Table of Contents
2.0 Nature of the business.
2.1 Business background, structure, and nature.
2.2 Peace Essentials’ vision and mission.
2.3 Goals and objectives.
3.0 Proposed future business.
4.0 Customers of Peace Essentials.
5.0 Target Market Research.
6.0 Competitor Analysis.
6.0 Skill Analysis.
Diagram: Recruitment and selection process Source: Mullins (2014)
7.0 Resources required and plans.
8.0 Suitable resources for funding.
9.0 Plans for obtaining resources.
Recommended pricing policies for the next 24 months.
10.0 Management Information System.
11.0 Mission and Vision of Business Idea.
There is a high growth potential of entrepreneurship business in the present world including the UK. According to Shane and Venkataramn (2014), entrepreneurship refers to the process of innovating and exploring the new opportunities of unique products and/or services towards a specific group of target markets or customers. Torrington et al. (2015) said entrepreneurship refers to the processes taken by small and medium-sized firms for hunting opportunities and creating new products and services. As Wright and Snell (2014) note, it is essentials for entrepreneurs to create an effective business growth plan to gain sustainable competitive advantages in the market. Briton and Gold (2013) said entrepreneurs need to follow sequence steps to develop an effective business growth plan.
The paper develops a business growth plan for an existing small and medium-size entrepreneurship business. The business name is “Peace Essentials”. The first section of this paper outlines the burins growth plan, structure as well as process. The second section focuses on the proposed future business. The third section conducts customer analysis. The fourth section conducts a competitor analysis. The fifth section conducts skill analysis. The six-section outlines the resources required.
2.0 Nature of the business
2.1 Business background, structure and nature
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. (Peace Essential, 2016).
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2.2 Peace Essentials’ vision and mission
Kotler et al. (2014) disclose that vision is the key target point of a business where it wants to reach, whereas the business mission is the business plans how it will reach the vision or business target point. 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.
2.3 Goals and objectives
The business goal of Peace Essential is to increase its business growth and performance with improved revenue and profits. The main objectives of Peace Essentials are outlined below:
- a) To improve market share in the local area from 15% to 17% by the end of 2017
- b) To increase product ranges by introducing at least 5 more products by December 2017
- c) To gain 80% customer satisfaction by the end of 2017
- d) To improve employee retention level by 80% by December 2017
- e) To improve 5% sales revenue, 3% gross profit and 2% net profit by December 2017
3.0 Proposed future business
The key products of Peace Essentials are Islamic clothing such as women’s scarves, veils, Libya, men’s Panjabi. Then, Peace Essentials sells a different kind of Islamic books such as the Holy Quran, Holy Hadid. Then, Peace Essentials sells different kinds of alcohol-free fragrances and perfumes.
The innovation brought to the market
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 that Muslim people increased by 50% in the last 10 years. On the other hand, in Muslim culture people love to wear Islamic clothing and dresses both at home and work. Thus, there is a 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 the product’s 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 Middle-East including Saudi Arabia, Katter, and Dubai. Islamic Books are supplied from Bangladesh……………….