Starting a Decor Business & Decision Makers at Marks and Spencer (M&S)

This report details the necessary steps for starting a new decorating business, focusing on fulfilling incorporation obligations and creating a strategic business model. It emphasizes the importance of portfolio preparation, material listing, objective setting, social media presence, and network formulation. Additionally, the report identifies key decision-makers within a company listed on the London Stock Exchange, such as Marks and Spencer, highlighting the role of investors, government, and management in utilizing accounting information for financial decisions. The conclusion underscores the significance of due diligence in business startups and the importance of accurate financial statements for stakeholder decision-making. Desklib provides a platform for students to access similar solved assignments and past papers.

Assessment 1: PART A

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
Identify the steps required to start a new business as decorator.................................................3
Identify the decision makers of a company listed under London stock exchange......................4
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business transactions refers to all the dealing of business that takes place or will happen
in future in the form of money in between two or more persons. All these entries are to be
recorded in the books of accounts which are then posted into ledgers and then final accounts are
prepared (García, 2020). This report provides the steps for opening of new business along with
identifying the decision makers in a big firm listed on London Stock Exchange.
MAIN BODY
Identify the steps required to start a new business as decorator.
David is operating its business as a sole trader and is desiring to begin a firm of decorator
but is unaware about the steps involved in its opening. For stating any business, it is very
important to fulfil all the obligations required for its incorporation. Here is the procedure that
David would have to follow to operate as a proprietor.
 Frame a model - At very first, a model is prepared for the organisation that will help I
ascertaining all the activities that would be required for operating the company and will
also assist in lining up all the actions.
 Creation of model- After that a proper framework is prepared with the help of strategies
which can help in determining the goals and vision of the firm. Here, David is required to
consider all the benefits and disadvantages of the business of decoration according the
realities of market and also have to make a plan about the need of capital and its source of
arrangement (Morgan, 2019).
 Preparation of portfolio- the next important step Is to make a leaflet or a brochure that
will be used to spread the information about business to public. In this, all the details of
the company are mentioned whether its is vision, mission, reach, workings and
proficiency.
 Setting a list of required materials- David after making a portfolio has to prepare a list
of material that would be required for carrying the operations as a decorator such as
designer panels, curtains, balloons, lights, wraps, hangings and many more.
 Prepare a guide- it is important for a business to decode its long as well as short term
objectives. This will guide it in moving towards its operations smoothly. Through this,

they can even analyse the problems that can occur in future so that solutions can be
recognised for them in advance.
 Make presence on Social media- Today, people prefer to check out decoration ideas on
online sources. Thus, it is very important for David to create its social media accounts
such as Facebook, Instagram, you tube etc. This will help it in showcasing its ideas to
more people and will also help it in attracting customers towards it (Pankl, 2017).
 Formulating network- After this, David is required to create a network which will help
it in creating a link and availing customers. Through this, it can also create a link with
those persons that can help it in carrying its work of decoration.
Identify the decision makers of a company listed under London stock exchange.
Bookkeeping can be defined as a concept of recording, analysing, interpreting and
communicating the whole accounting data sop that it can be used in making various financial
decisions. Its main aim is to provide complete information to the different stakeholders of the
company. Marks and Spencer is a big fashion store listed on the London Stock Exchange. It has
number of stakeholders which makes use of these summarized statements for taking various
decisions. They keep a watch at the financial; records of these statements. Here are some of the
decision makers who make their decisions with the help of these reports.
Users of Accounting Information for taking business decisions:
 Investors- these persons are interested in the profits of Marks and Spencer. On the basis
of this, they decide that whether the firm should make investment with that firm or not.
They continuously look at the well being of the company and keep comparing it with
competing businesses.
 Government- they look after the legal and accounting obligations addressed by firm .
They are interested in knowing that whether the organisation is paying its tax properly or
not, also, they wants to know that whether the firm is following all the rules and
regulations of accounting or not (Tukker and Tischner, 2017).
 Management- these are the main decision makers who makes decisions for the
betterment of the business. They frames plans for controlling costs and increase profits on
the basis of these statements.

CONCLUSION
From the above report it can be analysed that organisations should take their decisions of
starting a new business with due diligence. They should consider and follow all the rules and
regulations that are required to start the firm. Also, they took keep in mind that the accounts
prepared by them should be formulated properly as various stakeholders frame their decision on
the basis of these statements only.

REFERENCES
Books and Journals
García, M.M., 2020. Starting with Microservices. In Learn Microservices with Spring Boot (pp.
149-214). Apress, Berkeley, CA.
Morgan, B., 2019. Starting from Scratch. Iowa Review. 49(3). pp.84-183.
Pankl, R.R., 2017. Using the resources of the public library in market planning in starting a
business: A hypothetical case. Journal of Business & Finance Librarianship. 22(1).
pp.1-6.
Tukker, A. and Tischner, U. eds., 2017. New business for old Europe: product-service
development, competitiveness and sustainability. Routledge.