Small Business

It has only been a short while since Facebook Workplace has entered the market; however, already it is performing well, by facilitating internal teams collaborating on projects. Companies such as Wal-Mart, Booking.com, Campbell’s, Spotify, Air Asia, Starbucks, Domino’s Pizza and 30,000 other global organizations are using the platform. With the upward trend of virtual workplaces, Facebook Workplace has deftly launched themselves in a sphere that is only expected to continue evolving and growing. Therefore, one can only benefit from reliable tools catered towards enhancing your innovative approach to business.

It certainly helps that people are already familiar with the Facebook brand. As such, the upsell is so much easier; even the Royal Bank of Scotland is already onboard. This virtual technological tool is helping smaller ventures as well, to increase their productivity and survive in a highly competitive business market.

Facebook Workplace Functions

If you are already familiar with the concept of an intranet, then you have a synopsis of how Facebook Workplace operates. Added to this is a similar design to an already highly popular Facebook interface and you are without the hassles of assimilating your staff to platform, which they are not familiar with. The platform also uses the news feed feature, which is an integral component used to keep employees and team members up to date.

If you your team needs to schedule meetings, then there are no hassles there as well. At their fingertips is the system’s instant messenger tool, which also facilitates video chat. The company can have project teams customized on the platform, and this will make for easier communication and collaboration. As with any good online application, Facebook Workplace can be integrated with other applications, such as Dropbox and Microsoft Office. This allows for more than one team member to access and edit a project document.

The Facebook Workplace system is definitely not rigid because it is further able t grant access to external teams to easily collaborate on existing projects. The features are highly beneficial, especially to companies that have roving employees who travel extensively. Live streaming and company announcements are able to be shared by the click of a button. The system also brings the expected webinar function and allows users to join meetings either on their mobile devices, computer or tablet.

Facebook Workplace Practicality

There is no doubt that start-ups and other small businesses would greatly benefit from this platform. It eliminates the need to acquire expensive applications that provide the same functionalities. It also eliminates the cost to train your staff on a new application. More than one billion people worldwide use Facebook’s social media platform; so once this system is adapted, it will be second nature for the user, who should navigate the system without problems.

Document sharing and inquiries are much more simplified and rules out the need to send and check tedious emails. Response time will be lessened and there is a direct correlation in increased productivity. You might be surprised to learn that Facebook Workplace is not synced or linked to Facebook social profiles. Therefore your business files, discussions, etc. Remain separate from your employees’ personal engagements. Yes, the system still allows for the social friendly interaction; after all, who couldn’t use some creative memes on days when stress is pouring out your ears.

However, most importantly is security. The system uses two-factor authentication which minimizes the risk of your portal being hacked. Your company IT team will have online analytics to track users and manage their access to certain functionalities.

Facebook Workplace Cost

Like many other online applications, there is free access and premium paid access. Only the basics are available in the free plan. These include video calls, video streaming, voice calls, and group chat. The premium package provides far more capabilities without any limitations. The company will have integration features and admin control, with full communication features. The pricing is attractive at three dollars per user. Facebook Workplace users must access the system within 30 day periods to be considered active.

Further to this, certain companies like educational institutions and nonprofits are given use of the Facebook Workplace system, free of cost.

Small businesses benefit both the economy, by creating new jobs and industries, and consumers, by providing innovative specialized goods and services to fill specialized market niches. Over 90 percent of businesses are considered small businesses, which create vast new industries, encourage entrepreneurship, and revitalize economically depressed areas by creating many new jobs in the local area. The individuals owning and operating a small business can benefit greatly as well, through careful planning and proper management. Small businesses create the largest portion of new jobs in the country. In fact, 99.7% of all employers are small businesses. (sba.gov/aboutsba/sbastats.html) Members of the workforce that have a lower chance of finding a job, such as women, minorities, and welfare recipients, find employment easier in small businesses. Low-income areas can attract small businesses due to the lower cost of operation, and can grow economically as a result of the new jobs, improving the quality of life of the area.

