I chose Harman Bakery Company in Baltimore, MD has associated with the company during the wedding day of my first cousin and whenever we engaged in family gatherings. I also have sufficient information about the bakerys wedding cakes, the convenience of delivery and I have experienced the way the company dedicates its service towards customers satisfaction and their time management strategies. Since Baltimore MD is the most populous city in Maryland, I have noticed that the company does not consider the economic growth that is evident in the city to establish the overall structure of the business (Herman, 2016). Having realized that the bakery is more concerned with producing valuable product inform of wedding cakes, desserts, and Forests, I at this moment think of coming up with strategies for developing the outlook of the company towards meeting the standards of the fast-growing and technologized Baltimore City and to ensure that customer satisfaction is beyond the ordinary rules.
Regarding the name and location of the Bakery, I, therefore, decided to rebrand the company with a new name, i.e. Treats by Tone Company. I also consider developing the outward appearance of the premises to provide a safe, self-directing and ample parking environment to cater for the multiple numbers of visitors in Maryland (Herman, 2016). I acknowledge the variety of foods that are consumed in Maryland and all communities residing in Baltimore. Thus I realized that Herman Bakery Company does not adequately consider all cultural foods like conventional Chinese foods, and Italian Carnavale celebration unique food that is usually done 40 days before Easter holiday. I will ensure that new employees with expertise in cultural cakes, foreign celebration food and employees with relevant customer relations are employed to conform with the Baltimore BA economic and social developments.
I will also ensure that employees receive the best from the management regarding incentives to ensure that they offer all visitors the required service that will make them spread the information in other countries. My primary aim is to transform Herman Bakery into the real Treats by Tone Company about depicting the best conventional foods, cakes, and ensuring that the company has postmodern furniture which conforms to the needs of all cultural groups visiting Maryland. Having noted that at the current Herman Bakery makes it realize an annual profit of $2,610,330 and working with approximately 70 employees, my projection will be to double the yearly revenue since I will incorporate diverse groups of people in the managerial and employee base (Herman, 2016).
Apart from developing the outlook of the business, I will initiate implementation strategy involving vision statement, mission statement, identifying the strengths and weaknesses of the company, identifying the critical factors, checking on the competitive market and re-energizing the goals of the company.
1. Vision Statement
To provide customers with the best services ever in an excellent appearing company regarding post-modern and traditionally made furniture.
2. Mission Statement
To always aim at improving quality services to the point of ensuring the customers needs are satisfied while maintaining a good reputation of the company regarding discipline and commitment to customer service.
3. Company Strengths and Weaknesses and identification of Critical factors
Currently, the company has maintained a good reputation, and most of its customers praise their services. There is also a consistent profit that results in over $2.6 annual revenue. The weaknesses are the lack of efforts to expand the business to fit the needs of the fast-growing Baltimore City in Maryland. Also, the company is a family business hence does not meet the standards of serving customers from all cultural communities. Having this in mind, I will, therefore, boost the strengths of the business, for instance, the promoting the services, modernizing the outlook of the furniture and employing new diverse staff to meet all cultural groups (Herman, 2016). I will identify the critical factors like marketing of the business, hiring a competent financial manager to analyze the monetary base and to influence the managerial staff to come up with strategies.
Purchasing the Existing Herman Bakery Company
It would be more logical to buy Hemanss Bakery Company and rename it as Treats by Tone Company than opening a new business. This would provide a chance of streamlining the existing operations to meet exact needs of the customers. Arguably, the old clients will be retained, and improved services will attract more new customers as opposed to opening a new firm. Primarily, this would save time and costs incurred in the effort of piloting, advertising and other business- start off requirements. Additionally, with an existing company, it requires very minimal efforts of streamlining the central operations in applying new approaches such as Quality Function Deployment (QFD (Chowdhury & Quaddus, 2015).This technique takes care of the actual desires of the customers by providing the quality services most conveniently.
