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Business Plan - Convenience Store - 3365 Words

Business Plan Buster’s A cozy Store that designed for your needs [pic] Business Plan by Lydia Chan CONTENTS[pic] 1. Executive Summary Buster’s is a convenience store specialized in servicing daily needs of occupants of the office building where it is located. It offers variety of products to satisfy customers’ daily needs including snacks, pre-wrapped sandwiches, bottle/canned beverages, stationery, greeting cards, newspapers, paperback books and small gift items. The first Buster’s Store was set up in 2007, a 1,000 square feet store located in the lobby of Empire Centre in Kennedy commercial district. This store is solely owned and managed by Lydia Chan. With fully focused and correct business strategy,†¦show more content†¦Christine will be responsible to coach and mentor the other new hired shop assistant, service customers, keep tract inventory/replenishment and report customers’ comments/complaints to Lydia for ensuring corrective action be taken. We will hire another shop assistant to work together with Christine. Criteria are High school graduate with 1-2 years retailing sales experience. 3. Financials 1. Start-up Finance Summary Anticipated start-up cost of the new store is US$200,000. The main cost of start-up will be inventory. It is estimated that the initial inventory purchase will be $100,000. In addition, $30,000 will have to be spent on fixtures and fittings for the store. Since it is a brand new building, there will be no maintenance needed before move-in. Funding will be come from the combination of the two owners from their own savings. Lydia Chan (75% ownership) - contributes US$150,000 Carmen Chan (25% ownership) - contribute US$50,000 2. Start-up Cost Summary This table shows a summary of start-up cost and expenses [pic] 3.3 Anticipated Revenue and Operating Cost for the First Year [pic] 3.4 Pro-forma cash flow projection for the first year of operation [pic] 5. Break even Analysis The following chart and table show the break-even analysis for Buster’s [pic] [pic] 3.6 Anticipated return on investment in the first three Years The following tableShow MoreRelatedExtended Marketing Mix of Convenience Store1238 Words   |  5 PagesBackground of the Study Convenience stores are in demand all over the world for its unique commercial properties. They are usually open 24 hours a day, seven days a week, carrying a limited life of high turnover convenience products and are conveniently located for quick in and out shopping. These stores provide â€Å"fill-in† purchases for consumer needs. Engaging into this kind of business with the right location, pricing strategy, inventory of products, and pleasant customer approach, it can generateRead MoreSej Overview. Sej President Kazuki Furuya Has Worked Vigorously1515 Words   |  7 Pagesconcept. 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Our Team’S Goal Is To Research And Analyze1135 Words   |  5 Pagesresearch and analyze the giant convenience store blue-chip known as 7-Eleven. As the world’s largest convenience store chain, 7-Eleven Inc., (SEI) 7-Eleven Japan (SEJ) and other regional 7-Elevens are owned by the massive conglomerate SEVEN i holding Co., Ltd. Our team will discuss a brief history of SEI and SEJ, analyze their respective mission statement, dissertate various veteran friendly initiatives, highlight top officers and their impact on the company and how the business addressed various esotericRead MoreSwot Analysis : Penney Stock981 Words   |  4 Pages J.C. Penney Stock J.C. Penney is a chain department store that provides plentiful materials and food and provides its customers with services, such as styling salon, optical, portrait photography, and custom decorating in the United States. As a well-known department store, J.C. Penney, it is a leading department store retailer of apparel, accessories and home furnishings. But from the beginning of March to the end of May, JCP stock has been generally falling in price. According to a recent researchRead MoreA Grocery Store And A Gas Station914 Words   |  4 PagesVI. Competition Wawa is a convenience store and a gas station. In terms of the convenience stores, our main competitors are 7-Eleven, Heritages, Walgreens, and Rite Aid. In terms of the Gas station, our competition is against local gas stations with lower prices, and Sunoco. To start listing our competitors in the convenience e store competition, 7-Eleven has 58, 300 stores in 17 countries. They are also known for famous for their famous 32, 44, and 64 oz Big Gulp cups. In some locations they evenRead MoreMom and Pop Shops1153 Words   |  5 Pageseffect on small business, but also it has to do with our economy. 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Chattanooga Ice Cream free essay sample