Together, these uplifted areas contribute to the national economy. Small businesses generate 47 percent of the nation’s sales and over half of the GDP. The three ways that a small business can form are sole proprietorships, partnerships, and corporations. Most small businesses are sole proprietorships. The individual owner gains unlimited control and flexibility over the business, as well as all the profits, but also gains unlimited financial liability and financing limitations. Sole proprietorships are most commonly small or temporary businesses, due to the limited finances and ease of formation and dissolution. However, the owner must take on all managerial and operational tasks, which can lead to disaster if the owner lacks sufficient knowledge and training in the areas key to a business’s success. Another type of small business organization is the partnership. Partnerships benefit from the combined finances and skills of each partner. Splitting the debts among each owner provides a financial safety net, but financial and legal liability is still unlimited. It also can provide more security to investors, who may choose to provide only funding and accept only limited financial responsibility.

The biggest drawback to a partnership is its binding nature. Leaving requires finding a buyer for the portions left. Interpersonal conflicts, therefore, can cripple the business easily if the members cannot cooperate and reach agreements on important business decisions. Many enterpreneurs enjoy the freedom of complete control more than the greater potential for profits and ease of startup, making this a less popular form of small business. The third type, the corporation, is formed as a legal organization with liabilities and assets seperate from its owners. This organizational type offers several advantages over the other two. The investors are stockholders, each owning a small share of the company. This insures that each investor has a low financial liability limited to what was already invested. It also offers many legal advantages, as legal action may only be taken against the corporation as an individual, not against the stockholders. Corporations often possess employees with highly specialized skills that can help ensure proper management and planning, which are often pitfalls in smaller organizations. Corporations typically have expanded access to funding from outside investors in the form of stock sales. Unfortunately this heirarchy also has numerous disadvantages, one being double taxation.

A corporation must pay federal, state, and local income taxes on its profits in addition to taxes placed on the individual stockholder. Government regulation is much stricter than it is with the other two forms as well. No matter how a business is organized, there are several key steps to ensuring a successful start up as well as ensuring financial stability during the first few months of operation. The first step is coming up with an suitable business idea. This should be one that the owner both enjoys doing, and can satisfy a need in the marketplace. Success depends mostly on customers, so making sure a market exists for a particular business is key. Most succeful entrepreneurs operate in rapidly changing industries in which customer’s do not have highly specific needs. One way to help determine whether a particular idea is practical is to list one’s own abilities and interests, as well as businesses that utilize these abilities. Further research these ideas with newspapers and magazines helps determine possible future needs for the goods and services the business offers, as well as looking for ways that current goods and services may be improved upon. The next step is to continue narrowing down the list by profit potential until reaching a decision, and then to research further that particular industry until the decision is final.

Creating a new business isn’t the only method of successful enterpreneurship. Many entrepreneurs choose to buy existing businesses, which offers advantages such as an established customer base and suppliers, a product or service that is known to the marketplace, and all necessary permits and licenses have been secured. Businesses for sale can be located by contacting the local Chamber of Commerce, as well as through other professional organizations. Franchises are another alternative, offering a degree of security at the expense of some degree of control. Franchisors often have strict guidelines for operation that must be met. Poor planning is a major problem for most new ventures. Good planning includes setting clearly established goals, as well as a schedule for meeting the goals, projections of profits and expenses, and some way to measure success. Procedures and regulations that the business will adhere to should be clearly defined, and the plan must be open to revision. Poor planning includes the opposite: nebulous schedules and lack of finances can incur expenses upon the investors. One way to ensure good planning is to create a well established business plan.

A good business plan should begin with an executive summary, which should go over the basics of the business plan in a captivating manner. It should be followed by an introduction explaining the product, the company, the managerial team, and anything else particuarly important in discribing the business. This should be followed by a marketing strategy. A marketing strategy should provide information about a particular product market and ways it can be taken advantage of. It should include demographics determining a specific market for a product, describe current trends in the marketplace, graphs and charts displaying market penetration, as well as information concerning potential sales revenue. This should be followed by a financing section that specifies production costs, operating expenses, expected profit, as well as any other costs mentioned elsewhere in the business plan. It is important for this section to be accurate but motivating, and it should cover all potential expenses, otherwise credibility may be lost with potential investors.

