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
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:
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.
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
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."
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
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
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.
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
4. Use every possibility to (even trial and error) to test a solution to resolve a
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.© BrainMass Inc. brainmass.com September 21, 2018, 3:49 am ad1c9bdddf - https://brainmass.com/business/accounting-standards/business-safeguards-controls-97285
The solution helps develop business safeguards and controls based on the already identified strategies for the business.