Jollys Java and Bakery Business Plan - Case Study Example

Business Plan Name Course Name and Code Instructor’s Name Date Description Planning is an essential part of running any activity; most business start-ups fail because they do not have a reference point for their business ventures. In most cases, it easy to start a business project without a blueprint as to what the business should accomplish and within what specific time period; the success possibilities of such venture are minimal. Without careful planning, one is likely to get lost along the way (Ochtel, 2009). A business plan provides a reference point where the project owner can return to at any point during the project and evaluate the progress. It is an assessment point; it helps one to determine how far he/she has gone and what remains to cover. Similarly, it helps the business owner to evaluate how far he/she has drifted from the original vision thus allowing the business owner to go back to his/her original plan. The business plan is a significant tool in analytical thinking of the industry you want to venture into and the role that your business will play in that industry. Accordingly, the correlation between different business entities; for example, by increasing the business capital base is likely to increase the business profitability. This business report analyses two business plans by identifying their strengths, weaknesses, and provides suggestions as to how they could have been improved. Accordingly, the paper will discuss the challenges the researcher experienced in the course of the research activity. The subjects for this report are Jolly’s Java and Bakery Business Plan and Wright's Dental Lab Business Plan. Jolly’s Java and Bakery Business Plan Strengths The company has a strong market analysis that gives it an upper hand to provide the products that will meet current customer needs (LivePlan, 2013). Through its market analysis, Jolly’s Java Bakery (JJB) has identified its customer base to be the local residents as well as tourists who are a common figure within the locality. JJB’s target market is the middle upper income markets, which represents a majority of customers who consume coffee and espresso products. The market needs identified by JJB are hot coffee given the fact that Washington comprise of eight months of cold climate, and iced coffee needs; this will be appropriate for the four months of the warm climate (LivePlan, 2013). This market analysis will outstandingly help the company achieve its vision and objectives. Accordingly, the service business analysis is excellent; JJB has established that in the US, the retail coffee industry has experienced significant growth (LivePlan, 2013). The cool marine climate to the southwest of Washington is a great influence to consumption of hot beverages across the year. This kind of business will experience less competition; however, despite of this, JJB is inclined to position itself in the market as a place where customers will experience premium services by enjoying a cup of delicious coffee coupled with fresh pastry in an ambiance environment suitable for relaxation (LivePlan, 2013). Competition is not stiff and hence the company is prospectively positioned to grow and increase its customer base. The company’s implementation strategy is designed to attract coffee lovers; for instance, the company will succeed by offering high quality coffee, espresso, and bakery products to its consumers (LivePlan, 2013). The company will gain a competitive edge quickly in the market given the fact that there is low level of competition and by using its quality products. The company’s sales strategy is designed with a lot of expertise; for instance, the company will be able to break even by the fourth month of its operations in the market. The sales forecasts are attainable given the extensive financial analysis that is given (LivePlan, 2013). The company will be able to meet its goals within the stipulated time. Weaknesses The company marketing strategy lacks the promotional entity that is very essential in creating the company’s awareness in the market place. Promotion is a key marketing strategy entity in attracting customers, creating brand awareness, brand loyalty, and to create perceived quality in the customers mind (Topfer, 2011). In addition to the above, JJB lack a legal entity in its business plan; a legal entity explains how responsible is the business going to conduct its business operations, how the company will adhere to the business laws and regulations for instance being accountable and responsive, and offering fulfilling work experience and professional development of the company’s employees (Topfer, 2011). Information technology is a vital tool in any business organization; for instance, it helps in company marketing processes, real time communication with other vital stakeholders of the business like suppliers, and creating company awareness within and beyond its locality. JJB lacks IT entity in its business plan (Topfer, 2011). Improvement The JJB business plan can be improved by incorporating the above mentioned entities. For instance, the marketing strategy should include the promotional entity that will clearly elaborate how the company is going to market its products and services. Similarly, the legal entity must and should be added to the business to explain how the business is going to adhere to the industries rules and regulations, how is going to operate responsibly and responsively (Finch, 2010). Further, to diversify its market capture, the company should add the IT entity into its business plan. Information technology is very essential in a myriad of activities including marketing, sales management, and general business analysis (Finch, 2010). Wright's Dental Lab Business Plan Strengths The company has a wide product base that will enable it to capture customers