An ever after is a small wedding reception that is situated in Circular Quay built around the beautiful shores of the harbour. The view is without a doubt, very astonishing and will fulfil the night and the customers' expectations. The aim of the business is to satisfy the needs of customers and required to create the most amazing event of their dreams. An ever after wedding reception is registered as a sole trader and the sole owner is Stephanie Azzi. It will employ from 1-20 employees as it is registered as a small business. An ever after wedding reception will employ many people with skills and experience and have motivation, as the workforce is dependent on the employees, therefore their satisfaction is essential. The business hopes to be successful in order to expand in future period of time to make a larger dance floor and provide more services which will persuade customers. The wedding reception is opened to all ages who are planning on having a small marriage ceremony, while all receptions focus on food and service, 'an ever after' will provide just about everything else. It plans to offer stakeholders great work entitlements and great amount of rewards and achieve good relationships between employer and employee in order for the business to become a success. The business will plan on expanding in the future to attract more customers and begin making it not just for weddings but other sort of parties as well. An ever after offers many services to its customers for their satisfaction such as providing their own photographer and music and this will be a great advantage to other competitors.
Business description and ownership
An Ever After wedding reception is positioned at 18 Captain Cook St Circular Quay located near the clear water. The location is wonderful as it is overlooked by a marvellous view of the city. It is associated with the legal structure of a sole trader owned by Stephanie Azzi where the owner has unlimited liability therefore is responsible for the debt that is incurred by the business. The business type is to provide a service for customers when it comes to their special day and provide any facilities in need. The prime function of the business is to provide a great wedding for customers in this amazing reception that will be a night to remember, its aims be more successful than its competitors with a good reputation and have good amount of budget. The wedding reception is opened to all ages who are interested in marriage ceremonies with the most breathtaking view; it hopes to appeal to its target market so it can increase its reputation and bring more customers to the wedding reception. It promises employee's great work entitlements and the society a perfect reception that promises will be an unforgettable night. An ever afters' mission is to enhance our customers business by providing high quality services. Also motivating staff and rewarding them in order to result in high achievement and satisfy customer's service as they are the number one priority. It will provide professional and stress-free services at an affordable rate and will plan to work diligently to make a special day that reflects the customer's personality and unique style. Its vision is to be the number one wedding reception in town that provides excellent service and keep it the number one reception over the next few years. It will also expand and plan to increase the building onto the water. An ever after will provide greater services such as dancers, more food recipe options and a variety of design to chose from to decorate the reception of preferred choice. It will cater rehearsals and meetings to ensure everything that is needed in the reception is perfect.
Research legal structure
https://www.quickmba.com/law/org/ Business legal structures- There are many different types of legal structures to be considered for a business. They include sole trader, partnership, public and private companies and more. For this business the most appropriate option to consider is sole trader. A sole trader is viewed as being one and the same its owner. A sole trader incurs little expense in setting up a form of a business and it is known to be a common structure among small businesses. This characteristic has the advantage of simplicity but also has the advantage of personal liability. Sole trader exists as long as the owner is alive or until the owner decides to close the business. A sole trader is a great advantage as it is controlled by the owner and any decisions or changes to be made are based by one person, the owner.
Allocate location of business
Many locations were very interesting in many areas. Each had amazing views and surrounding premises. Location is very important as it what customers really look for first. These locations were found to be the most suitable location for a wedding reception: 56 Macquarie St Wentworthville 18 Captain cook St circular quay 111 Marian St Dural 22 grace St Wollongong The chosen location is 18 captain cook St Circular Quay; it is surrounded by a beautiful view of the water with an overlook of the city. Reason for this location is because of the amazing views; it is known to be a very romantic place for wedding ceremonies and will offer a very remarkable night. This location is also surrounded by beautiful nature as well as a park nearby if photos need to be taken. It is also an advantage as it is a busy environment and easily accessible with availability of public transport, therefore it will attract customers to this reception as not much wedding receptions are provided in this area.
Purpose of plan and Situational analysis
A business that fails to plan, plans to fail. This state's no one should plan on starting up a business intending to fail. Failure is not having a business plan therefore it is important to have a business plan to guide on how to run the business effectively. The purpose of the plan is to make sure that the wedding reception manages its time efficiently in order to lead the business to a success. A plan will lay out the direction for the future of the business so that it may stay successful and ahead of competitors. A business plan will help the owner of 'An ever after' to analyse the strength of the business against its other competitors which will help assist in identifying any competitive advantage and as well weaknesses that need to be overcome. A business plan may also be essential as it will help lead the business in a good direction to the future and be aware of any opportunities arising for future growth and presents the business with a clear idea of the priorities set for the business for managers and other employees to follow, it helps managers allocate financial resources effectively and control spending. In addition, purpose of plan is to show the lenders that owners have a great understanding of their business and are enthusiastic in opening one. It indicates the owner's ability and commitment of their ideas in starting a business and a plan also reveals entrepreneurs are capable of opening a business as writing a plan will result in a much higher success.