Finally, a resume of principles details the management team behind the business in depth. After a compelling business plan, the next step should be to acquire adequate funding to cover start up costs for a business. This can be the downfall of many new businesses, and careful planning should be made in order to make sure all expenses are covered. Most businesses are not successful during the first few months of operation as they struggle with start up costs and an unestablished customer base, so ensuring sufficient funding is essential. There are several ways to acquire funding for a new business, the first being the entrepreneur’s own personal finances. This can be from personal savings or through the use of credit cards. Usually additional funding is needed, and many entrepreneurs turn to the Small Business Administration for help. The SBA offers microloans of $25,000 or less to be used to buy equipment or cover operating expenses, as well as regulating SBICs, or Small Business Investment Companies.

These companies use their own capitol in addition to government loans to fund a new business. Another source is through angel organizations, which match entrepreneurs with potential investors willing to exchange money and advice for a share in the company.(Boone, Kurtz 171) One way to trim back costs is through the use of business incubators. Business incubators offer low cost shared business facilities to small start-up ventures. (Boone, Kurtz 172) Another method is through large corporations. These corporations can offer loans with various payment options, as well as forming mutually beneficial partnerships that can provide small businesses with advice and specialized assistance. Poor management can also bring down a new venture. Many small businesses only employee very few, if any, additional employees, which my leave a large burden on a new venture’s owner if he is also a manager. It is hard for any one individual to be experienced in all necessary areas to run a business, and many are untrained to handle the problems that arise. This can be circumvented by careful study and training, or through hiring employees that possess the necessary skills.

There are advisors that can help with the various areas that the entrepreneur may be lacking in, as well as many articles in magazines or on the internet. The Small Business Administration offers training programs to assist entrepreneurs in developing the skills necessary to run a business, and many institutes of higher learning will offer courses as well. The final problem is government regulation and red tape. While small businesses have less regulation imposed upon them, they are often ill equipped to deal with government intervention. The required paperwork for any business can be staggering in both cost and effort.

Large firms have access to more resources as well as specialists to deal with the various regulations while small firms often have neither the funds or knowledge required to cope with the tedious paperwork and taxes required. There are resources available on the internet to assist small businesses by listing regulations that must be adhered to as well as making paperwork faster and easier to deal with as well as specialists trained in various fields that may be hired or contracted. Success and failure are inevitable to any entrepreneur, but careful planning and a positive attitude can help ensure that failures aren’t catastrophic and can help lead to every entrepreneur’s dream: a well thought out idea that benefits both society and the individual.

In the early stage of existence, formal planning tends to be nonexistence except for the business plan. The business plan can be defined as a document which specifies the business detail of the company by the entrepreneur. The primary goal is to remain alive within the industry. As the company grows, formal kind of planning is not usually instituted until the company does not reach its success stage in the growth stages of the company.

For example, High Tone Records in the US has defined a goal by carving out a niche in the volatile record industry by focusing only on roots music, which is an electric mix of soulful and down home sounds with country edge. This company is only one of the few surviving profitable companies in the country. Organizing In the 2 stages of company’s growth, the company’s organization structure is very informal, where all the employees are reporting to the owner of the company.

By the third stage the functional managers are hired to take over the duties from the owner. A functional organization will be created and there will be changes in all the departments of the company. In this stage the managers will be able to learn how to delegate responsibilities to others. But these days most small companies in the US are limiting creating ways so that they can stay small but still grow. For example, Woodspirits it a company that produces and distributed 300,000 soaps to its customers annually. It just employs 3 that work for the company.

The company doesn’t want to lose its edge and flexibility; therefore the companies are willing to stay small. Leading Leading is considered to be the driving force in the development of the company, and it is one of the ways to manage a company. The vision along with the leader’s personality actually shapes the small company. With the help of leadership, it is able to point out cultural values, efficiency and ethics of the company. Leadership is also considered important because a great deal of small businesses usually have a hard time of employing qualified workers.

There is always a labor shortage for a small company, and these shortages usually damage the company a great deal. Controlling It is also important that there is a financial control in the company. In the company’s starting days control was exercised by simple accounting records and through personal supervision. The control techniques usually become more sophisticated during the resource maturity of the company. For example, the Sock Shop was originally a hit in the US, but it failed due to a lack of control within the company.

