Perceived Control of Time at Work: An Exploration

The provided content seems to be a collection of various academic and business-related articles, books, and online resources. The topics covered range from financial analysis and valuation to corporate strategy, policy transfer, and entertainment industry economics. There are also some references on employee training and development, strategic staffing, and forecasting and stock control. It appears that the main theme is perceived control of time at work, with various authors sharing their perspectives on how individuals can better manage their time and prioritize tasks effectively.

Dissertation - Draft 3, 4
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Table of Contents
DRAFT - 4 Operational and legal requirements..................................................................................3
Legal requirements government import export...............................................................................3
Realistic stang requirements including contractors recruitment training remuneration and related
issues................................................................................................................................................4
Organisational structure stock control and labour estimates are realistic and analysed..................6
Draft- 5.................................................................................................................................................9
Identifying the sources of finance and capital required for commencing the new business...........9
Explaining the ways through which business idea will operate and function...............................10
Sales projection..............................................................................................................................11
Cash flow projection......................................................................................................................12
Income statement and balance sheet..............................................................................................13
Identifying the risk and strategy to manage these..........................................................................14
REFERENCES...................................................................................................................................15
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DRAFT - 4 OPERATIONAL AND LEGAL REQUIREMENTS
Legal requirements government import export
In order to successfully establish Indian apparel shop in Auckland, New Zealand owner must
focuses on assessing and determining the legal and operational requirements. Thus, it is said that for
establishing the new business they will require to follow certain legal and professional requirement
that will support the firm in improving their operations as well as reducing or lowering the legal
problems related with setting up the business (Importing and Exporting laws, 2016). Generally
there are few restrictions on owning, establishing as well as operating new businesses in Auckland,
New Zealand. However, with the help of using governmental online web site newly business can
easily complete their paper work. The legal requirement basically focuses on measuring importing
and exporting laws. Before starting the business it is required by the business to clear their goods
for import and export from The New Zealand Custom Services and The Ministry for Primary
Industries (MPI). Along with this, to start their business in Auckland, New Zealand Baba ethnic
wear make sure that they are allowed to import their merchandise (Phillips & Gully, 2015). In
addition to this, business needs to declare their clothing products that are coming in the New
Zealand. Business will also need to lodge the detail of their imported products and merchandise via
import entry clearance process with customs within 20 days after the clothing products arrive. There
are two ways in which Baba ethnic wear can easily lodge an import entry clearance that is through
online declaration websites or with the help of using software that is Electronic Data Interchange it
is termed as the international standardised platform for transferring data or information related with
business. Along with this, Baba ethnic wear need to get registered earlier lodging their import
certification (James, 2015). The two enrolments are related with registration of electronic commerce
network as well as with customs for declaring code.
As per the importing laws of New Zealand lodge entry mainly depends upon the monetary
value of products and goods that are imported by the business. In the situation if worth of goods are
less that $1,000 then company need to lodge electronic cargo information (ECI) that focuses on
rendering customs duty with the brief description of the clothing products. On the other hand, if the
worth of imported goods are more that $1,000 then Baba ethnic wear need to impose an import
entry related with goods (Kelsey, 2015). Along with this business also need to apply for the
consumer code as well as supplier code from the customs. In addition to this, clothing material or
apparels those are importing within the New Zealand are subjected to different charges, Duties as
GST charges. Moreover, the Baba ethnic wear will also taxable with imposing certain tariffs from
the New Zealand government.
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Along with this, there are different exporting laws that need to be consider by the Baba
ethnic wear for exporting their clothing apparels in the different region. Therefore, all the goods that
are exported by the Baba ethnic wear need to be declared (Prince, 2010). The company also
required to brief the certification for export clearance with the customs before 48 hours of loading
the goods for export. The export of goods will not be cleared until the New Zealand custom services
will not verify or confirm the detail of clothing apparels from export entry clearance and reviewed
with MPI.
Realistic stang requirements including contractors recruitment training remuneration and related
issues
Staffing process is related with recruitment and selection, training, retaining the human
resources so that business can be easily grown in the region. Depending on the magnitude of
clothing store; owner will focuses on recruiting and hire the candidate that features personal style
that matches the form of fashions (Kelsey, 2015). They will recruit certain candidate for the
successful establishment of clothing apparels shops in New Zealand. Baba ethnic wear will recruit
different staff that will focus on conducting market research; along with this a team of marketing
will be hire for the company that will concentrate on promoting the Indian apparels in the region.
