Pros and Cons of Partnership as a form of business
Partnership is a form of business where one or more individuals come together for the realization of a common economic goal. As with other forms of businesses, there are numerous pros and cons that come with it. One of the primary advantages is the pooling of resources that can be used for the achievement of the common goal. These common resources can include capital as well as skills needed for the successful execution of the business objectives. Another advantage is the lower rate of taxation. The profits from the business is treated as personal tax and so, the slabs are much lower. Lastly, it offers a high degree of flexibility and is simpler than many other forms of businesses such as corporations.
Partnership comes with its disadvantages as well. Firstly, partners have a joint and several liability which means they are liable for the actions of other partners and that of the firm as a whole (Hanson, 1998). The skills of each partner may vary and this can compromise on the success of the entire business. Besides, decision making and dealing with incompetent partners can become difficult and in many cases, it may be hard to find common values among different members.
In short, partnership comes with many advantages and disadvantages and it is up to the individual partners to decide what is best for them.
Funding options for small businesses
Entrepreneurship is the heart of American business and economy. Small businesses continue to play a major role in the economy today and this is why starting and funding them is easy and simplified. There are many ways to fund a small business and we will look into four broad options. The first option is to fund the business from the personal savings of the entrepreneur or by borrowing from friends and relatives. While this is a good option to start with, there is a limit on the availability of money. So, the business has to eventually look at other options for expanding and sustaining the business.
One of the popular options is to take a loan from a financial institution. The U.S. Small Business Administration also offers loans at subsidized rates to encourage small businesses. If the business is a non-profit one, then federal grants may be available as a funding option. However, the rules for getting a federal grant is stringent and may not be applicable to all businesses (sba.gov, 2012). Venture capitalists are those that fund businesses during the initial and expansion stages to get a share in the success of the company later on. This is also another viable option for entrepreneurs.
Managerial accounting and its role in product costing, incremental analysis and budgeting
Managerial accounting is an integral part of every business and it supports the planning, controlling and decision making processes of the company. One of its important role is in product costing. While financial accounting looks at the actual costs incurred, managerial accounting provides the kind of information that will help the managers to understand the reasons behind the cost and what can be done to lower it without compromising on the quality of the product. Incremental analysis is the information that helps managers to analyze the alternate revenues or costs for each product and how these alternatives can impact the current and future of the business. Managerial accounting helps with decision making regarding the acquisition of a new business, closure of an existing segment, buying vs. making a product and so on through incremental analysis. Lastly, managerial accounting is a forward-looking approach to accounting and helps managers with budgeting for the future (Warren, Reeve and Duchac, 2011).
Basic components of marketing process
Marketing is an essential aspect of every business and its basic components include audience analysis, situation analysis, SWOT analysis, setting goals, devising strategies, implementation and evaluation (Moore and Pareek, 2010). Audience analysis is an understanding of the demographics of the target audience and their mindset to get a better idea of how best to reach out to them. Situation analysis is the process of understanding the internal and external factors that can impact the marketing process while SWOT analysis helps a company to better evaluate its strengths and weaknesses with respect to the market and competitors. Based on these analysis, the marketing team should set goals for the company and devise strategies that will help them to reach these goals. Lastly, the strategies should be well-implemented and evaluated from time to ensure that it meets the marketing goals and changes can be made as and when necessary to achieve these goals.
Role of social responsibility and technology in marketing process
Social responsibility and technology cover every aspect of business because this is the only way that any company can stay in touch with its community and also keep abreast of the changes happening in its field. Social responsibility helps a marketing team to strike a common chord with the customers and to have a better working relationship with its suppliers and distributors. Also, when a marketing strategy revolves around community, it provides wider reach for the company’s products and a better reputation that can lead to increased customer loyalty (Schlegelmilch, 1996).
Its also equally important for the company to stay on top of existing technology to ensure that its benefits are well-used by the company to further its profits.
Hanson, Mary. (1998). The Business Adviser Partnership: The Pros and Cons. Bizadvisor.com. Retrieved from: http://bizadvisor.com/PartnershipProsandCons.htm
US Small Business Administration. (2012). Retrieved from: http://www.sba.gov/
Warren, Carl; Reeve, James; Duchac, Jonathan. (2011). Managerial Accounting. California: Cengage Learning.
Moore, Karl. Pareek, Niketh. (2010). Marketing: The Basics. New York: Taylor & Grancis.
Schlegelmich, Bodo. (1996). Marketing and Social Responsibility. Bingley: MCB University Press Limited.
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