Business Essentials - Important to Establish a Budget - Business Assignment Help

Assignment Task :

Task 1 - MANDATORY

Please note that once a business idea has been chosen, it cannot be changed. The same business ideas has to be used for all portfolio tasks that follow. 

Part A

What is your business idea? Clearly state with justification the business, the sector, location, how the business is going to operate (e.g. online, high street, both). Also, briefly state the reasons you think the business is a good idea, how it is going to meet the needs of its customers in a new and innovative way that is not already met by existing businesses. Include a table that identifies some of your key competitors, explaining why you consider them competition. Note that this first part is all about justifying WHY you want to do this and should be supported with evidence wherever possible.

Part B

What are the four most important objectives for your new business?

• Objectives should start with the word to. For example: To make it easier for people to find copies of older books and specialist literary novels

• Objectives should be relevant to your business idea. Each objective needs to be briefly explained and the justification of the importance of each objective should also be given. 

Out of the different forms of ownership (e.g. sole trader, partner), which ones is the most suitable for your business and why?

• State why this form of ownership is the most suitable, giving at least two referenced examples to support your justification. Failure to do so will not score a pass mark

Task 2

This assessment builds upon the activities assigned for portfolio tasks 1 and 2, where business ideas and objectives were established and a PESTLE analysis of the external environment was carried out. 

This task is concerned with the launch event of a business. This is the moment you introduce the market and the media to your business, what it does and what it has to offer. This type of event can be very expensive, however, and it is important that you keep a tight control of costs.  To help achieve this it is important to establish a budget for the event. 

It would be helpful for you to review the lecture and seminar on budgeting and managing cash flow.  Both the lecture and seminar contain example budget templates that you could use to guide your launch event budget.

Consistency with previous portfolio tasks is needed. For example, if one of your objectives was about high quality then you should make sure that your marketing plan is consistent with this objective. It is recommended that you re-read the portfolio submissions for tasks 1 and 2 before starting this task. 

Part A Defining your Launch Event

You should write a statement that describes the launch event you intend to hold.  This should include what format the event will take (e.g. what form of social gathering, will there be a business presentation and or a celebrity opening, will food be served), when (day time evening weekend) and where the event is going to take place (on site off site).

You should make sure that you justify the choices you make in the context of your business description and its objectives that you submitted in assessments 1 and 2.  

• If you intend to spend a lot of money on food and entertainment, for instance, how is this compatible with the business objectives and image?

• If you chose to invite a celebrity, for example, why have you invited them and how they will help you achieve your business objectives?

You should also explain whom you intend to invite, including overall numbers, and why they should be invited.

Answers that just describe will not score high marks.  It is really important that you justify your choices in relation to your proposed business.

Part B Producing a budget

The lecture on budgeting and cash flow introduced you to the concept and importance of budgeting. Using the budget templates provided to you in this lecture and its accompanying seminar, please construct a budget for your event. These templates are only a guide and you will need to modify them to make sure the budget items included are relevant to your event.

Your budget will be judged on both whether it includes all of the major cost items your event will incur together with whether the costs you include are realistic.  You will need to carry out research to find realistic costs to include in your budget.

Whenever possible you should give notes at the bottom of the budget to explain and reference where your costs have come from.

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