Business Scenario Stitches
Introduction
Stitches is a clothing base company, basically it is a developing business. The Stitches business build revenue, and the company has responsible to build the customer relationship. However, the business improving team can begin with marketing, as well as the organization has increased the production growth. On the other hand, the company sales will be increased based on sales growth.
Company background
The Hepburn set up a new proprietorship with Stitches, basically it a GST registered business that sells sewing machines to the general public, as well as the business supply maintenance service of the machine. The company is established at 1st June, 2018. This company basically follows the Australian Economy. There are three types of sewing sell machine such as
SWINGER Portable, TAILOR Deluxe, AUDREY Vintage.
Business opportunities
The Australian e-commerce market is forecast to be worth USD 12.8 billion (approx) in 2016, and is expected to increase to USD 18.7 billion (approx) by 2020, at a projected growth rate of 9.87% per year. Cross-border online shopping is on the rise globally, and Australia is no exception. E-commerce is variable it changes every day with change in nature. New technologies and features have helped level the playing field with traditional retailers. Improvements to shopping cart software have created a quicker, smoother, more customer-friendly shopping experience. Live chat for helping the customers who are having problem in shopping is a great advantage for these companies. Stitches are also an e-commerce company having these opportunities. The use of big data analytics could be an opportunity for this company to understand customer preferences in a better way. Social media sites provide free or low-cost promotions. The women’s apparel industry is growing all the time. Australia has become a more often source for manufacturing women apparel and importing or exporting them to entirely new market. Technology advancement in machinery are also opportunities when the technology makes production or distribution faster or increases its scale, such as machines that cut more garment pieces at a time. Stitches, being an Australian online women’s apparel site they have great opportunities by advancing their technology in machinery.
Rules and Regulation
Fashion industry in Australia has been subjected to legal regulations, from sumptuary laws that limit who can wear certain garments to trade restrictions and varying degrees of intellectual property protection. The laws are mainly divided in different categories like – intellectual, financing and corporate structures, manufacturing, marketing, retail, ethics, sustainability and economic development, international trade and modeling law. Where intellectual property includes the intellectual property protection been a substantial legal concern in fashion brands. Financing and corporate structures includes the law for the issues like the widespread use of factoring, the influx of private equality investment and initial public offerings by major fashion brands (Panayotou, 2016.). Manufacturing faces the legal issues in production of clothing and accessories include the issues of worker safety and other labor practices, garment district zoning and source indication. Marketing faces the legal issues addressed in connection with marketing include labeling requirements, licensing and deceptive advertising. Retail faces the legal issues connected with the retail environment, which include consumer data privacy and the security of credit card information and real estate leasing and ownership. Ethics, sustainability, and economic development faces important problems like organic certification, green washing, fair trade fashion, etc. International trade faces the problems like grey market goods, import and export, custom duties etc. Modeling law faces issues like the regulation of models’ weight in places such as Madrid, Milan and Israel, efforts to curb fashion-related human trafficking. However, these are the important rules and regulations of clothing industries in Australia.
Economic growth
Australia’s economy delectably, surprised most of the analysts when it grew at its fastest to sustain an expansion. Operators in the clothing retailing industry have faced several challenges over the past five years, including cautious consumer spending, intense competition and rising rent costs. The clothing industry’s revenue is expected to grow at an annualized rate of 2.4%(approx) over the five years through 2018-19 to $ 17.1 billion(approx). Australia became the country with the largest median wealth per adult. Textile industry is global and it plays a vital role in economic development of a country(Ishihara and Ching, 2019). Now, innovation has been the most important factor for the economic growth of the textile industry. Textile industry always needed advanced techniques, together, has been the most important component of long time economic growth. Fashion is now having a big impact not only in the established fashion centers on the cost but also in the small cities of the country. This industry provides employment to a huge mass of population. There are companies who are into e-commerce targeting a huge customer base on their comfort level. There are small companies creating great revenues and participating in the economic development of the country. Companies like Stitches who are actually an e- commerce company are getting better in making revenues day by day, as there is a lot of improvement in the Australian economy (Amiram, et al 2015). This kind of online fabric companies gives employment to a huge mass – including the designers, computer programmers, lawyers, accountant, copywriters, project managers, social media developers, etc. hence, these companies create a great impact on the economic growth of the country.
