The stages of a business plan development

The stages of a business plan development This document is inclined to clearly stipulate and evaluate what I have contributed to the aim in taking place a realistically thought out business plan and what my intent and my involvement toward my fellow group members was. I am going to describe my own role in helping the team to achieve its goal in creation of the successful business plan. Also I will provide evidence of my contribution to the cohesiveness of the team and how I facilitated the completion of the team goals. My team includes Miss Stacey Coetzee, and Mr. Thokozani Nkambule. We three are good friends and we believe that running a business takes a lot of hard work and strong commitment. With that in mind, this is the individual reflective report of how the business plan for Coffi Bean came about, and how I have contributed toward it. Team Work A team is a group of people who work together on the same task. According to Dawson and Andriopoulos (2009), team formation and social dynamics go though five stages, called forming, storming, norming, performing, and adjourning. Forming This is the initial stage of putting the team together where individuals learn about each other and the team requirements as well as the challenges, expectations, and the overall structure of the team (Dawson Andriopoulos 2009 p:141).   This is also the information gathering and exploratory stage.   Anyone who has ever been put into a team or has been asked to form one will most definitely familiar with this phase and should be able to relate to it. Storming This is probably the noisier phase during which the members of the team all have their own ideas and directions that they want to go in (Dawson Andriopoulos 2009 p:141).   Oftentimes team members debate, critique, and confront each other to decide on the best course of action.   Im sure my group members can attest to the fact that we have definitely gone through our storming phase (or a few of them!).   This phase can be a bit uncomfortable and/or unpleasant but its still quite necessary for the growth and development of the team. Norming This is the phase where the team really starts to function and work together as a team.   Individuals start to understand each others work habits and ethic and everything seems much more natural.   Responsibility and roles are much more clearly defined, expectations are set, and collaboration is in full swing (Dawson Andriopoulos 2009 p:141).   Performing Not all teams reach this phase but those that do are the high-performing teams which have grown to become both knowledgeable and efficient at what they do.   Supervision goes down as individuals are now capable of making appropriate decisions.   This is essentially where the team really starts shining and delivering superior results (Dawson Andriopoulos 2009 p:141). Adjourning This phase refers to the team breaking up after the task has been completed (Dawson Andriopoulos 2009 p:141).   Most groups in all different types of settings will go through most of the stages over the course of a team forming process. When the lecturer first asked us to divide ourselves into groups in which we would have to develop a business plan, our group remained in the forming stage for quite a while.   It took us many days and many meetings to figure out what we were doing and make up a team.   We were four persons in the group but one of the members eliminated themselves for apparent reasons. In order to perform, I had to get persons which were somewhat more knowledgeable in certain aspects of business then I am, and unfortunately but gratefully everyone already had chosen people so the people that were left just decided to combine. Each member had or rather felt that they could specialize better in a field which they were more equipped in, and by this each member was automatically assigned to a specific part in the business plan. I was initially responsible for operations plan and the industry overview as I felt more fitted in this aspect of business, and as I always consider what people need and how t hings should be done. Stacey was assigned to concentrate on the marketing aspect, whilst Thokozani was granted doing the financial section and the position acquisition, because of his excellent capability in accounting field. We each typed out our own sections, as we felt we should all be present for explanation on the others disclosure and for approval reasons. Although the forming stage did take a while, we were able to cover most of the norming stage at the same time because we started knowing each other quite well.   Once we finally formed our team, the rest of the stages went much easier.   We were able to finish up the norming and began performing rather quickly.   Our group performed quite well together and spent very little time, if any, in the storming stage. We are currently finishing up the adjourning stage right now until the completion of our individual reflective reports. Process of the Initiation Firstly I came up with the idea of a coffee shop as my mother is always argumentative about how she likes her coffee and what she enjoys most about it. This was my sole inspiration, aside from the idea of a sports bar which I thought was a bit far-fetched as it required a lot of attention and reliable people. Each group member came up with an idea and we evaluated each, but our main focus was to concentrate on service, evidently we had to choose from an internet cafà ©, the sports bar, a mountain bike shop and the coffee shop, one member had suggested a casino and a clothing shop, we had brainstormed all these ideas and the next time we met we all gave our opinions on which would be more realistic and we decided on the coffee shop, we agreed upon the name Coffi-Bean which we felt is just a little bean about to erupt, solely because of its potential to grow extensively and because we had agreed on a slightly newly urbanized area Southdowns. Industry and Competitive Analysis I was responsible for the operations plan of the team and the analysis of Porters five forces. I was involved in decision making, providing ideas and opinions, running the sessions and the analyzing of Porters five forces. I motivated team members and myself to reach goals, and did planning before moving on to next parts of the business plan. Even though, this business plan was very hard and required a lot of work and was very time-consuming, our team worked very well together which made it easier. Incorrect decisions can waste investment funding and delay time to market, or worse, create corporate chaos that affects the very foundation of the firms financial stability (Drummond, Ensor Ashford 2008, p: 140). Thats why Stacey uncovered a market gap in the newly established location where the supply was smaller than demand. Relating to our business, gap analysis can be defined as an approach to identifying the unmet needs of consumers, in which respondents are asked to envisage the ideal coffee shop and then to rate various coffee shops on key attributes; if no existing coffee shop measures up to the ideal, a gap exists which could be filled by a coffee shop (Drummond, Ensor Ashford 2008, p: 146). Through detailed research of local and national market demand curves, we identified market gap opportunities that aligned with our strategic and tactical business growth objectives. The gap in the market was identified after Stacey brought to our attention that the coffee and restaura nt industry was booming at that present time, and that there was a demand for small cozy places that were not forming a part of the large generic chains. She also convinced us that the coffee business in general does not show signs of slowing down. And because of the new innovations such as flavorings and additives, the business would be viable and it should continue for some time. Looking back at our business plan, I still believe that we have chosen the right industry to be in because; at present, time is right for opening a coffee house. I did some research and found out that Coffee houses were having a great deal of success, which was and still is evidenced by the full houses every day of the week. And because Southdowns is a new area in Centurion it had no such places yet. A competitive analysis is a critical part of any business plans marketing plan. With this evaluation, we can establish