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Business Safeguards and Controls

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.

Solution Summary

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

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