Business Ownership Of Into The Blue Grand Royal Business Essay

Published:

This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

Into the blue grand royal, is positioned on the world's most stunning harbor which overlooks the Opera house and Circular Quay. This brand new function is a small service based organisation which has fewer than 20 employees. This business is run and managed by the owner Ms. Rebecca Azzi. Into the blue grand royal will provide people with the best food, music, entertainment and service. It doesn't allow for any customers to be disappointed but in fact pleased and satisfied with what this function has to offer.

It aims and intends to gain customer loyalty and trust by providing honesty and great service to the public, sustaining a healthy working environment for employees, generate sufficient amount of profit in order for the business to expand and become nationally well known.

This business is located in Newport parade NSW. The reasons for this business location include:

The low level of competition in the area

A busy location, meaning the venue is at a higher visibility state as to a quite street

The outstanding view, which offers many newlyweds and guests to take great memorable photographs

The large amount of space which can be used for many activities

The selection of the area is in need of a wedding reception

Business ownership

Into the blue grand royal is owned and run by Ms Rebecca Azzi. This business had a variety of legal structures to choose from, they include: sole trader, partnership, public and private companies. The most appropriate legal structure for this business is sole trader, meaning it is an unincorporated business with one owner. Ms. Azzi has chosen this type of legal structure due to the many advantages that it offers including, the retaining off all the business profits as well as the freedom to make decisions without the consultation of other parties.

The disadvantages of sole trading include, the unlimited liability, indicating that the owner of the business is personally responsible for any debts that result from the business. Also if the business fails to meet its financial obligations the owner will be held liable for all the damages, in some cases the loss of Rebecca's personal assets may be at risk as the law assumes that the business and the owner are one. Another disadvantage is that Ms Azzi may tend to lose motivation in the running of the business.

Although there are many disadvantages in opening up a business, Ms Azzi is an entrepreneur who is willing to take a risk and invest in a new function.

Reason for establishment

Ms Rebecca Azzi has been a manager at a wedding reception for more than 5 years which helped her in gaining a lot of experience. After the consultation of family members and experts Rebecca decided to open up a small business rather than work for an existing one. Another factor which also influenced Rebecca to open a business is all the advantages that it offers ,such as being self employed and the freedom to make decisions without the consultation of other parties. Rebecca spoke to a number of business consultants in order to seek advice on how to be successful.

Vision and Mission statement

Into the blue grand royal, vision statement indicates the path and direction in which the business wants to head in. Into the blue grand royal is situated on the world's most stunning Harbour which overlooks the Opera house and Circular Quay. This businesses vision is to provide customers with the best service and the best wedding every dreamed for.

Prime function

The prime function of the business is to provide newlyweds with the best outstanding view and service, to gain loyalty and trust of consumers and sustain a healthy working environment for all employees. Into the blue grand royal hopes to generate sufficient amount of profit in order for the business to pay its liabilities as well as expand in the future. This new business target market is people from all ages who are ready to get married and would like to share their joy with many of their loved ones.

Description of the products/services

Into the blue grand royal will provide customers with the best food, music, entertainment and a high quality of service. It aims to generate a high amount of profit, create a good reputation and to gain the trust of customers in order for the business to succeed. This business is open 7 days a week from 9am - to 9 pm which provides customers enough time to enquire about the business and all special offers.

This business specializes in planning and managing a wedding ceremony depending on customer preferences and to make it a pleasurable and a memorable experience. It will not allow for any customers to be disappointed but in fact pleased and satisfied with what this function has to offer. This wedding reception does not only offer a great variety of reception rooms, entertainment and food, but the business will also organize a unique ceremony that newlyweds will not forget.

This wedding reception has a special offer if a wedding package is bought. If newlyweds have more than 360 guests at the wedding, the business will personally provide a professional photographer to take some memorable shots free!

Into the blue grand royal, provides customers with 3 different rooms with different sizes and themes which will make the celebration classy and elegant. All three rooms have different prices depending on its size, Luxor room is the largest room which accommodates up to 1000 guest with a price range of $95- $150 per head. The Lunar room accommodates 500 guests with a price range of $70-$85per head, and the ball room accommodates 300 guests with a price range of $35-$50 per head.

