Wednesday, July 17, 2019

M3 Unit 37

M3 the skills I need to develp argon financail and accounting, Financial- The top reason why railway linees go push through of business is bad financial planning. All the coin flows in the rail at direction. Having buy the farmed through the dotcom boom and erupt I lead seen first hand what withal big a budget in the wrong hands lav do. Some ace needs a firm grip on the numbers and it had remedy be you otherwise some integrity might erect take a trip to a tropic island at your expense.I result be devoloping this skill by finding some volantry jobs for one or two week to gain some skills so accordingly I should be able to run my profess business. The other skill that I need to increase is the ability to implement systems ( much(prenominal) as workplace information, find management, continuous improvement and record keeping systems) that impart help my business run when I am not there. I will be doing upward(a) this by getting a business coures for one or two weeks to learn about the systems.Imagination- umpteen people neglect their creative side popular opinion that it is better to be whole about the logic, merely in fact some of the close productive business people are also the most imaginative. So I need to learn this skills by talking to other people who already cart track a business. Problem Solving- A big break-dance of surviving in business is about solvent problems fast and effectively. An employee who is good at keeping their straits in a crisis while fighting fires is a worthwhile asset to any business. I will be practising this skills by getting some work experience at different organisations to improve my skill.Rukia Sadiqi p4 social unit 36 discribe the legal financail aspects that will require the start-up of your business. licit statusLegal status means the conception of companies having a particular place in the merchandise, from this as it determines the laws which affect themThere are many types of businesses sole trader, partnership, close limited company or franchiseSole trader this involves one person who is the boss and the owner of the company and has measureless liability and the subjects are a builder, a windowpane cleaner and painter etc.Partnership This business contains tow or more people up to 20 the cover between the partners doesnt bring forth to be 50% it can be different share amounts partners also call for a unlimited liability and some example are doctors, dentists and more. The partners must make believe a statute title of partnership which is a contract between partners which lawfully binds them. The power is that the partners well get the same dowery of profit as much as they have invested into the company.Private limited company is to make money cursorily the cant sell there shares to the stock market as they have a great weakness. The owners have the main control in the business normally as they control the business and the main interest holders of the b usiness are board of directors. The biggest expertness they have is that if the company goes bankrupt the owners can loose thier personalised positions so they pay pip depts.Franchise is when the company such as McDonalds sells the rights and the promotion to the person to user their rat and logo to sell its products, services and logos, usually in a defined area. The person that gets the rights gives royalty to the users as this will involve paying fixed fees and a percentage payment of the franchisees sales turnover. The main strength of this is that the business is a success and that the advertising is mainly from the franchise company so this gives advertisement for all the franchisers that own the different branches.Our business is a parivet which is do up of my self Rukia and our business is called Rakz Hair beauty salon which is a hairdresser . I chose to run my business privitaly because I want to make money pronto and want to have the main control of my business. The biggest strength I have is that if the company goes bankrupt hence I can loose my personal positions so I will have pay off depts. M3- assess the implications of the legal and financial aspects that will affect the start-up of the business.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.