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Basic Principles of Management - Essay Example

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The essay 'Basic Principles of Management' analyzes any business, whether small or big, has to be governed by the basic principles of management. It is generally seen that a successful small business evolves into a medium and, ultimately a large business…
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Basic Principles of Management
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Download file to see previous pages Finance/Credit
The cost of the building with the existing unit was 5000. Mobilizing such a huge amount was a nightmare. Somehow, I was able to mortgage my house and apply for a loan from the Bank of. My papers were cleared and I had been sanctioned an amount of 3000 from the bank, to be repaid over a period of ten years.
I was able to arrange the rest of the amount as loans from friends and relatives.
Next I had to think about the workers, their salaries, cost of renovations etc.
Workers
We decided to start with a minimum number of workers. The family members would have to pitch in as and when they had a chance. My wife and I would take care of the restaurant in the day and my college-going son was asked to help in the evenings, as the rush would be too much for the two of us to handle. So, we needed minimum help in the form of
1. cook-1
2. servers/helpers-2

Apportioning a salary of 100 for the cook, and 50 each for the servers, we would have the rest of the profits. The cost of raw materials had to be factored in, which would work out to 100 during lean days and any where from 200-300 during the tourist season.
Marketing
Investing a reasonable amount in marketing and creating consumer awareness has its own benefits for any business. We set aside a sum of 500 for placing advertisements in in-flight magazines, and pamphlets to be distributed at tourist spots. Once people starting visiting us, our reputation would depend more on the word of mouth. We had to be very careful in treating each customer and paying individual attention. Our place had to be spanking clean and customers could visit the kitchen if they so desired. The menu cards were designed with the cover having a picture of tourists at the local beach. The bright hues on the cover were appetizing enough to make the customer zoom through the menu. We finalized on initially offering 4 kinds of cuisines for the customers:  Italian, Spanish, American and of course, Arabic. ...Download file to see next pagesRead More
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