One’s Diligence group project is a new business project, building a business plan that describes the relevant business sections that need attention of any business venture. The topics that are highlighted in our project are:
The financial review of the business- This covers the capital source, revenue generation, profit and loss analysis, cash inflow and outflow as well as project funding. As a new business, we consider venues for funding the business. Funding could come from banks, high-profile individual, or other financial institutions. Capital, we realized, could come from our savings or loans. For the business to be successful, we must also analyze the different ways to generate revenue. This can be through the sale of products or services in packages, monthly or a yearly subscription to services or sale of advertisement space, among other option highlighted in the project. We also need an accountant to overlook the profit and loss status of the business, as well as the cash inflow and outflow. To avoid misuse of funds, it is important to manage available funds and assets acquired by the business. This is done through the help of an accountant.
Legal requirements-another topic highlighted in the project is the legal requirements for the business. This indicates the legal status of the business in terms of acquisition if funds, employee rights, business environment and its use, price indexes, tax regulations, safety and quality requirements of services and products, and management’s legal status (Ravitch, 2010).
Market and commercial status of the company- a comprehensive analysis of the market segment of the company. This involves the marketing and advertisement strategies of the business, competitive analysis and marketing campaigns. We also explore different channels for advertising like the Internet and use of products and services.
Customer analysis- we identify our direct customers, how to attract and retain them and their preferences. We also identify the customer buying behavior and how to solve customer problems.
Employee selection, training and recruitment- employees are an important aspect of any company as they have direct contact with customers. Other areas under employee section are their salaries, wages and benefits.
Other important areas highlighted in the project are departmental relationships and establishment of departments, like the Information technology, sales and customer care departments (Zimmer, 2008).
The project offers a comprehensive description of these topics, offering recommendation and conclusion that are suitable for the development and success of the company.
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