Additionally, operating the existing business provides a chance of creating more value for the consumers using the few resources. It would involve analyzing the previous weaknesses of the company and address the areas of the concerns to attract more customers (Womack & Jones, 2015). The clients are made to understand they are valued in the industry. However, this language is realized by employing the lean philosophy in the provision of the services. It involves giving attention to the central processes of the organization that are geared towards meeting the true desires of the customers. Therefore, the ultimate objective of this approach aims at providing absolute importance to the consumers via whole value design route that has zero waste.
Form of ownership
Based on the financial challenges that I am currently experiencing, and the risks involved in entrepreneurship I would prefer partnership. It provides an opportunity for pooling the capital to define and streamline the existing operations of Hemanss Bakery Company. In the broader view, business resources tend to be limited, and this sabotage the efforts of implementing the essential strategies. However, in partnership, the sources of the capital are diverse, and this provides security, and overall operations of the business become easier (Chowdhury & Quaddus, 2015). In the broader scope, there is shared responsibility and motivation of the members to contribute more capital since the profit is divided by the ratio of the invested capital.
Secondly, in the case of the risks, its impacts are less likely to be felt because of diversification. In one sense, the threats that are likely to be incurred in the entrepreneurship will be shared by all members who seem to be more bearable than when committed by an individual (Womack & Jones, 2015). However, if the business is operated entirely by the family, there is a true risk that is involved, in the case of the death of the family member or other misfortune. In case this happens, the operations of the businesses are affected, and the only viable option is the closure of the firm. Overall, the partnership aids a high security since the death of one member still the bossiness will run as usual until the issues are resolved.
At the family level, the decisions made are limited to the narrow scope. For example, the decision that is produced by the father who is regarded as the head of the family may be final and not subject to the challenge. In this regard, the lethal choices would be likely to subject the operations of the firm into a considerable risk and eventually the entire business collapses (Womack & Jones, 2015).
Business Plan for Treats by Tone Bakery
Since there is stiff competition in bakery services, I will try to identify all the weaknesses of my competitors and transform them into strengths. For instance, the fault of not furnishing the bakeries to produce all variety of foods and services to a range of the best services and most enjoyed food across the world. I will maintain a competitive advantage to beat all business that intends to outdo Treats by Tone Bakery by transforming the outlook of the company to be a postmodern one with all adjustable measures to serve all people from different ethnic groups.
My business will, therefore, operate 24 hours all days of the week and the workers will be working in shifts to fit their relaxing days. The summary of the business plan by Treats by Tone Bakery Company is outlined below.
Managerial employee Salary per month is $2,200
Employees salary p.m. $1,200
The financial manager will do supplies and inventory, but the initial one is $6,000 for the first month.
Targeted revenue $4.5 million per annum.
Managerial employees will be three, i.e., overall manager, Sales manager and financial manager.
Other employees will be 100
All my employees will be entitled to a medical cover and various incentives.
Business will be insured at $200 per month against risks of fire.
The property will be guaranteed at another $200.
The primary source of finance is personal savings, loans which are expected to sum up to $50,000.
Capital equipment will be bought from the Herman Bakery, and an improvement of the old stuff will cost about $11,000.
In summation, from the issues documented in this discussion, it is apparent that business strategy is geared towards buying Hemanss Bakery Company and rebrand to a new business name Treats by Tone Company. However, due to the current financial difficulties that I am experiencing, I would prefer to partner with the interested members. This would make it easier to implement the new strategies, spread the risks, help in decision making and eventually provide a platform for pooling of the resources to streamline the existing business plan to meet our objectives.
Chowdhury, M. M. H., & Quaddus, M. A. (2015). A multiple objective optimizations based QFD approach for efficient, resilient strategies to mitigate supply chain vulnerabilities: The case of garment industry of Bangladesh. Omega, 57, 5-21.
Herman, M. (2016). Hermans Bakery Company in Baltimore MD. Maryland. Retrieved from http://www.hermansbakeryandcatering.com/Womack, J. P., & Jones, D. T. (2015). Lean Solutions: How Companies and Customers Can Create Value and Wealth Together. Simon and Schuster.
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