CI7600 Buisness Planning Assignment Sample
Introduction
The essay will focus upon the development new tech organisation, which will be outlined through several aspects for new venture formation. The chosen business structure for the company shall be a Private limited organisation (limited by shares). Private limited organisation has been chosen against other available business structures due the fact that it helps the business owner(s) to makes their own decision with the involvement of several other parties involved in the business. Adding to that, the following discussion would also focus on different business vehicles and their corporation and taxation problems that will possibly emerge during the operation in the marketplace. The private origination would be a company limited by shares where the amount of money invested in the business is limited to the amount money invested by the shareholders. Adding to this, the process of investments will be discussed along with the role of Companies Houses in case of starting a private origination in the markets of UK. In this process, the needs of investment and capital will be analysed along with displaying several different ways to attract investors. Moreover, several tools will be analysed to understand the business planning process, structure and requirements. Additionally, the essay will focus on different alternative management structures that will help in organising the operations successfully. Several issues regarding labour and human resources will also be discussed that are resorting the business to be successful. Furthermore, as management is the most important function of an organisation, the essay will efficiently demonstrate challenges and issues that linked with the management of sole proprietorship.
Discussion
1. Different business vehicles available in the UK
The term business vehicle is extensively used for the purpose of transportations of material goods rather than solely passengers. A business vehicle will have the capacity of carrying three or more passengers; however, behind the seating area, there will be space that can be specifically used for goods or material transportation. This feature makes up for the majority of the contribution by the business vehicles. There are several types of business vehicles such as panel vans which are used for the transportation of goods with a seating area of two people in the front of the Van (Car keys, 2017). Pick-up trucks are another business vehicles, which are often used by families for goods transportation rather than moving cargo. These trucks have an opening in the rear only for loading and unloading goods. On the other hand, dropside vans are also used for commercial goods transportation; however, the opening of the van is at the side allowing more accessibility to people while removing and adding goods. Another business vehicle is a tipper van with similar features to dropside vans. The major difference between both the vans is that the tipper van is equipped with a hydraulic ramp, which has the ability to tilt and drop the items from the rear portion of the van making it easier to unload.
Merits of business vehicles
The merits of business vehicles in the UK can be largely reflected with the evaluation of increasing leasing on business vehicles. The topmost attribute, in this case, highlights the consideration of improved cash flow from a business perspective by reducing relational transportation costs. Leasing vehicles eventually required comparatively less financial support that can allow a business to ensure its operations within the predetermined budget (Reinhardt et al. 2019). Moreover, the consideration of a fixed cost across a pre-agreed period of time can also be noticed in business vehicles leasing.
Another merit of business vehicles in this case highlights improved safety attributes for potential organisational staff and employees. Moreover, business vehicles can also play a positive role by conceptualising reduced time consumption in the case of supplying or importing raw materials and others. However, a greater proportion of electric vehicles can be reflected in the UK market that highlights the eco-friendliness of business vehicles that can eventually ensure cost optimisation to some extent (Cooper et al. 2019). The businesses might not be required to bear the cost of fuel that might save a substantial amount of money. As an example, the context of panel vans and pickup trucks can be considered. This vehicle is utilised for goods transportation for short distances. Similarly, pickup trucks are ultimately preferred for transporting goods and products from one city to another.
Issues of corporate and personal taxation
As demonstrated by Beasley et al. (2021), corporate tax can also be termed as the corporation tax of the company tax that is directly put on the income of the company by the government of the respective country. This tax varies from one country to another country as different countries have different jurisdictions. On the other hand, personal tax is the tax that is being directed by the government on every individual’s income. As mentioned by Beasley et al. (2021), these taxes are deducted through employee salaries and wages. Most of the taxpayers do not have to pay the entire amount of tax due to their deduction in healthcare and other expenses like education. These taxes also vary from country to country due to the laws and systems of the government. Furthermore, both the taxation causes several issues for the taxpayers.
