http://www.canada.com/vancouversun/news/business/story.html?id=04512417-9379-4436-9e35-27e59a63f325
Summary:
This article is about a small business that makes $500,000 in profit. The name of this store is Wilkinson’s Automobilla. This store has been around for 20years and Ted Wilkinson (the owner) and his brother started it up. Today Ted Wilkinson and his wife own the store. During 1989, this business only makes around $75,000 a year, but today, this business makes around $500,000 a year. This Store has about 25,000 magazines, 5,000 manuals and roughly, 9,000 items that are featured in his store and website. Wilkinson’ Automobilla has only three employees, but makes $500,000 profit.
Connection:
The connections I made between the article and Chapter 11 are merchandise inventory and sales. In the very beginning of chapter 11, I learned about merchandise Inventory. This relate to this article because the article states that Wilkinson Automobilla has about 25,000 magazines, 5,000 and 9,000 items that can be featured in his store, which means that this is his store’s merchandising inventory. This article also somewhat relates to the cash sales in the text because Wilkinson’s store revenues are mostly cash sales.
Reflection:
This article reminds people with small business that not only big businesses can earn large amount of profit, but small businesses can too. I think this article can help inspire small businesses to work harder in order to earn the small amount of profit as the Wilkinson’s do. It is great that this article stated the items that can be featured in this store because it is important for any businesses to know the amount and kind of merchandises that they have on hand. If a business does not know what they have on hand, they might buy too of one item and not restocking another. By doing a business like this, the consequence will be bankruptcy.
4 comments:
I agree that big businesses aren’t the only ones earning a lot of money. Small businesses like the one in that article can also earn a lot of money. I think it's amazing that a small business can earn $500, 000 a year. I think the causes for Wilkinson’s Automobilla’s success has something to do with the population in the area of the business, the location of the business, the product the business sell, their prices and/or their promotions. With businesses like Wilkinson’s Automobilla, it gives people hope that they can make it big in the business world as well.
From reading this post, I now believe that it will really inspire more people to start small business. As long as you know and keep track of your supplies, I don't think that there will be many problems with the business unless you don't have enough customers. I think the success of this business has to do with the constant demand for better transportation. Compared to before, nowadays, people can afford more things and also needs automobiles to get to work. With a business like this around, it shows people that even small businesses can make a huge profit and prosper.
I agree with Sen that businesses that make a lot of money does not necessary has to be large businesses. I think that how much does the business make is not only depends on the size of the business or the numbers of the employees that the business has, but the marketing strategies the business use. In this case, Wilkinson’ Automobilla has a lot of promotion such as magazines and on the internet. Also, having a website provides another ways that may convenient the people who rather shop online. Therefore, I think it is very important that a business has a right strategy to become successful.
R.C.
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