Bondi Junction Meeting Spaces fix

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Description

Bondi Junction Meeting Spaces fix

BONDI JUNCTIONS MEETING PLACES

Description

Location

We are located in the Royal arcade which is in the middle of Bondi. We are very close to the Westfield Shopping Centre so equipment and tools can be bought from Coles or other variety department stores and just a few steps away from the Bondi Train Station. This location is very convenient for all customers in Bondi junction or travelling to Bondi station. There are also a lot of buses which travel next to our building so it is convenient for all ways of travel.

Strengths

  • Cheaper prices compared to other competitors
  • Quality is still high due to being able to rent
  • The location is very convenient because it is close to shops, transport and easily accessible
  • The low cap expenditure needed is a great advantage for the company.
  • Weaknesses

  • The availability of the rooms are sometimes very limited the rooms are also used by other business such as the college.
  • The building itself is not a very attractive environment. There could be improvements in the interior.
  • The website is not easy to find and the website URL is a different name.
  • The marketing strategy of this business is not effective.
  • Services

    Prices

    Suite 12 – $700 (up to 7 hours)Suite 13 – $500 (up to 5 hours)Room 1.1, 2.1 or 2.2 – $300 (up to 5 hours)

    Prices may vary according to your requirements.

    PROFIT AND LOSS REVEIWS

    The first year of the profit and loss statement, the company was at a loss. The income was low, the staff salaries were almost higher than the income and the expenses made the business lose money. The costs were about $11,000 higher than the income of the company and therefore made the company lose some money. This is understandable in the first few years of a business because the business has not gotten all the customers and reputation that it needs to become a big company.

    The second year 1/07/2011-13/6/2012 was a very positive and successful year for Bondi Junction Places because they got a profit of more than $15,000 and $13,000 after tax. This was because the amount of income that came in was significantly higher than the cost of the employees and the expenses. This can show that investing money in the start of a business will really pay off in the end.

    Bondi Junction does not seem to be spending low money of advertising.

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    Bondi Junction Meeting Spaces fix
    Last updated: Feb 2024

    Page 1

    does not seem to be spending low money of advertising.

    The different Media which I would choose are Radio, Newspaper, Internet and Event/Brochures. This is because all of these methods of Media have high enough Cost Vs Reach.

    Television was not chosen because it is very expensive and isn’t as effective as the other methods.

    Critical dates and Resources

    During the weekend and Holiday period the company has promotions on the windows of the company buildings. This is to promote and attract customers to the company. This is the time when the company has the most amount of rooms available and has to get as any customers as possible. Spending money o advertising during this time is worth the amount of customers that will come in.

    During weekends and Holidays, there are no rooms taken by the college and therefore the company can gain more customers. This is also a time when most employees take a break and therefore will make it harder for Bondi Junction Meeting Places to find more customers.

    Addressing these resources

    These resources will be obtained by 4 ways.

  • Advertising – Advertising is important for any company and should be organised by a Promotional team. The promotional team is responsible for creating strong and effective advertising strategies that will not take too much money out of the budget.
  • Saving money with expenses – This will be from the profits that are made. Advertising campaigns can be quite expensive depending on the type and amount of advertising.
  • Petty Cash – This is the cash that has been made for investing and buying expenses. Without petty cash, the company won’t have back up money if the company is not getting profit.
  • Reinvesting Profits – though this may be difficult if the owners have no other sources of income, this method can improve the company’s growth and potential greatly. It can pay for large debts that will significantly reduce the amount of extra interest that will be needed to pay. It will also make owners be able to prove their position and will not dilute their ownership.
  • Statutory requirements

    The requirements for Bondi Junction Meeting Places are the taxes and insurances that are required for a business that hosts events. These statutory requirements are things like:

  • The Business GST – which is the goods and services tax which can be claimed from the customers. Meaning that customers will pay 10% for the GST. Bondi Junction Meeting Places will also have to pay 10% for renting the Venues.
  • PAYG tax – This tax benefits smaller business that do not earn as much revenue and gain. The tax is different because it involves the factor of how much you earn. Businesses that earn more, will be paying a higher percentage of tax rather than a smaller company which only pays a small tax. This means that the tax is dependent upon the revenue levels of businesses. low revenue companies will pay less tax than companies with a higher revenue.
  • The workers compensation insurance of the company employees is another statutory requirement. Insurances are a risk management system…
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    Bondi Junction Meeting Spaces fix
    Last updated: Feb 2024

    Page 2

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