Intrapreneurship in a Small Business Intrapreneurship can be defined as a process which recognizes the need for innovation within the company, plus it helps with managing the company. The following rules help to develop the necessary environment which is required in the company, they are as follows: 1. The employees should be encourages 2. The management should use informal meeting whenever possible 3. The company should learn to tolerate failure and learn from it 4. The employees should be rewarded for their innovative ideas

5. Teams should be formed References Scott, M & Bruce, R (2002), ‘Five stages of growth in small business’. Retrieved on 6th December’08 from <http://www. sciencedirect. com/science? _ob=ArticleURL&_udi=B6V6K-45K4JCC-MD&_user=10&_rdoc=1&_fmt=&_orig=search&_sort=d&view=c&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=7eecbb8a0538d5307cafa46e277d0c69> , Szarka, J (1990), ‘Networking and Small Firms’. Retrieved on 6th December’08 from <http://isb. sagepub. com/cgi/content/abstract/8/2/10>,

Dashes Quiz (90%)

1. Hinduism–this is the major religion of India–developed over a period of many centuries. (B)
2. Ferrets can be delightful pets–when they want to be. (B)
3. “You have two choices,” he was told to fight and die or to live the life of a coward. (C)
4. Mayonnaise contains three things–egg yolks, vegetable oil, and vinegar. (A)
5. There were only two men who could match his strength and skill–Hercules and Achilles. (A)
6. Don’t forget these ingredients in the wedding cake–one cup of patience, a spoonful of consideration, and a dash of forgiveness. (A)
7. The baseball strike has caused all of us–especially the die-hard fans–to re-examine our priorities. (C)
8. From seashells, the natives made beautiful necklaces, bracelets, and earrings–even entire lines of jewelry. (B)
9. Jose’s resume was impressive–he started work as a cashier in a computer store, advanced to manager, and eventually became a consultant for IBM. (C)
10. The Springfield orchestra ought to win the competition–their violin section is the best in the state. (C)
11. Ramona didn’t know–how could she? -that Alexis was already at the party. (B)
12. Grasping for an explanation, Sergei only managed to say, “I’m really sorry, but–. ” (B)
13. Two years after being told by her boss that she did not have “what it takes,” Sonia had become a stockbroker–and a millionaire. (A)
14. City politicians–if not all politicians–should spend more time talking with small business owners. (C)
15. Many musicians who play the oboe also play–the English horn and oboe d’amore–double-reed instruments whose ranges are slightly lower. (A)

16. The dangers of the disease–its resistance to penicillin, its ability to avoid detection, and its transmissibility–should not be underestimated. (B)

17. The piano is an easy instrument to play–but a difficult one to play well. (C)

18. The computer has launched entire corporations–even empires–since its inception in the earlier part of the twentieth century. (B)

19. The hardships Ludwig van Beethoven had to overcome were considerable–several handicapped brothers and sisters, an abusive father, and the loss of his hearing at age twenty-nine. B)

20. Star Trek, The Twilight Zone, and The Outer Limits–he used to watch these shows into the early morning hours. (C)

Quotation Marks (95%)

1. “Show me your friends,” my grandfather used to say, “and I’ll tell you what I think of you. ” (B) 

2. On the first day of my Romantic Poetry class, the teacher stunned us by announcing, “I will now recite the most beautiful poem in the English language, ‘Ode on a Grecian Urn,’ by the English Romantic poet John Keats. ” (B) 

3. In her review of the film Mississippi Burning, Pauline Kael wrote, “Alan Parker likes to operate in a wildly dramatic universe of his own creation. ” (C)

4. “Once upon a midnight dreary, while I pondered, weak and weary” is the first line of Poe’s poem “The Raven. ” (B)

5. One of the most famous newspaper headlines is “38 Who Saw Murder Didn’t Call the Police. ” (C)

6. On the topic of effort, P. D. James wrote, “God gives every bird his worm, but He does not throw it into the nest. ” (C) 

7. In his inaugural address, John F.

   Kennedy said, “Ask not what your country can do for you; ask what you can do for your country. ” (B)

