Describe the business
We own and operate a bakery called Sweet Bite. Uniquely designed desserts, cupcakes, and other confections are our specialty. We offer various flavors, designs, and ornaments to suit any celebration. For big gatherings and events, we also offer catering services. Our products are always handmade from scratch and prepared with the finest ingredients. We take great pride in providing delicious desserts guaranteed to make our customers happy. Our helpful employees can answer any questions or requests at any time. We are committed to giving our clients the finest desserts and services.
The business context
Sweet Bites is in a bustling city neighborhood. Our location is ideal—a strip mall with easy parking and public transit access. Families, businesspeople, and students are all looking for something sweet in the neighborhood. We work hard to give our clients the finest desserts and services while contributing significantly to the community. We appreciate client comments and greatly enjoy our dedication to excellence and client fulfillment (Miller et al., 2006). Moreover, our firm and committed marketing department help create awareness among clients of our existence. Finally, we have set business targets that help to motivate our staff and also aid in evaluating our progress.
The business characteristics
The finest desserts and services are our top priorities at Sweet Bites for our clients. Every single one of our goods is handcrafted from scratch using only the finest ingredients. We provide various flavors, patterns, and decorations for every occasion. Additionally, we provide catering for sizable occasions and gatherings. Furthermore, we promote a product; for example, we have trade discounts. With any inquiries or requests, our helpful staff is always accessible. Our commitment is to offer our clients high-quality desserts that will make them smile. In addition to being committed to quality and client satisfaction, we respect customer feedback.
A detailed analysis of the business
Sweet Bite is a family-run bakery in a bustling suburb of a big metropolis. Custom cakes, cupcakes, and other sweets are our specialties. We have many flavors, patterns, and ornaments to fit any celebration (Pina and Dias, 2021). We have diversified the business for big occasions to provide catering services to our esteemed clients. We always start from the beginning and use the finest ingredients to create our products. We take great pride in offering our customers high-quality desserts guaranteed to satisfy them. Our helpful employees can answer any questions or requests at any time.
Our objective is to play a significant role in the neighborhood. The secret to success is giving our clients high-quality sweets and services. Moreover, since we engage in the food industry, cleanliness of our business premises and goods is our heart priority. We aim to make our clients feel welcome and comfortable while giving them the best service possible. Additionally, we must analyze the industry to guarantee Sweet Bites’s success. The analysis entails researching the industry, comprehending the rivalry, assessing our clientele, creating a pricing strategy, and examining our finances and business operations.
The industry in which Sweet Bites competes will always be examined. Essential factors to consider are the possible customer base and local market size. We must know the local demographics and customer interests (Kumar and Smith, 2018). By figuring out who our target market is, we can enhance our product line and concentrate our marketing efforts. Then, the competitive climate must be considered. What sets us apart from our rivals, and who are our rivals? In order to differentiate ourselves from the competition, we must evaluate the advantages and disadvantages of our rivals. We can create an economic advantage by analyzing our rivals’ pricing and marketing strategies.
Another critical element in our analysis is the size of our customer group. Who are our present clients, and what do they appreciate about our offerings? In order to better serve our customers, we must comprehend their wants and preferences. We also need to consider how to attract new prospective clients to our company. For us to succeed, a pricing plan is also crucial (Faith, 2018). We must ensure our prices are reasonable and lucrative and still provide our clients with value. Our pricing estimates must also consider the price of the ingredients and labor.
Finally, we need to look at our processes and finances. How much money do we currently have? How much money do we anticipate having in the next year? How can we most effectively use our resources to guarantee effectiveness? We can ensure that our family company is successful and profitable by thoroughly analyzing Sweet Bites. We can determine a pricing strategy that is both competitive and profitable by comprehending the requirements of our customers. Additionally, we can ensure that our operations and finances are efficiently run and that our goods and services are always of the most remarkable caliber. Sweet Bites can succeed with the proper research and preparation.
Challenges the business faces
Lack of commitment is one of Sweet Bites’ most significant problems. The lack of commitment in Sweet bites by family members who help run it is due to varying business priorities. Some members feel as if the business is imposed on them. It can be challenging to stick out from the competition and keep a devoted customer base without a commitment to excellence and customer satisfaction (Suriadnyana, 2020). If there is a lack of dedication to quality and service, it is also challenging to gain the confidence and credibility of customers. Maintaining economic advantage and financial success can be challenging without dedication to excellence.
Managing family members with diverse goals is another difficulty Sweet Bites encounters. Conflict and tension can arise when relatives disagree about the family business’s path. There may be conflicting ideas about how the company should develop in the future, making it challenging to reach an agreement. Sweet Bites’ success depends on family members’ willingness to make concessions and cooperate. We must be receptive to various viewpoints and prepared to strike a compromise between our personal goals and the demands of the company. Additionally, we must be receptive to criticism and ready to adapt when required.