what makes a product or service unique, and therefore what characteristic your business plays up in order to attract the target market (Hitt, Ireland, Hoskisson 2009, p:58). Competitive analysis can be defined as identifying the competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own coffee shop (Hitt, Ireland, Hoskisson 2009, p:58). Looking back at the business plan, I have pin-pointed accurate key competitors. The biggest competition there was, was MuggBean located all the way in Centurion Mall. And a customer from our area had to drive 10 to 20 minutes, in order to reach that coffee house. The majorities of these establishments were and are located on the central side of town. And only a few were beginning to open in the newly established area. Presentation Experience A professional and well-written business plan is the foundation towards the growth and success of a business. However a good and high quality business plan presentation is an essential for companies seeking for funds. A business plan presentation is usually a type of lecture, given by an individual or group, on a specific work-related topic (Scarborough, Douglas Zimmerer 2009, p:217). The ideas presented should include industry research and plan outcomes, such as a new advertisement for a product designed to increase profits (Scarborough, Douglas Zimmerer 2009, p:217). The success of a business plan often depends not only on its contents, but also the quality of the presentation itself (Scarborough, Douglas Zimmerer 2009, p:217). Presenting the business plan was a frightening task. While I have no problem speaking in front of large group of people on just about any topic, opening our business plan and individual thoughts for criticism was very nerve wracking. I felt like the panel was looking at me like a deer caught in headlights. Straight after the presentation I felt uneasy and uncomfortable that maybe the panel hated the presentation and that they would say, oh, dont get him to speak again- he was boring! But after I have received the groups feedback, I realized where our problems were. I as well as my team members were reading too much from the slides and at the same time failed to include many of the important aspects of the business plan into our presentation. That said, I have learned that for all my future presentations I will be more clear about my objective, I will understand my audience, I will focus on the content and not the add-ons, I will get the audience to relate to the content and to always try and convey my point without reading from the slides. Alternative Scenario Looking back, I think our predictions for return on our investment and for future growth were just about right. We did take into account the losses that might occur despite this we kept in mind what we had learned that risk taking is all about business and thats what makes a success. Our chosen business was designed so that it could evolve with changing time, we focused on flexibility and constancy as our mere attraction was to seek loyalty in our market. We had researched coffee houses and concluded that they are viable; as people are becoming more demanding in our time on relaxation and a comfortable atmosphere, by identifying this we perceived that it is an ideal business opportunity. Although competition might be tight, we concentrated more on the fact that their arent any coffee houses in that specific shopping centre which also attracted us to that location and because Stacey is so keen on entertaining there arent any entertainment shops which we felt was a competitive edge the coffee house would have and although there is no cover charge for all entertainment events, Thokozani felt this was a good way to obtain funds on adding these extras. We might have disregarded our advertising costs a little, as we initially didnt want to spend a lot on our first opening as we were uncertain of the outcome, but most certainly the potential of the coffee shop is considerably a good opportunity. Even though I think that our business plan was just about right in order to achieve our growth objectives, there are still few points or alternative additions that I would have preferred to be included in it. No two business plans are alike, a business plan for one coffee shop say a casual, fast-food establishment will be much different than that for another coffee shop such as a formal sit-down place. Therefore it is the unique aspects of a restaurant that help to give it a competitive advantage. First, the business plan should have had the section that carefully explained food and beverage production. Where will food be prepared? What safety procedures would be implemented to protect employees and customers from the dangers of food poisoning? In preparing certain menu items (dishes), how will consistency be maintained (i.e. computerized recipe file, use of requisition forms, etc.)? Secondly, when Thokozani prepared the sales projections for our business plan, he should have take n into consideration the estimated number of meals and/or drinks that would be served daily/weekly/monthly, as well the average daily seat turnover and the average check. Usefulness of the Business Plan The business plans usefulness is not limited to helping the entrepreneurs raise funds to support the opening of the business (Madura 2009, p:208). The business plan will be used as a guide for making business decisions throughout the life of the business. It provides a sense of direction for businesses future development (Madura 2009, p:208). The success or failure of any firm is partially dependent on its business plan. A complete business plan normally includes an assessment of the business environment, a management plan, a marketing plan and a financial plan (Madura 2009, p:208). The restaurant business is a very challenging business field to enter. When starting a new business, we as owners will have a lot of decisions to make. Creating a high-quality business plan will allow an owner to have a guide to reference as challenges arise (Fullen 2005, p:184). A restaurant without a written and well-thought-out business plan runs an extremely high risk of failure in its first year of operation (Fullen 2005, p:184). In my opinion the part of the business plan which we didnt really look into were our actions to take when and if the unforeseen competition has to enter the market, unexpected expenses has arise or if our financing opportunities has to change based on the current economic situation. If by some chance these hardships do not occur, it is easier to adjust a restaurant business plan for that than it is for dealing with situations we did not anticipate and plan for. Conclusion Overall, I really enjoyed going through all the stages of the business plan development, because I was able to apply what I learned in class to a real-world situation.   Many classes teach you a bunch of stuff but never give you the opportunity to see it for yourself.   For instance, Ive learned so much about formulation of marketing, management and financial strategies, but have never had to go through that in real life.   Other classes teach you things, but you never use it until years later, at which time you have forgotten some, if not all of it.   I was able to take what I learned each week in class and use it to help me with the business plan.   I think this quick application of the principles allows for greater development as a leader will be able to use what I have learned now and years in the future.   I can also use our group formulation and development as an example when Im in future groups and build upon the successes and learn from the failures.   This busi ness plan made a big impact on me and the rest of my group. Sources Consulted Dawson, P Andriopoulos, C 2009, Managing Change, Creativity and Innovation, Sage Publications, London, UK Drummond, G Ensor, J Ashford, R 2008, Strategic Marketing: Planning and Control, Butterworth-Heinemann Publications, Oxford Fullen, S 2005, Opening a restaurant or other food business starter kit, Atlantic Publishing, Florida Hitt, M Ireland, D Hoskisson, R 2009, Strategic management: competitiveness and globalization: concepts cases, Cengage Leraning Publications, Ohio Madura, J 2007, Introduction to Business, Cengage Learning Publications, Ohio Scarborough, N Wilson, D Zimmerer, T 2009, Effective Small Business Management, Prentice Hall, London

