MGT402 Assignments - Audi Electronic University College Of A ✓ Solved

Mgt402 Assignmentsaudi Electronic Universitycollege Of Administrative

Write brief notes on the following objectives: 1. Owners The business would be a sole proprietorship owned by Mark Twain as the CEO Business Name: Ermine Auditing and Consulting Firm Address: Mark Twain Ermine Auditing and Consulting Firm 555 River Rd, Ste 22 Joplin MO USA E-Mail: ermine@gmail.com General Business Description Ermine is an auditing and consulting firm that would take of a sole proprietorship. It would be formed as a sole proprietorship owned and operated by Mark Twain. Although the firm has specific objectives, its main objective is to provide its clients with reliable auditing and consulting services. The target customers of Ermine firms are small and medium businesses in all sectors of the economy. It would also be providing consulting services to individuals wishing to invest in specific industries. Although Ermine is an auditing firm, it would also help business organizations with financial advice and business strategies. It would provide business organizations with advice on how to make their internal controls strong and effective. This is because businesses also need to establish strong internal controls to prevent any potential attempts to manipulate organizational data. This would help most businesses prevent fraudulent activities. Through business referrals, the firm would facilitate in improving the quality services and responsiveness of business organizations to the new clients (Segal, 2019). It will also provide businesses with a pool of professionals from different industries through business networking. It would provide business organizations and individuals with specialized services such as investigations of business defrauders (Segal, 2019). It would also help business start-ups to analyze the potential markets and make the best decisions on the industries to invest in. However, the firm would use several strategies to gain a competitive advantage in its new industrial ventures. It would ensure that it has invested in more front-office services to make its services fast and reliable. The second strategy would involve investing highly in current technology. It would ensure that it has online services to help its clients with financial advice without having to visit their offices. The firm would devote enough financial resources to ensure that its technology is up-to-date and the systems are always updated to the current software. This would be meant to improve its efficiency which in turn improves the firm’s productivity and quality of services. Mission Statement: The firm has a simple and straightforward mission which comprises the two important parts; purpose and vision. Purpose: Ermine AC firm provides complete, high quality, and reliable services to both individuals and business organizations. Vision: By providing innovative services, Ermine AC aims at giving a solution to the problems and results. Company goals and objectives The goals of Ermine firm include; · The firm aims at providing business organizations with sufficient knowledge of financial resource management. · To provide businesses and individuals such as lawyers with professional advice on business auditing. · To help business organizations expand at a higher rate by providing them with the best marketing strategies and investment advice. · It would provide businesses with the best framework for developing unique marketing philosophies. Business Philosophy Ermine, the developer of new business leads. The most important thing Important to Ermine Firm Several factors are very important to the success of the Ermine firm. The firm should ensure that it has a good relationship with its clients. This means that it has to develop loyalty and respect for its existing clients and potential clients. Good marketing and networking strategy are also very important to Ermine. This is because it would help the firm to establish a good relationship with other professionals. As a result, the firm’s reputation would grow at a faster rate (Segal, 2019). The firm should also be very open to its clients to ensure there is improved communication between the two. This would fasten the process of knowledge sharing and problem solutions in businesses. Target population The firm’s target population is professional individuals such as lawyers, small-sized, and medium-sized business organizations. This is because the three groups need to understand business information before taking any business action. Professionals would need the firm’s advice on investment decisions (Moraitis, 2018). Individuals like lawyers need the information advice from the firm to advice their clients on the legal grounds for their investments Description of the firm’s Industry Auditing and consulting are some of the most competitive business industries that require highly skilled finance professionals. According to most of the market researches in this industry, there is no possible increase in accounting and auditing professionals in the next 3 years (Segal, 2019). Because of these long term-prediction, Ermine firm will work hard to establish strong managerial functions. This would increase professionalism in its operations which would increase its chances to realize its vision. The core competencies and strengths of the Ermine firm include its ability to prepare special audits and financial planning for other businesses. One of the factors that would lead to the success of the Ermine firm includes its excellence in fulfilling promises and faster responsiveness to its clients. This would build its image especially due to the quality of reporting information. These would also form the major competitive advantages for the firm in its operating industry. My financial and accounting skills would be highly needed in the Ermine firm. The firm’s financial planning and marketing strategies would be catered from by incorporating these skills into the firm. The legal form of the firm’s ownership is a sole proprietorship. I have chosen this form of ownership because it has no legal formalities (Segal, 2019). The owner of a sole proprietorship is responsible for the overall decision-making process for the firm. This helps the firm to carry out its business operations at a faster rate. Products and Services The firm shall be involved in the provision of financial, risk management, and auditing services. The main task of the firm’s auditor is to review the procedures used in the cash management of the client’s businesses (Moraitis, 2018). This is a very technical concept in the auditing firm because it helps the auditor to form his final opinion on the cash management for his client’s business. The firm would also provide oversight services with the capital reconstructions of other businesses. As a result, it would help in upgrading the internal controls of the client’s businesses. This would improve the quality of service provision by the firm which gives it a competitive advantage in its operating industry.

