An old friend who now lives oversea had lent you some money to help you start a small business. Your business has been growing well. Write a report to your friend to tell him how you have progressed * To: * Date: Subject: Dear my old friend, I am truly thankful for the money you lent me to start my own small business six years ago. So far my business has been growing very well. I write this letter as a report to let you know how I have managed to run this business. This report will clarify the background Information about the foundation of my company, the regress to date, my future plan and anticipated problems.
This may make you feel that investing in me is worthy. Perhaps you will change your mind to co-operate with me after realizing how big my company is. Background information I now possess the music website which is www. Miff. Com. The name MIFF stands for “music for fun”. It is very well-known in Vietnam with more than 12 million users accessing per day. From an amateur entertaining website started to serve my own Interest, I have accomplished step-by-step targets to turn It Into a prominent reparation.
I am also planning to develop it to be a multi-media corporation and approach to many other areas. About six years ago, I spent only 20 USED on buying domain and 3000 USED borrowed from you purchasing a web hosting service in order to establish my own music website. The original purpose is to fulfill my own desire of sharing music with everyone else. Then the website became gradually renowned due to Its plain name. A great amount of users downloaded music files everyday so that I had to worry about It. Process of development
One year after, I began to exploit its economic potential. I hired more employees to help me design the web pages and implement advertising campaigns. At this stage, the profit from advertising Is more than 10,000 USED. Two years later, this number Increased sharply to 80,000 USED. Especially, the profits from collecting users’ fees and event services were up steeply to 100,000 USED. As you can see the line graph below, the profit constantly rocketed from 2007 to 2012. The rates of MIFF corporation’s profits per 1,000 USED Nowadays MIFF corp.. S more than 100 employees. There are more than 12 million MIFF to negotiate with Musician Association Vietnam (MAP) and Record industry association Vietnam (RIVAL) in order to buy Vietnamese music copyright. When Vietnamese teenagers tended to listen to international music more and more I purchased copyrights from Universal music group and Warner Brose music. At this stage, we would get fined 150,000 USED for every single music file downloaded from our website if we did not possess copyrights. Then my investment was paid off.
In 012 MIFF became one of the biggest and the most professional music websites which Obey the copyright’s law in Vietnam. Hence we received many rewards from government and co-operation from a lot of well-known musicians. Future plans intend to expand my business by opening two websites about online shopping and online dating in the next few years. It will help improve the standards of living in modern era. The upcoming profit of the company will rise to 1 million USED, which leads me to be one of the youngest billionaire in this country. Problems
Although the business progressed very well, the website needs to be improved more and more. Many music websites nowadays become wide-spread, which may create an extremely competitive market. If we ignore the growth of other companies we will be frustrated someday. The other serious problem is that the increase of users makes the website go slowly. That is why we receive a number of complaints from customers every day. Further, users expressed that they do not like advertisements on our home page because it sometimes disturbs them when they unintentionally lick these advertisements’ links.
It is annoying. Therefore, our profit from advertising is going to decline in the next months. Conclusion ere report describes very clearly and precisely how I have progressed to run my own small business and develop it to be a big corporation. The profits of MIFF corp.. Have been rising dramatically in the last 6 years. Now everything is going smoothly. The anticipated problems may be difficult barriers though there is no sign that our revenue is going to fall. I hope you will make up your mind to invest in my company or invest in me once again.