Business aims and objectives.
I have come across the opportunity to open up a business. As my store is going to be located in the city centre, I see this as an opportunity to open up a clothing store as there are many other shops located in this area as I have a big interest in the clothing industry which is why I would like to share my passion for clothing with the public. I have various family members who owned clothing stores in the past which is why I feel that if needed I am able to get opinions from family who have a lot of experience in this sector as well as giving me a hand when needed. One of the main reasons I have decided to open a clothing store is simply because clothing is a need, the majority of people cannot live without it which means that there is a chance of my business being successful.
1. To break even within the first year
2. Survive as a business
3. Become well known for great products and customer service 4. Increase the market share as high as possible
5. Expand sales of profits and expand into new areas of the city 6. Providing popular products
7. Be environmentally friendly
8. Create loyal customers by providing loyalty rewards
9. To make a profit within the first year.
1. Offer more to customers
2. Exhibit high end image e.g. D&G
3. Advertise to a certain market in an effective way
4. Fill the store with high quality products
As you can see in the diagram I have created above, my organisational structure is very small, and the reason for this is simply because my business is going to small. I am personally going to manage my store as I feel that if I manage the store it will be running how I want it rather than employing someone and trying to get them to run it to standard. The reason I have decided to employ students is because I will be able to build them up to becoming full time employees and train them to providing the best customer service possible. This will allow me to lower my costs as well as maximise my profits with lower costs. The employees I am going to employ are going to need past experience in this sector, the reason for this is because I would like someone who will at least have a rough idea on what tasks will need to be carried out etc. A document had helped me come to this conclusion (see appendix 18).
Reasons for my Objectives-
1. The reason for my first Objective was to break even. I had chosen this purely because it is the turning point from a business being successful to failing. So as you can see this is a critical that this needs reached and achieved. This Objective is important as I am opening a new business, it is very important that I break even if I want my business to survive. If I do not break even then it means that I am making a loss and could possibly be in debt. This also depends on my pricing of products and the profit I make off them. Obviously the higher the price but the higher the profit but I need to keep the competitions prices in mind. 2. The main point of a business is to create a profit, in order to do so the business needs to survive which is why I have put this as one my objectives. This can be achieved by keeping up with the customers’ needs and wants. 3. My third aim is to become known for great product and customer service, I would like to achieve this by constantly providing a service in order to keep my customers loyal. I will also need to provide popular products in order to please the consumers 4. As I am starting off as a new business consumers are likely to be interested in something new which is why I would like to take up this opportunity and create loyal customers which would increase my overall market share. In order for this to be achieved I will need to keep my customers happy at all times e.g. providing loyalty discounts etc. 5. The next objective is to expand my business into different areas. To achieve this objective I will...
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