As suggested by Chen et al. (2021), the world has recently been hit by a huge health crisis, which has shaken the entire economy of the countries, which has the possibility that it will create some burden on the payers. Moreover, the changes in regulatory and technological emergence are putting pressure on businesses and individuals. As identified by Adam et al. (2021), the corporate sector is having challenges in withholding the system of VAT, electronic payment, reduced level of automation, limited taxpayers and many more. However, individuals are having issues such as a lack of understanding and attention about the tax obligation along with a lack of support from the government (Watanabe, 2021).
2. Process of new venture formation
Role of Companies Houses
Companies House has been acting as a profound directory that includes detailed information regarding an organisation. This is a UK government agency that is responsible for incorporating and dissolving private limited companies. In this case, the prime responsibility of the Companies House is to approve the incorporation of limited organisations (Signori and Vismara, 2018). Available services of the Companies House eventually reflect the provision of postal and online organisational formation services. Along with this, the Companies House also maintains a detailed public register containing adequate information regarding the incorporated organisations. However, the consequences of electronic filing and data facilities for companies are also offered by Companies House. In this context, few information services are also aligned for entire public. Beta services can be noticed from the perspective of Companies House which is a free facility delivering access to each public data held by Companies House on respective UK businesses (Hardman, 2021). For evidence, it can be stated that a limited company can be registered through Companies House via online with proactive involvement of a private organisations representative or agent or the Web Incorporation Service.
Need for obtaining investment and working capital finances
Adequate investment is required for empowering the financial base of an emerging venture, which will be supportive for ensuring their business flexibility. Through extended financial investment, an organisation might be able to profoundly in hence their business stability and feasibility with product or service differentiation. It might also serve beneficial for an organisation in terms of supporting their unique selling proposition generated in the form of adequate financial investment (Dyer et al. 2019).
Similar attributes can be reflected from the perspective of working capital finance for the formation of a new venture. This is ultimately utilised for funding and organisational investment in short-term assets (Mahmood et al. 2019). These might include inventory and accounts receivable and others. Moreover, sufficient working capital financing can also deliver liquidity to an organisation based on which they will be able to find their regular business activities including the prospects of payroll and others.
Ways to attract investments from eg. venture capital or business angels
Different procedures can be followed for attracting investment for a business. The topmost concern, in this case, highlights the attributes of venture capital investment. It is considered a private equity investment that delivers adequate capital for business organisations with high growth potential in exchange for an equity stake. Apart from that, the concept of business angel investment can also be considered for ensuring adequate financial support. The angel investors are usually recognised as well the private investors who ultimately focus on providing financial support to the small business ventures in exchange for equity (Sabarinathan, 2019). Angel investment can accept highly squinches when monthly payments are not required.
3. Analysis of the business planning process
Dependence of the planning process on the nature of the business structure and likely finance requirements
Business planning is an essential part of setting up a business and this allows an organisation to develop strategies for both the short and long term operation. There are various business planning tools that can be utilised by the organisation in order to achieve a competitive edge right after starting its operation while also helping the organisation to manage its internal and external operations (Mansoori and Lackeus, 2020). It is essential to consider an appropriate and effective business planning tool as this includes all the financial and non-financial information linked with the business plan.
LivePlan
This business plan tool comes with a lot of templates that can improve the aesthetics of the business plan and help in simplifying the overall design of the business plan. The interface of LivePlan has been designed in a manner that can be easily comprehensible and is also user-friendly, which makes it a better choice for individuals who have not yet used any planning tools before. The tutorial for the software also comes along with step-by-step instructions which can help in developing a quick and effective business plan in a very short period of time (Nerd wallet, 2021).
Some of the key features of this software are the availability of affordable plans as well as “pay as you go” options. Furthermore, it also includes contracts that are short term and has no cancellation fees along with a guarantee of money back within 60 days of use. Furthermore, it also offers an intuitive interface that is modern as well as cloud-based and can be used on both PC and Mac. The presence of cloud-based support increases the effectiveness of this entire tool as data can be synchronised from these machines just with the help of the internet (Sankaran et al. 2019).