Into the blue grand royal provides customers and employees with services like:

Affordable prices to make sure that customers are happy with the amount paid.

Educated employees to provide the best support and services possible.

A healthy environment to allow customer to have a great time and a good lifestyle.

Safety equipment to decrease the chances of injuries and damages.

Early open hours.

Late close hours.

Balanced nutrition to keep customers healthy.

Luxor room accommodates 1000 guests.

Lunar room accommodates 500 guests.

Ball room accommodates 300 guests.

Purpose of plan

The purpose of a business plan is to provide this new function with a clear direction and a path for the future. This plan should guide and set frame work to how tasks in this reception should be completed and the strategies and ways to complete them. It is very important to owners and managers to fully understand what needs to be done to the business in order to closely create a well writing plan where all staff members and owners must follow. Goals are the overall accomplishments that a business plans to achieve, as they are a way to help the business reach success and achieve the owner's personal objectives.

A business plan will help staff and managers use their time sufficiently and be more productive in completing tasks. In another case a plan will also be necessarily for financial purposes so this new service based organisation, will not face any financial problems such as debt. If the business and its management pursue with this business plan, the business has a higher chance of reaching and achieving success. There are three types of planning which can assist Into the blue grand royal achieve success. They include:

Strategic plans: these plans are the long term plans of the business. They provide a clear view of the future and what it holds and sets out the long term goals of the business. This plan can help and guide into the blue grand royal to examine the current state of the business as well as the future requirements and also to provide a clear vision of any future expansion or investments. Some strategic plans include:

Expand this business to other locations

Get business to reach breakeven point

Gain the best reputation

Have the best relationship with staff

Expand the business to offer greater celebrations such as Christening and formals.

Tactical plans: these are short term plans involving activities and actions taken that are aimed at moving closer to the goals defined as strategic plan.

Business growth

Be efficient

Effectively in managing time

Increase reputation

Make business well known

Develop a great relationship with staff

Operational plans: are for the day to day running of this business they are derived from the strategic plan, and are a detailed action plan to accomplish the smaller goals of the business.

Help business in achieving long term goals

Motivate employees

Increase sales growth

Goals are the overall accomplishments that a business plans to achieve whether it is in the long term, short term and during the day to day running of the business. Different goals must be set for all business and they differ depending on their individual profession.

There are different goals set for the business by the owner and the management team, they include, social, financial, personal and environmental goals.

Social goals:

Develop a great relationship with staff members

Provide a safe working environment for employees, without any discrimination.

Donations towards Charities

Sponsorships

Fundraisers

Personal goals.

Achieve customer loyalty and trust

do everything that is possible to make the business successful

develop a great relationship with employees

Financial goals

increase the amount of profit each year

help the business be financially stable to pay all liabilities

achieve and increase market share as well as sales growth

Attain a profit in the first three years from the running of the business.

Environmental goals:

not perform any acts that can harm the environment

Reduce the use of fuels and process sewage.

Situational analysis

A situational analysis looks in detail the internal and external factors that affect the running of the business, whether it is controlled or not. It helps in identifying the current position of the business as well as its, strengths, weaknesses, opportunities and threats.

(S)- Strengths:

Internal

Good location

Reliable resources

Large amount of space

Overlooks Harbour

Staff training process

Experienced management

Good name and reputation

Caters to all the needs and wants of couples

Stunning view

Skilled workers

Great advertisement

(W)-weaknesses:

Internal

Not enough skills

Lack of staff development

Consumer preference

Lack of expertise in the industry

Limited resources

New business

Not as popular in the market

Unlimited liability

Limited funds

Lack of consumer awareness

(O)- Opportunities:

External

Busy location

Higher visibility state

Outstanding view

New suppliers entering the market

Social trend and interest

Large amount of space which can be used for many activities

Offer greater value

This business is located in the most popular neighborhood

(T)- Threats

External

Increased competition in the area

Economic conditions

Government policies and regulations

Other receptions may offer other things.

Economic downturn and condition

Stronger promotion done by many other competitors

Market demand

Other businesses are well know and popular

An Increase inflation

Competitor's analysis

The main competitive advantage of into the blue grand royal is that it caters to people of different cultures, for this reason it will highly attract more customers from different nationalities and age group as it offers a wide range of choices to suit all customer taste and preference. The fact that the business is newly opened makes the establishment phase of this new function face many obstacles as to the low level of the businesses popularity.

