Unit 16 P1, P3, P4, P5, P6

Unit 16 P1 – Introduction I am going to define my personal strengths, weaknesses, opportunities and threats.

Strengths Tangible/Intangible (Internal)

-         Good Communication Skills I know this because I find it easy to communicate with my peers and teachers

-         Good ICT and Computer skills with these skills will help me with basic administration       

-         I am Hard Working and Well Organized

-         I have good attendance and very punctual

-         I have good English and Numeracy skills

-         I’m also kind

Weaknesses Tangible/Intangible (Internal)

-         I am a shy person

-         Mathematics is not a strong point

-         I also do not have enough self confidence

Opportunities (Industrial/Macro)

-         To be able to continue studying and get qualifications, to gain more knowledge and experience

-         Get a job so I can earn a living and prepare myself for the future

-         To be able to get promoted to a higher Point in the business and maybe become a manger in the future

Treats

-         When I am under pressure my work does not have a great quality rather than when I am not under pressure.

     

      

    

  Unit 16 P3  - Describe how a small business can prepare to market and sell products or services:-

Marketing and Sales

Online Marketing Campaign: there are many ways that you are able to do marketing online such as social networks, this way is very effective because they are very cheap fees to pay and people use these sites  also to make in join to your profile or page or twitter is free this way you can share it with your friends and family. 

 Also Radio Advert are very cheap to because a lot of people still do listen to the radio this method is particularly good when trying to reach out to a specific group of people.

Another way is by creating an advert in a major newspaper for examples, the metro, sun or the evening standard because a vast majority of people read these newspapers on a daily basis.

To encourage a repeat customer you need to give the highest quality service you can offer to them and then surely enough they will recommend you to friends and families and this will help enable you to keep a good but stead profit margin and reputation 



If in the future sales become low this is a sign that you need to do some form of promotion to attract customers for example, BOGOF or 50% off discounts, these deals tend to attract customers these customers are known as discount customers.



Unit 16 P4 - Introduction - Describe the financial issues  that can affect preparation for business.
  

Borrowing money from family and friends – this is a good way of borrowing money because you do no need to pay them back straight away and you are also able to pay them back in many forms. This is a good investment for your business, but the down side is that they will feel like they are supposed to be a part of your decision making.

Borrowing money from the bank – you are able to borrow for a certain time period but the interest tends to go up over the years and you may end up paying of the loan or mortgage half way through your life.

Not maintaining an accurate financial record - you may owe a lot of money to banks or other company’s and not be aware or it could be the other way around. You could be loosing out on a great deal of money.