However, the utilisation of this tool also has a few disadvantages that the company can consider such as the options of limited integration and in some cases, it has also been seen that individuals might find it difficult to learn. Even, affordable pricing strategy makes it a quite decent service when it comes to the development of business planning (Nerd wallet, 2021).
GoSmallBiz
This is another business planning software that can be utilised by the company to continuously improve their business plan by making changes in subsequent stages whenever required. One of the advantages of using this tool for business planning is the unlimited business consultation it provides along with a dedicated online library that’s extensive in terms of resources (Kepczynski et al. 2019). Apart from that, this tool also offers consultation regarding website analysis and assessment of the overall business which can be an effective way to plan and manage business in long run. This tool also provides business plan templates for specific industries, which emphasize financial projections and statements and therefore, it can be an effective way to manage the financial aspects linked with the business plan. This also has a few disadvantages such as the monthly expense which can be higher for small business organisations (Nerd wallet, 2021). Apart from that, business plan that can be developed through this planning tool cannot be fully exported to Microsoft word which can create problems in terms of further editing or printing purpose. Not only that, but the user interface of this tool is also outdated, which turns out to be a great disadvantage compared to the other options that are available for private organisations to use.
Enloop
This is another business planning tool that can be taken into consideration. The most attractive feature of this business planning tool is its free to use a feature where organisations might not need to pay for a majority of their operations. The business planning tool comes with 7 days free trial where are organisations do not need to enter their credit card details hence it makes it totally worthy tool. Compared to the other two tools, this is much more straightforward and is only dedicated to create business plans (Wilmsen et al. 2019). Moreover, this tool is also integrated with artificial intelligence that helps in streamlining documenting the process and also comes with the provision of discounts and affordable plans specially designed for small businesses. However, the disadvantages of using this tool for business planning can be the limited options of resources it offers as well as the template that can be used which in this case is only one. Furthermore, it also has an integration option which makes it less resourceful for large business corporations that look forward to a dedicated user interface (Nerd wallet, 2021).
When it comes to business planning, it has also been seen that the financial requirements of an organisation determine the entire planning process. In this regard, generic tools such as Gantt charts and budgeting can be utilised by the business while developing their business plan. Moreover, the organisation can also shortlist and compare the different tools that have been mentioned above in order to identify the need, scope and requirement of a business planning tool that suits the needs of the organisation (Sadullayevich et al. 2021)
4. Alternative management structures and ways to organise operations
Different business management structures can be noticed based on which the business organisations might be able to efficiently lead their services in the current market. These might include hierarchical structure, functional structure, divisional structure, decentralized structure and others. The hierarchical structure reflects a systematic formation of an organisational leadership and management (Alrabiah and Drew, 2020). The board of directors takes the top place in hierarchical structure under which respective members and employees operate. The functional structure is almost similar to hierarchical structure which allows employees to focus on their rule by encouraging specialisation. The divisional structure allows an organisation to have profound control over their own resources.
However, decentralised management structure reflects the consideration of daily operations and decision-making responsibilities to be delegated by the top of the organisational management to lower and middle-level managers (Gazafroudi et al. 2019). In this case, the managers are provided with adequate authority for considering valuable business decisions on behalf of the organisational business welfare. In this regard the private origination needs to develop a functional or business structure. Based on the above discussion, a functional business structure is more affective in running a new business that is willing to utilise the full potential of the human and non human resources. The example of Tesla can be taken into consideration which incorporates the functional business structure and is emerging to be one of the most competitive EV automobile originations in the global market (Panmore, 2018). Tesla mostly due to its functional structure has been growing at a rate of 48.19% CAGR and has also increased its annual revenue by 28.31% in a matter of 1 year from 2019 to 2020 (Backlinko, 2021). (Refer to appendix 1)
Demonstration of business analysis tools
Business analysis tools Microsoft Office, SWOT and others are used by organisations to determine the effectiveness of the company’s internal operations. The organisational and management structure of the private organisations greatly influences the kind of business analysis tool a company would utilise for their business purpose (Urdea et al. 2021). Management structures that are hierarchical in nature often required a higher level of control and dominance over their human resources and in this regard, analytical tools such as Microsoft Office can help in achieving a higher level of connectivity. While, on the other hand, functional structures and divisional structures are more dependent upon regional head offices. In this regard analysis tools can allow organisations to determine their strengths and weaknesses based on which strategies can be developed for addressing the threats and weaknesses of the company (Gabryelczvk, 2018).