Strengths (S) -

Experiences staff and managers

Good location

Caters to all the needs and wants of couples

Stunning view

Weaknesses (W) -

Low level of innovation

Not enough advertisements

Not as popular in the market

New business

Opportunities (O) -

Higher visibility state

Outstanding view

Social trend and interest

Large amount of space which can be used for many activities

Threats (T) -

High level of competition in the area

Stronger promotion done by many other competitors

Other businesses are well known and popular

Product Analysis

Into the blue grand royal is a new service based function, therefore it is part of the establishment phase in the business life cycle. Throughout the establishment phase, the business will face many challenges and obstacles on the way especially due to the fact that this business is not popular and well known by customers.

Establishment Phase - this phase is known when a new business first enters the market. Customers are unfamiliar with the business or its product for this reason it can result in a longer period of time for the business to generate sufficient amount of profit. The solution is that Rebecca must consider taking some strategies in advertising the product to raise awareness and make it familiar between customers.

Growth Phase - during this phase consumers are more aware of the product and the firm which can lead to increased revenue. As the financial performance of the business is improving, managers must look at developing some budgets to ensure greater organisation of financial issues.

Maturity Phase - in the maturity phase of the business life cycle the businesses' growth and market share begin to slow. Rebecca's business might face increased competition from new entrants to the market. During this phase is where new experienced employees and managers should be hired to keep the business under control. Another way is to motivate employees by fringe benefits and pay bonuses to remain satisfied.

Post-Maturity Phase - the post-maturity phase of the business cycle is the final stage that a business undergoes. Innovation of the product and business should be completed effectively. The state of the business may remain at a steady-state, or can fluctuate by increasing sales, or decline.

Marketing

Marketing is not only about advertising the product or service. It also involves a whole system of procedures and activities that are used by the business to provide the best product or service possible that suits the target consumer's needs and wants. Marketing aims to satisfy consumers and to provide a good level of profit for the business. Into the blue grand royal, use the marketing mix to promote and develop their business and service.

In order for a business to be successful, the owner must always update and innovate the products and services that a business offers, in order to stay up with the changing trends and always be on top of other competitors. Competing with competitor prices is another influential factor. If this business offers customers better packages at lower prices, customer will be attracted to the business and for this reason the business will gain a good name and reputation which in return generates profit for the business.

A high number of customers prefer to have an outstanding view at their wedding to satisfy their guests for this reason having a wonderful view and large free space will contribute on how customers judge this business and therefore consumers will be attracted to what this function has to offers and choose this business as their wedding reception over other competitors which might not offer what this business offers.

Change in consumer taste is always updating with different trends coming out, for this reason this function must stay innovative to attract more customers to the business.

The marketing mix is the process of developing a product or service that meets the needs and wants of consumers and applying a series of promotional pricing and distribution strategies that will persuade consumers to purchase the product.

Product, Place, Promotion and Price are all elements of the marketing mix. The target market segmentation are inclusive people of all ages as this venue can complement any activity.

Product: Refers to the product or service provided it includes things that may enhance the quality of the product or service. Into the blue grand royal will provide customers with the best food, music, entertainment and a high quality of service. This business is open 7 days a week.

Into the blue grand royal, provides customers with 3 different rooms with different sizes and themes which will make the celebration classy and elegant.

Price: the prices that apply at into the blue grand royal, vary depending on the amount of people attending the ceremony. In some cases extra costs may apply for special wants of customer. The director of into the blue grand royal uses some pricing strategies to try and make it as reasonably affordable but still profitable.

The use of competitor's prices as a guide. This allows for competition in prices between competitors.

Place: this strategy refers to the location of the business; the location of the business can be a very influencing factor in the success or failure of it. The selected location is Newport parade City NSW and is situated on the world's most stunning Harbour which overlooks the Opera House and Circular Quay. The reason for this location is all the advantages that it offers such as, the business having a high visibility state compared with another business, this can be beneficial as the business attracts more customers. The outstanding vie which can offer many newlyweds the opportunity to take great memorable photographs.

