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Bookkeeping - financial transactions

Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, in-come, and payments by an individual or organization. Bookkeeping is usually performed by a book-keeper.

BOOKKEEPING

 

Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, in-come, and payments by an individual or organization. Bookkeeping is usually performed by a book-keeper.

 

1 Steps to start a small scale industry

 

The following are steps to start a small scale industry

 

            Description of the Business

 

            Product/Service

 

            The Location

 

            The Marketing Plan

 

            Competition

 

            Pricing and Sales

 

            Advertising and Public Relations

 

            The Management Plan

 

            Self-Paced Activity

 

            The Financial Management Plan.

 

2. Description of the business

 

The business description section is divided into three primary sections. Section 1 actually de-scribes about business, Section 2 describes about the product or service and Section 3 the location of business, and why this location is desirable.

 

3 Product / service

 

Try to describe the benefits of goods and services from your customers' perspective. Successful business owners know or at least have an idea of what their customers want or expect from them.

 

            How will the product or service benefit the customer?

 

            Which products/services are in demand? Will there be a steady flow of cash?

 

            What makes the product/service different and desirable?


4 THE LOCATION

 

The location of the business can play a decisive role in its success or failure. The location should be built around the customers, it should be accessible and it should provide a sense of security.

 

5 THE MARKETING PLAN

 

Marketing plays a vital role in successful business ventures. How well they market the business, along with a few other considerations, will ultimately determine degree of the success or failure. The key element of a successful marketing plan is to know about customers-their likes, dislikes, and expec-tations.

 

COMPETITION

 

Competition is a way of life. Nations compete for the consumer in the global marketplace, as do individual business owners. Advances in technology can send the profit margins of a successful business into a tailspin causing them to plummet overnight or within a few hours. When considering these and other factors, it can conclude that business is a highly competitive, volatile arena. Because of this volatility and competitiveness, it is important to know about competitors.

 

PRICING AND SALES

 

Pricing strategy is another marketing technique that can be used to improve overall competitive-ness. Get a feel for the pricing strategy the competitors are using. Determine prices in line with competi-tors in the market area and verify if they are in line with industry averages.

 

Some of the pricing strategies are:

 

            Retail cost and pricing

 

            Competitive position

 

            Pricing below competition

 

            Pricing above competition

 

            Price lining

 

            Multiple pricing

 

            Service costs, components and pricing (for service businesses only)

 

            Material costs

 

            Labor costs

 

            Overhead costs


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