Chattanooga Ice Cream Case The Chattanooga Ice Cream case shows a decline in sales for 5 consecutive years. The Division is headed by Charles Moore. Although Charles Moore was successful in leading teams he seemed to have major issues with this team of vice presidents. According to the Harvard Business Review Chattanooga Ice Cream Case the team was very dysfunctional; they exhibited a lack of trust, high in conflict, disrespectful of each other and exhibited avoidance issues with accountability. Team members seemed to always lay blame to other member. Moore needs to be more assertive in dismissing the ways of the past and the loss of Stay Shop business needs to be put aside. Moore needs to give clear direction and assign responsibilities to each team member. Moore needs to convey that team cohesiveness is a must and this will go a long way to help ensure no further loss of business. This paper will examine how Moore’s leadership approach contributed to the teams’ dysfunction, discuss what the group of employees themselves could do to better understand the perspectives of each other and their boss as well as make recommendations about Moore should do now to help his team work together and manage conflicts more effectively. Charlie’s Leadership Style In assessing where Charlie Moore goes wrong, it’s important to look at his leadership style. According to the DiSC style, Charlie is a â€Å"Steady (S) Leader.† Specifically, this means Charlie operates at a methodical pace and likes leading in an orderly environment. He may readily view leading in a â€Å"fast-paced† environment as intimidating or stressful. His leadership style is collaborative in nature and he values group efforts. Charlie is a cautious leader that seldom leads by authority as he is comfortable working behind the consensus of the group as he doesn’t like making decisions alone. He is demotivated by competitive environments and changing direction abruptly. He enjoys leading in a harmonic environment with little or no confrontations or conflict. Leaders prepare the organizations for change; Charlie does not build trust nor align his people. Lack of Leadership As a leader Charlie needs to â€Å"prepare organizations for change and help them cope as they struggle through it† (Week 2, Lecture 2). The first evidence of Charlie’s failure as a leader is when he calls the group together to communicate the news about losing their major customer. The mood is somber as Charlie calls the group together to â€Å"mourn† (Sloane, The Chattanooga Ice Cream Division, HBR, p.1) and to figure out what needs to be done about it. As a leader he must exude a sense of â€Å"positive energy† (Jack Welch, Winning, p.84) to prepare his people to act and energize their best thinking to deal with this challenge. His style of (S) may not like change, but he needs to set a tone of optimism and decisiveness that says that they will come through this challenge successfully. First of all, Moore should master self-leadership for himself. Then encourage and model it for others on the team. Manz indicates that â€Å"Leaders facilitate employee self-set goals and reward effective self-leadership when it does occur. Overall, they create and nurture systems that allow teamwork and a holistic self-leadership culture to flourish† (Charles Manz, 2001, Leading Others to Lead Themselves, p. 221). I believe that Charlie and Charlie’s team would benefit from learning about their own leadership style by taking the Disc and TKI assessments and possibly creating smaller strategically paired teams within the group to come up with a foundation and vision for the direction in which the company should go as a whole. Lack of Candor Another example of where Charlie goes wrong is that he doesn’t develop an environment of trust where his people don’t hold back – even though he may not like conflict. As an example of this, Charlie has several meetings to ask his team what their thoughts are about how to compete. When you are an individual contributor, you try to have all the answers. Thats your job-to be an expert, the best at what you do, maybe even the smartest person in the room. When you are a leader, your job is to have all the questionsQuestioning, however, is never enough, following Rule 6: Leaders probe with curiosity that borders on skepticism, making sure your questions unleash debate and raise issues that get action (Welch, 2005, p. 74). Moore should first create an intentional communication strategy. His management team must understand and support a common vision with a common purpose. This requires clarity. Clarity begins with effective communication. He should make sure communication from his management team reaches all employees. The article by Ferrazzi (Harvard Business Review) indicates three specific techniques, developed from the authors research, which can help coworkers collaborate and interact more effectively. The techniques, which are based on creating trust that allows team members to speak candidly, are â€Å"dividing meetings into smaller groups, naming a candor advocate, and teaching how to give and receive feedback with a positive attitude† (Ferrazzi, 2012, Candor, Criticism, and Teamwork, p. 40). Team Dysfunctions The Chattanooga Ice Cream team is dysfunctional for several reasons. Some of those reasons include an absence of trust, avoidance, and not being accountable. Also, there is a lack of commitment amongst some managers. Moore is also looking for buy-in from all members for group decisions. There was no clear cut rule as to how decisions were going to be made. Simply put, Charles Moore failed to incorporate clear operating rules. Week Four 4 Lecture – Building High Performance Teams suggests that â€Å"when managers agree on ground rules in advance, the team is much more likely to run efficiently,† this is especially true with the Chattanooga Ice Cream team. According to Rick Johnson, Charlie could â€Å"Challenge is management team; ask for solutions, assigning both responsibility and empowerment accordingly to utilize individual skills. Ownership of ideas and initiatives builds commitment. Involving the team in creating direction and solutions through empowerment generat es commitment to the tasks necessary to meet objectives. A way to get