The business will also recruit shop floor staff that will be in direct contact with the customers and
deals in providing required apparels. For managing the cash related activities Baba ethnic wear will
also hire candidate that will assists in maintaining all the records. Along with this, the business will
also hire candidate that will handle all the activities related with sewing, tailoring or operating
machines so that they can deliver quality apparels for the customers (Arthur, 2012). Therefore, the
estimated staffing requirement for Baba ethnic wear includes recruiting 16 staff for serving the
customers.
Staff
required in
the business
Numbers of
Staff
requirements
Skills require for the staffs Experience
required
Store
Manager
1 Effective communication and inter-personnel
skills.
Decision-making skills
Problem solving skills at the time of urgency
3-4 years
Conducting
market
1 Effective analytical and numerical skills
Team work skills
1-2 years
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research Negotiation skills
Accuracy and aid to detail
Marketing
team
7 Effective skills related with critical thinking
website management
Influencing and negotiation skills
Team building skills
2-3 years
Shop floor
staff
3 Better communication skills
Adequate knowledge regarding the clothing
apparels
Time management
Effective skills related with managing customer
relationship
0-1 years
Tailoring
staff
1 Effective practical skills for using the sewing
machines
Flexibility
Ability to perform their activities quickly and
meeting deadlines.
Concentration skills to work
3-4 years
Staff
handling cash
activities
1 Detail oriented
Analytical skills
Effective technical skills
trouble shooting skills
1-2 years
Stock
inventory
staff
2 Effective skills related with maintaining and
managing the clothing stocks.
Ability to prepare records related with
balancing the inventory, reviewing defective
items etc.
1-2 years
Along with this, for recruiting the different staff Baba ethnic wear will focuses on selecting
different sources of recruitment that will support the newly business in recruiting the competent and
qualified personnel. It will also focuses on selecting different recruitment channels that is for
attracting the shop floor staff, stock inventory staff as well as tailoring staff owner will focus on
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using print media advertisement (Allen, Doran & Westbrook, 2011). Thus, it will keep attract the
candidate towards the new business. In addition to this. the marketing team that will hire for the
business must include experienced personnel and it will be recruited through focusing on print
media advertisement. The advertisement will be published in the different magazines that focuses
on containing information related with the job title, job description as well as it will also contain
adequate instructions for candidate to apply for the vacant job post.
In the present scenario, recruitment option will also focus on advertising the job via social
media that support the Baba ethnic wear in connecting with the expertise and professional in the
different regions. The job vacancies will be published or marked on Twitter as well as Linkedin so
that it may be reached to large mass of audiences (Noe, 2010). It will assists the firm in attracting
qualified and experienced marketing candidate for the business so that they will render effective
activities that support the marketing activities of Baba ethnic wear in Auckland, New Zealand.
Moreover, for recruiting the candidate new business will mainly prefer to recruit the Indian origin
employees within their Indian apparel shops as they will be more likely to attract the customers and
may have adequate knowledge regarding the cloths. Along with this, recruiting Indian origin
employees will also benefit the new firm in reducing the cost associated with training the personnel.
Along with this, the new business will also require to implement some training programs for the
suitable candidates that have been recruited so that they may get adequate or required information
regarding the new products (Pesonen, 2013). The training will be provided to those staff that are
locally hired within the Baba ethnic wear so that with the help of training they can easily provide
them information and knowledge regarding the Indian Apparels and preferences of Indian
customers.
Organisational structure stock control and labour estimates are realistic and analysed
Organisational structure
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Being sole proprietor firm owner will manage and review all the activities conducted by
their staff. The owner will be responsible for taking effective decisions regarding the new shops
activities in Auckland, New Zealand. The proprietor will manage the activities that is performed by
marketing team and store manager. They are directly in contact with both of them. Moreover, the
store manager of Baba ethnic wear will monitor and supervise different staff that are recruited in the
business (Simon-Moya & Revuelto-Taboada, 2016). The staffs that are monitored by store manager
mainly include shop floor staff that will operate within apparel shop. As, they are the one that will
be in direct contact with the customers and provide them required clothing material. In addition to
this, the store manager will also look after the activities and services rendered by the stock
inventory staff as they are the key personnel that will maintain the adequacy of clothing stocks in
the shops (Syntetos, Davies & Stephenson, 2010). Along with this store manager will also focus on
the activities related with their warehouse as it is the key responsibility of store manager.
