Kelly has decided to jump at the opportunity to open up her own restaurant. She has successfully owned and operated a mobile sandwich trailer for a few years and has increased her business by adding a bicycle-towed sandwich concession also. Kelly has a lot of decisions to make in order to grow her business into a strong thriving business. She has loyal customers but she has not operated a full restaurant before. She has already hired business consultants to set up the restaurant, the menu and help with the grand opening. The foundations of a successful business need to be addressed and planned for prior to Kelly opening the doors of her new business. The foundation of her business will be the success or failure of her company.
There are four basic things that Kelly has to organize and prioritize for her business growth strategy; marketing, operations, finance, and human resources. All of these areas are extremely important to a successful business and when one area fails all other areas will start to fail also.
Marketing is important to any business because it is the selling of products or services. Marketing is about understanding the customer, and being able to provide the necessary and right product to the customer. Kelly already has a loyal customer base but with opening a restaurant she needs to attract new customers to be able to operate within the means of a successful business. Kelly knows that her customers like her mobile sandwich trailer but she has to be able to change and adapt to the customers that will go to her restaurant.
In simple terms operations refers to a business’s ability to make things for your customers, the ability to provide the required goods and services to the customers. Operations of a business are vital because without the operations side of a business there will be no products to sell. Kelly is expanding her business for two parts to three parts now and has to have the ability to meet the demands of the new customers. Kelly will have to determine if she will have to change suppliers, or if the local suppliers that she uses will be able to provide her will enough products. Kelly has a great relationship with her customers and her local suppliers so she would not want to have to receive her suppliers from another vendor, but in order to expand her business she might have to change.
The financial aspect of a business is huge because if Kelly cannot make enough money from her business she will go bankrupt. Kelly has run a successful business for about five years and expanding her business is a great idea to increase her business and her money. The initial start up cost of adding the restaurant to her business will be hard on her at first but as long as her new business grows like her other two businesses have she will do well in all three. Kelly as a sole proprietor is individually responsible for all debts and profits of her business. Financing can be a scary part of business because you might...