Managing Communication, Knowledge and Information

In: Business and Management

Submitted By Alicancess
Words 2160
Pages 9
Introduction
To start up a business there are different decision that one has to make, you will have to take into consideration a number of aspects of the business i.e. competition, customers, location. In this assignment I am aiming to formulate a report to show the process of starting a new business and to look at different areas of an existing organisation. I am focusing on a bricks and mortar business. A business plan is usually drafted by start-up businesses a range of information can be found in this document.
Task 1
1.1: Discuss a range of decisions to be taken * What source of finance to use to start the business * How to find suppliers * The location * What strategies to put in place to deal with the competition
Finance
There are different sources of finance available for starting up a new business. The organisation needs to know the range of sources of finance and how it will affect the business in the long and short term. Sources of Finance could be Internal or external. Information on sources of external finances are available in different forms e.g. if it’s a bank loan information can be found on the banks website, leaflets or from a bank personnel. Information includes rates of interest to be paid on bank loan over what period of time.
Suppliers
The relationship between an organisation and its supplier is very important, as suppliers ensure both the price and quality of the product you sell. The supplier’s price dictates how much you sell your product for and the amount of profit you make. Information on suppliers can be found at trade shows in the form of direct information (person to person), industry contact (word of mouth), yellow pages (written information) or websites.

Location
It is important to find the appropriate location to start a new business. This can be done by research, which will allow you to see if the…...

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