Caring for Women With Preeclampsia and Eclampsia Essay -- Nursing, He

When caring for a woman who is experiencing preeclampsia, there are many different things a nurse must keep in mind. Depending on whether she is experiencing antepartum preeclampsia or postpartum preeclampsia, the techniques used to care for the patient differ. When treating a woman who is currently experiencing antepartum preeclampsia, care can be provided in either a hospital environment or at the patient’s home. Due to increasing pushes in the healthcare field, more women tend to care for their preeclampsia in their own home setting. There are, however, certain ramifications that must be met in order for a woman to be able to partake in home care; she must have a blood pressure less than or equal to 150/100 mm Hg, proteinuria that measures less than 1 g/24 hours or 3+ dipstick, a normal fetal growth if not at term, no present signs of vaginal bleeding, and a platelet count greater than 120,000 mm3. The mother or mother-to-be will monitor fetal movements and should be p roperly instructed in how to complete this intervention. She should also be taught to monitor her blood pressure, weight, and urine protein daily. The woman is instructed to limit any activity and allow for plenty of resting time, lying in the left lateral recumbent position as much as possible. It is extremely important that the woman recognizes any abnormal signs and symptoms of her disease that would indicate the worsening of her condition such as an increase in weight of 1.4 kg or 3 lbs in 24 hours or 1.8 kg (4lbs) within a 3 day period. A woman with increasing signs and symptoms or a worsening of her condition will be hospitalized. If a woman’s condition has worsened, or she has severe preeclampsia upon assessment during her initial visit, she is ad... ...sure limited exposure of the patient and to provide a female care provider to carry out the postpartum BUBBLEHED assessment that is crucial for the mother who was diagnosed with preeclampsia during her pregnancy (Charles and Daroszewski, 2012). Works Cited Charles, C. E., & Beth Daroszewski, ,. (2012). Culturally Competent Nursing Care of the Muslim Patient. Issues In Mental Health Nursing, 33(1), 61-63 doi:10.3109/01612840.2011.596613 Hoedjes, M., Berks, D., Vogel, I., Franx, A., Bangma, M., Darlington, A. E., & ... Raat, H. (2011). Postpartum Depression After Mild and Severe Preeclampsia. Journal Of Women's Health (15409996), 20(10), 1535-1542. doi:10.1089/jwh.2010.2584 McCoy, S., & Baldwin, K. (2009). Pharmacotherapeutic options for the treatment of preeclampsia. American Journal Of Health-System Pharmacy, 66(4), 337-344. doi:10.2146/ajhp080104