5. Formulation of marketing and sales strategy
The sales and marketing strategy is another essential aspect that the organisation needs to consider in terms of receiving the desired level of revenue and profit. In terms of marketing strategy, the organisation may consider the utilisation of 4p marketing mix strategy. The utilisation of a 4p marketing mix allows the organisation to specifically focus upon 4 distinct aspects with Marketing that is product place price and promotion.
As a part of the 4P marketing mix the organisation into a specific developer product that has a specific demand in the market. This allows the organisation to cater to a specific segment of consumers present in the market that can help the organisation to generate the desired level of sales (Shkurkin et al. 2017). Instance if the private organisations developing a product and that does not have high demand in the market then it is highly likely that the organisation would not be able to achieve its desired level of sales.
Similarly, the place of operation is another determinant factor when conducting marketing operations and, in this regard, the place determines the market within which the private organisations choose to operate in. It is essential for the organisation to choose the market specifically as the potential of the market would determine the number of sales and profitability it can generate.
Promotion is another aspect of the 4p marketing mix model where private organisations need to constantly promote their product by using various advertisement channels (Sainio, 2021.). In this regard, the company can use both digital and traditional means of advertising in order to achieve the highest rate of organic conversion in terms of potential customers. This increases the brand visibility of the organisation quite effectively and also helps the organisation to establish its brand image in the market. Moreover, the promotion also allows private organisations to connect with their target customers with it is essential for companies that are newly entering the market (Malshe and Krush, 2020).
Finally, pricing is another major aspect that is part of the marketing mix model where organisations need to develop a pricing strategy that suits the needs requirements and capability of the target customers. In this regard or organisations can choose to either adopt a flexible pricing strategy or a premium pricing strategy however it is entirely dependent upon the customer Persona and the kind of purchasing power they have (Cortez and Johnston, 2018). For consumers that have a higher purchasing power organisations use a premium pricing strategy to achieve the highest level of profitability whereas consumers that do not have high purchasing power are often attracted by a flexible pricing strategy.
6. Labour and human resources issues
Labour and human resources area individuals who can be referred to as the human capital of the organisation. As identified by Lee et al. (2020), without the involvement of human resources, the organisation will be unable to operate properly along with maintaining the reputation and preventing the company from possible challenges and threats. In order to operate business successfully it has become very efficient to understand the possible labour and human resources issues and challenges. As mentioned by Rath et al. (2021), compliance with employment regulation and laws has become one of the most significant challenges that business owners are struggling with in present days. Sometimes, the business owner tries to neglect the rules and laws, which have the possibility of destroying the organisation along with several lawsuits (Monteiro et al. 2021).
Lack of skilled labour is another challenge, which can severely affect the business operation and its productivity. The more the labour and human resources will be efficient there is the possibility that they will be successful in their operation in the marketplace. As demonstrated by Brewster and Söderström (2017), dealing with the vehicle’s needs requires a more skilled workforce as it is the most responsible task to have a quality check of every single product before it is purchased. The lack of skilled workforce will eventually lead to high training cost, increase of errors, lower productivity and losses of customers (Monteiro et al. 2021).
