Catering Consulting Firm
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Our project is to create a consulting firm. The consulting is specific to the catering industry. Each team member is responsible for two topics within our consulting firm. The two topics required for consulting are in the financial aspects and commercial contracts.
Our consulting firm will help current catering businesses & prospective businesses in maximizing profits. We will help with ideas as to resources for funding their business and expanding. Our goal is to help in all aspects in making their business more efficient.
I need help with issues and ideas concerning financial issues and commercial accounts within the catering industry. Also I need to know what college business classes could prepare a student for this topic.
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Solution Summary
This solution is comprised of a detailed explanation to help with issues and ideas concerning financial issues and commercial accounts within the catering industry.
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Financial Issues
First, in order to consult the financial aspects, you need to know who your customer is. If your customer is a small business owner, you should suggest them that it is difficult for them to raise the capital needed through debt financing from banks or financial institutions because small businesses have a high rate risk of failure up to 70%. For this reason most small business owners do not get the required funds for raising capital to start, operate or expand their ventures. Although new entrepreneurs realize that their business ideas are good, the chances or risks involved in succeeding is also high. In fact, raising money to run the business involves losses at the beginning before the entrepreneur can achieve break even or profit. For this reason financial experts consider the option of equity financing for these new ventures. In addition, there is the option of bootstrap financing. This refers to equity financing generated from friends, relative, and the entrepreneur's private funds. Since most of these investors are familiar with the mode of business and trust the entrepreneur to succeed without much demand for returns, the entrepreneur can concentrate on business development and strategies for achieving business goals. However, bootstrap finance should be limited to initial equity financing or to expand current supply as the investors though willing to provide the funds they are still not keen on absorbing the risks.
On the other hand, ...
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