The Bella Amore will be a partnership business in order to eliminate several legal requirements and achieve the intended goals. The owners will observe all legal requirements and make important decisions to ensure the growth of the company.
A partnership alternative presents several strengths to the owners. It will be simple to acquire and run because the individuals will make effective decisions within a short time. The owners will save time on several meetings and agreements noted in other forms of business. Moreover, the proprietors will have complete confidentiality over the business and monitor all business processes. A simple partnership deal will eliminate extra-legal costs incurred in other forms of business.
The Bella Amore shall collaborate with more partners in the future on the basis of the prevailing needs. This approach would ensure that the company achieves its strategic expansion strategies. The business shall also monitor its profits and losses to adjust strategies for attracting and retaining customers. The main founders of the Bella Amore are three friends who double up as the directors. Their roles are summarized below.
Working and Managing Roles of Founders
Supply chain director:
- Managing the daily operation of the Bella Amore business in the department of supply chain
- Providing the administrative roles within the supply chain
- Planning the duties and responsibilities of suppliers
- Tracking the performance of the suppliers against the set targets
- Briefing the other directors of the concerns and success in the supply chain
- Creating and generating bi-monthly reports on supply chain
Marketing director:
- Managing the daily marketing activities of the Bella Amore business
- Providing the administrative roles to the marketing team
- Planning the duties and responsibilities of the marketing team
- Tracking the performance of the marketing team against the set targets
- Briefing the other directors of the concerns and success of each stage of the marketing strategies
- Creating and generating bi-monthly marketing reports
Operations Director:
- Managing the daily operation of the Bella Amore
- Providing administrative roles
- Planning the duties and responsibilities of the employees
- Tracking the performance of the employees against the set targets
- Briefing the other directors of the concerns and success of each stage of the business
- Creating and generating bi-monthly reports and other invoices of the business
- Managing the petty cash and Bella Amore’s invoices
Founders’ Compensation
Wages for this group will be strictly on the profitability of the business. However, each director is entitled to a salary of not less than $1000 per month, depending on the performance of the business. The compensation plan will be equal since the directors have more or less similar responsibilities in the business. The initial investment will also be used for promotion, hire new staff, and train current ones on products and customer service.
However, this will be subject to change depending on the performance of the business after three years of active operations. The compensation plan for the business will be aligned to a supportive work environment, concrete learning processes, and personal development that reinforce competency.
Investors
The current investors in the Bella Amore business consist of three partners who double up as the directors. The investors have equal shares in the business and management responsibilities. These partners are friends who have agreed to start the business with the underlying aim of growing the Bella Amore into a global brand. The investors will also provide logistical support to the business. The roles of the investors are the same as those of the directors.
Supporting Professional Advisors
The skills required in supporting a business strategy plan, will be found in the Bella Amore operation management model, which functions as the driver of business decisions. The variables will be connected at a central point by strategic planning, which encompasses cost, flexibility, and dependability to create a smooth continuous operation tracking model, which operates like the computer from one segment to another.
Through the setting of performance targets for the supporting professional advisors, the team will strive and work harder to satisfy the needs of ever-growing demands from their customers. Besides, the topological structure of the support program will consist of communication and operations management systems, which help in determining efficient performance and optimal resource use (Cheverton 19).
In relation to the Bella Amore establishment, the business will rely on its employees and hired consultants to deliver the best products and services to its customers. Knowledgeable experts will guide clients and ensure that they get the best choices. The hired team will consist of a company lawyer, consultancy accountant, and an industry analyst expert.
This strategy will ensure that the Bella Amore achieves its goals and attracts customers from other regions since business decisions will be based on the advice by the above experts. Besides, the company will open stores in high potential areas once it is well established within the recommendations of the industry expert.
Advisors’ selection will be focused on evaluating resumes of the potential team for essential requirements, which in this case include possession of management and analytical skills. The process will be systematic, and through an aptitude test, elimination of those lacking analytical skills will be possible within minimal prejudice or biasness (Kotler and Keller 27).
Board of directors
The corporate governance structure of the Bella Amore store will have a strong system for promoting elements such as culture, structure, systems, and strategic alignment among the board of directors. The board of directors at the company will consist of the company lawyer, the directors, and the consulting accountant. The proposed board will function on the pillar of total quality management system assurance.
The board will be proactive in safeguarding assets and resources, sustaining efficiency in operations, and ensuring completeness in the management strategies since the advisors will be part and parcel of every activity at the company. This strategy will support communicational culture, efficiency, and optimal resource use in its service delivery to customers.
The board will incorporate a corporate disclosure and system of litigation variables that are connected at the central point by strategic planning. Besides, the risk proportions will be thoroughly verified by the board before informed decisions are made. This procedure is necessary for monitoring decision science, distribution of risk elements, and forecasting future swings in the beauty industry market (Tynan and McKechnie 34).
Entire Team
In the proposed Bella Amore business, there will be laid down structures to keep its staff in a healthy and stable mind in their duty of serving the company’s interests. The store will use the iCIMS software to manage its human resources. The system is significant in skill tracking, allocating monetary to employees, and managing the master payroll.
The store’s human resource management team will be active in building a strong and healthy workforce. At the Bella Amore store, programs will be periodically designed in line with objectives and goals for sustained happy employee-employer relationship through the human resource department. This department will also be mandated with the duty of hiring and firing employees, promoting health organization culture, and discovering special talents at the Bella Amore (Cheverton 13).
The Bella Amore store will have attractive employer-paid benefits that offer health cover, mileage, workers compensation, retirement, and disability, among others. The compensation plan for the Bella Amore inspires optimal performance through job satisfaction since the total annual compensation and different benefits are relatively attractive. Besides, the store will have a continuous 401k retirement plan for employees.
Each year, employees will be given the opportunity to buy 1% of the Bella Amore stocks at a discount of 10%. The actual hourly salary for the sales associates will be $50, besides a comprehensive medical cover and annual salary increment of 5% of the previous year’s salary (Tynan and McKechnie 31). The company will also have an annual promotion plan and continuous employee training program. The promotion will be based on performance and academic qualifications. The training program will be in-house and managed by the HRM department (Cheverton, 24).
Conclusion
Apparently, the Bella Amore store will have strengths such as strong brand presence, expansive distribution channel, diverse product multi-branding, and strong customer base when the roles of the directors are aligned to the expertise suggestions by the advisory team. The Bella Amore establishment is likely to succeed since the proposed team comprised of experienced experts who have a proper understanding of the beauty industry.
Works Cited
Cheverton, Philip. Key marketing skills: Strategies, tools, and techniques for marketing success, London, UK: Kogan Page, 2004. Print.
Kotler, Philip, and Kevin Keller. Marketing management. 14th ed. 2012. New Jersey, NJ: Pearson Prentice Hall. Print.
Tynan, Caroline and Sandra McKechnie. “Experience Marketing: A Review and Reassessment.” Journal of Marketing Management 25.6 (2008): 501-527. Print.