Question

As 2020 Vancouver summer progresses, your friend is thinking of opening up an ice cream shop called ‘Rain, Snow or Shine’. Your friend heard that you completed the Financial Management course, and count on you to advise financial aspect of the ice cream shop adventure. What questions would you ask your friend and what advice would you offer?

Answer 1

Answer:

As a financial manager, I would ask my friend scarcely any appropriate inquiries or questions applicable to setting up a business.

• Is the business a proprietory or partnership?
• How is simply the capital raised -self/loved ones/crowdfunding?
• Have you evaluated the fixed expenses or the setup expenses ?
• Have you made any projections dependent on your accepted projections of cost and selling cost?
• Is the area directly for the trageted clients?

As an advise, I would advise him to concentrate on the business and be focused on it with no reasons. I would likewise advise him to keep a track with respect to all the costs and keep the business straightforward. He ought to likewise do whatever it takes not to enlist laborers only for it as it is a type of costs. One cannot maintain a strategic distance from the fixed expenses, yet one unquestionably can keep a tab on factor expenses.At a similar time, deliver the item according to cutomer desires and give satisfactory services.