This reflective record will describe my own role in helping the team to achieve its goal in relation to the Business plan. Also I am going to provide evidence of my engagement to the success of the team from the theory initiation and how I facilitated the conclusion of the business enterprise plan.
It started like this, I was assemble in a group of three customers, a team with other group mates that have been all new if you ask me. Although we were in a same course since the start of the course but I was not close to them. Our group appears to understand each other quickly because of the good communication. We always solved easily problems came across through the exercise.
As a group we were performed different responsibilities in making an enterprise plan. The purpose of this business is to get a loan from a bank, to be able to help our salon CAN BEAUTY SALON to start the business enterprise with regards to capital and assets. Afsa was in charge of the marketing, Christine had an activity of future beauty styles procedures as well as determining the competitors and I was responsible for getting ready financial projections through the input from Afsa and Chrisstine
The statement also illustrates the Team work, our shared interest as a group, idea initiation process and the experience achieved from delivering the business enterprise plan and as well as my own views towards the whole business plan. The business plan has allowed us to work as a group and also observe the industry as a whole and we could actually apply the educational theories we discovered throughout our course.
CAN beauty parlor came to be a perfect selection of our shared interest of the whole group.
Our group regular of three people wanting to carry out our tasks in relation to the writing the business plan. We started by splitting the jobs so that people could have competition to see who achieve the task goals once we planned. My team included Afsa Bhanji, Christine Mkwawa and myself
We as a group were allocated different duties in order to create the business enterprise plan. Afsa was accountable for the marketing, Christine had to analyse the industry and identify the competition and I was accountable for planning financial projections through the input from colleagues of your beauty parlor
The three folks weren't conversant with each other although we've been learning in the same college for some years. and we weren't participating in regular conversation through the classes so it was not easy for us to are a team. But all three folks had an interest in setting up a beauty outlet where people will come and get quality service different from others.
We came over Five levels of group development; i. e forming, norming, storming, accomplishing and adjourning. Even though the norming stage required some time but after knowing one another well the rest of the stages went much easier. As we now have completed our business plan we have finished up the adjourning level.
Christine, likes regular visiting most of the famous salons around. She actually is a beauty fan and is also always current with the future fashions. She has associates with several individuals who performs beauty at different locations in Dar ha sido Salaam. Her power is awareness of popular beauty tendencies.
Afsa too is a beauty lover. Her beauty interest includes of toenails, hair, and pores and skin. She currently participated in a beauty competition in Tanzania her durability is being well conversant in the wonder industry.
Myself, I don't possess much interest in beauty but I love running a hotel my strength in this exercise was discovering the opportunity when i related the organic restaurant by viewing the chance of starting a salon using natural beauty products.
We did the trick as a team with acknowledgement of everyone's contribution related to the duties, we coordinated and make sure we achieved our goals.
PROCESS OF IDEA INITIATION
Our team wanted to initiate a concept which will be effective and being able to achieve the goals in the business we designed as a our group.
As a team most of us put forward suggestions to come over one effective Idea. Industry situation of the existing market was our first main concern before choosing the idea.
Our discussion covered:-
1. A NATURAL Restaurant
The idea was good as the Industry is very profitable, as there is no many such restaurants which makes the business enterprise less competitive. But we hesitated engaging in this business as most of us had any experience on the said business. Then we decreased the idea.
2. Free of moisture cleaning Business.
Several dried up cleaners are functioning in the market segments. Customers require this service to make their life easier. But due to investment costs to choose the modern machines and due the lack of experience for the reason that field we deduct find the idea.
3. BEAUTY SALON.
The final choice was to open up a beauty salon. The complete idea was somewhat difficult as how our job will be successful while they is a fleet of salon in Tanzania.
We came out with the thought of differencing ourselves from other by starting a Beauty Salon by using NATURAL SPLENDOR Products.
Our final choice that was a beauty salon was a pastime of the complete group. process of idea initiation has been very difficult to us as we had to consider risk by producing natural splendor products which is the new product in the wonder industry. What we had to do was installation of strategies and make sure we put in place them accordingly.
Presenting the CAN Beauty parlour to our teacher allowed us to see the other side of your business plan.
After passing through the pages of the written business plan; clear would turn out with several questions to the parts that requires more elaboration.
We were informed of executive summary was too quick as doesn't show everything inside our business plan, we were needed to elaborate somewhat more. We were also needed to sketch a graph exhibiting the period of time even point.