Stock control
In order to maintain the stock inventory of Baba ethnic wear owner will also focus on
establishing the warehouses so that they can easily manage and control the level of stocks. For this,
store manager will focus on recruiting the staff that will handle the activities related with stock
control. The personnel will further focus on managing the current stock level of clothing and future
level of clothing in the warehouse so that it may not get obsolete. Along with this, stock inventory
staff will also ensue that stored apparel in the warehouse may lasts for 60 days. The unclear stock in
the warehouse will need to be cleared by the stock inventory staff so that they can purchase or
acquire the new stylish Indian clothing apparels for the customers (Babai, Ali & Nikolopoulos,
2012). Along with this, at the time of carrying out the operational activities related with purchasing
the apparels and material they would engage in forming the agreement that will clearly state the
terms and conditions that in the situation when stock is not cleared in the 60 days they they will re-
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sale the stock to supplier at some discounted prices. On the other hand, if supplier will not ready to
re-purchase the products then in such case store manager will clear the stock through offering them
in discount to the customers.
Staff requirement
It has been estimated that for the new business Baba ethnic wear recruit 16 staff for serving
the Auckland customers will require 3 staffs at the shop floor level so that they can easily sell off
the Indian Apparels to the customers directly. As, the business is new in Auckland therefore, they
may recruit 3 shop floor staff within their store that will support them in contacting directly with the
customers of Auckland. The estimated labour will have certain responsibilities related with assisting
the shoppers and customers to locate the products that they require (Häfner & Stock, 2010). Along
with this, they will also direct and persuade the customers in selecting the clothing products. Along
with this, the business will also hire candidate that will handle all the activities related with sewing,
tailoring or operating machines so that they can deliver quality apparels for the customers. In
addition to this, 1 tailoring or sewing staff will be also needed within the new business that would
assists the customers in altering their apparels. For recruiting the candidate new business will
mainly prefer to recruit the Indian origin employees within their Indian apparel shops as they will
be more likely to attract the customers and may have adequate knowledge regarding the cloths
(How to Start a Clothing Store, 2016). The key role of tailoring staff is to produce quality products
accordant with the requirement of customers and they also select the quality material for
manufacturing the product.
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DRAFT- 5
Identifying the sources of finance and capital required for commencing the new business
To commence the business of Baba ethnic wear business entity requires enough amounts of
financial resources such as capital, loan from banks and proper budget allocation. In this regard,
entrepreneur will raise finance by taking into account both internal and external sources. This in
turn helps business entity in making balance in the capital structure to the large extent. Hence, to
open Indian ethnic apparel shop business entity will make use of personal saving. It is the most
effectual sources which will assist business entity in getting finance at lower price. Moreover, in
this, business entity does not have to fulfil the periodical obligations in terms of finance (Cadle,
Paul & Turner, 2010). The reason behind this when entrepreneur makes use of his own personal
saving then he is obliged to make payment of interest. In this way, such source of finance makes
free to the entrepreneur from fixed financial burden. However, when sole trader makes use of his
own saving then he loses the financial gain.
In addition to this, business entity will also take financial assistance from ANZ national bank
of New Zealand. Hence, bank loan is another most effectual sources which will offer high level of
benefits to the entrepreneur. Moreover, bank loan is the source which offers high level of tax
benefits to the business entity. In this way, by taking loan sole trader of Baba ethnic wear can
enhance its profit margin to the large extent. Moreover, tax is one of the major aspects which
closely influence the profit margin of firm. Along with this, in bank loan business entity repays the
amount of loan in the fixed periodical instalments (KHO, Stulz & Warnock, 2009). This in turn
offers high level of support to the business entity. Along with this, interest rate which is charged by
the banks are lower than other lending institution.
Further, now according to government instructions banks are always ready to offer financial
assistance to the entrepreneurs. In this way, bank loan is the suitable source which will assist
business entity in raising enough fund for starting the venture of Baba Ethnic wear. Finance can also
be collected by taking money from local funding agencies and moneylenders. No strict legal
procedures are needed to follow under this technique and faster investments can be taken for
funding operations of the business. Moneylenders provide finance on a fixed term basis and and
they charge specific amount of interest on the money provided by them. It is vital that contract
should be signed with local fund providers and money lenders so further problems will not occur in
raising funds for the business. It is essential that proper research should be conducted and sales
projection and cash flow forecasting should be done in an appropriate manner (Rodrik &
Subramanian, 2009). It will support in assessing amount of finance required for funding the
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operations of the enterprise. Owner of the Baba ethnic wear can take assistance from friends and
family members for assembling necessary funds for the business. It is a effective medium for
raising finance for executing operations of the business. The owner will not be worried about high
rate of interest and repayment of the money can also be done as per the suitability of entrepreneur.
