Page 19 - Microsoft Word - MARK BOYD BUSINESS PLAN PART REVISITED

9.4 Insurance

Specific insurable risks that the business will face include theft, damage, public liability,
fidelity, and fire.
MB Tyre and Auto Centre has not suffered any uninsured losses, nor submitted any insurance claims
since it is a new business yet to start operations.

The financial statements make provision for an insurance premium of ………… month in the
first year of operations. Provision was also made for yearly increases of 10%.

9.5 Legal and Regulatory

MB Tyre Centre has no post or pending litigation.
The business must obey the provisions set out in relevant legislation regarding employment
practices and wages, as well as employee safety and health.
Some of the legislation and regulations that MB Tyre Centre needs to adhere to in its operation and are
as follows

 The Occupational Health and Safety Act……………………..
Competition Act …

 Consumer Affairs
Basic Conditions of Employment Act,
 The Employment Equity Act,
 Promotion of Access to Information Act,
 Promotion of Equality and Prevention of Unfair Discrimination Act,
 Short-Term Insurance Act,
 Unemployment Insurance Act,

The entrepreneur must ensure that items like NIC and the income tax of employees are
taken care of.

9.6 Management information Systems (MIS)

MB Tyre and Auto Centre will not need an extensive system.
A computer with software or manual programmes for bookkeeping, inventory management
and payroll activities suffice for its activities. The business will use a dedicated software system called
Tyre Soft bespoke for the Tyre Industry

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