8. Joan said, “I could swear it was Mary Queen of Scots who proclaimed, ‘In my end is my beginning. ‘” (A)
9. You may prefer the Beatles’ song “Yesterday,” but “Let It Be” is my favorite. (C)
10. In his lecture on dreams and mythology, Joseph Campbell wrote, “Dream is the personalized myth, myth the depersonalized dream. ” (A)
11. “There is no taking trout with dry breeches,” said Miguel de Cervantes when defining effort. C)
12. “You can hear the physicist Stephen Hawking’s voice on the Pink Floyd song ‘Keep Talking’,” said Rebecca. (B)
13. For your essay on Meso-American cultures, please consider the article “City of the Gods. ” (C)
14. George said, “I was so shocked to hear Mrs. Edwards say, ‘Let’s tango beneath the moonlight’ that I stepped on my prom date’s foot. ” (A)
15. My friend Tom Jansen nervously read the newspaper headline, “Floods Force Dutch to Flee as Battered Dikes Begin to Fail. ” (C)

16. My English teacher said, “Yogi Berra was grammatically incorrect when he said, ‘It ain’t over ’til it’s over,’ but he surely was right. ” (A)

17. Perhaps the most famous of all Star Trek episodes is “The City on the Edge of Forever,” which starred Joan Collins as a visionary social worker. (B) 

18. “Dan Quayle Was Right,” by Barbara Dafoe Whitehead, appeared in the magazine The Atlantic Monthly in 1993. (C)

19. The words “discrete” and “discreet” are homonyms: they sound the same but have different meanings. ” (A) 

402 Small Business Professor, Ricardo Toye| To Build or Buy | Week 4 Assignment 1| Cornelius Gaskins 1/22/2013 | Craft a brief (1-2 pages) strategy for a business concept that would directly compete with the small business you selected. Explain the rationale for the strategy in detail. “It Bakes Good,” with a delicious flavor that is sure to please. Watching customer’s satisfaction is the goal. Developing a Bakery as a counter business with a competitive strategy to navigate through barriers set up by existing Bakeries is the plan at hand. The initial bakery is deals with astries, breads, croissants and coffee, teas and other beverages.

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This new business strategy involves a similar menu with other cooked foods served at breakfast, lunch and dinner from soups, salads, potato dishes, sea foods and beef dishes. The floor plan will include a rail like leader to guide the people through the food ordering line. The pickup counter will be positioned away from the ordering line to give customers quick access to sitting if they have not already chosen their seating. The food menu will sit on the wall above the ordering counter in big letters easy to read among picturesque background to add a serene touch of comfort while the customers enjoy their meals. The beverage counter will be located in an area away from eating customers yet close by to allow access to water, coffee and other drinks. The location of the business will be in the inner city in a high density area, well lighted, with street parking and clean sidewalks. The building exterior will be freshly painted with freshly installed windows allowing both customers on the inside to see out and people passing by the clear view of seeing within. Large colorful neon lights will advertise the business at night and day.

The Bakery will operate as a Partnership. Three Partners will initially start the business although others may join at a later time. It is projected that the initial investment of the partners will be enough to start and operate the business for at least six months while additional investment capital can be sought after and obtained. This plan is looking to find a niche in the current business district to both serve eat and go customers while providing doggie bags for the same and catering to those customers who want to take their purchases home. I will be open to the possibility of selling ingredients for those ustomers who may be interested. The rationale behind this new business is to appeal to the customer base having cooked food on the menu that is freshly cooked served on china and eaten with silverware. The aim is to provide an at home environment with a touch of fast food convenience. Determine if it would make more sense to open the new business you describe or to purchase the existing business you selected. Explain your reasoning. The option of buying the existing business has the appeal of adding the menu additions and the dinning room modifications to this business.

Would the temporary modifications lose money for the new owners while the remodeling is done or could regular operations continue? Would the business changing from the existing business to a Partnership have an impact on the bottom line? Or would it be necessary to change the current form of ownership? Could buying the existing business be converted to the new dinning floor plan while still meeting any fire codes for customer access to safety in the invent of a fire? Considering that both businesses would exist in similarly constructed structures it is believed that the first requirement ould be met. The usage of the current customers has an appeal since the current business operations has been consistent on the profit where the purchasing of inventory and the cash register receipts have indicated. The lack of similar Bakery businesses in the general area continue to be a plus for the location and buying the existing Bakery would limit competition for awhile. Considering remodeling cost, purchase price as opposed to starting a new business cost buying the existing business appears to be a better financial bargain. For the existing usiness the baking and dishwashing equipment are in satisfactory working order. The purchasing a grill to prepare food has a reasonable cost and the food prep area is already in place. The dinning area will require the purchase of tables and chairs that would have to be bolted to the floor during remodeling. Comparing the requirements for initiating a new business as opposed to buying an existing business, the buying of the existing business has the better appeal based on how the later is up and running. While the new business has some hurdles may exist as far as the condition of the uilding foundation, plumbing, electrical systems and the roofing condition and whether the business is responsible for repairs or the building owner. It is important to note that the existing business could have problems that cannot be seen but has to be investigated to be discovered. Problems such as ill-will between the suppliers and a customer as well with other neighboring businesses. “Jump starting the cash flow will have better potential due to existing operational elements such as customers, inventory and equipment already in place. ” (http://www. sba. gov/content/buying-existing-business)