over the major loss of a client and overshadow the â€Å"mourning†Ã‚  effect would be to challenge the management team to collectively bring in a new client or a few clients that could equal the departure of the one loss, in terms of volume. Also, Moore should create offsite team-building activities on a quarterly basis. The gatherings/outings should be used to build unification and trust in each other. New Direction for CICC Charles seems to want to be just another member of the team, an individual contributor, wanting to give his part instead of asking the explicit result-driven questions required of him in his leadership role. Welch, goes on to say, But thats the job. You want bigger solutions ask questions; healthy debate, decisions, and actions will get everyone there (p. 76). There is nowhere to go, if there is no one to lead. The dysfunctions of the team lie with the dysfunctions of the leader and no directions. Regardless of making the wrong or right decision, in regards to the CICC case, if no action is taken, then the company will fail for sure. As a Business Development Executive, I would tend to push the team to research and target other clients to fill the void left by the client lost, eliminating the somberness, creating motivation to accomplish a new goal, and strengthen the team by focusing efforts into one vision. He should run his team through assessments that could help him strategically pair individual weaknesses and strengths together, not only to complement each other going forward but to build credibility as a leader and start to build a foundation for candor, voice, and dignity going forward. Gaining new clients would most likely cost additional funds in the research and marketing and may cause little investment growth up front; however stabilizing the vision with a decision is making the correct effort to save this company under the current circumstances.

Philosophy of Market

The philosophy of social justice insists that everyone should be provided with equal opportunities as far as the social, economic and political circles are concerned. It specifically states that no particular member of the society should be given undue advantages over others in social, political or economic aspects of life. All citizens of a country are considered to be equal, as far as the opportunities in these circles are concerned.Advertising We will write a custom essay sample on Philosophy of Market specifically for you for only $16.05 $11/page Learn More The word ‘should’ is important in that it is used to point out the fact that every human being must be given equal chances in the three aspects, and none should be considered superior to others. Philosophy of unrestricted free market insists that the government must have doctrines that prohibit the use of fraud, undue force, contract breaching or theft. The most important rules concer ning property should be included as stated in the paragraph below. People should be free to use their property at their sole discretion and no rule should limit them using their private properties. They are entitled to transfer their private properties to other people. People are also prohibited from using undue force, theft or fraud to obtain other people’s properties. Citizens are also expected to stick to the terms of the contracts they willingly enter by means of signing. As per the unrestricted free market philosophy, the forces of demand and supply should be left to control the price of a given commodity without human intervention. The price of a given commodity should decrease with increase in supply, and correspondingly increase with the decrease in supply as per the law of demand and supply. The philosophy of a competitive free market insists that doctrines promoting free and fair competition should be put in place by the government. It argues that land and other pro perties should be widely distributed. Capital should be easily available to laborers as per this philosophy. Productive technology should be also made available without anybody claiming ownership for such a technology and its sole usage. The greatest strengths of the philosophy of unrestricted free market is the fact that it encourages hard work among the citizens of a particular country as one has to fight to get the necessary resources for production.Advertising Looking for essay on philosophy? Let's see if we can help you! Get your first paper with 15% OFF Learn More The fact that price of a particular commodity is controlled by demand and supply forces is another strength as it encourages fairness in society, thus locking out the unnecessary rise of prices for particular commodities. The greatest weakness of this philosophy is that it does not limit one as far as contracting is concerned and also people are free to use their properties in whichever manner they want , even if the use has negative impact on other members of society. The greatest strengths of the philosophy of a competitive free market are as follows. It avoids long legal procedures involved in patenting technological ideas. It also avails resources to all members of society without discrimination. The weaknesses of this philosophy are as follows. It encourages laziness as one does not have to work hard to get the necessary production resource. Another weakness is that two or more inventors can claim the ownership over one technology since no patenting is required. This essay on Philosophy of Market was written and submitted by user Adel1ne to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.