I will need to keep accounts in my business because I will need to make sure I know about the past, present and the future of my business. I will need to keep a record of my business’s financial history. I will need an up to date description of its present financial situation and an indication of what is likely to happen in the future. In addition, it is by law that every business need to keep accounts and retain them for six years.
Human Resources Human resources will be needed in my business. It is in charge of everything to do with employees, including recruitment, training, wages, and salaries. Employees may be needed when the business expands, targets a new market, new skills may be needed because of technological advances, employees are dismissed, retire or leave to join other firms, as the success of any business depends to a large extent on the quality of its employees.
Running the business For me to run a business I will have to have a production department. It controls production process and purchasing of parts, maintains quality of goods, keeps costs low and maintains production schedule. I will need to make sure the product is that
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Conclusion In conclusion, the typical consumer to buy a mobile phone would be male or female between 13-30 of age and above. There will be a lot of advertising because the product is at the introductory stage of the product life cycle. I will sell the product directly to the retailers. I will set up the business on the high street. I will use a price skimming on my products. The price will be reduced after the breakeven point has been reached.
Diary January I did not have many sales because it was just after Christmas and customers had already spent money last month. I Might change my pricing to price discrimination so that my business will start to make profit. February/March My business was going better than last month but only a few customers came to look at my products and only a few brought my products.
April/May Profits were beginning to rise because of Easter and I gave out vouchers worth 25%. My business was starting to make much more of a profit. June/July Business is picking up and thinking of sales for summer because of end of last season so business will start to make a higher profit. August Had quite a few customers and many of them were buying my products so profits were increasing but were not high enough to be satisfied.
September This was not a very good month and the downfall was that profits were decreasing due to start of schools so I did not have many customers. The mistake that I made was that I did not have more sales. October/November Business began to run smoothly due to Christmas coming up, I had quite a few customers come to my shop and buy my products so I had a three for two offer. December This has been the best month of the year for my business due to Christmas; a high number of customers came at the last minute and profit most made this month.