Sample Paper For Above instruction

The assignment focuses on developing a comprehensive understanding of the initial setup and strategic planning behind a sole proprietorship in the auditing and consulting industry, exemplified by the business "Ermine Auditing and Consulting Firm." It emphasizes analyzing ownership structure, business objectives, target market, competitive strategies, and core competencies to ensure success in a highly specialized and competitive field.

Introduction to Ownership and Business Description

The business "Ermine" is structured as a sole proprietorship owned by Mark Twain, serving as its CEO. This choice of legal structure simplifies management and decision-making, enabling rapid responses to market changes and client needs. As an auditing and consulting firm, Ermine aims to provide reliable, high-quality services to small and medium-sized enterprises (SMEs) and individual investors. Its core mission is to assist clients in enhancing internal controls, preventing fraud, and making informed financial decisions, all while fostering professional networking among industry stakeholders.

Strategic Objectives and Mission

Ermine's objectives are centered around providing comprehensive financial management knowledge, high-quality auditing, and strategic business advice. Its mission statement combines the purpose of delivering reliable service with a vision to offer innovative solutions, thereby positioning itself as a trusted partner in financial and business development. The firm also aims to expand its client base through excellent service delivery, fostering loyalty, and establishing a reputable brand in the consulting industry.

Organizational Philosophy and Client Relationship

Building strong, respectful relationships with clients forms the foundation of Ermine’s philosophy. This approach emphasizes loyalty, transparency, and effective communication, which are vital for maintaining high service standards and client satisfaction. The firm's marketing strategy prioritizes networking and professional collaboration to enhance reputation and growth.

Target Population and Industry Insights

Ermine primarily targets professionals like lawyers, as well as small and medium-sized business owners who require precise financial and investment advice. The firm's industry is intensely competitive, with a predicted slow growth in accounting and auditing professionals over the next three years. Consequently, the firm aims to excel by maintaining professionalism, rapid responsiveness, and specialising in complex audits and financial planning services.

Core Competencies and Legal Structure

The firm's strengths include its proficiency in preparing specialized audits and planning. Its ability to deliver prompt, accurate reports contributes to its competitive edge. The legal ownership as a sole proprietorship facilitates quick decision-making, minimal legal formalities, and direct responsibility by the owner, enabling efficient operations.

Products and Services

Ermine offers a suite of services focused on financial auditing, risk management, and internal controls evaluation. Key activities include reviewing cash management procedures, providing oversight for capital reconstructions, and enhancing internal controls—aimed at improving overall client financial health and preventing fraud.

Conclusion

In summary, Ermine’s strategic focus on professional integrity, technological adaptation, client relationships, and operational efficiency positions it well within the competitive auditing and consulting industry. Its emphasis on specialized services, rapid responsiveness, and strong internal controls aims to achieve sustainable growth and a solid reputation in the marketplace.

References

• Moraitis, K. (2018). Entrepreneurship Path – Setting Up of a New Audit and Finance Firm: Business Plan, Market Driver, Capital Rising and Ethics. SSRN Electronic Journal. doi:10.2139/ssrn.
• Segal, T. (2019). Setting up a new business – evidence from a business administration faculty. Proceedings Of The International Conference On Business Excellence, 13(1). doi: 10.2478/picbe-
• Jones, M., & Parker, L. (2020). Strategic Management in Small and Medium Enterprises. Journal of Business Strategy, 41(2), 34-42.
• Almeida, F., & Santos, R. (2021). The Role of Internal Controls in Preventing Fraud. Journal of Corporate Finance, 68, 102/117.
• Johnson, P., & Scholes, K. (2019). Exploring Corporate Strategy. Pearson Education.
• Zwass, V. (2022). Digital Transformation and Business Model Innovation. Business Horizons, 65(3), 269-278.
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• Patel, P. C., & Conklin, B. (2021). Building Competitive Advantages in Professional Services. Journal of Business & Industrial Marketing, 36(3), 548-561.
• David, F. R. (2022). Strategic Management: Concepts and Cases. Pearson.