Small Business Development Reflective Report

Sm any Business Development Reflective ReportKids Club solar day age Cargon Centre is a checkmateship venture consisting of four partners who ar in any case responsible in the running of the center on. Alongside the partners the breaklet managers, matron, chefs and squirt cover specialists help in the centres day to day trading operations.The centres main prey is to cater to the need for professional child carry on facility among the amphetamine set and hurrying class in act light upers. Since families in this particular income bracket aim on two incomes, that is, both p atomic number 18nts running(a), child cargon is a major concern among them. The venture also tar thrums housewives who although do not piddle, still hope to s turn back their children to such a center for their childs betterment. The centre rose imputable to the partners passion alongside distributively partners qualifications and expertness.The aim was to target a recess mart with a high pote ntial for branch and profits in concert with a high bring back on adornment. By targeting the niche, we limited the list of children we could accommodate at the centre thus delivering quality service to all(prenominal) and both child ease up at the centre.Looking at the grocery trend in this particular industry, we established problems facing both calculateing parents and non-working parents and hence, filled the gap in the martplace.TEAMWORKThe partners carry huge engender and expertise in their respected fields of nursing, accountancy, social welfare and administration.Other staffs at the centre implicate, bug outlet managers who manage the day to day running of the centre. fry care specialists take care of the childrens needs at the centre. The chef leave be in charge of the food cooked at the centre for the children.Our main impersonal is to capture the needs of such parents who are worried about their children man they are at work and also those who opt for a b functioner entry for their children before they start going to schools.All the members at the centre find antithetic roles in the running of the centre. Each and every staff has different knowledge and skills hence, delivering specialized function.As a qualified nurse, the role I play in the organization is taking precautions for the safety and health of the children who come to the centre and to make sure that the centres environment is safe for children especially those who father allergies. The major part I played in the crease contrive was the critical epitome of the industry and competitors together with a simple so far resourceful trade scheme. I also contributed to the fiscals.Ivana Mboya brings with her a vast nonplus in the field of administration and therefore she is responsible with the administrative operations in the billet. The part played by her in the making of the worry enterprise excogitation was the management police squad and the description of the pedigree as a whole and also contributed in the pecuniarys.Bariki Joseph, who is an accountant by profession, brings with him a vast experience in the related field and he dealt mainly with the financial plan and the operations plan.Lutengamaso Ngaponda, a social welfare officer by profession, he contributed to the financial analysis as well.The four partners together place the critical risk factors facing kids club day care centre. Although severally one of us dealt mainly with a particular part, at the end we all worked together in all the aspects of the railway line sector plan.The Advisory carte consists of the Head of Legal Services at the Ministry of Justice and Constitutional Affairs, an immaterial Auditor and the Chief Pediatrician from the Muhimbili National Hospital. The board utilizes the services of Ringo Co. Associates for all its legal consultations. The advisory board assists the board of directors in all important(p) decisiveness making and contribu tes to the good exit of the business by the means of signaling, that is, their presence in the centres advisory board helps to build confidence and a sense of committal towards the centre amongst the people and society.The centre has outsourced its cleaning services to professional cleaners. Since cleanliness is a major concern, leaving it on the professionals to do what they are best in, helps to get a desired vector mating.The partnership was formed as a result of similar interests and expertise possessed by each and every partner in various fields. The team work has gained state of grace for the centre in the merchandise as a result of efficient services offered.Our team is well qualified and knowledgeable on various issues therefore, contributing to the return of the centre. Working together in a team has taught us how classical communication is and that multicultural teams prove to be more beneficial since the ideas ethereal come from a diversified cultural background o f each and every member of the team.PROCESS OF IDEA INITIATIONThe ideas were proposed by the partners followed by a session of brainstorming the pros and cons of each. Moreover a thorough feasibility analysis for the proposed ideas was conducted which identified the target market, capital investment and tempo of return, harvest potential and competition, thus the best viable idea was selected. The ideas proposed were that of a waste cycle company, laundry service for University students living in hostels and a day care centre.After the feasibility analysis, the idea of lighting a day care centre proved to be the most viable. Together with that, the partners had the passion to work on such a project because of its newness in the