Financial Statement
Depreciation
In this company, there are two types of depreciation that is straight way and another is reducing balance method. The Stitches can apply the depreciation based on the straight line method. Basically, the company had apply straight line depreciation on the furniture. Here the cost of assets is $23650 (incl GST). There are the depreciation value is fixed for 8 years, the salvage value is $9000, according to the straight line depreciation method, the depreciation value is $1831.25.
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Business Plan For SME Enterprise
1.0 Executive Summary
SME Enterprise represents a contact centre for in-bound and outbound calls along with telemarketing services.SME International is already a well-known organization in the world and it will be beneficial for them to open a contact centre in Dubai. As Dubai has created an impact in the IT industry too; it will be quite beneficial for SME International to collaborate with a contact centre for telemarketing their services.It will be a brand new contact centre which is scheduled to be located in the free economic zone called Dubai Internet City.
This is a solution of Business Plan For SME Enterprise in which we discuss SME Enterprise.
Introduction
SME Enterprise represents a contact centre for in-bound and outbound calls along with telemarketing services.SME International is already a well-known organization in the world and it will be beneficial for them to open a contact centre in Dubai. As Dubai has created an impact in the IT industry too; it will be quite beneficial for SME International to collaborate with a contact centre for telemarketing their services.
It will be a brand new contact centre which is scheduled to be located in the free economic zone called Dubai Internet City. SME Enterprise will also be involved in the taxation related services. Initially, PESTEL and SWOT analysis will be carried out to know about the current status of the company and know if it would be able to stand out in the marketplace.More Know About:- Computer Software Assignment Help
Thereafter, market research will be carried out by interviewing different personnel from renowned contact centres. This market research will lead to many stipulations which were confirmed before the business establishment. It will also be noted that the business will be undergoing loss in the first two years but it will recovered positively in the third year.
The company has decided to keep the manpower of 22 people for the first two years and then, in the third year; the manpower will be increased to 30. Initially, privilege will be given to the marketing and advertisement with adequate funding and opportunities so that the company can create a base.
The net present value of the company for the first 3 years will be negative but it will be recovered as the time increases. All in all, the company is looking forward for the long-term establishment in UAE.
Company Summary
Various companies have set-up their own contact centres for their business reasons for meeting their requirements. These needs are related to the deliverance of particular functions with partial or almost no future plan which is supposed to be in compliance and in synchronization with further enhancements.
These organizations also get stuck with the provision of minimal fundamental services for end customers. Now, SME International is looking forward for expansion with a long-term vision. Therefore, they have decided to create a joint venture with the contact centre for conveying information about their services to clients.
There are constant updates in the contact centre industry due to the factor of technology which makes it totally difficult for companies to anticipate changes and get updated. It is also difficult to manage the manpower and find the skilled staff.
The brand new concept of Burned Agent makes it quite crucial for different companies which are particular small scale integration companies. There is another factor of consideration which stays in the form of the cost for all the small scale as well as medium scale businesses. It is a very challenging factor for the organization.
Most of customers for the company will be those firms that need high level of communication between each-other along with their clients too. Therefore, the expected customers are anticipated to be related with medical services along with those companies that are willing for outsourcing their first-level support for the help desk.
By concentrating upon such market segments like these with definite and specific requirements; SME Enterprise will be capable of serving their clients in a better way. They will also be able to provide top-notch services which are quite effectual than various other call centre organizations.Read More About:- Computer Systems Development Assignment Help
Vision
SME Enterpriselooks forward towards providing their clients with top-notch call centre services round the clock. This company thrives to offer premium quality services which will be delivered in a cost-effective and timely manner.
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