Monday, 24 June 2013

Week 11: SimVenture; Growing Pains

I tried to raise money to finance the company growth from loans from family and friends,overdraft.

I used some credit controls to help me raise funds.I collect my money from those debtors back by sending them a letter,phone call, for severe cases i send them a law suit or loan shark threat.

As my business expands, i released i have not enough space for my products at home. So i decided to relocate into a better place to allocate spaces for my products.

Time to employ one or more member of staff,as i cannot manage the whole business along it will lower my efficient rate.After determine their skills, i assign them to the department where they excel in, for example sales, i send them for sales training, therefore the sales and marketing is expanded to attract more potential customers. When the demand is there, i will held 10% discount in pricing that i ensure i will earn more profit as more buyers are willing to buy due to the discount.

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