Discuss the most appropriate form of ownership for your new business (assuming your current financial situation). Considering the new business Partnership as the form of ownership and considering the current form of ownership used buy the owner of the existing business, both really has nothing to do with what form one owner prefers over what form another owner prefers. Each form has both advantages and disadvantages. The most noticeable concern over owner a business is liability responsibility, what can be taken from the owners to cover liabilities and cannot which taxes hould be a major concern. “You report and pay taxes on a partnership like you would in a sole proprietorship; you and your partner pay income taxes on individual shares of the profits, but no tax is paid on the partnership. You report your share of the profit earned during the tax period that ends within the year being reported (by December 31or June 30). This is done whether or not profits are actually distributed. The rate of tax is the same as for the individual, and the income is reported on an individual 1040 form (Schedule E). A partnership return has to be filed with the IRS for nformation purposes only (Form 1065). You and your partner are personally liable, including personal assets, for debts and judgments. Creditors can collect from either you or your partner — even if you did not necessarily contract the debt. ” (CIS/0939/pdf) “Sole proprietorships and partnerships are easy to set up — you don’t have to file any special forms or pay any fees to start your business. Plus, you don’t have to follow any special operating rules. LLCs and corporations, on the other hand, are almost always more expensive to create and more difficult to maintain.

To form an LLC or corporation, you must file a document with the state and pay a fee, which ranges from about $40 to $800, depending on the state where you form your business. In addition, owners of corporations and LLCs must elect officers (usually, a president, vice president, and secretary) to run the company. They also have to keep records of important business decisions and follow other formalities. If you’re starting your business on a shoestring, it might make the sense to form the simplest type Of business — a sole proprietorship (for one-owner businesses) or a partnership (for businesses with more than one owner). One note has to be included regarding the Partnership which is the dissolution procedure following the quitting or death of a Partner. Following the attempted sale of the quitting partners share of the business or attempted sale to the current partners who may or may not be able to afford the price, the initial Partnership business has to be dissolved and a new Partnership established with the exclusion of the previous partner that left the partnership. Thus both buying an existing business as well as forming the rigt form of ownership both present issues that has to be considered by the new owners.

Considering the Partnership dissolution aspect a Partnership still can be entered into with each original pertners with ca n agreement on how any quitting partners share is dispursed. Outline a business plan for your business. Visit http://www. sba. gov for tools and templates. The initial feasibility test for the business seems to have passed certain test through the current numbers produce by the existing Bakery. The location is good, customer interest in the product is proven while competition for Bakery goods comes from large retailer in limited quantities unlike he freshly baked items or freshly cooked menu dishes. It is estimated the initial investment cost less the estimated earnings would yield between a 7 to 9 percent return. Each member of the partnership has a hand in the formulating of the business plan. The initial outline of the business plan will include the following elements: Simple business plan outline Executive Summary: The Bakery is designed to provide customers with freshly baked goods while also giving them the opportunity to have a sit-down meal or just grab a cup of coffee with a pastry.