Various investment companies provide funds for initiating operations of the business and they
provide money on a specific period of time. Various terms and conditions are also imposed by them
and it is vital that before taking money from these companies their conditions should be read
properly for avoiding any future conflict and trouble. Baba ethnic wear can also starts its operations
by taking funds from venture capitals. These are professionally managed finance funds that invest
in potential companies. Small business can take advantage by taking necessary funds from
Explaining the ways through which business idea will operate and function
Baba ethnic wear needs to adopt a systematic and planned approach for operating functions
of the business. The idea will be operated and developed on an ongoing basis and it is vital that
proper monitoring and inspection of overall operational process should be done for ensuring growth
and success of the organization. Proper research of the sources of suppliers should be done and best
should be identified. A proper document should be maintained under which detailed description
should be mentioned about all the operational activities of the corporation. Top management people
should formulate appropriate strategies for achieving objectives of the company. It is vital that data
and information should be collected before formulating policies for the enterprise (Hillier, Grinblatt
& Titman, 2011). It should be ensured that all the details gathered are reliable and authentic. It will
support in making proper and effective strategies for the corporation.
Line managers should be given appropriate training so that they can manage the day to day
functioning of the business in an effectual way. Management can organize training session under
which work related skills and knowledge can be imparted to the staff members and line managers. It
will assist in making optimum utilization of potential of the employees. Inventory details can be
recorded in an effective manner by making use of advanced technology and it includes computers,
printers and fax (Vogel, 2014). Making use of such tools will support in keeping record of inventory
in appropriate manner. It will aid in identifying requirement of necessary material and products in
the organization and orders can be given to the suppliers on due time. Inventory can be received as
per the requirement and on proper time schedule. A purchasing manager can be hired by the
company for managing the purchasing and stock functions. Stock register should be checked on a
daily basis and proper monitoring should be done.
Supervisors will be directed for doing inspection of all the activities of purchasing
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department so that effective measures can be taken when any trouble arises. Sometimes conflicts
arise among staff members due to various workplace issues. It is essential that grievance of the
workers should be solved properly for ensuring smooth functioning of the organization. Whenever
any conflict rises in the company management can take significant steps for solving the issue and
for those effective strategies can be adopted by the administration (Jayakumar, Islam & Haddad,
2012). Employee representatives can be appointed for identifying proper cause of the grievance and
meeting can be organized for discussing various options for solving the problem.
An open discussion session can be arranged every weekend in which work-based problems
can be discussed with the staff members. It will support in solving issues of the employees and
work-based problems can be solved in an effective manner by making use of such technique. Legal
advisors can be appointed in Baba ethnic wear that will be made accountable for providing legal
assistance to the management people. The advisor will support in making agreements with other
business firms and clients of the company. It is vital that all the terms of contract like Offer,
acceptance, consideration and warranty should be known to all people who got involved in making
agreements.
Sales projection
Particulars Amount
Number of kurtis 75
Average price 100
Revenue - Kurtis 7500
Average customers - Sarees 60
Average price for sarees 175
Revenue - Sarees 10500
Average customers - Kids 40
Average price 70
Revenue 2800
Alteration 200
Total revenues 21000
According to the aforementioned sales forecasting, it can be seen that Baba ethnic wear will
offer different types of products such as kurtis, sarees and kids clothes as well as other related cost.
In the first year total revenue has been forecasted to 21000 while growth rate in turnover is taken
12% per annum (1% per month). However, in the second and third year, total sales forecasted have
been increased by 15% and 20% respectively. The reason behind making this projection is in
NewZeland, average women spending on apparel products is increasing continuously so as to
improve their lifestyle. Thus, high market demand and customer base are the basis for this projected
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sales targets. (Słyś & Kordana, 2014). Therefore, sales forecasting reflects that business will have
upward direction with increased rate of return.
Cash flow projection
It has been assumed that initial investment in Baba ethnic wear will require 45000 NZD, out
of which, 15000 will be invested by owner whereas remaining fund will be financed through debt
capital. Apart from this, interest rate on loan is 6% per annum and the time period of loan has been
taken to 5 year.
It has been attached in Excel provided.
Income statement and balance sheet
It has been attached in Excel provided.
