Introduction
Kelly Sandwich Stop is a business with a huge potential for growth. The new place will offer many opportunities for the business. It will create new jobs and give Kelly an opportunity to achieve financial success. All business ventures are risky, and entrepreneurs should take calculated risks. Despite the new challenges, the rewards of a successful business are worth those risks and investments.
Growth strategy
The new business venture requires new capital, staff, and new management skills. Kelly must develop her management skills through training. This will give her the abilities and skills needed to run the expanded business. She must clearly set her business goals and develop a good business plan. This will allow her access to loans (Karen, 2009). She must carry out a market survey to understand her target audience, competitors, and raw material sources. Kelly will have to plan her time carefully as she will manage the restaurant 24 hours per day. Competing interests will have a negative effect on the business.
Retaining her old customers will be a priority. She must tell them of her impending change and her commitment to supplying their desired products. A good marketing strategy will attract new customers. This will include good customer service and care. It will help the business meet customers’ needs and promptly satisfy them. Good administration principles and customer satisfaction will be a priority for Kelly as an entrepreneur. She must develop efficient customer strategies that will emphasize their value in the business (Hossain & Leo, 2009). A culture of quality consciousness will create a suitable environment for growth and expansion.
Form of ownership
Kelly Sandwich Stop has been a success. For the new business venture, a sole proprietorship will be the best form of ownership for this business. With complete ownership, Kelly will be able to support her business branding. She will keep her old customer base and will not have to change the marketing strategy. Starting a sole proprietorship is cheap and easy. It requires few government regulations and licenses to run (Karen, 2009).
As a sole proprietor, she will fully shoulder all the financial risk. The personal and financial fulfillment success will be her reward. She will be able to give enhanced customer service. This will build trust and customer loyalty. She will also be able to make crucial business decisions quickly without lengthy consultations.
Short term and medium-term goals
The short-term goals of Kelly Sandwich Stop are a successful shift to the new place and the start of operations. The business will develop and produce new products to cater to the expanded market. Getting the resources necessary to start operations will be the primary goal. The business must improve its efficiency, customer service delivery, and operations to survive competition (Yu & Ramanathan, 2008). This will enable the business to become profitable within the shortest time. The medium-term goal will be to create a 90% customer satisfaction level. This will make sure the business remains profitable and enable the proprietor to recoup the investment. With a good financial base, Kelly can diversify and create other branches in the future.
Financial options
Small businesses can get finances easily. Kelly can get access to small business grants and financial support given by the government through programs run by banks and business corporations. She can also use her own finances through personal savings, personal loans, or an equity loan on her assets. Government and non-governmental organizations have laid down strategies to aid upcoming small businesses. The World Bank and federal governments run these programs. Kelly should get access to a small business grant. She will benefit from expert advice from the financing institution. She can also use her own savings. With these financing options, Kelly’s business has the potential to succeed with great financial benefits.
Organizational structure
A sole proprietorship is simple and does not need a complex framework to run. Sole proprietor businesses do not need complex organizational structures. The owner is in charge, and all employees are below (Dobbins & Ehmke, 2005). As the owner, Kelly will be in charge of everything from material acquisition, production, sales, customer care, advertisement, management, and administration of the business. She will have to delegate some roles to her employees and balance her business obligations and other responsibilities carefully. Competing demands can influence her business negatively.
Staffing needs
Kelly will have to recruit new professional employees. Training will orient them to her way of doing things. She must find the unique skills and talents of her employees and exploit them in her business. This will make their work easy and improve performance. To increase her business development, she must allow creativity and flexibility in the employees’ way of doing things (Greenwood, 2012). This will create the right attitude for continual improvement of the business. Cultivating a good working relationship with her staff by developing good communication channels will be necessary. Rewards, such as promotions, commissions, and salary increments, will motivate them.
Customers and promotion
Personalized contact with customers will keep customers due to quality products and services. Customer’s trust and confidence are the backbones of all businesses. Kelly will use popular marketing strategies. Social media tools, like Facebook and Twitter, will create the exposure needed for her new business. Customer referrals, networking, and yellow page directories will improve her business profile. Good public relations serve as a marketing strategy to keep and attract new customers. The launch of the business will offer a good promotion platform. New products will be introduced and sold cheaply. This will attract new customers to the range of quality products available at Kelly’s Sandwich Stop. The business will make a quality statement and start serving customers.
Ethics and social responsibility
Kelly’s Sandwich Stop will engage new employees to cater to the increased workload. The business must use ethical marketing strategies. They must target all potential clients without discrimination. Kelly must give good working conditions for all employees without exceptions. Products will be prepared ethically using the right ingredients and processes. Advertising strategies will be run ethically. They will consider different people and must not offend anybody. Kelly Sandwich Stop must continue to serve its old customers. It is wrong to abandon them without any consideration.
Summary
Good financial management and administration are the keys to success for any business. Kelly’s new business venture must attract and keep new customers through good marketing and customer orientation policies. This will make sure sustainability and growth of the business. Kelly‘s previous experience in the food industry will be invaluable in her new venture. She will have an added advantage as she knows how to attract and retain customers. Her new business will have challenges unique to her business. She must be prepared for any eventuality at all times.
References
Dobbins, C,. & Ehmke, C. (2005). Principles for structuring small businesses and farms, EC-729. AICC Series. Purdue Extension. Web.
Greenwood, B (2012) Client orientation – open-heart surgery on the business. SSGM, Service Station & Garage Management. Web.
Hossain, M. & Leo, S. (2009). Customer perception on service quality in retail banking in Middle East: The case of Qatar. International Journal of Islamic and Middle Eastern Finance and Management, 2 (4).
Karen, C. (2009). Exploring business. Web.
Yu, W,. & Ramanathan, R. (2008). An assessment of operational efficiencies in the UK retail sector. International Journal of Retail and Distribution Management, 36(11), 861-882.