Tim’s coffee shop is one of the successful business premises in around Illinois. Despite Tim’s inadequate business knowledge and skills, the business is operating at a reasonable level. However, more and more is required to make the business stand proudly in the industry. Use of technology within the shop is one key area that will help the business in cutting down costs as well as enhancing its services. Software for both Accounting and Human Resource are vital for the growth of the business. Besides, proper customer service that ensures uniformity remains critical for the Tim’s shop. Continuous training and common uniforms for the staff may help solve this issue. Furthermore, it is important for Tim to foster the success of the shop by use of various advertisement strategies (Associate Capstone, 2012).
Regulations and Management
Although Tim shows a great deal of applying business regulation and management, there is a need for more improvement. For instance, it is important for the shop to have defined mission, vision, goals and objectives. Tim also needs to consider the business laws set to enhance compliant to the same.
The vision for the shop needs to be very clear. For instance, I propose the shop to adopt, “To deliver quality food, customer service and best entertainment that enrich the life of our customers and staff.” Tim’s decisions in the shop should consider the will of the customers and contributions of his staff. On the other hand, the mission statement for the shop needs to be defined. Tim can adopt a statement that goes, “to deliver best quality goods and services within Illinois.”
Short term goals
Tim’s coffee shop needs to adopt short-term goals such as;
Introducing fruit juices. This will be possible by looking for various local vendors to offer supply the fruits. Besides, Tim will have to buy a blending machine to assist in making the juice.
Developing network systems for the shop. Tim needs to buy human resource and accounting software as well as installing a Wi-Fi network within one year.
Tim should consider expanding the premises within five years. Since the business is growing, Tim needs to consider expanding the building to accommodate more customers as well as increasing the services.
Tim needs to comply with Federal laws such as the sale of goods Act and Fair Business Practices Act. On the other hand, he needs to comply with State laws such as Business Corporation Act and Medical Corporation Act.
Observations of the Tim’s shop clearly indicate that the business offers a conducive working environment for its employees. The smile put on by the employees at work also suggest proper customer service for the shop. Besides, there is proper storage of the important employee, business and government files within the shop. However, there is a great need for a coffee shop to make various improvements for it to compete with others as discussed in the action items section (Associate Capstone, 2012).
Tim needs to look for more vendors who can meet its needs. Besides, the shop needs to be up to date with recruitment laws that are ever changing. Furthermore, it is important for the shop to integrate ICT as a way of enhancing time management and payroll services. Finally, further training of the employees can be helpful in enhancing customer service all the times.
Tim’s shop uses the word of mouth and posters within its premises to advertise its business. However, the use of flyers, radio, and digital marketing is an outstanding opportunity for the shop. Also, Tim needs to use daily, weekly or monthly specials to support its advisement for the business. Such specials need to be placed in front of the shop to make all the customers aware. Creating a website for the shop would also play a big role in helping the Tim market the business products and services to a pool of customers around. Furthermore, Tim needs to invite different artists to the shop regularly to administer entertainment as a way of pooling customers to his shop.
Strengths: The business has a good reputation community. It provides local goods to its local bakeries. Besides, it has a live entertainment which is a key tool in attracting more customers and cutting edge in competition.
Weaknesses: The shop does not have enough technology resources to enhance its services. It lacks important business technology resources such as credit and debit machines, local area network and computerized accounting facilities.
Opportunities: There is a great need for Tim’s coffee shop to take advantage of the new technologies. It should apply the technology in advertising his business and modernizing the shop services such as payments and payroll. Besides, he should consider inviting different artists to perform in the business. Moreover, he should diversify his advertisement for shop’s products and services.
Threats: Tim faces stiff competition from franchises, food stores and gas station restaurants around Illinois that offer the same services. Competition remains a big threat facing the Tim’s shop. Use of better advertisement strategies and capitalizing on quality products, services, and affordable prices can help him overcome this threat.
Finance and Accounting
Tim’s shop is operating at a profit at the moment. However, the profit realized within the company is minimal, and this is due to high operating expenses. The reduction of the operating profits by the shop is vital in assisting Tim to increase his revenue. Besides, it is important for Tim to take care of the harsh economic conditions facing the nation and low prices offered by his competitors (Associate Capstone, 2012).
Tim needs to consider offering quality goods at an affordable price to his customers. It is important for him to consider reducing expenses such salaries, supplies and communication. The integration of ICT in the premise is one way that will help Tim overcome such problems. He shows compare many suppliers to select those who are affordable for the business. As a result, it will help him reduce the expenses of the business.
Associate Capstone. (2012). Tim’s Coffee Shoppe Simulation. Associate Capstone. Retrieved from http://extmedia.kaplan.edu/business/Media/AB299/Tims_Coffee_Shop/index.html