Managerial Functions on Starting a Sporting Goods Store Assignment

Managerial Functions on Starting a Sporting Goods Store - Assignment Example The store is likely to deal in a variety of sports goods supplied by different manufactures of national and international repute. According to North American Industry Classification System (NAICS), a sporting goods store may be defined as "an establishment primarily engaged in retailing new sporting goods, such as bicycles and bicycle parts; camping equipment; exercise and fitness equipment; athletic uniforms; specialty sports footwear; and sporting goods, equipment, and accessories".(Small Business Notes) Planning function is fundamental to any serious and time-bond activity. In business, the importance of planning activity cannot be over emphasized. It is commonly accepted that a well formulated plan is half done of what is required to be done in future. As remarked by Arnold S. Goldstein, a good business plan is the road map to success (Goldstein 2002). However, the activities to be performed at this stage differ from business to business. The various elements of planning process of the present business can be detailed as below: 2. Finding t an appropriate location for the shop: Location is very important as it determines how successful the business is. It is advisable to find a location near schools or colleges and/or near to stadium or sports grounds. 5. 3. Complying with the legal Formalities: The following requirements are to be completed before starting the business operations in the United States (State Requirements):- a. Getting Business Licenses b. Registration for Occupations and Professions c. Licenses Based on Products Sold d. Tax Registration e. Trade Name Registration, and f. Employer Registration 4. Strategic Planning: This requires the firm to frame appropriate long term plans for the firm to survive in a competitive and highly innovative business environment. 5. Financial Planning: Initially finance is required not only to meet start up capital but for meeting day to day working capital as well. The working capital requirement of a retail shop is relatively lower than that of manufacturing firms. 6. Finding suppliers: When selecting the suppliers, the manger should take care of the reputation and reliability of the supplier and must ensure that goods are available without interruption. It is also imperative that materials are at affordable prices and good quality. Organising It is basically a function of grouping of all activities of an organisation into various departments and determining the authority and responsibility of employees assigned to various groups/departments (Kroon 1995). Since the present organisation is of trading nature, it is better not to for very complicated organisation structure. Therefore, it has been decided to follow the functional approach of organisational structure where the entire activities are grouped into departments based on the nature of function. The following departments have been formed so as to