When Faced with Growth

In: Business and Management

Submitted By ajld
Words 1178
Pages 5
When Faced With Growth

In the last five years, Jayne has been the successful owner of a mobile sandwich concession called Janye’s Sandwich Stop. She creates fresh and tasty sandwich and other lunch items popular among the shoppers and workers in the town, which made her business a big success. In the last year, Jayne has added three bicycle-towed concessions to her business, spreading her popular products in strategic locations in the region. She utilized Facebook to promote her business, publish her daily menus and post the locations of her bicycle concessions. Jayne is gratified by her success, but she wants to expand her business to something more lucrative, implement a greater variety of food products and services, and increase her competitive edge in the region. When a restaurant space became available 20 miles from her trailer concession location but close to a mall and the suburbs, and nearer to her local food producers, Jayne jumped at the opportunity. She hired professional business consultants to help set up her restaurant; however she knew she must also consider her financial, HR and management needs as well as her ethical and potential social responsibilities.

Growth Strategy Jayne should create a thorough business plan, clearly identifying the goals of her business expansions to include her executive summary, proposed business, industry analysis, mission statement and core values, management plan, goods and services production processes, marketing and financial plan (Exploring business, 2014, p. 40). In creating her business plan Jayne made strategic decisions in functional areas of management, operations, marketing accounting and finance, thereby reducing her risk of failure (Exploring business, 2014, p. 39). For example, as part of her business plan, Jayne profiled her target market as well as identified all her potential competitors within…...

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