Having conducted a feasibility study on the success potential of this business in the location chosen it was found that potential customers enjoyed the products sold by the previous bakery and enjoy the option of lounging while eating a restaurant style meal. The objective is to provide customers with a competitive products located their homes. To earn a 7 to 9 percent return on the initial investment during the first year. The mission of the Bakery is to provide customers with freshly baked goods that they enjoy eating minus the plastic wrapped brands sold in the big box retail outlets. Company Description:

The store location is neatly situated in a business district catering to a wide range of business on a busy thorough fare moments from the residential area in every direction from the Bakery. This location is already familiar to most of the customers from the previously owned bakery. The operation of the Bakery is from 6am to 10pm. Orders can be called in on the phone or placed on the internet site at www. It Bakes Good. net The store policy for payment of gods is cash and credit card only. Product or Service: The main products of this Bakery are freshly baked pastries, croissants, donuts, breads and cakes.

On the menu freshly prepared menu foods includes sea food dishes, soups, sandwiches, Beef , chicken and pork dishes. The main benefits customers receive from the store is freshly baked goods, the option to place orders ahead of time by phone or on the internet or within the store. Market Analysis: The location has proven to be profitable for the previous bakery. Its customer base remained loyal to returning to purchase goods as well as using the bakery to prepare special occasion dishes for birthday parties, anniversaries, and other customer defined events.

Strategy and Implementation: Be specific. Include management responsibilities with dates and budgets. Make sure you can track results. Web Plan Summary: For e-commerce, include discussion of website, development costs, operations, sales and marketing strategies. Management Team: Describe the organization and the key management team members. Financial Analysis: Make sure to include at the very least your projected Profit and Loss and Cash Flow tables. Strategy and Implementation Summary SWOT Analysis Strengths Weaknesses Opportunities Threats

Competitive Edge Marketing Strategy Sales Strategy Sales Forecast Management Summary Personal Plan Financial Plan Important Assumptions Breakeven Analysis Projected Profit and Loss Projected Cash Flow Projected Balance Sheet Business Ratios Considering this is just an outline a few of the elements were addressed to give an idea of what the plan entails. Of course there are the remaining elements that have to be explained. (http://www. cals. uidaho. edu/edcomm/pdf/CIS/CIS0939. pdf) http://www. sba. gov/content/buying-existing-business

This paper is based on the benefits and compensation in small businesses as this is one of the important factors the small businesses have to consider and likewise have to struggle to compete for top quality employees with big businesses. It is very important for any business to hire good and hardworking employees and for this; they have to plan out proper strategies. Moreover, it is not just important to hire diligent employees but the business also has to make strategies as to how to retain them especially in the case of the small businesses because the competition is very high and it is essential for them to retain them.

Organizational culture The culture followed by an organization highlights its personality. Culture basically comprises of the assumptions, the values and norms the business has, its financial position and about its members and their behaviors. Whenever a new member is added to an organization, they don’t take much time to study and learn about the type of culture being followed, however every company has its different culture and although new employees may take time to adjust but they soon get to know about it and work accordingly.

There are always some things that are quite obvious for others to understand what type of culture a business has adopted. The way the interior of an organization such as the setting and the furniture being used, what the people working in an organization wear and how and what they talk about tells about the culture of an organization. This is one of the factor that is considered as important by the employees and so the business must set a kind of culture that is easy and favorable for the employees to adjust and is basically the task of the HR department to make the employees feel comfortable.

Can HR system make a difference to the creation of such culture? The human resources are required by all the organizations in order to compete in the extremely aggressive world today. This reason defines the purpose of the HR system extremely necessary, increases efficiency and also enables the company to achieve a competitive advantage over its competitors. HR also helps to identify how and in what ways an individual attributes to affect is organizational effectiveness. The key purpose of HR strategy is to guide the process by which organizations develop and position organizational and human capital to augment their competitiveness.

Nowadays, HR is used as a model that reflects an era of strategic management. It emphasizes on the knowledge-based competition. Therefore, these systems are designed in a way to develop and support ideas of intellectual capital and knowledge management that propel strategy formation. (Pynes, 2004). Problematic areas of Human Resource development activities One of the major problems being faced by the HR department is because of the diversified workforce at an organization. Many people feel uncomfortable to working with people of a different age, sex, or culture.

Despite the fact that employing people from different groups is good but it can lead to a clot of conflicts. The management has to manage a diversified workforce effectively or it can effect employee satisfaction and productivity negatively and the employees who recognize themselves as valued members of their organization are more diligent, concerned, and innovative and this tends them to work harder. Another problem can be the economic unrest prevailing. People from diversified groups would be having different definition of ambition.