As the business starts to grow, it becomes essential to strategize the management to prevent certain human resource problems. It is the responsibility of the organisation to take care of their human resources, as they are the only ones whose potential will take the business towards success in a short span of time. As suggested by Lee et al. (2020), employees finds it difficult to cope up with the changes in the organisation, which can lead to low morale and lessen productivity that should be looked after by the business effectively. If labour and human resources are not skilled then it automatically turns out to be a trouble for the organisation (Brewster and Söderström, 2017).
Training and development needs capital and several skilled professionals who will be able to teach every single task and make them understand about the motive of the business organisation. As demonstrated by Rath et al. (2021), it becomes a challenge for the organisation if they implement technological innovation in their corporation because the workers will be unable to operate effectively. Therefore, training and development becomes a challenge for the organisation to make their human resource more skilled and innovative. As suggested by García-Sánchez et al. (2018), technology is evolving day by day and with its transformation the business organisations are also adopting technological innovation in their daily operation to be sustainable and efficient. Sometimes it becomes a total failure for the organisation to adopt better technological advancement because the workforces are unable to understand its importance and advantages (Sánchez-Bayón and Aznar, 2020).
Furthermore, work timing and wages is one of the huge challenges that are interlinked with labour and human resources. The workforce always wants to work at their work time along with attaining the wages as per their demands. As mentioned by Sánchez-Bayón and Aznar (2020), it becomes very struggling for the business, as they are not able to cooperate with their human resources effectively. One of the other challenges is the safety of labour, which is a mandatory task to be looked after by the business organisation (Vrchota et al. 2020). It comes under the responsibility to look after the workforce’s health and safety, excessive burden over them can hinder their physical and mental health, which can later become the huge mistakes made by an organisation ever. Furthermore, there are certain issues like physical abuses, compensation problems, illegal dismissals, sexual harassments and many more, which create huge fuss in the organisation if the human resource not gets, managed appropriately (García-Sánchez et al. 2018).
Retaining the employees is the most complex task, as they need proper understanding and opportunity in the organisation along with being able to maintain their work-life balance. As demonstrated by Macke and Genari (2019), there are several processes through which the key members can be retained that will possibly provide advantages for their future business dealings. Furthermore, the human resource needs to understand their value and responsibility that will motivate them to work harder and it will eventually improve the respect for the organisation (Rodríguez-Sánchez et al. 2020). The more rewards and recognition will be provided to the employee the more they will be boosted towards their responsibility for the business. It is very important to establish better communication with human resources as it will prevent possible conflicts and threats. Furthermore, it is very essential to educate them and train them which will help the human resource to improve their skills and creatively. Proving flexibility and identifying their performance level will help the business organisation to retain their labour and human resources more efficiently (Breitenmoser and Bader, 2021).
7. Demonstration of issues arising in the management of ‘knowledge workers’ and information management systems
Knowledge workers are one of the most essential assets of the companies, they have the ability to turn the profitability of the company by establishing new ideas in the business. Knowledge workers are said to be those workers whose main skill is knowledge of several genres such as programmers, designers, technicians and others. They have the ability to present a certain design and program to the companies which can facilitate in increasing the innovation and therefore the profitability of the company. Therefore, companies always want to manage the knowledge workers appropriately because of their limited availability in the market as well as their previous experiences (Rees and Gold, 2020). However, due to several managemental issues, the companies are facing problems with knowledge worker retention. At times, it can be seen in companies that appropriate leadership styles are absent, for instance, companies adopting bureaucratic styles of leadership can face issues with lack of innovation from the side of knowledge workers as the communication is restricted between the management and the others. Therefore, appropriate leadership styles like transformational and laissez-faire can be adopted through which the knowledge workers also feel motivated due to the participative nature of the leaders. Furthermore, the innovation can also be facilitated through appropriate communication among the workers and the management.
Work culture also contributes to the management of the knowledge workers to a great extent. It can be said that the market is lacking with the experienced skills of the knowledge workers, therefore their skills of knowledge are always on demand by the other companies (Franco-Santos and Doherty, 2017). Despite the fair payment of salary, the culture needs to be healthy in the company for the mental well-being of the employees without which they might want to shift to other companies with better work-culture.
