Question

IN GOD WE TRUST is the name of their Business Venture Established in May 2018. IN GOD WE TRUST comprises Undergraduate Students from the University of Professional Studies who studied Management of Small and Medium Enterprise. After their National Service they decided to start a Poultry Business. IN GOD WE TRUST overarching purpose for establishing a Poultry Business was to become the leading producers of Quality Poultry Products in the Poultry Industry within their catchment area of Business operation. IN GOD WE TRUST is aware of the uncertainty within the Poultry Business all the same they resolved to go into it. Their opening capital form their own savings stood at GH 45,000.It is their Business Philosophy that the Success of the Business is entirely within their control and external control has insignificant or no impact on their Business Success They have done all the necessary documentation to get the Business registered at the Registrar General Department with the name IN GOD WE TRUST. IN GOD WE TRUST have acquired an acre of land around Dodowa area for the Poultry Business. By July 2018 Business started in Ernest with the aim of making a huge sales during the 2018 Christmas festivities. IN GOD WE TRUST is aware of the fact that potential customers are not homogenous because they have different needs, wants, taste, income level and characteristics. One way by which they can get larger share of the market in the next three to five years is to concentrate more on customers in the middle level income, Small and Medium Scale Restaurants and satisfy their needs, wants, interest and specification of Packaging. Sales will also increase all things being equal if their price offer is the lowest possible (within the Poultry business) in the next three to five years. They agreed to make their offer the lowest possible price to increase sales volume in the next three to five years. IN GOD WE TRUST even though in their first year of operation has identified a controllable tactical marketing tools that it combines to produce the desire response in the larger market With their Knowledge skills and competencies acquired in the Management of Small and Medium Enterprise they were able to prepare a statement showing their financial position as at 31/12/ 2018. One item that is of importance to IN GOD WE TRUST as at 31/12/2018 was their current assets and current liability .The current liability was three times the current assets. IN GOD WE TRUST was alarmed and approached Fidelity Bank for a Loan Facility. The Loan Facility Director of the Fidelity Bank requested that IN GOD WE TRUST furnish them with a written document describing the direction the business is taking, what its goals are, where it wants to be and how it is going to get there, is a fundamental perquisite that is to be satisfied before the loan is granted. IN GOD WE TRUST by the end of February have forwarded all the documents required by Fidelity Bank Fidelity Bank in a letter to IN GOD WE TRUST agreed to provide them with a loan facility to the tune of five hundred thousand Ghana cedis (GH 500,000) at the rate of one percent (1%) interest per annum. IN GOD WE TRUST in their letter of response, have also agreed in principle to all the conditions attached to the loan facility.Additionally, Fidelity Bank agreed to introduce IN GOD WE TRUST to HAMDALLAH POULTRY FARMS that helps new and startup business to develop by providing service such as management training , Business advice and office space. They needed to engage in Market Survey to have an idea of how they can gain entrance into the Market. This they will be able to know the Market players in the Poultry Industry. Another important project that is worth carrying out is to systematically gather information and analyze these information concerning other Poultry Farmers trends and activities within their area of operation, in order to further their Objective. This Project has been very successful and IN GOD WE TRUST is of the view that they stand to gain a competitive advantage within the Poultry industry if they utilize the findings of the Project. IN GOD WE TRUST also want to maximize the advantage of being small to the year 2025 To ensure prudent management of the business financial position for development, growth, sustenance and realization of its profit motives in the short-long term through the deployment of sound financial practices such as effective record-keeping, frequent inventory taking, monitoring of cash coming and going out of IN GOD WE TRUST, other relevant accounting control measures and strategic sourcing and disbursement of funds will be strictly adhered to. From the Case study read above identify the sentence(s) or phrase(s) that indicate each of the concept below and explain 1 Mission Statement 2 Balance Sheet 3 Cost Leadership Strategy 4 Focus Strategy 5 Current Ration/ Working capital Ratio

Answer 1

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