Business
Business’s name
Ocean Wide Trading Pty Ltd
Introduction and overview of the business:
Ocean Wide Trading has been running for over a decade. This business deals with the importing and selling of fine furniture that has admirable quality at a considerate price. Ocean Wide Trading is a private company and is owned by three main shareholders. The owners of this business have gone through many risks with time and money consuming processes that have lead the success of this business. This business report covers and analyses the aspects of a business, coming across its finance, operations and marketing plans. It indicates an overall perception on how the business is run, its strengths and weaknesses and a lot more.
Classification of business:
Business Ownership/ Legal structure
The business is 40% owned by Johnny So. Another two shareholders hold the other 60% of the business. The legal structure of the business is therefore a proprietary (private) company, which has three shareholders who have limited liability protection
Prime Function:
The main objectives that the owners wished to retain, was a higher amount of profit, 3% - 5% yearly, and to increase its turnover by 25% yearly.
Mission Statement
For Ocean Wide Trading to be a company that provides unique, top-range furniture, which satisfy customer’s desired expectations. They seek fair and responsible profit, enough for the company to stay healthy in the long run and also for compensating owners and investors for their money, effort and risk.
Their direct quote is:
‘We plan to succeed in capitalizing our business so that our company will be nationally recognized as a business which provides high standard, exquisite furniture’.
Objectives:
Financial goals:
Financial goals for the business include domestic expansion into various areas, increase and broadening of customers, a consistent increase in sales and profit each year, opening the letter of credit, and broadening the stock.
Personal goals
Personal goals of the ‘boss’ had included “eventually becoming a millionaire”, and also to increase in the use of technological advantages and modern applications of running the business.
Social goals
To be nationally recognized as a business, which provides high standard, exquisite furniture.
Products Or Services:
The business’s main product is a wide range of timber goods i.e. - Furniture. These goods have been imported from the manufacturers, which is based overseas. This is because the supplied raw materials for the creation of these products are located
there and also because of the cheaper labor expenses of employees with required
craftsmanship, which can be found there. The semi- finished products are then bought off by Ocean Wide, and sold in the Australian market. This idea of importing from an overseas manufacturer has its complications but its further potential definitely surpasses its problems.
List of goods:
- Dining Furniture
- Bedroom furniture
- Lounge furniture (etc.)
- Timber joinery doors
- Repair and Refinement (service)
Details of the production process or the service to be offered
The manufacturers execute the actual production. Ocean Wide Trading first orders this to the supplier through fax, email, or phone. The stock is then [next page]