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Business Plan

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Business Plan for Beauty Pacific Company

When and where is the business to start?

The business started in 2018 in New York. It has 160 employees currently and has three branches. Two of the branches are in New York while one is in Virginia.

What is the history of the company?

The company started as a one-store cloth retail company. There were nine employees, apart from the store manager and the administrator. As a sole proprietorship, the firm was under the full control of the owner. The company dealt with a single line of beauty products. One year later, the company expanded and started dealing with all types of beauty products. The company also started offering professional services such as skin consultation. In mid-2019, the company expanded more after it changed to ownership and opened another outlet in the same state.

What are the company’s objectives?

The first objective of the company is to give value for customers' money. The company aims at offering high-quality products and services to the customer, who is the top priority of the company. The second objective is to partner with customers to bring the best solutions that enhance efficiency and productivity. Another objective of the company is to increase its market share and enhance its online presence. This company aims at developing the leadership abilities of team members by investing in training and development. Lastly, the company aims to increase workplace safety and enhance compliance with the law.

What changes have been made to the structure/ownership of the business?

One and a half years after its establishment, the company changed its form to a partnership from a sole proprietorship. The structure also changed due to expansion, and departments such as the human resource department became necessary.

In what stage of development is the company?

The current phase of the business is growth and establishment. The business generates a stable income and regularly attracts new customers. The cash flow has increased and there is a positive projection in terms of revenue. However, there are challenges such as competition, managing revenue, attending to new customers, and managing the expanding workforce.

What has been achieved to date?

The company has been able to establish a stable customer database. The company has also established an active online presence, which allows customers to place orders online. The online presence has also enhanced brand awareness and marketing. In terms of revenue, the company has recorded positive growth since its establishment in 2018.

What is the company’s distinctive competence?

The company has an outstanding positive organizational culture that has worked well in pushing forward the objectives of the business. There are unique habits, values, and norms that shape the way employees work and relate to each other. The culture also encourages embracing innovation, which has improved the efficiency of processes within the company (Sabetova, 2016). Most employees are motivated and productive. They also act as accompany ambassadors.

What are the basic nature and activities of the business?

The main activities of the business are to receive, store, and distribute the beauty and cosmetics products to customers, 90 % of which are retailers and wholesalers of the products.

What is the primary product/service?

The company primarily deals with beauty products and beauty services. These include both local and imported products. The company purchases, stores, and distributes the clothes to beauty shops and retail stores within and outside the state. Buyers place orders, and the company delivers the products at their doorsteps. The company also offers beauty consultations such as skin and hair care.

What customers does the business serve?

The company targets all beauty products retailers and wholesalers in the state. The company also distributes products to cosmetic shops, beauty parlors, and individual customers who place their orders online. For the consultation services, the company offers professional services to direct customers either online or physically.

What is the company’s form of organization?

The company is a limited partnership where both parties have invested in the company. The company has filed a certificate of partnership with the state. The liability partners have to business debt is based on their investments in the business (Chen & Ngo, 2018).

What are the current and future economic states of the industry?

The beauty industry contributes to at least 7 % of the total retail sector. The industry is stable and records consistent growth. Currently, the industry is booming, and market researchers predict that the growth rate will increase since the industry is resistant to economic downturns.

Future plans of the company

The company is set for acquisition as the long-term goal of the company. The main reason for the acquisition will be to build on the strengths and weaknesses of the parent and acquired companies (Zorn et al., 2019). The acquisition will also reduce entry barriers and enhance productivity by acquiring more assets and human capital.

References

Chen, H., & Ngo, T. (2018). Master limited partnerships: Is it a smart investment vehicle?Journal of Commodity Markets, 11, 22-36.

Sabetova, T. V. (2016). Corporate culture is a tool of a company's competability improvement within the labor market—Russian Journal of Agricultural and Socio-Economic Sciences, 55(7).

Zorn, M. L., Sexton, J. C., Bhussar, M. S., & Lamont, B. T. (2019). Unfinished business: Nested acquisitions, managerial capacity, and firm performance. Journal of Management, 45(4), 1488-1516.