Presentation always provides weight to the Business plan as the shareholders may have a specific picture as the presents will be able to deliver what's need from the investors, question will be solved and criticism can be responded through the exercise of demonstration.
Presentation is an excellent experience as the -panel can ask questions and need elaborations even as can talk orally that will hell the business enterprise man to guard the projections written in the business plan.
The beauty Industry is firmly come but only self applied I could optimistic to the band of our Beauty Parlour as per business plan. Once we differentiated ourselves by using the natural products our business will be able to increase its gain 5% every year as we projected inside our financial parts.
The services you can expect will entice many people as the merchandise are new in this Industry. Our service will be delivered by professional staff which will make our parlour popular once customers experience our services.
Another factor that greatly results our development is our initial geographic location. CAN beauty parlour will be situated in Masaki nearby the shopping mall and vacationer hotel. Our target market is a little portion of the population compromising of the middle and high income earners who are either applied or operate their own business. Our first location will have a tendency to gain the business enterprise of the customers because of the traffic.
Lastly, the demand for healthy beauty products we will be in a position to make a good business as medical matter is the major issue one of the people moving into urban areas
ACADEMIC THEORIES IN THE BUSINESS PLAN
We were able to connect with our task a shared management after we divided we in three different parts in line with the tasks we could actually take responsibilities for various areas of the business plan. We learned that everyone could work towards the goal and there is no need to be just one single separate leader. Every member has a share in assisting to lead the group. With the experience of control we also confirmed the importance to be ethical leaders, Moral leadership is vital in any firm. .
We were also able to analyse the current situation of the wonder industry appeal and profitability by using Michael Porter's five causes. THE BUSINESS ENTERPRISE plan was a great example for all of us to apply our understanding of our academic ideas. Our small group could make our business plan very effective since we'd meetings every week we were able to keep it going without much toil. Another subject which came to your help is the SWOT examination this body work helped us to identify our rivals and where our stable stand by identifying our advantages and weaknesses, and also the business model the utilization off differentiation strategies here we shown our competitive benefit using the natural splendor products which is different from our opponents.
The use of the those theories helped us to increase our knowledge as we applied the in the true situation and see it working. Utilizing the roles to make the business enterprise plan can help us a lot in our effort to make our job easier in the future.
ADVANTAGES AND Restriction OF BUSINESS PLAN
The main importance of the business plan is the industry analysis as well as market plan. It really is through the industry analysis that businessman will be able to fully known the existing market situations and also carefully identify it challengers. The industry analysis allows a business owner to start the first decision whether to type in the market as well as the ultimate. .
A well crafted Business Plan is the true picture of any business because it gives details how you plan to serve your customers and hold on to them.
The Business Plan is important to any business as it is situated in procedure and management strategies.
Referring to our business plan the Industry examination is gives our business an edge to fully view the current market situation and carefully Identifies our rivals, and also assist in knowing our competitive edge which in this case is the differentiation strategy on our services using the natural Beauty Products.
A well written Business Plan make implementation of strategies easier and really helps to increase business market talk about.
But the drawback could be Even as we projected that our financial development will be 5% each year, this will be actionable if the execution of the strategies will be as designed.
Comparing to the genuine procedure the projected progress available plan could be incorrect.
OTHER AREAS AND CONCLUSION
The overall process of developing the business enterprise plan was very challenging. As different individuals are engaged, it is difficult to come up with one point of view and hence there can be a few of disagreements and then to start to see the situation again and come to the final decision.
I appreciated making the business plan of the CAN Beauty Parlor with my associates. In the process, I learnt a lot of things about the Salon industry inside our country. We used the opportunity of launching the salon services by using the natural products and we are certain that the business will achieve expansion or expansion in the future.
I have benefited from the business enterprise Plan writing in several ways:
1. I relished making the business enterprise plan of the CAN Beauty Parlor with my associates. In the process, I learnt a lot of things about the Salon industry in our country
3. The entire process of expanding the business plan was very challenging.
Areas of Improvement
I feel that the business enterprise Plan writing can be of increased relevance if additional time is allowed for sitting down mutually as a team.
I have I now realize that getting business done as projected requires a lot more knowledge and practice of the written Business Plan
Lastly, I'd like to say thanks to Afsa on her behalf cooperation throughout the exercise in the team and whenever I used to be stuck she gave me advice, she was always there to give me a palm. .
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