Finally, sweet bites are faced with needing more technical know-how. The business is run primarily by family members, and therefore some technical challenges become difficult to resolve due to a lack of diverse knowledge (Vermunt et al., 2019). Moreover, despite all our efforts to make the other store employees feel like they are part of the business. It always feels like they do not feel like they are part of the store, mainly due to the high presence of staff from our family. Furthermore, lacking technical experts exposes the business to poor decision-making, which can be costly to the store.
A detailed set of recommendations to improve the management of the business
Firstly, we have to encourage a culture of trust and respect among our family members and clients. We must heed their suggestions and be prepared to make adjustments as needed. Additionally, we must create a pricing plan to ensure our prices are profitable and competitive. When determining prices, we should take work and ingredient costs into account. In addition, we must evaluate the local market’s size and prospective clientele. We need to be aware of the neighborhood’s population and the tastes of our clients. Understanding who our target market is will enable us to improve our product offerings and hone our marketing strategies.
Recognize the competition: We must evaluate the advantages and disadvantages of our rivals in order to decide how to differentiate ourselves from the pack. We can create a competitive advantage by comprehending our rivals’ selling strategies and marketing techniques (Reuber et al., 2018). Analyze our clientele: To better serve our clients’ wants and preferences, we must comprehend our audience. We also need to consider how to attract new prospective clients to our business. We must look at both our present and upcoming 12-month financial projections. We must also think about managing our resources most effectively to guarantee efficiency.
Managing family members with varying ambitions requires us to be receptive to new perspectives and ready to strike a balance between our personal goals and the company’s demands. Additionally, we must be receptive to criticism and open to making adjustments as needed. By heeding these suggestions, Sweet Bites can become a prosperous company and an essential fixture in the neighborhood. In order to give our clients the best value possible, we must constantly uphold the most outstanding standards for our goods and services. Sweet Bites has the potential to grow into a prosperous company with the proper dedication and commitment.
Self-reflection on running an entrepreneur business based on the module provided
In order to successfully run a business, it is crucial to avoid having too many various ventures. It can be challenging to concentrate on any one company when there are too many of them, which may cause clients to be dissatisfied. Furthermore, having fewer ventures lowers product quality, which drives away clients. More diversification leads to a lack of touch with clients, which makes it easy for them to slip away (Roy et al., 2018). Concentrating on one company and putting all effort and resources into its growth is crucial and guarantees that the company is correctly run and that its clients are pleased with the goods or services.
It is crucial to have knowledgeable employees capable of responding to customer technical inquiries. The best customer service is only feasible with knowledgeable employees. Staff members must be able to give accurate and helpful answers to customers who may have inquiries about the good or service. Having knowledgeable employees is crucial for gaining the respect and trustworthiness of clients. Customers want to know that their inquiries and issues will be handled seriously and resolved quickly. Sweet Bites can increase customer confidence and credibility by having knowledgeable staff who can respond to technical inquiries from clients and give them the best experience possible.
Instead of each person having their business plans while operating a similar company, it is good to have a shared business concept as a family because it fosters a sense of cohesion and direction. Moreover, having shared business idea fosters creativity in the business since all members have a sense of belonging which aids in expanding business revenue. The family is more motivated and inspired by the company’s shared vision and objective. Additionally, it enables family members to cooperate and share ideas, resulting in more outstanding judgment and increased effectiveness. Sharing a business strategy also enables family members to support and learn from one another, which can benefit the enterprise’s success.
References
Faith, D.O., 2018. A review of the effect of pricing strategies on purchasing consumer goods. International Journal of Research in Management, Science & Technology (E-ISSN: 2321-3264) Vol, 2.
Kumar, A. and Smith, S., 2018. Understanding local food consumers: Theory of planned behavior and segmentation approach. Journal of Food Products Marketing, 24(2), pp.196-215.
Miller, S.D., Duncan, B.L., Brown, J., Sorrell, R., and Chalk, M.B., 2006. Using formal client feedback to improve retention and outcome: Making ongoing, real-time assessment feasible. Journal of Brief Therapy, 5(1), pp.5-22.
Pina, R. and Dias, Á., 2021. The influence of brand experiences on consumer-based brand equity. Journal of Brand Management, 28, pp.99-115.
Reuber, A.R., Knight, G.A., Liesch, P.W. and Zhou, L., 2018. International entrepreneurship: The pursuit of entrepreneurial opportunities across national borders. Journal of International Business Studies, 49, pp.395-406.
Roy, S.K., Shekhar, V., Lassar, W.M. and Chen, T., 2018. Customer engagement behaviors: The role of service convenience, fairness, and quality. Journal of Retailing and Consumer Services, 44, pp.293-304.
Suriadnyana, I.G., 2020. The effect of employee empowerment and work stress on employee organizational commitment mediated by job satisfaction (A case study of financial services cooperatives in Denpasar). Jurnal Ekonomi & Bisnis JAGADITHA, 7(2), pp.92-103.
Vermunt, D.A., Negro, S.O., Verweij, P.A., Kuppens, D.V. and Hekkert, M.P., 2019. Exploring barriers to implementing different circular business models. Journal of Cleaner Production, 222, pp.891-902.
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