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In this report, a new business associated with smart office consultancy services was analyzed and the various risks associated with it was also determined. Moreover, the various political, economic, technological, environmental, social and cultural issues that the concerned business has a chance of encountering was also discussed effectively in the report. In the report few management practices was highlighted which will assist in mitigating the determined issues. Furthermore, suitable recommendations were even provided for the same.
The main purpose of the report is to analyze a new business management practice in the country of Australia. Smart Office Advisor is the new business selected for the purpose of this report.
Smart Office Advisor will be making use of a B2B ( business to business) perspective in the course of their operation. The concerned business is associated with the task of working with other organizations and assist them in the process of establishing an agile infrastructure. This in turn will help the concerned organizations to make their functioning as well as their working life much more effective.
In this report, a Pestle analysis will be conducted of the selected business and the various risks associated with it would be determined. Furthermore, effective management practices would be proposed to minimize such risks with suitable recommendations.
The business of the Smart Office Advisor will include processes like mounting sensors for the lighting in the client’s office in a way such that there will no need for an individual to manually switch on or even off the lights. Moreover, the concerned smart office business work towards creating a warning system for the repair department employees of an organization, who will be notified with the sensor-based settings made by the Smart Office Advisor that a particular light has burnt out. The concerned business will also provide for a system that will automatically turn on a coffee pot, computer system as well as propose various sitting alignments of the employees of a particular organization with their smart products. Moreover, it has the potential to execute all of the above on the basis of the direction in which an individual in the organization is moving.
The size of the business is small and no huge investment would be required to begin with the same. The business even has the potential to work with one client at a time and only purchase those materials that will be required to set-up a smart infrastructure for that particular organization only. Moreover, there is also a high possibility that the business will rise and prosper and it will become a major requirement for the organizations as they grow.
Here are the few sources of capital for the Smart Office Advisor to embrace for their business:
In order to obtain finance from an angel investor, the concerned business would be required to take the following steps:
Since, the concerned smart office advisor business is a new business, wherein they don’t have sufficient funds to support their operations, they can simply bootstrap their business and apply for a APR ( Annual Percentage Rate) credit card for conducting the business (Venkatraman et al. 2016). Through the use of the card the concerned business can easily lend money for a certain span of time, with 0% rate of interest to conduct their business.
Here are the few risks that a new business-like smart office consulting service can encounter:
Through the above analysis it can be recommended that the concerned smart office consulting business needs to have an efficient risk-management plan of action in place. In this way the concerned business will be able to determine, explore, measure and give important consideration to the biggest threats posed to the business (Becker et al. 2015). The concerned business is also required to execute a plan of action that will be able to reduce as well as to eliminate such risks in a total manner. The concerned business should concentrate as well as safeguard their commercial activities and the individuals associated with it. In this way the business can prepare themselves to overcome any issues in the upcoming years.
It can be concluded from this report that starting a new business of smart office consultants in the country of Australia is a good choice. Since, Australia is a technologically advanced country the business will have a great scope in the country. However, it has the chance of facing numerous competitions in the field which could even generate loss for them. Moreover, the regulatory charges payable to government is also very high for a new business like it as they would be spending a major portion of their profits in the process of adhering to these regulatory frameworks. Furthermore, it is significant for the business to be prepared to face any kind of challenges which they are likely to face in the upcoming years. Additionally, in order to maintain a good image in the market, it is important for the concerned business to have a powerful sustainability as well as social profiles.
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