Free Essay

Why I Choose 99 Speedmart

In: Business and Management

Submitted By iza13
Words 1045
Pages 5
* Company that I choose is 99 Speedmart at Dataran Selayang * The address 99 Speedmart at Dataran Selayang is No:1-G & 2-GJalan Dataran Selayang 1, Dataran Selayang68100, Batu Caves, Selangor. * The owner of 99 Speedmart is Mr. Lee Thiam Wah * Phone number 99 Speedmart Dataran Selayang is +060332917699 or +060332901199 * Website for 99 Speedmart is www.99speedmart.com.my * 99 Speedmart Dataran Selayang provide the products a wide variety of goods. Since 99speedmart are not a manufacturer, every item that they sell in the stores and all goods and services we use in day-to-day business operations must be supplied by vendors. * The business ownership structure for 99speedmart is sole proprietor business. * The 99 speedmart have been almost 6 years operation at Dataran Selayang * The current economic situation affected the business because the falling value of the ringgit, and a slowdown in the rate of economic growth. It makes the supplier increase the price of the goods and 99 speedmart need to get the best price discount from supplier cause 99 speedmart sell with the best lower prices.
For me , this is not the best ownership structure , because 99 speedmart Dataran Selayang is business ownership structure is sole proprietorship. As we know, sole proprietorship has many disadvantages from the advantages. One of the disadvantages is the limited of resources. If the business fails, the owner want to borrow the money to expand or start up the business, it will hard to get the resources from bank cause the bankers see it as business fail.
The best ownership structure for the business that I interview is partnership. Because two heads is better than one. The accomplices share the choice making and can help one another out when they have to. More accomplices means more brains that can be picked for business thoughts and for the taking care of issues that the business experiences. Accomplices can share the obligation of the running of the business. This will permit them to benefit as much as possible from their capacities. As opposed to part the administration and taking an equivalent offer of every business undertaking, they may well part the work as indicated by their aptitudes. So if one accomplice is great with figures, they may manage the accounting and records, while the other accomplice may have a flare for deals and thusly be the principle sales representative for the business.
A reason why the small business might have problems achieving success because of the ownership structure is no business plan. Before starting the business, the owner should take the time to develop a Business Plan. The plan will identify what the owner want for business to accomplish and the strategies that will utilize. Secondly, failure to pay attention to cash flow. In the early months of new business, monitoring cash flow is extremely important. It is really as simple as this, if you continue to spend more money than you bring in, you will soon be out of business.
Thirdly, poor execution. Poor customer service and overall employee incompetence will quickly sink the business. The manager should make sure employees place a premium on customer service, develop systems and processes for how tasks should be accomplished, and create internal controls to monitor them. Lastly, overspending. Many new entrepreneurs burn through their startup capital before their cash flow is positive. This often happens because of misconceptions about how business operates.
The measures that could be taken to avoid failure starting a business with a mission and purpose. A mission statement is a key tool that can be as important as in business plan. The mission statement reflects every facet of business that is the range and nature of the products offer such as pricing, quality, service, marketplace position, growth potential, and relationships with customers, suppliers, competitors and the community. Next , the measure that could be taken to achieve success is 99 Speedmart well organized and manage distribution center that provide the complete order cycle of services and able to achieve optimum economies of scale via bulk purchases of goods thereby achieving increased efficiency and reduced costs.
The 99 speedmart business benefit from a global business perspective is becoming an importer that can create more job opportunity in the factory for transportation, packaging, storage, and processing that could be benefit global business benefits and also to local socio economic. To becoming an export, 99 Speedmart can create more job opportunity for packaging and transportation that could benefit global business benefits and also to local socio economic.

The factor that 99 Speedmart might have challenges of business if encounter in global that can influence the usage of worldwide sourcing are political, lawful, and social contrasts between different nations. Also, endeavors need to confront issues like transportation, innovative and limit shortcomings underway, and need of administration frameworks. Different components are dialects boundaries, traditions, and exchange regulations. During the procedure of outsourcing, paying little respect to whether it is local, there is a danger of private data spilling thus, the focused favorable position of organizations is debilitated. The transportation and logistics systems are maybe not as dependable as in the nation of origin, which may bring about startling postponements.
Import and export taxes make it more costly for users of foreign products, causing a decrease in imports, a decrease in the supply of the good, and a subsequent increment in the cost of the good. The cost expand usually motivates the local maker to expand their output of the product. While the obligations in generally, buyers will consume less when charges rise and expend more when taxes fall
A few financial experts contend that the subsequent higher buyer costs, higher maker incomes and benefits, and higher government incomes make taxes an approach to successfully exchange cash from buyers to government treasuries. A few business analysts likewise contend tariffs interfere with free market ideals by occupying assets to domestic industries that are less effective than outside producers. In the contributing scene, taxes are additionally a noteworthy thought. A few exchanges trigger tax liabilities while others don't. The timing of purchasing and offering certain ventures may trigger diverse duty liabilities. At last, duties decrease returns, and wise investors will consider their belongings in the greater part of their financial decision.

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