Business studies coursework
I have given a lot of thought into the type of business I am going to open. After doing my research I have observed that a salad bar would be a successful restaurant in London. The initial research on this type of business has shown me that it has been successful in other cities at different times of the day. I spoke to the managers and in each store I spent time making my own observations. I took note of how busy they were, and what the layout of the stores were. I learnt that they used the best quality ingredients to prepare tasty food in open plan hygienic kitchens.
I also learnt that as much as they made they sold and they could have possibly made more. The name of my business will be called, “Aemono” It will have a sit down restaurant and will provide a quick meal on the go. There will be a range of many different salads to choose from. My business will be aimed at both young and old, people who want a nutritious meal. I plan to start my business off with only one shop of a decent size. I will do the majority of the administrative work and manage the restaurant. I will have one chef, four counter assistants, one waiter and a cleaner.
A busy Londoner does not have the time to make a nutritious meal daily, therefore I think that this is a good idea that will be successful and popular. I intend to make up excellent quality meals at a competitive price. I intend to have an excellent customer service and hope to form relationships with my regular customers. Good customer services will ensure my customers stay happy. I also intend to make a success of my business with a view to expansion and opening new stores. Companies must have aims in order to have a target by which they can judge there performance and success.
An objective is anything that the business wants to achieve. Aims and objectives are measurable targets by which a business tries to accomplish. The most important objective is to make a profit in order to survive. Survival: One very important objective in a business is its survival. This means that too survive the business has to break even over a time in other words the business does not make a profit or a loss. If the business continues to make a loss it will certainly go out of business by having a survival as their objective the company stays in business despite losing money.
Profit maximization: If a company wants to do more than survive the prime objective of the company could be to maximize profits. By maximizing profits the shareholders and the owners receive a dividend this means they get a share of the profits at the end of the year. But if the business makes a loss the shareholders and owners do not receive any dividend. If there is an increase in dividend then this could mean share prices go up because this increase will attract more share buyers to the company. Sales objectives:
Some businesses set themselves a number of objectives and each indicates on how well the company is doing. Growth in profits, growth in sales turnover, increase in market share, expansion of the product range and selling it to more areas of the country or the world are all sales objectives. Once a business has made enough profit to survive it may decide that the growth of the business itself is more important. Some companies may decide it is better to be a large growing company making reasonable profits than a small company making more profits. To understand this we must look at the motives of people in business.