Tiffany

Reply to Tiffany about the progress on her project

I am finalizing the Operations section for my business plan. I have learned how much equipment and supplies are needed to start a bubble tea business. From sealing machines and shaker machine to packaging supplies such as cups, lids, and straws, there are a lot of items to be considered. The Equipment Schedule Worksheet was helpful in this process as I was able to identify the equipment and became familiar with the different suppliers in the market.

Using the Production Worksheet, I was able to identify the labor and process for my business plan. In the labor section, I identified the total number of employees (part-time and full time), the number and duration for each of the shifts, and the hours of operation. In the process section, I indicated how the products are transferred to the next stage. My goal is to establish a team approach among all employees. I believe that this will increase efficiency, make them more productive, and build a strong team.

I also learned that having a reliable POS system is key to the success of any business. For my business plan, I am planning to use the Square POS System. This system features payment acceptance, loyalty programs, and inventory management.

Inventory Control Worksheet was very helpful for my business plan. One of the questions was about the steps that can be taken to reduce the theft of inventory. According to my research, the steps to prevent inventory shrinkage are as follows (“4 Ways to Prevent Inventory Shrinkage,” 2019):

• Train employees 
• Implement a system of double-checks when accepting inventory 
• Rotate products in terms of shelf-life and sales 
• Improve receiving and stocking processes to prevent damage 

Reference

4 Ways to Prevent Inventory Shrinkage. (2019, June 13). Retrieved March 17, 2020, fromhttps://smartwerksusa.com/articles/4-ways-to-prevent-inventory-shrinkage-in-retail/