Business Aims, Goals and Objectives
Business Aims, Goals and Objectives
The main aim of the proposed business of fitness centre “Gym Hub”, situated in the downtown of Adelaide South Australia is to deliver the best services to help their customers meet their fitness objective. “Gym Hub” intends to become a premier destination of fitness training centre and draw 30% new consumers in the year subsequent to the second year of operation and reach a profitable position by the end of the second year (Vo, 2014).
The primary objective of the business is to
- To become a premier physical fitness training centre in the downtown of South Australia that can help the members become undergo assessment of health.
- To continually draw professionals and youths and deliver them innovative experience of particularly uncompromising quality that in turn can ensure longevity of life devoid of any type of disease, help them meet health as well as fitness requirements of the entire family.
- To attain excellence and value of shareholders by growth in sales volume, maximization of profit, high productivity, and enhanced satisfaction of customers (Tran, 2016).
Identification of the stakeholders and roles
The main stakeholders of the business are the members of the staff of the business, customers (professionals and youths), owner and the entire community (Finch, 2016).
Surveys/Questionnaire/Competitor Analysis
“Gym Hub” situated in the downtown of South Australia is a place that is on move. In this case, the population is growing by more than 10% every year for the last three years. Most importantly, the present population of the town is approximately 600000. Primarily, the growth is fuelled by the augmented employment in the high tech corporations of the city. As such, this attracts a specific type of professional that is mainly the target market of the fitness centre “Gym Hub”. This business attracts mainly the working population and the youths.
The primary objective of the business is to ensure longevity of life with no disease, physical aching as well as happiness. Therefore, the main objective of the business is to help the customers attain zero level of stress as well as tension, better physical strength, stamina along with tension, higher power of concentration and self-control. Questionnaire can be distributed to the targeted population via email in a bid to acquire their feedback and opinion regarding the proposed business. Feedback regarding other fitness centre can also be acquired from the target population to analyse the competitors in the market.
Marketing Strategy
The marketing strategy of the proposed business includes introduction of a two pronged marketing stratagem in an attempt to access potential consumers especially within the two segments of the market (Finch, 2016). Identifying the fact that the target customer that are the professionals and the youths devote a certain period of time for fitness training, the business “Gym Hub” might consider using print advertisement and distribution of coupons. Coupons can be considered to be effectual for professionals and youths since majority of them have a fixed budget and enjoy saving money by utilizing a coupon. On the other hand, the print advertisement can be used for the working professionals.
Identification of the stakeholders and roles
However, this company can adopt a different media in order to reach to their targeted clientele. In essence, advertisement in regional paper can also affect the overall strategy of the corporation. The level of readership for the regional paper also affects the overall marketing strategy (Agarwal & Dahm, 2015). Particularly, this can prove to be an effectual mechanism for reaching out to the targeted group of the population. The majority of the population work downtown, therefore flyers can be distributed around the downtown area for calling attention to the event of opening of the fitness centre.
Sales Strategy
In essence, Gym Hub intends to focus on satisfaction of customers in order to bring around more number of customers. The fact that the business advertises as regards 100% satisfaction can be considered to be far less momentous in comparison to the actions of the business that in turn can make certain satisfaction. In addition to this, the sales philosophy of the corporation also includes the way of treating customers properly, imparting personalized services to the clients as per their individual requirement and ensure that they can leave the gym in happy mood. It is believed that it is important to provide the right training equipment, tools along with the infrastructure that can help provide right fitness training and thereby provide attract customers (Parsa et al, 2015). It is far easier and at the same time cheaper to remedy any difficulties with a customer since it occurs instead of dealing with dissatisfied clients. However the service delivered to different clients is important, there is a requirement to have a high quality service.
Comprehending the Australian regulatory is important for operating any business (Wellton et al., 2016). It is also important to register the business before properly commencing operations of the business. Again, various taxes also have an influence on the business such as the Australian Business Number, A Tax File Number, the Goods and Services Tax and many others. In order to operate the business, there is need of certain licences from (Australian Business License and Information Service) in order to ensure that the business is in compliance with specific legal obligations.
The methods of monitoring the operations of the business might include benchmarking, analysis of the trend and variance analysis. Functionalities of the business can be compared against the other players in the market. In addition to this, variance analysis can be utilized to observe actual costs, performance as per budget and revenues against original approximation (Wellton et al., 2016). Besides this, trend analysis can be utilized to monitor the performance over a specific period of time.
