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For this assignment please modify my proposal to include the components of a business plan.Please include The format of the business plan submission is as follows:
- Cover Page (Name, course number, section, instructor name and the date)
- Executive Summary
- Table of contents
- Industry Overview
- Discussion of business
- Analysis of business opportunity
- Marketing plan
- Financial Plan
- Self- Analysis
- Supporting documents
I attached a copy of my draft business plan Please modify my Proposal it and provide 8 references. Please modify in your words do not copy and paste
Catering Capers organization has come up with a strategy of enlightening the youth in the society by providing an avenue where the youth can meet and share ideas concerning ways of engaging in businesses and also how they can get successfully absorbed in the corporate world. The company will also provide employment opportunities to the youth in the firm as they seek for other better jobs that are in line with their qualifications. The youth would also get mentorship from the Human resource personnel and other established employees in the company on how to brand themselves before their prospective employers and the skills that are currently required in the various industries (Mckee-Ryan et al, 2005).
The reason why many campus graduates and youth from the poor community find it difficult in getting employment is mainly because of lack of exposure to the prevailing trends in the job market. Having an avenue where the youth can get the relevant information concerning the job market and also get a chance to enhance their skills can be a reasonable solution to the problem (Hooft et al, 2004). Catering Capers would also benefit from this strategy as it would be able to increase its production volume while giving back to the society. The youth from the poor communities would highly benefit since they would be able to get some money for upkeep as they seek for further employment opportunities.
Unemployment among the youth leads to increase in social evils within a society; due to the inevitable need for money, the youth would end up engaging in unhealthy practices such as drugs abuse, drugs trafficking or commercial sex work (Merline et al, 2004).
Catering Capers organization would not be a profit-making organization rather it would seek to provide financial sustainability to the youth and run itself efficiently. It would specialize in offering both traditional and non-traditional meals in events such as weddings, funerals, parties and official functions. Since the organization would be seeking at only achieving normal profits, its prices would relatively lower and affordable to most of the people in the community.
Business Objectives and Dealing with Risk
Catering industry has been thriving in the United States contributing to more than $7billion in the economy. There have been several investors attracted in the industry resulting. For a company to survive the stiff competition, it needs to differentiate itself from the rest in the industry. Small catering companies have risen to dominance in the market within a very short period. Some however have been reported to decline in their performance with time and finally being closed completely. Some of the factors that have been contributing to the success of failure of the catering enterprises have been a failure to learn what the customers need by paying keen observance from their culture. People tend to associate themselves with items or meals that are acceptable in their culture or religion. A catering business that invests in providing items that are in line with the amount disposable income among that group of people records high rate of success; people tend to buy items that are within their budget.
Our business aims at targeting at people from all the three groups in the society; the middle class, the rich and the poor. The meals would be offered at a reasonable price that can afforded by most of the community members. Since we would not a fixed location for the business some costs such as payment of rent would be eliminated. The business would provide means for weddings, funerals, parties or any other social and business gathering that needs meals. The organization would also provide a customized meal for customers according to their budget hence accommodating typically everyone.
To ensure successful entrance and dominance in the market, energetic and visionary marketing team ought to be put in place. There would well-coordinated marketing operations within the selected area. Marketing mix would involve the following; place, price, product and promotion (Hamzah & Sutanto, 2016). The sales and marketing team would go a thorough research to establish the appropriate coverage area for the catering services. This would include identifying the towns that are within the main operating areas most of the youth, finding the place with the highest population of people that might require the catering services and coming up with areas that are economical to operate in.
Price is key in determining the success of a business. The organization will engage in a keen analysis of the market to determine the appropriate prices for the meals they are to offer. The level of disposable income would determine the pricing criteria. In establishing the kind of meals that would be offered by the organization, a prior research of the meals that are best suited for the different avenues would need to be considered. For instance, a meal for a wedding would not be the same as a meal for a funeral or a casual party. Since the organization would be new to most of the people in the selected locality, extensive promotion activities would need to be done to familiarize the public with the organization and the meals that are offered. The promotions styles would be evaluated for their suitability in the market (Gordon, 2012).
Employees provide the backbone of the success of any organization; well-coordinated and motivated personnel are known for producing favorable results to the organization. In the business, several people would be involved in the preparation of the meals and serve them to the customers. The management would seek to ensure that every employee is highly motivated and a good working environment provided (Lazaroiu, 2015). The management style adopted in the running of the business would greatly determine the success of the organization. Professional and friendly managers ought to be selected in running the operations of the company. Proper accounting and accountability would be a key aspect in crowning the business. Some of the parties that the organization would seek to maintain a good relationship with would include the suppliers and the community members.
Transparent selection and timely payment of the suppliers would ensure the best suppliers are selected and a good trading reputation established and maintained. Issues like stock-outs should not be witnessed especially within the first year of business operation. The organization would require some items such as microwaves, cookers, fridges and utensils to start. Day to day items would be the ingredients of the various meals that are to be prepared. Any company ought to comply with the existing and upcoming environmental conservation strategies. Proper disposal of the wastes from the organization would be one of the key issues that would be of much concern to the environment. There would a strategic collection of all the waste and organized disposal in ways that are safe to the environment.
How to sustain the business
For a good start of the business operations, the bringing together of all the resources required for the running of the business should be well organized and implemented. The right utensils would be purchased, appropriated cooks identified, less skilled but interested cooks would also be identified and trained and proper management put in place. The managers would engage in a thorough exercise of scheduling any activity that ought to be performed in the catering organization. Accurate calculation of factors like the cycle time and the proper layout for the cooking area would be calculated. Finally the business would have to operate within a reasonable budget arrived at considering the initial capital that would be raised by the shareholders and provision of the best meals in the market.
Efficient communication within the business organization would also be key in ensuring that the business thrives. Proper coordination would be established through a well-structured and professional communication both within the business and without (Porter, Riesenmy & Fields, 2016). The complaint received from the customers would be used to boost the operations of the organizations. Friendly handling of the customers would also lead to customer loyalty. To keep abreast with the new catering technology and continuous improvement of the services to be offered, the employees would need to be trained occasionally.
Catering Capers would be able to provide the best quality of meals in various occasions while providing employment opportunities to most of the youths from the community. A well-coordinated and efficient marketing mix analysis would be devised and implanted. A good relationship with the employees and customers would also be established.