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Plan for sole proprietorship business in service industry

Identify issues that may be relevant for a business in the service industry
Develop a plan and a budget along with a timeline for project completion
Communicate this plan by including communication and organization factors, effective listening and responding, and effective team communication.

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Running Head: Project Plan for sole proprietorship business

Project Plan for sole proprietorship business

Issues Relevant for a Business in the Service Industry
Sole proprietorship is one of the most common and oldest forms of business. Simply, it is also called one-man organization that is owned, managed, controlled and run by one individual. In this form of business, the owner will receive all profit & has unlimited responsibility for all debts and losses of business. In the sole proprietorship, the owner can raise capital either publicly or privately depends on the choice of owner (Youman, 2010).
With the increasing importance of sole proprietorship in the global business environment, there are several issues and challenges that should be considered by the service business organization. Competition, infrastructure, technological up gradation, customer's relationship, economic development, privacy & security, environmental factors and service use issues are the major challenges and issues with the service business organization (Akbaba, 2006). In addition, it is estimated that these factors and forces do not only affect the profitability, productivity & potentiality of the organization, but also affect the overall business policy and functioning of the business directly or indirectly (Mansury & Love, 2008).
In changing business scenario, service industry is facing many problems that are related with the auditing, controlling, effective business and marketing strategy, lack of finance and lack of managerial inefficiency. It should also be noted down that these challenges and problems directly affecting the growth of service organization (Chen & Wang, 2010). Along with this, political, economic, social, technological, legal and environmental factors are the common and major issues that directly break on the success of service organization. ...

Solution Summary

The expert plans for sole proprietorship business in the service industry.