SWOT analysis of business
SWOT analysis is a strategic planning method that is used to evaluate the strengths, weaknesses, opportunities and threats involved in the business venture. It involves specifying the objectives of the business and identifying the internal and external factors. The following are the factors of 'an ever after' wedding reception business of what it's succeeding in and what's stopping it from achieving its goals.
Good name and reputation- the business to be known for its great service so it can attract more customers. Provide excellent facilities and great quality product- providing great facilities than competitors, helps the business be more successful. Good location and area - As it is a very busy area with amazing view, the location is considered to be good as it brings many customers to it. Appeals to target market- the reception satisfies the ages of target market Good management skills- owner is provided with good skills in running the business Customer relationships- good interaction with customers
Small business- business size smaller than competitors Limited resources- not much assets to be provided to customers Poor service offerings- Service too slow Lack of access to key distribution channels- not good enough access such as to wholesalers Limited budget- little budget will lead to unsuccessfulness of business in case of debt or future purposes.
Good economic conditions- economy conditions influence businesses Social interests- interests of the general public Changing consumer tastes- increase demand Market place may be altering due to economic and social factors
great competition- competition succeeding Competitors with new innovative product or service- competition around providing greater and new facility options. Not being able to keep up with customer preference- customers demanded to many options, difficult to keep customers happy. Many competitors in surrounding areas - competitors were increasing. Cheaper prices in other locations- other competition provided low prices which attracted customers. Economic upswing and downswings- changes in consumers and people's actions. New government policy and laws - government forming new laws and adjustments
Objectives and Strategies
An ever after wedding reception plans to achieve great success in the future. It plans on having a good budget set aside for future planning and achieving good relationships between employer and employee as the employee's satisfaction matters as it reflects the productivity and efficiency within the business. In order to achieve its business objective it can be done by great communication with the employer and employee and motivating and rewarding them with good entitlements. It also plans to update service information to consumers in order to increase awareness of the service and providing more facilities and convenience to the general public. This will involve with advertisement and billboards as customers can be notified with all services and any additional products that may be introduced. This wedding reception plans to expand to create a large dance floor and bar and provide a small waterfall inside which will tend to catch the customer eye. By setting money on the side and having a satisfied budget this can occur in the future. The reception plan aims to build a reputation for quality, error free products and services. An ever after can accomplish this by ensuring that all of the raw materials are purchased from suppliers of the highest quality to satisfy customers needs and as well by encouraging positive feedback from customers and the suppliers. Other strategies will be taken to achieving these goals, such as working hard and focusing on time management as to manage time productively. The business's internal cash flow plans to fund for all future growth as well supplying new products over the next few years. Saving money will be a good strategy and paying on little expenses and increasing prices to make more profit to be used for the future.
HEREEEEEEEE ADDDDDD !! strategic goals
https://www.receptionvenues.net.au/wp-content/uploads/2010/04/sydney-harbour-wedding1.jpg This photo was taken on the 18th of July and shows what competitors offer customers near the water view, therefore it will influence 'an ever after' to provide more facilities and design than its competitors. This photo has shown what additional goods and services the wedding reception can offer. Can provide more amount of flowers and romantic decoration that will catch the attention of customers. https://www.marconimuseum.org/gallery/images/Wedding.JPG This photo was taken on the 18th of July, It shows how the business can be set out and structured. It shows what businesses can offer to customers and what they prefer. The photo clearly shows the design customers insist and will present ideas on how 'An ever after' will be decorated and formatted. The photo also encourages providing greater facilities and services for customers to attract and bring attention. https://www.stayinlisle.com/social/facilities/images/marriott_lisle_wedding_pavilion_000.jpg This photo was taken on the 18th of July, and was taken for another example of how other businesses set out their venues to give ideas on how to structure 'an ever after' wedding reception. Also illustrates number of chairs and tables it caters for customers.
Statistics of ABS website
Small business characteristicsBusiness Studies book Years of business operating Cessation (%) Change in business ownership (%) 1 7.5 2.1 2 14.3 3.9 5 27.4 7.4 10 43.5 11.8 15 52.1 13.5 The above statistics show the number of years a business operates, and yet many businesses tend to close no matter if the business has been operating for a year or fifteen years. Many close due to death of owner, family reasons, debt incurring of failure of the business. Other reasons of cessation may be that the business has lost its competitive advantage and is characterised by falling sales. Failing economic conditions which tend to discourage consumer spending and one main reason for closure of the business is retirement. These statistics have shown number of small businesses than close which will influence the wedding reception of 'An ever after' to do what it can in being a successful business. A change in business ownership also occurs, 2.1% happens during the first year of the business operating. This may occur due to owner retiring and finding replacement or personal reasons therefore it decides to change to partnership or other structures when necessary. These statistics explain that 'An ever after' business may change and make adjustments as many obstacles may come in the way.
