Our business aim is to provide quality bookkeeping services to our employees. We will provide bookkeeping services by analyzing the needs of the business owners. Our goal is to maintain the expenses of the business so that it can achieve profitability. The business will make sure to differentiate it from the rest of the businesses that are providing the same services. Over time, the business has decided to expand its services into other parts of the state. Currently, the business would have six offices for each owner and another office for the meeting. When the business gains momentum, it is the plan to recruit more employees to meet the requirement of the business to meet the business needs (Kotler & Armstrong, 2017).
Our business will follow the cost leadership strategy to maintain the business cost. Currently, the business will provide services to small business owners who have less than 500 employees and earning less than $200 billion yearly. Our business type would be a partnership. Highly skilled and qualified staff will be employed for maintaining the records of the company. Our accounting professionals will perform booking by following the IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles) standards (Sinha, 2012).
Hiring and Personnel Plans
At the beginning of the business, there will be six persons who are the partners. With mutual consent, one or two partners would be assigned the duty to complete the hiring procedure, and they will be obliged to follow each step of the personnel plan. The business partners would also work in the business as employees to save the cost of hiring new employees. When the business starts growing and starts generating profit, it is planned to hire new employees such as receptionist, secretary, marketers, and other financial experts. After the business experiences growth, the current six members will become part of the top management and will take significant decisions of the business. The middle and lower management will be recruited when a business will experience growth. The recruitment criteria of the business are as follows:
- The individual should be highly qualified.
- Must have relevant experience.
- Possess good communication skills
- Knows how to work under stress.
- Can work hard to finish the deadlines.
The current employees will follow a complete recruitment process for hiring new employees when needed. First, the ad will be posted in newspaper and social media websites regarding the required post. Candidates will be shortlisted for an interview after that. The interview will be conducted by the same persons who have been following the personnel plan since the beginning. After conducting the interview, the individuals be selected for the desired post. It is planned to hire skilled individuals because such employees who are not skilled needs to be trained and training increases the cost of recruitment (Spender, 2014).
As we will be bookkeeping service providers, the partners will need various pieces of equipment to perform their tasks. To provide services, the following equipment will be required:
- A fax machine, Scanners, and printers.
- Official website
- Security system
- Accounting software
- Office supplies
- Office furniture (Campbell, Edgar, & Stonehouse, 2011).
The above-explained types of equipment are necessary to provide bookkeeping services. The bookkeeping process will begin with the client’s requests. After receiving the client request, our professionals will analyze the needs and requirements of their business so that we can provide the services according to their needs. The accounts will be prepared in such a manner that it would provide transparent information about business performance and what should be done to improve their businesses. If the books of accounts are not prepared accurately, then the investors might not invest in such business (Campbell, Edgar, & Stonehouse, 2011).
Summary of Business Goals and Objective
The organisation aims to become a significant bookkeeping service provider in the region and the long-term, the goal is to become a significant organization in the country that so in the long-run. The business is determined to provide services at competitive prices so that it can attract a considerable amount of clients in the short-term. The business has adopted innovative strategies to counter the competitors in medium-term. The business will use social media and other media to provide information to the business who needs bookkeeping services. The business has adopted a cost leadership strategy which allows it to maintain the costs and earn the profit in the upcoming years. Maintaining the cost will also allow the business to gain a competitive advantage over the competitors (Spender, 2014).
The business has planned to expand its services in the future. It means that the organization will have its offices in various states of the US. After expansion, the objective of the business is to purchase modern equipment along with the recruitment of skilled staff. The skilled and experienced employees would be given priority because such individuals do not need much training. The employees who will work well will also be given incentives and reward to increase their motivation. The talented employees will be retained through incentives and career growth. It is highly essential to focus on the betterment of employees, and our business will focus on employees career growth and provide them with all the things they need (Spender, 2014).
- Campbell, D., Edgar, D., & Stonehouse, G. (2011). Business Strategy: An Introduction (3 ed.). Macmillan International Higher Education.
- Kotler, P. T., & Armstrong, G. (2017). Principles of Marketing (17 ed.). Pearson Education.
- SINHA, G. (2012). FINANCIAL STATEMENT ANALYSIS. PHI Learning Pvt. Ltd.
- Spender, J.-C. (2014). Business Strategy: Managing Uncertainty, Opportunity, and Enterprise. OUP Oxford.