Formal Business Report

Business report on Starting a small Business Name: University: Date Due: Letter of Transmittal Name: Contact: Date: Prof.Leah K. Robinson Technical and business writing DepartmentUniversity: Dear Prof. Leah The enclosed is a copy of “Business Report on the topic, "What is involved in starting a small business?" in Humber college. This report summarizes the findings of my work that I completed in the winter 2011 on small business starting in Humber college environs. It is aimed at helping the future management and running of SMEs in my nation and it serves as an addition of information to the studies carried in this field. I completed the study in the allotted budget and time frame. A fully completed copy of this report will also be sent to the chairman of the department, and dean of the school to be used for the fulfillment of my educational certificate. As promised in the proposal, this report contains information on starting of SMEs. From research, I have deeply analyzed what is involved in starting, running a small business and its management. The report contains the key knowledge and skills that are required when running small enterprises, the risk involved and why many businesses fail in the first year of business. It outlines the recommendations for the continued long-term survival of SMEs. Incase you have any questions, suggestions or comments in regard to the interpretation to the report kindly contact me. Thank you for your cooperation and support in seeing the success of this report. Sincerely, Name:Enclosure: Final Report Table of contents Abstract……………………………………………………………………..................4 Executive summary…………………………………………………………................4 Main Text……………………………………………………………………...............4 Write a business plan………………………………………………….............5 Determine how you will make a profit………………………………..............5 Start with more savings than credit……………………………………............5 Protection………………………………………………………………...........5 Start small………………………………………………………………..........6 Get it in writing…………………………………………………………..........6 Keep your edge………………………………………………………..............6 Hire the right people……………………………………………………..........7 Create the right kind of employee relationship…………………………..........7 Settle bills, taxes and other liabilities on time……………………….........7 Methodology………………………………………………………………………......7 Recommendation………………………………………………………………….......8 Conclusion………………………………………………………………………….....9 References………………………………………………………………………………..10 1.0 Abstract After extensive filed study on starting small business enterprises, I can confidently conclude that starting a small business has been an upper hill task to many entrepreneurs who have at last subdued to the market competition forces and fallen. Besides, knowledge and skill are essential in running a small business to success. I recommend that governments should protect small businesses for the future of their economies as international competition will easily throttle small business enterprises. 2.0 Executive summary This report is aimed at identifying the critical issues on staring a small business. It will tackle issues such as developing a business plan, managing finance and cash flow, the legal environment in which the business is located, and gaining a competitive edge. All these steer business to success. Operating a small business is not just walk in the park, it is not just on working for yourself, it stretches further to include being in possession vital management skills, technical skills, industry expertise, finance and the long-term vision to grow and also succeed. 3.0 Main Text According to a study by London school of business (2003), 56% of all small businesses fail at their first 3 years of inception. This is mainly attributed to lack of prior advice before starting. Advice will help owners to understand the responsibilities and management skills that are needed. The findings of starting a successful business are analyzed in the following steps: 3.1 Write a business plan This serves a guide in all that you will do. The length of the plan doesn’t matter but of essence it should cover a cash flow analysis, profit and loss forecast, break even analysis, and even the costs involved in running the business. It will allow you to experiment your business strategy on paper. 3.2 Determine how you will make a profit Profit is the ultimate goal of any business. Examine clearly your business expenses and then forecast how muc...