Market Research
Gannt chart
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Activities |
Week 1 |
Week 2 &3 |
Week 4 |
Week 5 |
Week 5 & 6 |
Week 7 |
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Ideation |
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Conduction of market research |
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Planning |
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Financing |
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Developing |
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Evaluating the plan |
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Market |
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Testing |
Policies for service delivery and quality control
The improvement of service delivery requires maintenance as well as improvement of service quality by means of a particular ongoing cycle of agreeing, observing as well as reporting to meet the needs of the customers. Improvement of service delivery also requires availability that refers to optimization of the capability of the infrastructure along with organization in order to deliver cost effective and at the same time sustained level of obtainability (Khan, 2014). In addition to this, service delivery also need to make it certain that current as well as future resources are always greater than or else equal to the amount of demand and are cost effective. The effective strategies for quality control include following a quality management structure, maintenance of total quality management as well as continuous quality improvement.
Staffing plan of the business refers to a systematic procedure that can make certain that a corporation or a business has right number of individuals with the appropriate set of skills to fulfil different needs of the business (Jiwani, 2017).
Taxation necessities
The taxation requirements refer to the Australian regulatory. This is vital for running any business. It is also imperative to register the business before correctly beginning functions of the business. Again, diverse taxes also have an impact on the business namely, the Australian Business Number, A Tax File Number, the Goods and Services Tax and many others. The tax incentives for investors in the initial stage are included in division numbered 360 of particularly the Income Tax Assessment Act of the year 1997. Investors essentially need to qualify for various tax incentives.
Relevant WHS necessities
Organizational risk analysis and summary
The organizational risk associated to starting up restaurant include the following:-
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Lack of financing-Many restaurant owners establish business plan but face the risk of funding. The investors might find it difficult to acquire credit from the market for the novel project. In addition to this, the start up project might require a certain amount of period that is a gestation period before starting to earn profit. This might make acquirement of capital difficult. |
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Excessive demanding workload and unfocussed members of the staff. Again, right from the stage of business planning to the process of opening as well as operating the restaurant, it is important to work for long hours. Overload of tasks can divert the attention of the employees and lead to sickness. This in turn can adversely affect the service of the business (Starovoytova & Chugunova, 2016) |
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Location-The ones starting out the entire restaurant business need to understand the importance of location of the new start up business. Whilst location is significant, it can function against the owner. Therefore, wrong selection of a location for the business can prove to be risk for the business (Kourdi, 2015). |
Contingency plan for 3 major risks
The contingency plan for 3 major risks include addressing all business-critical functions and outlining different ways for minimizing losses, identification of risks and prioritizing risks. The development of plan also involves development of plan, maintenance of the plan and proper execution of the plan. Contingency planning for the risks of financing include investment of certain time as well as resources. The risk due to work overload can be mitigated by way of proper staffing plan and the scheduling of the work plan (Vo, 2014). In addition to this, risk of establishing business in a wrong location can be mitigated by carrying out proper market research and market analysis for proper segmentation, targeting and positioning of the goods as well as services of the business.
Correct layout and presentation
The business layout and presentation refers to the process of designing the plan of the business. The present business plan has a specific layout that starts with delivering a particular business idea, acquiring finance in order to bring the idea to the market, developing and designing ways of properly monitoring and executing the plan (Tran, 2016).
References
Agarwal, R., & Dahm, M. J. (2015). Success factors in independent ethnic restaurants. Journal of foodservice business research, 18(1), 20-33.
Finch, B. (2016). How to write a business plan. Kogan Page Publishers.
Jiwani, K. (2017). Growth Plan for a Specialized Restaurant (Doctoral dissertation, California State University, Northridge).
Khan, M. A. (2014). Restaurant franchising: Concepts, regulations and practices. CRC Press.
Kourdi, J. (2015). Business strategy: a guide to effective decision-making. The Economist.
McKeever, M. (2016). How to write a business plan. Nolo.
Parsa, H. G., van der Rest, J. P. I., Smith, S. R., Parsa, R. A., & Bujisic, M. (2015). Why restaurants fail? Part IV: The relationship between restaurant failures and demographic factors. Cornell Hospitality Quarterly, 56(1), 80-90.
Starovoytova, Y. Y., & Chugunova, O. V. (2016). MARKET SEGMENTATION RESULTS OF RESTAURANT SERVICES. European Journal of Natural History, (6), 83-86.
Tran, L. Q. P. (2016). Business Plan: Elpis Restaurant.
Vo, H. (2014). Business Plan: Vietnamese Restaurant.
Wellton, L., Jonsson, I. M., Walter, U., & Svingstedt, A. (2016). Restaurant practices–time, planning, knowledge and dreams. Scandinavian Journal of Hospitality and Tourism, 1-15.
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