Explore BrainMass
Share

This post addresses ways a business can grow in the 2nd year

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

List four requirements of businesses beyond the second year of business.

Identify five ways a business can grow after its first year in operation.

© BrainMass Inc. brainmass.com October 16, 2018, 6:20 pm ad1c9bdddf
https://brainmass.com/business/entrepreneurial-issues/this-post-addresses-ways-a-business-can-grow-in-the-2nd-year-469186

Solution Preview

Beyond the second year of business, management can take several initiatives. Four of the most crucial areas of focus should be on long-term financial planning, strategic planning, objectives for growth, and long-term marketing plans. Each of these areas is the most crucial to long-term business success. During the first two years of business, management is trying to get the business off to a start. Plans, objectives, goals, and strategies will be changed extensively during the first two years in order to accommodate the needs of the business. Starting with the third year, it gives management the ability to focus-in on the long-term needs.

Long-term financial planning is a key area. By this point, the business has established the basic budget that they need for sustainable operations in each year. The suppliers, vendors, and other processes are already established. Because management can determine based on the first two years of experience what the revenue and expenses will be, long-term financial goals can be planned for the company. These goals typically include capital assets that the company is considering purchasing, reserve funds due to any possibility for economic instability, and also if and where the company will invest their ...

Solution Summary

The solution provides a detailed discussion with references listing four requirements of businesses beyond the second year of business, and also identifies five ways a business can grow after its first year in operation.

$2.19
Similar Posting

In order to help us pursue this topic, let first consider thr following question: Why is it important to identify and assess IT risk before developing IT internal controls?

For effective control, management must also develop, enforce, and adhere to the control systems in place. We noted in previous weeks that companies can reduce the risk of compromising information captured in their AIS through control systems. As discussed in Hunton, Bryant and Bagranoff, in recent years, there is an increased emphasis in risk based audit model in contrast to control-based models. This is a very interesting shift.

In order to help us pursue this topic, let first consider the following question: Why is it important to identify and assess IT risk before developing IT internal controls?

Please search for a filing on Diagnostics Inc at http://sec.gov/edgar/searchedgar/companysearch.html, I also attached their k10 locate the most recent 10k report and share your thoughts on the independent auditor's assessment of the internal controls of the company.

View Full Posting Details