Indulgence of the information management system in the organisations of automotive has extensive importance. The industries choose information management systems such as ERP-SAP because it has functionality that is required for the operations of the business. These systems such as SAP or ORACLE have several benefits, however, alongside benefits, it brings several challenges which the industries encounter. SAP is used by several different organisations and therefore, it is not pre-customised according to the requirement of the organisation. Furthermore, if an organisation is able to customise the application of ERP, it does not mean that it is easy to operate (Tier point, 2021). In fact, the more customized a solution will be, the risk of misconfiguration increases, which can eventually lead to failure of application and lead to security issues. Moreover, once the system is configured, it needs to be recalibrated every time according to the needs of the organisation with every enhancement or new version of the system. Another challenge that could be identified is that SAP requires specific sets of skills that can architect, optimise and implement the system. A critical mission is that the system will test every element of the organisation starting from the infrastructures to the services of the cloud and beyond. It is quite likely that the implemented system also depends on third-party applications such as supply chain planning applications and CRM which will further need to be accounted for at the time of implementation during every other update and enhancements (Wang et al. 2017). Adding to that, SAP requires too many resources for the management of day-to-day activities. Keeping up with the technical requirements of the system can be a time taking task for organisations. Furthermore, the obsolescence of hardware can have effects on the performance of the system. For several organisations, it gets critical to engage their capital in the hardware in order to maintain the performance of the SAP.
8. Impact of emerging technologies on future trading
Technological advancements in various areas of business have been preparing the growth and effectiveness of different business corporations. In this regard emerging technologies have also played a major role in terms of determining the effectiveness of trading. Both international and domestic trading has been affected in a quite positive manner due to the emergence of technology is such as blockchain, big data, artificial intelligence and cloud computing (Newbery et al. 2018).
Artificial intelligence is another imaging technology that has revolutionized domestic and global trading between organisations (Esmaeilian et al. 2020). Artificial intelligence has reduced the amount of human labour required by an organisation to calculate and optimise business processes. In the present generation, artificial intelligence is being utilised for developing business forecasts which is much more accurate and effective compared to conventional or traditional business forecasting methods (Li et al. 2017). One of the key advantages of using artificial intelligence against traditional methods is that artificial intelligence can be continuously used for days and months without fatigue or drop in performance. Not only that, but the utilisation of artificial intelligence has also allowed business organisations to improve the cost-efficiency of the overall business as companies are now able to do more with much less investment in human resources. Rather the organisation is scaling down the human resources and utilising them for other purposes where manpower is more essential. Adding to that, artificial intelligence has also allowed business organisations to use automation which has reduced the requirement for continuous monitoring of business operations and this is one of the most advantages for the position of using artificial intelligence for trading (Newbery et al. 2018). The utilisation of artificial intelligence has also benefited business organisations in terms of their production facilities which comes in handy for automotive companies in terms of designing and developing new vehicles in a much more effective and secure manner. For instance, BMW is one of the originations that has incorporated the use of AI in their R&D of new vehicles (Embedded computing, 2021). The incorporation of BMW has been successful in this regard and this can be determined by the 33% growth in their sales. (Refer to appendix 2)
Cloud computing is another emerging technology that has allowed business organisations to increase their effectiveness and much more with the help of the internet. Cloud computing has allowed organisations to utilise the internet to store data in large quantities which can be accessed by a specific set of determined stakeholders of the organisation. Cloud computing has also increased the effectiveness in which the organisations utilise human resources as well as other financial and non-financial resources (Morkunas et al. 2019). Cloud computing has also improved the functionalities of business by allowing companies to operate remotely. The scope of such opportunity with the help of cloud computing has revolutionized trade as companies have now eliminated and are now operating remote teams that operate on a global scale. As a result of which disease has created opportunities for even small organisations to globalise business and cater to a large number of consumers in the global market. nonetheless in terms of domestic markets cloud computing has also increased its effectiveness as organisations are able to utilise the internet of things to connect with their customers and suppliers in real-time (Rohrbeck et al. 2018).
