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Entrepreneurship: Advice On Starting A Business

3636 words - 15 pages

The venture to be the owner of an accounting and tax service provider is not a small task, and you have realized the challenges that many experience in starting their own business. Fortunately, you have taken steps early within the life of your new business in an attempt to correct any problems and learn from past mistakes in order to be successful in the future. In our previous communications you mention that you started your own business because you wanted to work in your own community, have the flexibility of owning your own business, while also being able to make a good living, and these are all worthy motivators for a fledgling business owner. You have earned your degree and your ...view middle of the document...

These recommendations should assist you in planning, organizing, leading, and controlling your new business so that you will be able to realize your dream of owning your own successful business. Using Fayol’s principles of management; planning, organizing, leading, and controlling, will assist in outlining a plan of action that will help you to become a better manager and a good leader (Principles of Management, n.d., Ch.3, p. 7-8 & Norman, 2014)

The Importance of Planning: A Mission, Vision, and Strategic Plan
Planning is integral to success. All businesses should have a mission statement, or “a reason for their existence and how the business aims to serve its key stakeholders,” and you have developed a mission for Smith’s Accounting and Tax Service, as well as an initial marketing strategy in order to meet your initial objectives of gaining customers (Principles of Management, n.d., Ch. 4, p. 7-9). Smith’s Accounting and Tax Service mission statement is:
“To be the accounting office of choice for small business owners who need accounting services, and the tax service of choice for small businesses and individuals in your community.”
The initial marketing strategy was to advertise and provide convenience to small businesses with the catchy motto “Have laptop, will travel.” Smith’s Accounting and Tax Services marketed their services to the right demographic as portrayed in the amount of business you were able to obtain in a short amount of time, as well as provided a great customer service feature by going to the offices and homes of customers where they feel comfortable and have all their information readily available, and this added service saves the customer time in having to travel back and forth from their home or place of business, as time is money. The mission statement is related to all employees as evidenced by newly hired CPAs filing in the range of 100 to 175 new tax returns each for the year.
Smith’s Accounting and Tax Service lacks a communicated vision statement: where do you see, and what do you want for your business in the future? The lack of vision can account for some of the problems that you have experienced because key stakeholders are left to wonder what the goals of the organization are. Goals will assist in forming objectives that you can use to measure the progress of your business and how close you are to success. Objectives should be concise, relative, timely, quantifiable, and accurately project a clear path to your goals (Iveta, 2012 & Principles of Management, Ch. 6, p. 6). Establishing a vision statement will assist you in setting goals and objectives that you can measure to see if you are on track to reach your vision.

Additionally, Smith’s Accounting and Tax Service should have completed an analysis to determine the company’s strengths, weaknesses, opportunities and threats (SWOT) to determine strategies that would have assisted in planning for the organization of resources to control the...

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