Business Planning

Business Planning

The name of the business would be Elegant Botiq. The name reflects the purpose of the firm in that it would supply beautiful products. The word botiq is from the term boutique which regards a shop that offers clothes and other related items. The reason for not using the word boutique in its usual form is to entice people especially the young ones who wants issues shortened and have turned to shortening of words especially in the communications online.
The boutique would sell elegant clothes and other accessories such as necklaces and earrings. The business would seek to satisfy the need of getting presentable clothes which are suitable for various occasions and at the same present an opportunity to have the clothes that are matching with accessories such as bangles. There would be paying off much attention in the materials and colors of the clothes such that there would be varieties. There is a realization that; people have different tastes and that aspect manifests so much when it comes to clothes and accessories. What impresses one person may be distasteful to the other. The services would include guiding the customers in choosing the clothes and accessories that fit them well as well as offering guidance in the efforts of matching the clothes with the accessories. There would also be advice for the best color according to the occasion such as burial or wedding.
The uniqueness of this business would be that it would offer extra services such as those of professional guidance towards the selection of color.

There would also be the unique character of having the best clothes. The competitive advantage would lie in the pricing which would be on the lower side.

Business culture
In the operation of the business, there would be the adoption of the culture of teamwork. This aspect denotes a situation whereby; there is an exercise of oneness in the goal that the people in a business seek to achieve while at the same time, there is working in small groups with the aim of that same purpose. The need for promoting this culture emanates from the realization that; when there is the exercise of teamwork, it becomes easy to achieve the stipulated targets. The situation is much different when everybody works to on own with a little focus on the goal.
In the management of the business, there would be the adoption of theory y in the style of management. Theory y entails a kind of control whereby there is much focus on job satisfaction as opposed to remuneration.
The first stage of team development is forming. At this phase, the team members get to meet and brush on the opportunities and challenges. They also come up with the goals to achieve. The management should respond to this stage by providing guidance on the purpose of the business and the likely challenges. The second stage is storming. At this phase, the members form opinions concerning each other and air them. The management should respond by offering a listening ear. Norming is the third stage of team development. Here, there is the creation of cooperation among the members following the sharing of the same goal. The management ought to respond by motivating the efforts of the team in sharing the common goal. Performing is the last stage. At this phase, there is a great focus on achieving the set goals. The management should respond by recognizing and rewarding the stunning performances.
Code of ethics
There shall be the exercise of teamwork in undertaking all the operations in the business. This spirit is to be on display both in activities within the business premises and also outside in carrying out the duties related to the firm. There has to be the observance of respect for one another across and within all the teams. As such, there ought to be addressing each other with dignity nd mutual respect. There shall be early arrival to work and when any member arrives, they ought to embark on the duty without having to wait for the coming of the other. If a client prefers to be attended by a particular person, let the switching be cordial and with maximum respect.
In executing duties, there would be the guidance of four principles which include teamwork, respect, dignity and hard work. These principles would auger well with the culture of collaboration in the organization. The principle of partnership would entail that there is maximum cooperation from each member in undertaking duties. Respect would call for addressing each other in the manner that one would want reciprocation. Dignity would be extended to fellow employees and also to clients. Hard work will guide everyone in attaining the goals of the business.
In the efforts of ensuring that the employees represent the company in a manner oozing integrity and ethical behavior, there would be a deliberate acting as a role model. There would be an exercise of integrity and ethics in dealing with the employees so that they can copy the same in the deliberations in the business.

Customers
The ideal customers for the firm would mainly be the common persons especially women of young age between 25 and 45. These are the kinds of people that fancy clothes and would go to great extents to ensure that they look decent and elegant. This category of individuals is also among the people earning over a thousand US $ which forms the cadre that can easily buy the clothes without harboring the feelings that the prices are too high or too low for them. This group of people also harbors the majority of those who like to match their clothes with other accessories such as earrings and necklaces.
In the realization that there is competition from other businesses of similar cadre, it becomes essential to embrace strategic tactics. Having a strong connection with the customers through the social media would go a long way in ensuring that there would be a preference to the shop over others. Encouraging the right treatment of clients would go a long way in ensuring that customers would prefer to buy in the business instead of the competitor. Other strategies would include giving out discounts such as a bangle after the purchase of cloth.
Connection with the target customers would mainly be through the social media whereby; there would be the Facebook page and Twitter handle as well as WhatsApp platform. Such sites are easy to maintain, yet they give a far-reaching connection with clients. Through the platforms, there would be a display of new arrival products to give the customers an opportunity to sample them even before coming to the shop.