Free «The Business Plan» Essay Sample
Table of Contents
The Market Opportunity
The business which I’m about to start has arrived from the full analysis of the market and customers approach to this type of business. I also analyzed what type of business will definitely have a great success and will make me and you (investors) in it, to get lot of profit for the many years to come. After a long research of this parameter I have come with a business idea of setting up a five star hotel and restaurant which will definitely provide great profit because there is always a need for hotels and restaurants since it is a tourist spot.
The name of my business plan or the hotel is “The Star”. The reason behind this name his that like always the star shines in sky, the hotel will also shine for many years among the competitors who are already in the market and the competitors in the future too. The reason behind the selection of this type of business is that there are lots of advantages when it is compared to others type of business.
The main important fact about the business is that it is of partnership type where my friend joins me in this business. The reason for which I chose my friend is because that he has more than ten years of experience in the hotel management. I choose this structure of business so that the authority will be with just two people and also as a fact that he is my friend so there won’t be any conflicts with the decision making and there will be lot of mutual understanding between us, so there is minimal risk of loss and maximum gain in this business.
We have planned to make it a big building where so that there will more rooms available for the customers. The service that we are about to provide to the customers which is not given by other companies now. The service of our company purely depends on the customer, we provide them with whatever they want and there will a lot of freedom for the customer to select his/her needs depending on their decision. This is because that we have kept the factor that customer satisfaction is of great importance in our company. There will be lot of services for the customers including fitness rooms and sauna, Wi-Fi, wakening up by telephone, baggage guarding at special rooms, organization of banquets, birthdays and other surprises in the customer room.
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Strategy and Implementation
The accountability is important for all the companies and businesses. In the business world, as well as in many other %uFB01elds, accounting is used to report (account for) an organization’s money and other valuable property. But it is more important in hotel management business because the profit and loss depend on the accounting. The accounting department in my organization will support competitive decision making by collecting, processing and communicating information that helps management plan to control and evaluate business processes and the company strategy. All transactions involve cash, billing, purchasing and other numerical data processing and reporting are done by the accounting department. This department also assists with the preparation of the annual budgets and the profit and loss statements and other accounting reports which will improve the profit rates of our company and you (the investor).
When hiring an accounting staff I will look for the following characteristics: strong interpersonal, supervisory and customer service skills, ability to multi-task, work under pressure and meet deadlines as required. For budgeting and cash management, the person must have good education about the market and must possess good forecasting ability, ability to convert each percent of sales asset or liability into cash by applying the percentage to your available business funds, should have analyzed expected profits using industry standards, inventory or both, should predict the business' financing needs using the discretionary financing needed model. Finally must set a time period for the budget.
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For the successful organization, the company must possess material resources, human resources, financial resources and informational resources. My company has all these resources and the controls for the each resource are given accordingly. The internal controls are carried out by the administrators, staffs and faculties. Internal controls help to keep an organization on course to achieve goals, carry out management directives, reduce surprises increase reliability of information, promote effectiveness and efficiency, safeguard assets and comply with rules and regulations and that is why the internal controls are given priority in my business.
Finance in general looks past, present and the future. The work of the manager is to see all the documents of the past, present to predict the future sales and expenditure. Managers will create, maintain budgets (predictions) based on past performance and expected future growth.