Description of the product/service
An ever after reception provides many facilities to its customers. Services include catering to customers. Assistance will be provided by waiters and waitresses who will serve food and cuisines that is preferred. The staff will be there to satisfy the customer's needs the whole night to take and deliver food. The wedding reception will present the customers with entertainment to enjoy, sit back and relax. Entertainment will be belly dancers, dance groups and music bands. It is a great service to customers as it will attract their company and help keep them happy throughout the entire day. There will also be a variety of music bands to be chosen from depending on the type of music that is enjoyed. In addition, fireworks and decorations will be held inside for the couples for amusement. This will attract more customers and increase its reputation of the great services that are provided. A bar service will also be supplied for customers at the wedding reception, the bar will provide many drinks including soft drinks and alcohol for ages over eighteen, though alcohol must be paid for at the bar. The bar will give many drinks to all customers associated in the wedding reception and is counted to be a great service in which customers will have interest in. Another service which this amazing wedding reception will offer is filming the entire wedding with one of the best photographers. Customers won't need to worry on finding photographers and filming as it will be provided for them already, this will encourage all customers to chose this wedding reception over the other competitors as it provides more services and opportunities to consider. An ever after offers service parking assistance in which assistance will be outside helping for parking outside the wedding reception, this will benefit customers as they do not waste their time finding parking rather finding it quick from helpful assistance. Elevators will also be outside the reception to enter rapidly into the reception instead of have to walking to the front doors. This is a service 'an ever after' will provide to make sure everything customers are asking for is provided for them. Equipment will be required in the kitchen such as tools and utensils which will be used for cooking. Technology is also necessary in the kitchen to help make the food and be ready rapidly, it will also make it easier for staff to cook and with the help of technology it takes a shorter time to make. As well on the dance floor such as lights, disco balls, smoke machines and speakers as its where all the action happens.
The wedding reception hopes to employ from 1-20 employees that will help it reach its goals and help it reach a greater satisfaction in the future. Employees are required to have certain needs of skills and have the ability to put effort in successfully completing tasks. The use of recruitment will take place to select staff to their appropriate section of the wedding reception. Employees will be selected according to their expertise, skills and qualifications. Certain applicants are selected in each part of the wedding reception depending on what they are capable of. Impressive skills are required from employees such as having the talent of holding more than 2 items in each hand, great cooking skills and introducing good food recipes that are different from its competitors and bar experience. Employees are also required to be enthusiastic, positive attitudes, reliable, responsible and are qualified to meet new challenges and assimilate new concepts. Working together as a team is helpful but must also have the ability to work independently. Skills can also be of resolving complaints and generate solutions, and having the ability of standing up for long hours and as well having good communication with customers and other employees. Employees are also needed for experience in bartender and cooking great food. Employees are also to have qualifications of a university degree of a business or a TAFE small business management Diploma. This will be an advantage to begin working in the business as they have an idea of what to do in the workplace. The staff in 'an ever after' will be trained when needed and when new technology has been introduced to the workforce which will help them get used to the functions and management of technology. The employees are expected to work to the best of their ability to enhance the business as their satisfaction reflects the businesses operations. They must work according to the position they have been placed in such as waitressing or chefs. Many rewards will be given and motivation to people who tend to provide services the business needs. This is to ensure the employees are satisfied as they are valuable to the development of the business. An ever after reception will provide great working conditions and work environment that will motivate staff to be increasingly productive, gain satisfaction and to remain loyal to the firm. Employees will also be promised a good, safe and healthy work environment to stay satisfied and happy in the workforce and according to how they work will receive great work entitlements and many rewards.
Market analysis and strategies
Marketing is to satisfy the needs and wants of the consumers at a good price that will also provide an acceptable profit for the business. It involves establishing action plans that will persuade customers in approaching this wedding reception. The target market for this wedding reception is for all people and ages, no matter where they live and what suburb, as it is targeted for people who are interested in marriage. It is desired to meet the customer's needs and provide the best reception they are looking for.
Balance sheet- Current assets
Cash at bank 7 000 Accounts receivable 56 000 Stock 45 000 108 000 Non-current assets Equipment 90 000 90 000 Total assets
Current liabilities Bank overdraft 65 000 Accounts payable 20 000 85 000 Non-current liabilities Loan 63 000 63 000 Total liabilities 148 000 Owners equity Capital 15 000 Retained profit 35 000 50 000 Total liabilities and OE
In this balance sheet, the current ratio is current assets over current liabilities. Therefore it is 108 000 over 90 000 which equal 1.2, the ratio is 1.2:1 This shows the business is therefore solvent as it will be able to pay back its liabilities as it consists to have more cash to pay off the liabilities. As there is more current assets than current liabilities it illustrates there is enough money to pay off liabilities, as a result it is an advantage to the business. It is also an advantage as there is already cash in the bank to begin paying off any debts or liabilities. Overall, the business is solvent and is able to pay any debts when they are due.
Sales revenue 480 000 COGS Opening stock 40 000 Purchases/income 280 000 320 000 Closing stock 75 000 245 000 Gross profit 235 000 EXPENSES Advertising 6 000 Salaries and wages 130 000 Insurance 2 500 Bank charges 200 Interest paid to banks 9 000 147 700 net profit 87 300 This shows that 'an ever after' has made a profit, as it shows that the difference between the total revenue earned and the total expenses for the period has made a good amount of profit.
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