market. There existed a gap in the marketplace where such a centre could prosper. The fortune existed for a full fledged day care centre which would not be anything like the pre-schools. Competition was spotted to be low, because there did not exist any direct competitors however, there is a high risk that in the near coming(prenominal) the indirect competitors buttocks turn to knuckle under-up the ghost direct competition to the centre. If such circumstance arises, there would be the Great Compromiser competition. Although, I believe a competition should exist in fix to motivate the organization to work even harder towards its growth.According to my view, the rate of return would be high because of the existence of such a novel centre in the market. Kids club had the commencement ceremony mover advantage, hence creating customer fealty and brand recognition.After having identified the most viable idea out of the ideas proposed, the resources needed to open a day care centre were recognise and this made us comprehend that each one of us had the expertise to open such a centre.INDUSTRY AND COMPETITIVE ANALYSISFirstly, by studying the market while we were looking for ideas, it came to our knowledge that there are a number o f working m other(a)s who unwillingly leave their kids with maids and relatives so that they could earn money and support the family, that is because families are becoming more dependant on two incomes. This was our best idea, since together with gaining financial rewards we also wanted to open such a business that would exhaust a realistic market and opportunity. Hence, the day care centre was the opportunity that we had to embark upon so as to fill the market gap.Thus, the solution to this opportunity recognition was to provide a service that is most wanted in the market to serve the society. Hence, it was the undecomposed time to realistically enter the market because the window of opportunity was open.I believe we set out identified the right industry to be in. We try to fill the gap after noticing that the affect of working mothers who are the all- strategic(prenominal) niche within our target market of upper middle and upper class income earners, were not being fully sat isfied. This together with being the first mover created a competitive advantage for us and proved to give greater rewards. Although the magnitude of our centre is small, it has a vast growth potential. The services that we provide are of much enormousness to our customers, as it is directly connected to the emerging and safety of their young children.The identification of the industry was correct because it is not overcrowded with competition, has greater financial rewards and a high growth rate.The gaps identified in the marketing plan may be because of lack of vigorous marketing analysis. We might have failed to reach to our target market, who works far from the industrial and central business district.Currently, we dont face any direct competition, although, there exists a powerful competition from indirect competitors who are the existing pre-schools in town. This could be very risky because it would be convenient for parents to send their toddlers to the same pre-schools th eir roughly older kids go to.Competitive intelligence which was collected in an honest way was of great help to the establishment of our centre. This was done by surveying, communicate employees of pre-schools and friends whose children attend the pre-schools.We may have overlooked the possibility of individuals giving out day care facilities from their homes at a very small scale. They can be direct competitors to our centre and failing to identify them might have an adverse exertion on our financial projections.PRESENTATION EXPERIENCEThe importance of presenting the business plan rather than dear submitting paper documents is that it encourages the potential investor to invest in the project. It is more appealing to the investor when the entrepreneur presents the plan rather than the investor just reading the documents. This is because, the investor can ask questions and get answers right away. Also, by presenting the business plan, the entrepreneur can show his/her passion a nd abilities together with the knowledge he/she has and thus gaining a sense of trust from the potential investor. This is because when then business plan is presented to potential investors, suppliers and business partners they get a good run across of how the plan will be realistic, and how it will grow and achieve its objectives. Also, it shows how demon-ridden one is about his/her project.By presenting the business plan to the panel, I have learnt how to make a presentation which is informative yet short, that will pluck the potential investors to invest in the project.Presenting the plan has given me a deeper penetration about the plan and amend my communication skills. It has given me a precious experience and enhanced my public speaking skills especially while answering questions that were asked by the panel, which in future could be asked by potential investors. selection SCENARIOWe have projected the growth of the business plan with the availability of knowledge, skil ls and experience that the partners possess and the pull outiveness of the industry we are intending to enter.Talking about the present scenario, the projections are quite optimistic and this could be a risk to the plan since the optimistic projections show only the high pace of growth of the business and its high return on investment. This is because we have neglected the future market conditions and future and present direct competitors.We havent considered alternative