from a wider customer base. For example; the crown and bridge products including Ceramics that come in two brands A and B. the ceramics products include: Porcelain to metal, Porcelain veneers, product C, product D, product E, product F, and product F model 2 (LivePlan a, 2013). Removable will include dentures and partials, Splints/Stents, and Orthontics. Dentures and Partials will comprise of: full dentures, partial dentures, night guards, relines, laser welded repairs, soft liners and Brand H. Splints/Stents comprise of: Brand G, Hard splint (night guard), Implant stent, sports guard, surgical template, bleaching fluoride trays. Strong market analysis; for instance, the company has identified that in LochJaw tri-county area there are approximately over 300 dentists. There are only seven dental labs in the entire county and of the seven labs, only four are full service. Despite the current population growth in the county, the labs have not invested in the current technology to serve the county as required. With regard to this, the company intends to set up a new state of the art laboratory that will provide quality services and products (LivePlan a, 2013). This will allow children and seniors to get excellent quality dental services based on the fact that the Wright’s Dental Laboratory will invest heavily in the new techniques and products. The company has segmented its market into three categories including dental services for seniors, Dental services for children, and general dental services. In the same line of discussion, the company has an elaborate implementation strategy that will see its successful operations (LivePlan a, 2013). For instance, the company will pursue its customers aggressively by offering discounted services thus attracting them to the new lab. The company’s sales strategy is one that is customer focused, for instance, Wright’s Dental Laboratory will offer dental professionals new techniques and equipments (LivePlan a, 2013). Weaknesses This dental lab is not inclined to use the internet and website tools in marketing its products and services. Website marketing is an instrumental tool in the day-to-day marketing activities; Wright’s Dental Laboratory without incorporating this tool in its business plan wholly shows that the company is not ready to diversify its customer base thus gaining a competitive edge in the marketplace (Topfer, 2011). The company top management comprise of doctors who have no experience in business management including procurement, operations, and marketing. In this regard, the company is set to make misguided decision can hurt the overall profitability of the company (Topfer, 2011). The company is funded by two brothers whose profession is in medicine particularly laboratory medicine, however, their ratio of their contribution is not given (Topfer, 2011). This is dangerous as it can lead to profit sharing issues; this should have been well stated in the business plan. Improvement Internet marketing is a vital marketing strategy that provides an interactive platform that allows customers to interact with the business in real time. Wright’s Dental Laboratory should add this entity to its business plan as it is essential in attracting customers beyond customers from beyond the business locality (Finch, 2010). Similarly, the business plan can be improved by including the company sourcing for business managers who are proficient in business activities (Finch, 2010). Although this seems expensive to the company, it has tremendous benefits in the end. Accordingly, the investment capital should be properly stated basing on how much the two partners has contributed, and what much will be borrowed from the Small Business Advancement loans (Finch, 2010). Challenges The researcher encountered the following constraints in the course of the study: Time constraints, Some websites were inaccessible Ethical issues For the time constraints, the researcher had to extent his usual study time in order to create more time to conduct the research activity. Inaccessible websites; the research had to integrate the web searching techniques using efficient web search engines like Google, and Yahoo; until he was able to find favourable online business plans to be used in this research problem (Finch, 2010). Similarly, the researcher understands that using other people’s work without their consent is an academic crime and above all, it is unethical. In this regard, all the works that have been used in this research are fully referenced. Lessons Learned Business plan is a blueprint for business start-ups as they provide the direction that business must follow in order to succeed in its venture. How to write a business plan; despite of having different structural formats of business plans, they all talk about the same thing (Ochtel, 2009). A business plan is a benchmark that a business can use to track its performance and make immediate corrections. The business plan provides the description of the business model; how the business plans to make money and continue doing business even when the market is highly saturated. The business plan also explains the marketing strategy of the business References Finch, B. (2010). How to write a business plan. London: Kogan Page LivePlan. (2013). Bakery Business Plan: Jolly’s Java and bakery. Retrieved on 21/08/2013, from; http://www.bplans.com/bakery_business_plan/appendix_fc.php#.UhUE6couBSN LivePlan. (2013). Dental laboratory business plan: Wright’s dental lab. Retrieved on 21/08/2013, from http://www.bplans.com/dental_laboratories_business_plan/appendix_fc.php#.UhUE7souBSN Ochtel, R. T. (2009). Business planning, business plans and venture funding. New York: Carlsbad Publishing Topfer, S. (2011). The importance of business planning. Retrieved on 21/08/2013, from; http://www.nasdaq.com/article/the-importance-of-business-planning-cm59436 Read More