Lucky Prawn Farm
Central Problem
Lack of Control of Business partners of their prawn venture
Objectives
* To lessen the expenditure of the business * To create good communication between the partners and the manager (Ben Torres) * To allow the other three partners to exercise their right to have control in making decisions for the venture
Alternative Courses of Actions 1. Hiring a business adviser
With the help of a business adviser, the decisions made will be well-planned because the business can be assured that the choices made are within the approval of somebody who is more proficient and more knowledgeable in this kind of field. With this, better examination on the overview of choices and/or judgments are made. Also, better outcomes can happen because of the partner’s refined decisions. On the negative side, more expenses are incurred because there is still a need to give to the business adviser his/her salary. Furthermore, such action can lead to taking-over and crossing the line of the consultant in the decision making of the business even without the approval of the partners or even the manager.
2. Set strategic and long-standing plans
With this course of action, future expenses will be regulated by the company. In addition to this, the targets and objectives are sought to be achievable within a given period of time, such as five years for long-term plans. So, the business will be assured that they will be able to gain profit at the same time lessen the expenditures. However, because of some unexpected circumstances plans may not be followed and sudden changes may arise.
3. Set a permanent schedule for board meetings
Such action could help the partners to be aware of what is happening on the business venture. They are able to express their views and give new ideas towards the dealings of the business. Also, they will be informed of the decisions made and are able to approve about it. On the other hand, because the other partners are
Lack of Control of Business partners of their prawn venture
Objectives
* To lessen the expenditure of the business * To create good communication between the partners and the manager (Ben Torres) * To allow the other three partners to exercise their right to have control in making decisions for the venture
Alternative Courses of Actions 1. Hiring a business adviser
With the help of a business adviser, the decisions made will be well-planned because the business can be assured that the choices made are within the approval of somebody who is more proficient and more knowledgeable in this kind of field. With this, better examination on the overview of choices and/or judgments are made. Also, better outcomes can happen because of the partner’s refined decisions. On the negative side, more expenses are incurred because there is still a need to give to the business adviser his/her salary. Furthermore, such action can lead to taking-over and crossing the line of the consultant in the decision making of the business even without the approval of the partners or even the manager.
2. Set strategic and long-standing plans
With this course of action, future expenses will be regulated by the company. In addition to this, the targets and objectives are sought to be achievable within a given period of time, such as five years for long-term plans. So, the business will be assured that they will be able to gain profit at the same time lessen the expenditures. However, because of some unexpected circumstances plans may not be followed and sudden changes may arise.
3. Set a permanent schedule for board meetings
Such action could help the partners to be aware of what is happening on the business venture. They are able to express their views and give new ideas towards the dealings of the business. Also, they will be informed of the decisions made and are able to approve about it. On the other hand, because the other partners are