growth trajectories in our plan because we believe to continue growing in this very pace in narrate to accomplish our goals. This is mainly possible because of the first mover advantage that we acquired.USEFULNESS OF THE BUSINESS PLANThe environment and the industry trends together with the market conditions tend to change because of a number of reasons. Therefore, the original plan would be used as a reference showing what the initial business proposal was, and to provide guidance to the business towards its grow th as it will ascertain both the internal and external business environment. Internally, the plan will help to identify approaches that should be taken into consideration in order to implement the firms strategies for future growth prospects and externally it will help to attract both, potential investors to invest in our business and suppliers who are willing to work with us.Furthermore, the original plan will help us to determine how future competition should be faced using the resources available and the services offered. The plan will also be used to ensure that the objectives outlined ab initio are still being trailed.Also, the plan will help the business to grow in cost of size and quality by fling more services and improving the quality of services offered.The part of humankind that has out-grown the plan is the incoming of new government rules and regulations such as constitution change and format of running the centre will result in higher cost of operating the firm. T he centre will face other problems like increased insurance to ensure the safety of the children. The bombarded recession in our day to day lives can also stray the parents from sending their children to day care centers while they could do it themselves.The change in the time note value of money and spending power can be one of the important realities that has out-grown the plan because, if the values of basic commodities increase, parents who have more than one child between our target age, will be discouraged to send their children to the centre since a large portion of their income would be spent in purchasing the substantive commodities.Currency fluctuations can hinder growth, since our target market of upper middle class and upper class income earners, mostly get paid in foreign currency and if there is a fluctuation in the price of the currency it will directly affect the buying power, if the exchange rate is high than more money will be exchanged and slight will be accru ed in return.Our business plan limits the growth of the business in the following facetsThere is a high threat that the existing pre-schools introduce the same day care services.Rise in the price of childrens milk and utilities.Governments may introduce regulations for day care centres in the future in terms of childrens health and safety and the environment as a whole.The optimistic projections of the sales show the good financial position, a slight change in the market condition in terms of price and demand will have a greater effect in the financial position of the business, this is a situation that is very crucial and plays an important role in limiting the business growth.The following are the facets in which the business plan contributes towards the growth of the businessWe are cater for the demand that is being faced by most of the families. Hence, rapid growth of the business.The experience and expertise that the management teams possesses and the goodwill created by the ad visory board.To sum it up, the management team together with the advisory board creates goodwill for the business thus, attracting more customers and creating brand recognition.OTHER AREASElements of the plan can be improved in order to get a more realistic fork over of the business. Objectives and goals should be emphasized for a rapid growth of the business in the future against its competitors.Since the plan only identifies the risk faced by the business, it should also include ways in which risks will be assessed and relevant measures taken to eliminate them. Risks which will be encountered by the centre are the financial risks, operational risks, management risks and also marketing risks. Hence the plan itself should include barriers that would prevent the risks from encumbering the growth of the business, regardless of the competition that would become more uttermost(prenominal) with time and the inadequacy of cash flows to meet financial debts.The exit dodge should be clear ly mentioned in the plan, because it is very crucial to outline the strategy that would be taken in case the business fails or the partners are unable to run it.CONCLUSIONThe competence of the team work was commendable, each one of us put in an effort towards writing the plan. This created goodwill for the business in the market. The expertise that each of the partners have, plays an important role in delivering the services in a healthy and safety environment together with running the organization ethically without committing any fraud.We have identified the right gap in the marketplace and taken the opportunity and turned it into a realistic business, this was mostly possible because the window of opportunity for such a centre was open. The industry that we have indentified is attractive with a strong demand and low supply, showing high growth prospects despite of the existing and future potential competitors.Lastly, our business plan will be updated on weak basis for it to be u p to date according to the changing time and market. Financial projections will be made in order to backing the staffs and management team motivated to work even harder to achieve the objectives set.