History of Coca Cola Essay

About the Company: The first signs of the Coca-Cola Company started out in Atlanta in 1886 when a pharmacist named John Pemberton developed a caramel colored carbonated drink and sampled it to customers. Soon after, the drink was for sale at five cents a glass, selling about nine glasses a day in the local pharmacy. After Pemberton’s death in 1888, an Atlanta businessman named Asa Griggs Candler, secured the rights to Coca-Cola for a total of $2300 and it was at this time that Coca-Cola transformed from an invention into a business. Over the next several years, through coupons, advertisement, and sampling, the demand for Coca-Cola continued to grow making it necessary to open syrup plants in Chicago, Dallas, and Los Angeles. In 1899, two lawyers secured the rights from Candler to sell Coca-Cola in portable bottle sized serving, as opposed to only being offered in the soda fountains. Not realizing the popularity bottles would have, Candler sold the rights for just one dollar. Going into the new century, Coca-Cola continued to see rapid growth moving into other countries including Canada, Panama, Puerto Rico, France, and Cuba to name a few. From having just two bottlers in 1990, Coca-Cola had almost 1000 bottlers in 1920. Over the next twenty year, focus was on introducing the beverage around the world with much success. After 70 years of success with Coca-Cola, the company began introducing other flavored beverages including Fanta ®, Tab ®, Fresca ®, and Sprite ®. The company’s presence was growing more and more internationally in countries such as Cambodia, Turkey, and Paraguay. In1971, the company was selected to be the only company allowed to sell packaged cold drinks in The Peoples Republic of China. During the 1980’s, Diet Coke was introduced and the company made an attempt at developing a new improved formula for Coca-Cola. While this had good test panel results, when the new formula was introduced on the market, the public begged for the old formula to be reinstated. The public opinion eventually won and Coca-Cola Classic was back on the shelves. The 1990’s  brought other new beverages to the line up including Dasani ® bottled water, Powerade ® sports drink, and Barq’s ® root beer. The company continued to move into other countries including East Germany and India. By 1997, the company was up to over 1 billion servings of their product a day and continually growing. Coca-Cola started out as an experiment in a pharmacy selling just nine glasses a day and now has over 500 brands world wide selling over 1.7 billion servings per day. Even with the tough economy, Coca-Cola has continued its growth and remains to be a beverage that consumers reach for da ily, not just in the United States, but all over the world.

Factors Influencing Political Betting On Politics

This chapter will draw out some of the characteristics of the type of person to bet on a political outcome. It will also focus on the different types of motives why people may be tempted to place a bet on a specific outcome. The first distinction, that needs to be assessed is whether those betting on politics are gamblers first and foremost, or whether their interest in politics has prompted them to put their money where their mouth is. Betting on elections, within in America, while illegal, can still occur amongst very strict framework. These prediction frameworks can attract interest from the more typical gambler and the public that are more interested in politics. These markets, however, do not function in the exact same manner as the†¦show more content†¦Alistair Meeks is a lawyer, who is heavily involved with political betting. His underlying interest in politics was the driving force for him to get involved with politics. He has been documented stating he likes that politics is still considered a novelty bet, as the strong form research is less of a feature than in sports betting . Alistair Meeks frequently writes articles for the PolitcalBetting website. It is clear his interest is Politi cs and he sees it as a way to make a little bit of extra money from his own interests. This suggests political betting is something that is of interest to both people with an interest in politics, but also those who take a punt as gambling is their main focus. Political betting is different from Sports in this sense, as it is unlikely political betters will make the move across to sports betting. People may have been betting to keep an interest in the result and to gamble on their own analytical ability. It could be suggested this is what makes political gambling an interesting topic, as those placing the bets may fall outside those who are typical gamblers. 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