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    Business Safeguards and Controls

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    Now that I have identified the strategies (see information below) that are to be implemented in the business in the letter to my relative; I need to determine:

    1. What safeguards to put in place to ensure that the goals identified can be

    pursued ethically. Policies, procedures, or mechanisms that when effectively

    applied serve to reduce or eliminate risks that could result in harm or loss (e.g.,

    personnel policy and procedures, risk management policies, safety training, loss

    (theft) prevention training, loss prevention devices (cameras, etc.).

    2. What management process (controls) of monitoring an organization's

    performance to ensure that it is meeting its goals (e.g., sales volume monitored,

    customer service complaints monitored, monitoring inventory levels, keeping track

    of overtime expenses, and monitoring expenses and budgets.

    2. What ways will the business be socially responsible (e.g., acceptable labor

    standards, legally accountable, environmentally responsible, ethical business

    practices, etc.)?

    Based on the information in this problem, I need to write a four paragraphs outlining what I will be doing. I have incorporated all the things that I will do, I just need some help writing it out.

    ------------------------------------------------------------------------------------------------LETTER TO RELATIVE:

    Dear Dorion:

    Thanks for agreeing to provide additional funds to assist me in starting my special occasion gift basket business.

    In this letter I am outlining my short-term, intermediate, and long-term goals for the business; the strategies to achieve these goals, and the tactics for implementing the chosen strategies.

    Short-term Goals

    1. Select a name for business. A great deal of thought and some informal

    research has been conducted to come up with the name of the store. I have

    concluded that the best course of action is to choose a name that is simple, yet

    sophisticated, and easy to remember. The name of the business will be Brittany's

    Gift Baskets.

    2. Obtain a business license and register the business. Contact the municipality

    where the business will operate to apply for a business license. Once the license

    is obtained, the businesses must be registered with the State of Illinois, which

    could take up additional time, resources and energy should I have to deal with

    any "red-tape." The business must then be advertised in a local newspaper.

    3. Hire small-business attorney. Having an attorney to consult with during the

    initial stages of establishing a business is very important. I will use sources such

    as the American Bar Association, Chicago Bar Association, the yellow pages, and

    the Internet to find an attorney who is willing to consult me "by the hour."

    Intermediate Goals

    1. Create web site (on line shopping) for the business. A web site is an excellent

    marketing tool. The website will give me the creative flexibility to showcase my

    products.

    I could include a gallery of my baskets, have people build their own baskets,

    include special web site promotions, all the while geographically expanding my

    customer base.

    2. Implement full advertising and promotion campaign. The campaign will be very

    creative and adaptable as the business grows. Having special events for

    customers attracts their attention, draws interest, and create buzz about the

    business. For instance, I will conduct a party for preferred customers when a new

    product is launched; during the Christmas holiday season, customers will be able to

    complete a ballot to win a free basket; during Easter, I will sponsor an egg hunt

    for children; and attend craft shows to show off my products to a larger audience.

    These tactics help to builds a positive image in the minds of customers and helps

    to distinguish my business from the other stores.

    Long-term Goals

    1. Give something back to the community (adopt highway to keep community

    clean). Giving back to the community shows that the business is socially

    conscientious and not out only to make a profit. Customers relate more to a

    business which seems to be generous and are more likely to shop at the store.

    This could also serve as a means of advertising since the business logo will be on

    the street sign indicating my area of the highway. Contact the highway department

    to find out about the requirements for the adopt-a-highway program.

    2. Make the business a place where my children will want to be a part of when

    they become adults. Instill a sense of pride and ownership in the business as the

    children mature into adults.

    By passing the tradition down to my children, consumers will get the sense that it is

    a business that cares about family values. This will also create a sense of nostalgia

    for customers. As they see my children growing up and later purchase baskets

    from them as adults, creates a warm link to the store.

    3. Expand the business. I want to expand the business, keeping a personal touch

    and not moving too quickly. Even established, prosperous businesses can fail if

    they expand too quickly into new markets which have different needs and different

    people. With the assistance of the SBA and SCORE, develop a database of

    funding sources, coordinate, and interact with funding sources.

    Other tactics that will be used to implement my strategies include:

    1. Keep a positive attitude (always think positive thoughts).

    2. Persist and persevere (never give up).

    3. Keep a clear, open mind and be open to unconventional methods to achieve

    goals.

    4. Use every possibility to (even trial and error) to test a solution to resolve a

    problem.

    5. Search out assistance from others who are more knowledgeable. Sometimes

    the suggestions may or may not be right but they can trigger new ideas to finding

    solutions to resolving problems.

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    Solution Summary

    The solution helps develop business safeguards and controls based on the already identified strategies for the business.

    $2.19

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