The outcome of ambition is mostly unpredictable, some ambitions begun in selflessness end in rancor; others begun in selfishness end in large-heartedness. It can at times be uncontrollable as well and some people may not be able handle ambition serving it as a grief to others. It also leads to jealousy. Other than that, people might opt any way to achieve their goals and these might be unlawful as well. (Evans, 2003). Role and function of HR department To define human resources in the simplest words we can say that they are the “resources for humans” within the workplace.

The task of the HR department is to meet the needs of the employees and it also serves as a connection between all the people who are involved. The HR system of an organization comes into existence depending on the company size. The Human Resource Department can be formed just by appointing Personnel who can manage a small workforce, In case of a small company but in the case where a larger, complex organization is concerned that employs hundreds of people with many departments and divisions, the task becomes more demanding. Employee Compensation Benefits

This includes the remuneration and bonuses such as paid leaves, sick leaves and insurance policies, etc and it is Human Resources Department that is in charge to develop and to manage the benefits compensation system for the staff that serves as an inducement to guarantee the recruitment. Their goal does not just finish after recruitment but they also have to work on retaining employees and make them continue working for the company. After recruiting an employee, the Benefits Coordinator of the business must meet the selected candidates one-on-one or in small group settings and explain their benefits package.

(Brockbank & Ulrich, 2005). Employee Relations These might include age and gender, race discrimination, etc. and it is mandatory for the HR Department to make sure a fair treatment of employees. Employees should know that they are safe and they can approach someone in case they are unfairly treated by anyone. The HR Department acts as an negotiator and works to establish cooperation between the legal entities, regulatory agencies, supervisors and employees to properly tackle and determine the issue is persisting.

Policy Formulation Every company whatever its size is has a set of rules and policies. This is essential so that proper regulation can be maintained at the work place. These policies also help the managers to hire individuals and evaluate the performance of an employee currently working for the firm. Maslow’s model Abraham Maslow was the one who proposed the hierarchy of needs model. The model consisted of the five basic needs that every employee requires from the organization in order to sustain well.

The most imperative need is the physiological need of an employee that includes the basic needs without which he cannot survive such as food, water, clothing and shelter. Next comes the safety needs of an employee, that are also essential to make him perform well in an organization and this is followed by the need of belongingness. As man is a social animal, he always needs family and friends, etc. Third is the self-esteem needs that can be explained by admiration as a person always needs recognition from others for encouragement.

The last is the need of self-actualization i. e. enhancing ones capabilities. However, some factors also put restrictions to this model and one of them is the differences in thinking levels of the employees belonging to different cultural backgrounds. Rewards and Benefits Rewards and benefits are major set of HRM activities. The business should provide their employees rewards and benefits like pay, fringe, etc. The most common rewards they can give to the employees are worker’s compensation, social security and unemployment insurance.

By focusing the employee’s performance it provides benefits to its employees, which are considered by the staff members, executives and managers of the company. Conclusion The leaders are the ones who should encourage their juniors to suggest ideas that could lead to creativity and innovation. The employees should be rewarded, supported and proper amalgamation should be provided for the processes. Fund learning should be encouraged. This can be done by prioritizing it into budgets and work plans and to make it accessible to the employees or it would be of no use.

Trust and respect should be placed on all the levels of the organization. Free communication and personalization should be allowed. Constant training or at least monthly or yearly training programs should be held for all the staff to keep on learning new things. The return on investment should be taken care of. The employees should know how much they are contributing to the company. These are some more factors that could help UN to retain their current employees. (Anderson & Anderson, n. d. ). Reference Anderson, D. & Anderson, L. (n. d. ). A.

Awake at the Wheel: Moving beyond Change Management to Conscious Change Leadership. March 9th, 2009. Retrieved from: http://www. changeleadersroadmap. com/freeresources/P1D. 7. 17. aspx Brockbank, W. & Ulrich, D. (2005). The HR Value Proposition. Boston: Harvard Business School Press. Evans, C. (2003). Managing for Knowledge – HR’s Strategic Role. 1st Edn. Butterworth- Heinemann. Pynes, J. E. (2004). Human Resources Management for Public and Nonprofit Organizations. (Jossey Bass Nonprofit & Public Management Series). 2nd Edn. Jossey-Bass.