Stand4Socks Managerial Problem Report
Founder of social enterprise Stand4 Socks, Josh Turner, says his dad would rather he had “a normal job”.
“I think he’d rather this was a fun side project, rather than being what I do full time,” he adds. “He does ask when the business is going to start making some proper money, but when talking to friends and family, he’s always very proud of what I’m doing.”Turner launched the Manchester-based business almost two years ago with an ambition to change the world. Money made from each pair of his bamboo, cotton and sport socks support a United Nations global goal, such as planting trees, providing vaccinations, or clearing landmines.
The business has expanded its range recently, launching three new styles in time for Christmas 2016. Turner says this involved placing a larger order than they ever had before, and led to a cashflow issue when the bill arrived.
“Our manufacturer in Turkey is great and really flexible but obviously they did want to be paid at some point. We were £10,000 short and my dad lent us the money. Luckily we were able to pay him back after Christmas.”
Turner adds that while his dad Richard has offered financial support before, he’s always been reluctant to take it. “Running a business is high risk, so I didn’t feel very comfortable [accepting his offer]. He’s helped me enough on a personal level, without him having to help the business as well. But all small businesses have cashflow problems, especially when you’re trying to grow and it’s not always easy to get a bank to lend you the money.”
His dad also allows the team to keep stock in his flat and Turner admits there are Ikea storage boxes stacked eight high in the living room. “We call it our fulfilment HQ. There are socks everywhere,” he says.
Source: The Guardian
Assessment 2 is a written individual report of 2000 words (+/- 10%) based on a managerial problem which requires application to suggest practical solutions.Your report should be in a ‘critical writing’ style and be based on the Case Study provided with examples from other organisations added as relevant.
Your assignment will be marked according to the threshold expectations and the following criteria.
1. Demonstrate the following knowledge and understanding
• Recognize, understand and discuss the role and impact of key business and management functional areas, strategy and organizational structures and how they integrate together to achieve key organizational goals.
2. Demonstrate the following skills and abilities
• Work with others, develop your personal and professional skills and demonstrate your ability of self-management and learning and be able to use these skills for analyzing particular environments, and /or unique situations in which businesses are active.
Your report should focus particularly around dealing with staff issues and possible strategies as the organization grows or changes. There will be an opportunity for formative feedback following group presentations of research or case study analysis. Suggest good practical solutions in your recommendations section, supported by theories.