The paper develops a business growth plan for an existing small and medium-size entrepreneurship business. The business name is “Peace Essentials”. Peace Essentials is a small and medium-size exiting entrepreneurship business. It has been operating in the Shadwell area of East London since 2010. The business was founded by brothers, called Mr. Shaekh Abdur Rahman and Mr. Ershad Ullah. It serves about 3000 customers in a week with its six dedicated and devoted employees. This is a private and partnership company, where the partners are those mentioned above. The main products of this business are Islamic clothing, Islamic books, alcohol-free perfumes and fragrances, etc. The vision of Peace Essentials is to be leading retailers in the sector of Islamic clothing, Islamic books, and alcohol-free fragrances and perfumes. The mission of Peace Essentials is to offer quality products at cheaper prices through excellent customer services and marketing campaigns.
The key strength of Peace Essentials is it is a very popular brand in the local Bengali community of East London. It has a very good reputation of trust and reliability, quality and integrity. In addition, it offers a variety of product ranges with reasonable prices. It also has skills and friendly staff to offer excellent customers services. The key weaknesses of Peace Essentials are it is facing capital problems. Consequently, it cannot run its business operations effectively and efficiently. Because of financial problems, it is also facing problems expanding its business in other areas. The key opportunity of Peace Essentials is if it can sort out its financial problems, it will be able to gain improved market share with improved sales revenue and profits. The key threats of Peace Essentials are aggressive rivals and competitors. In addition, issues related to tax and VAT, currency fluctuation, economic ups and downs put pressure on its business performance. The social and legal factors come from the local community and consumers’ impact on Peace Essentials business. The adaption of advanced technology impact Peace Essentials’ profits. Finally, the adverse weather sometimes creates barriers in the way of Peace Essentials’ supply chain (Peace Essentials, 2017).
Table of Contents
2.0 Aims and objectives, mission and vision.
Aims and objectives.
Mission and vision.
3.0 The Business.
3.1 Description of business.
3.3 Market analysis.
4.4 Market plan.
3.7 Management and operation.
4.0 Final data.
4.1 Sources of finance for Peace Essentials 2017.
4.2 Estimated Cash flows for Peace Essentials- 2017.
4.3 Forecasted Income Statement for Peace Essentials- 2017.
4.4 Estimated Balance sheets for Peace Essentials-2017.
4.5 Break-event analysis.
The paper develops a business growth plan for an existing small and medium-size entrepreneurship business. The business name is “Peace Essentials”.
2.0 Aims and objectives, mission and vision
Aims and objectives
Peace Essentials’ goal is to gain improved revenue and profits and to contribute to the local community.
Its key objectives for 2017 are:
1) To increase its local market share from 12% in 2016 to 16% by the end of 2017.
2) To introduce at least three products by the end of 2017.
3) To improve customer satisfaction level through providing effective training and development programs to the staff by 2017
4) To improve employee retention level by providing incentives and benefits by the end of 2017.
5) To increase at least 5% sales revenue with 2% improved net profit by December 2017
Mission and vision
According to Koter et al. (2014), the vision of a business refers to the target point of the business or where the business to go, and mission refers to how the business can gain that target point. Peace Essential’s vision is to a leading retailer of Muslims essentials in London, where its mission is to provide excellent customer services and to offer cheaper products with quality and integrity.
3.0 The Business
3.1 Description of business
Peace Essentials is a growing small and start-up entrepreneur. Peace Essentials was founded by two brothers named Mr. Ershad Ullah and Mr. Shaekh Abdur Rahman in 2009. This is a small retailer. It serves about 2500 to 3000 customers every week with its six full-time dedicated and devoted employees. Peace Essential only operates in Shadwell, East-London, UK. Peace Essential is a limited private company. This is a partnership company owned by the two brothers mentioned above. The key products of Peace Essentials are Islamic clothing, fragrance and perfume jewelry, Islamic books, etc. (Peace Essential, 2017).
Pease Essentials supplies its products from different suppliers at home and aboard. Most of its products including Islamic clothing and materials come from the Middle East including Dubai, Katter and Saudi Arabia. Most of its products in the jewelry section come from China. The Islamic books and related products come from Bangladesh. It maintains a standard agreement with the suppliers following all the related legal issues. In most of case, Peace Essentials conducts trade payable agreements with the suppliers for a certain time period. However, it does not do any trade receivable agreements with the consumers, because it conducts instant payment transactions through cash or payment by card.
The key products of Peace Essentials are Islamic clothing such as women’s scarves, veils, Libya, men’s Panjabi. Then, the Peace Essentials sells different kinds of Islamic books such as the Holy Quran, Holy Hadid. Then, Peace Essentials sells different kinds of alcohol-free fragrances and perfumes.
A study discloses that the percentage of Muslim people is growing rapidly in the UK, mainly in London including the East London area. The study also disclosed the number of Muslim people increased by 50% in the last 10 years. On the other hand, in Muslim culture people love to wear Islamic clothing and dress both at home and work. Thus, there is huge potential for business growth in this sector. Therefore, Peace Essentials has brought innovative ideas by attracting only the Muslim people, most importantly women by offering different kinds of attractive and unique Islamic clothing, alcohol-free fragrances and perfume, and Islamic books. This unique idea has given huge success to the Peace Essentials with improved revenue and profit. In addition, to ensure product uniqueness, Peace Essentials supplies its products from different places outside the UK. For example, Islamic clothing, alcohol-free perfume and fragrance and related products are supplied from the Middle East including Saudi Arabia, Katter, and Dubai. Islamic Books are supplied from Bangladesh.
Intellectual property rights (IPR)
In order to protect ideas and business, Peace Essentials follows several legal and regulatory issues. It maintains valid agreements will all of the suppliers so that it can protect its business if it is raised any legal issues. In addition, Peace Essentials maintain strong and valid trade payable agreement and trade receivable agreement so that both suppliers and customers cannot raise any issues against the business. Later, Peace Essentials follows Data Protection Act 1998 and maintain data confidentiality and anonymity of its both customer and suppliers and any other stakeholders’ data. Peace Essentials follows Employment Act 1974, Equality and Diversity Act 2010 in maintaining its employees………………