Course and Code
Business Planning Assessment 2
The key personnel for the business operation is the marketing manager.
Open line communication is essential to ensure that the marketing manager is always available for the business operations to run smoothly. By providing an environment in which the marketing manager can offer ideas and suggestions will enable them to get motivated to work nurturing the marketing manager with a chance to learn, improve and contribute in new ways will significantly improve their room to grow within the business organization. Positive feedback and appreciation instill a sense of pride and provides a reason for the marketing manager to be always available in the organization.
Customer feedback presents an opportunity to listen to customers and assimilate their input to improve business performance. For good customer feedback, questions should be short and straightforward to enable the customers to spend less energy on the information. Paying attention to individual feedback is also essential as it will help the customer service manager look into the matter and uncover the causes of the issues. Accurate production time enables the business to carry out its operations successfully in the given time. The quantitative method measures productivity by the number of dishes produced in a particular period, per hour or day. Accurate productivity can also be measured by profit. The profit gained on the production can be used to determine the number of dishes produced.
Investor reports indicate the performance of the business. The correct report information enables trust to be built and maintained with the investors. The primary financial package is an essential item on the investor’s report. The balance sheet, cash flow statement, and income statement will enable the investors to judge the financial condition and growth of the business in the period in which I am reporting on. Key Performance Indicators should also be included. This is because it enables the investors to assess the business performance through the losses and gains. The cost drivers of the business ought to be contained in the report. It indicates the areas where money is spent on, for example, suppose the business is spending loads of outsourced vendors to support the demand for particular goods. In that case, the company is performing successfully, and investors would wish to continue investing in the business.
In excel attached.
The restaurant met its targeted sales since f calculated is less than f tabulated.
The marketing activities were successful since the restaurant met its targeted sales.
The restaurant did not meet the planned COGS target since f calculated was greater than f tabulated.
The significant failures that can be identified include underperforming employees, negative reviews from its customers, and competition from other restaurants. This can be resolved by various techniques. For instance, the case of underperforming employees can be resolved by employing more employees to promote competition. For negative reviews, the restaurant can improve on this by offering better quality services. The restaurant should offer tasty food, offer reasonable cost of food, and provide a hospitable atmosphere.
As per the KPIs, the employees met their weekly sales target as it was within the range of the actual sales.
(4*6*2000) = 48000
(28800+28200+29100+31400+30600+30500) = 178600
178600/24 = 7442
Where, $7442>$2000, thus, implying they met the weekly sales target.
It has been a great season here at Oriental Spoon. Our main aim was to create an excellent image of our business and make them aware of the dishes we offer. As a result, we have been able to perform better than our indicated targets. We have also attracted more customers than our competitors since our dishes are affordable to all our esteemed customers. The biggest challenges were are facing right now is lack of enough kitchen equipment, and our competitors recently offered more dishes which is making some of our customers shift to them. Over the following months, our business will thrive more successfully and produce better results.
Underperforming team members should be given more work, switch up their working spaces to one that can be handled more efficiently, and provide them with feedback faster to improve their productivity.
Underperforming members should be consulted honestly and with empathy. Silent mentors should be assigned to them. Finding the root cause will enable the necessary action to be taken. Rewarding them for changes is essential as it motivates them to increase their productivity.
A business review is used to strengthen the responsibility and action plans of the business members. Ideas are shared, and the interrelationships in the business are learned. Obstacles are also identified and dealt with. To design a business review, all the key activities are evaluated:
Business productivity is gauged.
The financial position of the organization should be reviewed and analyzed.
The competitor, customer, and market analysis should be conducted.
The business review should be used to reformulate the business goals.
For a liquor store to be operated, a liquor store business plan must be created. Essential details such as the source of the liquors, head of capital, and marketing plans would be included. The liquor store should be recognized as a legal entity by registering it with the secretary of state and chamber of commerce offices. Permits and licenses for selling liquor would be required for the operation. The liquor store should also be insured against any possible perils. Building a market strategy is also vital in getting it up and running.