However, it has also been seen that utilisation of cloud computing also comes with the risk of data security and this is also a growing problem linked with emerging technology. Data security has created concerns for organisations that have planned to use cloud computing or are using cloud computing. As a result of which developers are continuously working to make cloud platforms safe and secure for storing data (Arvidsson et al. 2018). Apart from that, another array linked with the use of cloud computing is that the data centres are at constant risk of physical harm. Therefore, top cloud computing service providers have multiple data centres and this increases the overall operational costs and these are levied upon the customers and the end-users. As a result of which small organisations or companies that are newly entering the market cannot feasibly utilise cloud computing throughout their organisation.
9. Legal, regulatory and compliance issues
The automotive industry is a fast-moving industry that needs to follow several legal laws in order to operate a business without any interruptions from the government. However, in the recent period, various important issues are being addressed by the industry such as risk shifting for warranty issues, cybersecurity and data privacy, licensing, road permits, emissions and intellectual properties (Nat law reviews, 2021). As the companies begin to shift from human drivers to autonomous drivers, managing the risks of warranty with the software and electrical systems can be the key in order to mitigate issues. Furthermore, with the new technologies or features in the cars, licensing presents OEMs (original equipment manufacturers) an opportunity in order to lower the cost through saving on the cost of developing intellectual property rights and enforcement. However, licensing also poses various legal risks as at the time of the licencing agreement, one should always consider the exclusivity of the features of the licence. Ownership of any modification in the features of licence and ownership which is derived from the driver’s usage of the vehicle with such features needs to be considered by the company. The industry should protect its intellectual properties and use strong confidentiality for its technological assets in order to abstain from any unauthorised activity.
Government has set a regulatory framework for the smooth operation of the automotive industry. Intervention of government is specifically important for the functioning of the companies with proper measures. The developed technologies have increased the chances of breaches in the software and information systems of the computers (Taeihagh and Lim, 2019). Therefore, the government has set up certain laws which allow the company to secure its data. Furthermore, the regulations in respect to the emission from the companies need to be strictly abided by the companies, otherwise, the companies can face several consequences and also it can result in winding up of the company in extreme cases. The road permits need to be abided by as per the regulatory framework set by the government. However, the laws and regulatory framework have been established for the betterment of the company as well as the environment. At times, it can be seen that companies do not abide strictly by the laws and operate as per their requirement in order to maximise profitability (Cath et al. 2018). In such cases, the government can take severe steps if notified and might result in paying heavy compensation. While establishing a company, abiding by the legal laws and regulatory framework are the key part of operating a business in the country.
Compliance with the government laws and regulatory framework is essential for the companies in order to sustain in the market. Automotive industries face certain complicated issues with the employment laws established by the government. According to such laws, the employees in the company need to be paid complying with the minimum wage payment law. Furthermore, the employees need to be treated with respect and dignity and abide by ethics (Lim and Taeihagh, 2018). The government is further planning to increase the minimum wage rate of the employees.
Conclusion
Based on the overall understanding of this entire essay, it can be concluded that the business is critically involved in the formation of the private limited origination. The discussion helps in the understating of the various process involved in the formation of a private limited company. In this context, the report has undertaken several different aspects, which have been discussed above in the study. Different business vehicles have been showcased that are valuable in the UK market such as pickup trucks, panel vans and dropside vans that are illustrated respectively. Adding to this, several merits of business vehicles has been highlighted along with several different issues that are related to corporate and personal taxation. Furthermore, the entire process of new venture formation is described along with an explanation of the reason behind the financial requirements as well. Moreover, formulation of market strategy is being showcased which is followed with labour and human resources problems along with evaluating several ways to retain the key members for future business efficiencies. Furthermore, the utilisation of information management like ER-SAP and ORACLE has been generated. At last, the report is being concluded with the new emerging technologies in future trading along with illustrating legal and regulatory issues.
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