Steps To Start A Successful Decorator Business And Accounting In BP Plc Essay.

Create a Plan

1. In order to succeed in decorator business following steps should be taken into consideration by David:

Create a plan: Decorator business mainly involves preparation, delivery, decoration and presentation. It is necessary to arrange for contracts and also understand how market works and limitations and benefits of it. It is important to arrange for decoration services as well as tent services and to decide what will be your reach. Hence, a proper plan is needed for everything.

Decide niche: It is important to decide a niche for yourself in order to have decent start as there is always a scope for improvement. Firstly, David can start its business from decorating birthday parties, then marriages and then bigger events. It is important to wisely choose services that will make people happy and that can be managed solely at initial level of decoration business. It is also necessary to build trust of customers through products and services as decoration business is basically a source of creating presentation and show skill and better management (Blank 2020).

Permission and licenses: It is primarily important to take permission to open a decorator business and for that many approvals are needed from government and many tests have to be performed to get license to start an decorator business. Firstly, if place is rented then permission from landlord is required for using space commercially as taxes will be charged on that on basis of commercial regulation. Then application for four-five licenses should be done which includes GST registration, fire license etc.

Decorative and equipment: For starting decorator business it is important to have proper equipment and decorative so as style destination and make it beautiful. It mainly depends on understanding what materials are needed so for that a list of decorative needs to be prepared (Kim, Kim and Jeon 2018). All materials such as big poled, cello tape etc are of prime importance and it cannot be compromised.  

Understand customer: Needs of customer should be given more focus. Variety of products demanded by customers should be kept in mind and stocks should be kept up and products quality should be best. Concerns and queries of customer should be given priority (Bocken, N.M and Kraaijenhagen 2018).  

Finding a delivery system: Decorator business is connected through services delivered to customers so it is important to select a reliable delivery system that is it should be prompt and it should have strict contract. When services provided is punctual then customers will prefer your decorator business.

Generation of funds: While starting a decoration business principal investment will be needed so David has to invest a principal amount in business so as to run the business.

Competition analysis: Level of competition should be taken into consideration and based on that David should develop business strategy.

Marketing on various platforms: Marketing is very important for the success of business. Social media is used by all people around globe. Putting pages on Facebook, Instagram, investing in marketing offline will help in bringing attraction of audience in business. David can also ask existing customers to recommend decorator business facility with friends (Central 2019). Putting small hoarding and putting ads with discounts and offers are very helpful for success of business.

Hence, all above-mentioned steps will help David in making his decorator business successful. It is recommended to David to manage business well and keep cool head and talk to potential customers.

2. Accounting is a process which is used for analysing, recording, summarizing transactions which are resulting from operations of business over a period of time. Based on information disclosed in financial statement of business decision makers make effective decisions. Accounting is a way which is used by businesses for keeping track of operations and for ascertaining financial health of business. Hence, data provided in financial statement helps lenders and investors in decisions making.

Companies listed on London Stock Exchange includes BP plc. In BP plc important decisions are taken by board of directors (BP Plc 2022). Authority for executive management is delegated by the board to chief executive officer. Execution of strategy of company is taken by leadership team of CEO under day- to -day authority for management of company delegated to CEO. Board is also responsible looking at culture and value of BP. Importance of effective management with shareholders is also recognised by board. Board is accountable for making sure that corporate governance of company is in line with duties under UK corporate law, corporate governance code of FRC’s (Corporate governance 2022). Effectiveness of financial reporting, internal control system, risk management of BP is monitored by audit committee. On the basis of definition of accounting, accountants are mainly responsible for recording of daily transactions of company and compiling those transactions in financial statement. Hence, accountants are responsible for recording, summarising, analysing and giving information for making decisions. Therefore, based on discussion it can be said that majority of decisions are take by board led by the CEO of the company.

Reference

(2022) Annualreports.com. Available at: https://www.annualreports.com/HostedData/AnnualReports/PDF/LSE_BP_2020.pdf (Accessed: 9 January 2022).

Blank, S., 2020. The four steps to the epiphany: successful strategies for products that win. John Wiley & Sons.

Bocken, N.M., Schuit, C.S. and Kraaijenhagen, C., 2018. Experimenting with a circular business model: Lessons from eight cases. Environmental innovation and societal transitions, 28, pp.79-95.

Central, A. (2019) 8 Steps to Start a Successful Decorating Business, Asicentral.com. Available at: https://www.asicentral.com/news/web-exclusive/april-2019/8-steps-to-start-a-successful-decorating-business/ (Accessed: 9 January 2022).

Corporate governance | Investors | Home (2022). Available at: https://www.bp.com/en/global/corporate/investors/governance.html (Accessed: 9 January 2022).

Kim, B., Kim, H. and Jeon, Y., 2018. Critical success factors of a design startup business. Sustainability, 10(9), p.2981.