Assumptions:
 In Auckland, NewZeland, wages rate of the employees per hour is taken 15.25 NZD. It has
been forecasted here as under:
Particulars Workers
Average hourly rate 15.25
Weekly hours 40
Weekly wages 610
Number of weeks in a month 4
Total wages and salaries 2440
 Cost of sales has been assumed to 40% of total generated sales.
 All the products and services will be offered in cash only.
 Trade payable will be 45% of total cost of goods sold.
 License and permit has been taken to 399 NZD per year.
 Loan has been taken of 30000 NZD at interest rate of 6% for a time period of 5 year. Thus,
loan instalments per month will be 6000 NZD.
 Depreciation rate on machinery is estimated to 12% each year.
 Inventory will be increase by 1% per month.
 Cost of goods sold has been assumed to be increase by 10% and 13% in second and third
year.
 Premises of rent has been taken to 8400 per month and assumed to be increase by 10% per
annum.
 Utility payment has been assumed to 1200 in first year or 100 each month.
 Advertisement and promotion expenditures have been estimated to 4% of total revenue.
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 All the operational expenditures such as utility payment, employee salaries, advertisement,
license and permits has been increased by 8% and 12% in upcoming two years.
 Income tax rate has been assumed to 28% per annum.
Identifying the risk and strategy to manage these
There are various risks associated with managing the functions of the Baba ethnic wear as
per the set objectives. Economic environment of the nation changes rapidly and due to that
operations of the business will also be affected. While making business plan for the enterprise many
projections are done and it include sales and profit analysis and finance and budget allocation is also
done on the basis of projection done by the management. Cash flow forecast supports in assessing
requirement of investment and working capital for the company (Almazari, 2012). Sometimes due
to market situations sales of the enterprise get affected. For example Inflation decreases purchasing
power of the consumers and due to it sales of the commodities offered by Baba ethnic wear also
gets affected. Overall revenues of the enterprise decreases and profitability of the enterprise also
gets affected due to it.
Projections are done by analysis past data and information collected from other sources.
However, assumptions are also made in accordance with prepared financial statements. This might
affect performance of corporation because owner relies upon assumption and set financial
performance. Owing to this, sudden chances are not anticipated and which then affect performance
of the business to a great extent. At this juncture, business needs to cope up with changing scenario
and meet requirement of buyers in an effectual manner. Apart from this, Baba ethnic wear may be
affected from changes in political, social and technological. These factors directly affect production
procedures and profitability (El Kasmioui & Ceulemans, 2012). For example, technological changes
create need to adapt new technology in the production or marketing of products and services.
However, business need to implement the same otherwise customer may shift towards other brand.
Apart from this, political factors such as tariff rates and taxation policies will directly affect
profitability. Here, business need to anticipate the potential changes and accordingly form effective
strategies to cope up with the same. Apart from this, Baba ethnic wear can seek advice of financial
expert in the respective areas so as to overcome the potential barriers for producing effective results.
Moreover, business environment need to analysed on time to time so as to identify to lacking areas
and apply effective strategies to resolve the raised issues (Tolvanen & Salmela-Aro, 2012). At this
juncture, research and development department should be strengthen so they will have detail
information related to potential changes taking place in the market and action for the same will be
taken on right time (Healy & Palepu, 2012). In addition to this, workforce should be provided time
14

to time training in their work related areas so they can contribute towards success of the business in
an effectual manner. Moreover, risk of customer disliking may also affect business performance and
for this online survey can be conducted to take feedback from buyers related to products and
services.
Furthermore, corporation can focus upon marketing strategies because failure in market
strategy will have direct impact on cost of production. This is because wastage of money in
different marketing activities reflects ineffective utilization of financial sources (Gibbert, Hoegl &
Valikangas, 2014). For this purpose, effective mode of communication can be used which is cost
effective and easy to approach buyers. This process to be effective to target large number of buyers
at a time because company can use strategies like social media (Broadbent & Cullen, 2012).
However, online portal can be developed to directly interact with buyers and provide them time to
time information related to new arrivals and fresh products. In addition to this, special discount can
be offered to buyers who are regular (Kallala, Sarmah & Haddad, 2015). This scenario will be
effective to increase customer base and ensure higher rate of return of the firm because no any
storage cost will be incurred. In this manner, effective strategies can be applied in certain cases and
competitive edge of the Baba ethnic wear can be ensured.
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Online
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<https://www.entrepreneur.com/article/37944#sec4>. [Accessed on 13th October 2016].
Importing and Exporting laws. (2016). [Online]. Available through:
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exporting-laws>. [Accessed on 13th October 2016].
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