manage finances Kanittha

KANITTHA SUWANNASA

NO.802

FINANCE MANAGE

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.

The address is 175-181 Oxford Street. Bondi Junction 2022

Phone Number : +612 9389 0771

Fax : +612 9389 0538

PO Box 516

Bondi Junction NSW 1355

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. This means Bondi Junction Meeting Places will be able to make a lot of profitability out of the rooms because the rooms and service does not requires a lot of expenses.

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.

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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 is not spending a lot money of advertising. Meaning that the number of customers is not increasing a lot.

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 highest 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.

Bondi Junction Meeting Places will provide discounted services during these periods which will get more customers and will mean that less rooms are being unused. Also during important business dates such as half yearly sales and Christ and summer holiday sales business need to hold more frequent meetings ad that is when Bondi Junction must ensure that as many rooms are available as possible.

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. Advertising campaigns can be quite expensive depending on the type and amount of advertising.

Saving money with expenses – This will be from the profits that are made. Many expenses are not necessary and waste valuable money. The expenses should be monitored carefully and essential expenses must take priority. These expenses are things like decorations and catering expenses which can be budgeted and controlled.

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. If the petty cash rising too fast, it is difficult to control the petty cash and the business will need more investments. The petty cash should be balanced with other assets…

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