Promotion: promotion is the process of getting and maintaining the awareness and attention of the consumer towards the business or the service provided, into the blue grand royal uses promotion strategies to advertise the business through:

Sales promotion; this is when the business may offer special offers to customers to overpower their competitors.

Advertising through the media: into the blue used different Australian newspaper resources to try and advertise their services as well as a few broadcasting radio channels. Also banners, billboards, pamphlets and brochures were made to further gain the attention of potential customers.

Staffing requirements

Into the blue grand royal provides customers with the best possible service. The internal stakeholders of the business including employees are a large contributing factor in the success and failure of the business. Therefore when recruiting new staff, the business owner and the director of the business create a list of requirements for the potential employees. At into the blue grand royal there are currently 17 fully qualified and educated staff member. 3 of them are Chefs, 8 of them are waiters, 1 DJ, 2 security guards, 2 bartenders, 2 have the job of cleaners and the director of the business.

The full time employee in this case is the director and the Group leader which basically runs the whole business, this can be either Rebecca or a hired employee, they do paper work, organize rosters and fulfill all the legal requirements of the business. Each staff member is required to fulfill their duties to the best of their ability; they must arrive to work on the set time dressed in suitable clothing including the businesses' own uniform.

The Director

-Implement goals.

- Organize programs.

- Evaluate program effectiveness.

- Recruit, train, and supervise staff.

- Put program goals into policies and procedures.

- Develop a budget.

- Prepare financial reports.

- Maintain all business paper work.

- An advanced diploma in an area of study in relation to customer service

or

- At least a 3 year working experience at a wedding reception.

Chef

- ensure that all food-handling regulations are abided by

Prepare and cook meals on time

- 3 year training in apprenticeship programs

or

- 3 year experience at wedding reception/

restaurants

waiters

To care for customers needs and wants at all times

To follow instructions given by director

Good communication skills

- A certificate in an area of study applying customer service.

- A 1 year work experience in another wedding reception

Great communication skills

Bartender

To mix and invent drinks

To serve alcohol responsibly

Must be at least 18 years of age

Good communication skills

Alcohol beverage license

Employee must be familiar with Liquor policies and regulations

quick, sufficient and able to priorities tasks

Security

protecting visitors from any violence

No convictions for theft, assault or criminal threatening.

Highly professional and well trained

Security guard license

All employees must act appropriately and offer the best customer service to consumers. All staff member should work to the best of their ability and work together as a team. Employees must be:

confident

Trust worthy

Honest and Royal

Hard worker

Reliable

Business objectives and strategies

In order to achieve the businesses objectives, a number of different and effective strategies need to be implemented. This new function needs to achieve all the long term goals by basically following the plans set by the business management. Different objectives include:

Create a good reputation in the market- stay loyal and faithful to all customers in order for the business to grow and become well known. A good reputation greatly impacts customer's decisions when choosing this reception, for this reason having a good reputation will attract more customers to the business.

Create a good working environment - by satisfying all the employees' needs and wants will motivate staff member's performance when completing a task. Also provide all employees with certain work entitlement such as leave entitlements. Ensure that the workplace is free of any discrimination acts.

High return in profit- generating a high return in profit will help the business pay all its liabilities and not fall into any financial problems such as debt.

Expansion- expand into a number of outlets and make this business well known to attract more customers. Expansion to our locations can help Rebecca generate more profit gain a good reputation.

Raise and improve consumer awareness. Advertisement is a major contribution to raising awareness of the business. This can be done through television, radio, newspaper or into the blue website. These strategies will help into the blue grand royal, raise consumer awareness of the business and gain a good reputation.

Business reaching breakeven point. Reaching this point means all the income generated from the business have canceled out all the money borrowed from financial institutions such as bank and collect profit for the business.

Improving and extending management and business skills. By improving the skills of staff can help in creating new ideas and strategies for the business in order to receive a high amount of profit. It can also motivate staff to complete their job with satisfaction.

Develop the business, to offer greater celebrations such as, christening and formals.

Specific- goals need to be relative and must emphasize on a certain aspect of a business.

