Business Report

1252 words - 5 pages

Business report- Fast Flowers MuswellbrookExecutive summaryFast Flowers Muswellbrook is an Australian company that started in 1999, initially opening up two florist shops in Sydney CBD and Melbourne CBD. They eventually started expanding the store nationally due to its excessive success. Fast flowers are now one of the most recognised and trusted florist businesses in the country. This business report will be addressing their business goals, their approaches to management, coordination of key business functions, financial performance and ethical business behaviour.Business GoalsA business goal is a desired outcome or target that an individual or business intends to achieve within a certain time frame. When operating a business, the owner generally striving to achieve two types of goals which are; financial goals and non-financial goals.Financial Goals- can be short or long term and it is a goal set around finance or money.Maximising profits occurs when there is a maximum difference between the total revenue coming into the business and total costs being paid out. Not only do Fast flowers want to make profit, but they also want to maximise their profit in order to increase the expansion of the company.Increase market share refers to the business's share of the total industry sales for a particular product. This is an important goal for Fast flowers if they want to dominate the market and other competitions, because small market gains turn into large profits eventually.Maximise growth Fast Flowers can achieve internal growth by employing more people, introduce new products and increase their sales in order to eventually maximise the businesses growth. They can also achieve external growth by merging with other businesses which could assist the business's further expansionImprove share price if Fast flowers wish to be further their success, they would need to maximise the returns of their shareholders.Non-Financial Goals- refers to increasing customer loyalty and goodwill, product quality improvements and community betterment.Social goals- in order to operate Fast Flowers, this business have certain social responsibilities. While carefully adopting strategies that will both benefit the community and achieving financial goals E.g. community service and social justice. This can lead to promotions and good reputation to the community.Environmental goals- The business adopts practices that benefit the environment such as recycling and regenerating which reduces the impact on the planet's health and the future generations of businesses are not negatively impacted.Personal goals of owners and managers- Fast flowers have a number of personal goals that will benefit the company such as planning to receive a higher income or improving the businesses' current financial statement and security.Approaches to managementFast flowers stress the need for flexibility and adaption of management practices and ideas to suit changing circumstances. This approach is known...

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