Digital publication | Page 29

At BooHoo our owner Mahmud Kamani essentially has the largest influence in regards to what we do as a company, along with finalising our aims and values. This means that he has the highest amount of authority. As BooHoo is a large company he isn’t able to pick and chose every person that works for him, however he will have employed a Human Resources team whom he trusts to employ the right people for BooHoo. He will however have control over directors, whom take on more responsibility. If we were a smaller company Kamani could most likely decide directly who works for him.

At BooHoo it is also our aim, as well as Kamani’s to make the company as successful and profitable as possible. To increase BooHoo’s profits we need to keep our costs as low as possible. One of the highest costs to a business is its employee wages; therefore management will want to keep this cost as low as possible. This however works in competition with the government whom are also a stakeholder of BooHoo. The government have an influence because they are able to set and change the minimum wage and corporation tax that will both impact on profit.

Our employees also have a huge influence on the success of BooHoo. Our employees are responsible for making our company aims come to life. We like to invest highly into our staff, as they are what keep our company flowing. For us it is essential that they have fair pay, sufficient holiday and safe working conditions, this is not only for our head office staff, this is for every employee involved in BooHoo’s success.

In recent years we have seen employees from other companies take parts in strikes due to overtime and poor pay. At BooHoo we want to make sure this doesn’t happen as it could really upset the flow and reputation, which could harm our profits, as we will lose staff and then customers.

We need to be extremely careful when picking the suppliers we use. This choice can have a dramatic effect on profits. We need the confidence that our suppliers can meet our delivery dates. If delivery dates cannot be met garments cannot be launched on time, possibly leaving a gap in a range. This lack of a product could have a huge negative impact on our turnover.

As we want to keep our customers satisfied we need to make sure that we chose to work with suppliers that deliver good quality garments that are worth their selling price. If we cannot receive good quality goods then we may lose vital customers.

Price is another key aspect when we are choosing suppliers. We need to make sure that we can buy garments at a good price so that we can meet our target margin. If this target margin isn’t met then are profits will be effected. If a supplier isn’t able to sell us garments at a low enough price for us to make this margin then we may have to increase the selling price, which could damage sales.

The reason we run BooHoo is to make sales to make and in order to make sales and profit we need to have active customers. Customers have a huge impact on us here a BooHoo as they decide whether or not to purchase our goods, meaning they decide if we are to make a profit or not. We could get everything right at BooHoo but if we do not have suitable products that customers want to buy we will not make a profit.

HOW DO STAKEHOLDERS INFLUENCE BOOHOO....