Measurable- business goals need to be clear and easily analysed and measured

Achievable-goals need to be realistic and within the reach

Realistic- goals need to be possible to reach

Time-goals must not take a very long period of time to be achieved

Review:

In my completion of this assignment I feel that there were a few areas in which I had trouble providing the best possible answer, this was due to the fact that the information needed was unavailable, the internet didn't provide me with any information which definitely complicated the process of completing the assignment.

I feel like I gave a very good description of the business and its ownership as well its reasons for establishment, prime function, description of service and location.

Part A of the assignment stuffed me up heaps as the timeline that I provided was incorrect timing which was the cause for me losing one mark. However I restarted my timeline and this time I actually knew and understood what must be done to get full marks.

I believe that one of my best responses was the response regarding the skills, requirements and qualifications of the employees. I went through a lot of trouble to think of information about that question but in the end I believe I gave a pretty good answer. Marketing analysis was a challenge as well as I couldn't think of a greater answer. It was one of the most challenging questions but in the end and after a lot of work I answered the question to the best of my ability.

Also, another factor that contributed to losing marks was, that the assignment was to be completed over the holidays so if we needed help from the teacher it was kind of difficult to contact her through emails as it took a long process, but overall Miss el Tahche was very helpful and kind to reply to my emails.

Forecasting was probably the hardest task of the assignment, as it created a bit of struggle. My definitions on purpose of a business plan was not the best definitions possible I think if I had more time to work on the assignment I would of been able to get a better answer.

If I could go back in time I would take advantage of the given time in class for us to complete the assignment I would also, start my assignment earlier and ask my teacher for help with the difficult questions.

Overall I'm happy with my final report as I have worked on it to the best of my ability and I hope that it gets me some great results.

Financial forecast

Balance Sheet

A balance sheet summarizes and sums up the financial stability of the business at a particular time. It identifies the company's assets, liabilities as well as the owner's equity. Assets include all the income owned and controlled by the business. Assets can be divided into two groups: Current assets are the resources received by the business in the short term, which is usually fewer than 12 months. Non- current assets are the revenue owned by the business over a long period of time which is usually more than 12 months.

Liabilities are all the money that a business has borrowed from financial institution and must be repaid. Current liabilities are money that a business owes so someone else and must be paid back over a short period of time which is less than 12 months. Non -current liabilities, money borrowed and can be repaid over 12 months.

Owner's equity refers to the money that the owner has invested into the business and is looking forward to getting it back as profit.

Revenue statement

A revenue statement, also known as the profit and loss statement which summarizes in detail all the revenue flowing into the business and all the expenses that must be paid from the revenue over a period of time. The Gross profit is known as all the remaining revenue after paying all the cost of goods sold, also known as COGS. The net profit is the final amount of revenue that is remaining after all expenses have been paid.

The textbook was a very good source of information.

http://www.investopedia.com/articles/04/031004.asp

http://www.investopedia.com/terms/b/balancesheet.asp

http://en.wikipedia.org/wiki/Balance_sheet

The sites were used for extra information on balance sheet and revenue statement

Writing Services

Essay Writing
Service

Find out how the very best essay writing service can help you accomplish more and achieve higher marks today.

Assignment Writing Service

From complicated assignments to tricky tasks, our experts can tackle virtually any question thrown at them.

Dissertation Writing Service

A dissertation (also known as a thesis or research project) is probably the most important piece of work for any student! From full dissertations to individual chapters, we’re on hand to support you.

Coursework Writing Service

Our expert qualified writers can help you get your coursework right first time, every time.

Dissertation Proposal Service

The first step to completing a dissertation is to create a proposal that talks about what you wish to do. Our experts can design suitable methodologies - perfect to help you get started with a dissertation.

Report Writing
Service

Reports for any audience. Perfectly structured, professionally written, and tailored to suit your exact requirements.

Essay Skeleton Answer Service

If you’re just looking for some help to get started on an essay, our outline service provides you with a perfect essay plan.

Marking & Proofreading Service

Not sure if your work is hitting the mark? Struggling to get feedback from your lecturer? Our premium marking service was created just for you - get the feedback you deserve now.

Exam Revision
Service

Exams can be one of the most stressful experiences you’ll ever have! Revision is key, and we’re here to help. With custom created revision notes and exam answers, you’ll never feel underprepared again.