Friend & Zehle, 2004, p. 26). Information is easily transferred from one corner to another and from one continent to another within a minute. Social networks such as Facebook, twitter, wazup, among others have facilitated this flow of information. In fact, most clients of social networks are middle aged and young people, this creates a match between the firm’s customers and social network clients. The firm will intend to use social networking as a means of marketing its products and services. Social network is inexpensive, readily available and is expected to be an effective means of advertising firm’s products. Amid many advantages, social media offers a good platform to share information, pictures, and videos among other features with other account holders. The firm plans to create an account with the social networks from which it shall advertise what it sells, receives complaints and share about a new product in the store. This is projected to increase firm’s sales as well as negotiation power in the Bookstore market. Main sale promotions that will be conducted in social networks includes Posting and sharing relevant pictures that improve the brand of the company and its products. Sharing and posting fundamental information and updates Handling complaints and quarrels from clients among others Strategic location of the firm Strategic positioning of the firm is important because it affects firms' sales and thus affects its profitability, which is the main goal of each firm. Before positioning the physical location of operation of a firm, certain factors have to be taken into account. The firm has to consider the demand for its products, the source and the cost of inputs used in the production, the accessibility of a firm’s product to potential borrowers, the competition among others. Bookstore firm requires being positioned in a place that is easily accessible, and a place that is densely populated. In fact, it should be positioned near other supporting public utilities such as schools and other public amenities; this provides the demand for bookstores. In this perspective, the bookstore firm will be located near or within town and cities (Friend & Zehle, 2004, p. 29). Cities are endowed with dense population who live within the locality and many others who come there to work and other needs. A good proportion of young and middle aged individuals go in and out of the city in search for better jobs and others to seek jobs. This is believed to increase the demand of bookstore services as well as cybercafé services and thus facilitating achievement of the firm’s objectives. In addition, there are many social amenities and public facilities; this is also believed to have an effect of increasing the demand. This is pointed out by the fact that these amenities such as dance halls, parks and museums attracts many young and middle aged individuals, locating firm near this facility offers another marketing strategy for the firm’s products. Cities and towns are the best localities for setting up Bookstore and cybercafé firms, this is because the place is intensified with infrastructures and all other necessary facilities are readily available (Abrams, 2005, p. 306). To this end, consumers can readily access firm’s products without any hindrance. In fact, workers can access to the facility after work and thus it is much more convenient. However, setting up Bookstore in town is expensive due to legal formalities that must be complied and the cost of setting up a firm that shall be a potential competitor in the bookstore market Moreover, more funds must be set aside to cater for any incremental expense. Nevertheless, it is more profitable considering the incremental value of setting up the business in town and cities is much higher than the cost. Because the expected return on investing in town is more that the cost incurred, it is worth investing. What are the available means of debt financing? Debt financing is cash borrowed from a lender at a fixed rate of interest, which is paid at a predetermined maturity date. Capital is the driving force in activities in the business. There are different sources of financing debt that can be used to finance the new project. It is very critical to consider several factors outlined in the contract before choosing the sources of debt financing. Among them include, cost of financing (the interest rate charged), maturity date, periodic interest payment dates, other sources available, the opportunity cost, purpose of the loan and so on. Family and friends' contribution is the cheapest source of debt financing that the firm shall employ. This is because no interest charge is required. It offers the most cost effective means of finance thus increasing firm’s profits. The firm can acquire loans from another entrepreneur, microfinances institutions and other credit societies. These financial institutions offer loans at very low price than offered by other financial providers such as the Shylocks and formal banks. Most of these firms offer financial resources without requiring the presence of collateral to warrant the provision of loans. In case the above sources fail to actualize, firms will obtain a loan from a bank institution that charges at a lower cost of financing. This loan is more effective in case of fluctuating financial market condition since it has a constant interest rate that can earn firm profit when there is a boom in the business cycle (Transportation Safety Board of Canada, 2009, p. 223). Conclusion Formulation of a blueprint document that outlines the structure and requirement of the firm is fundamental. It offers a guide to each phase of establishing new business and ensures no one step is missed unintentionally. Within this blueprint is financial plan of the proposed business that highlights the financial obligations that need to be undertaken. Strategically positioning of business is not only accessible but rather is a marketing strategy. In addition, the firm must utilize the source of financing that is not only available, but cost effective as well. References Abrams, R. M. (2005). The successful business plan: Secrets & strategies. Palto Alto, Calif: Planning Shop. Friend, G., & Zehle, S. (2004). Guide to business planning. London: Economist in association with Profile Books. Reigle, J. (2011). Positioning for architecture and design firms. Hoboken, N.J: Wiley. Transportation Safety Board of Canada (2009). Business plan. Ottawa: Transportation Safety Board of Canada. Read More
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