The case story Island Shades describes a great example of how to present an effective goal with the proper steps. Terry’s goal was very detailed on her present and future goals. She set up her objective creating the idea of selling good quality eyewear to consumers. She also has identified her options of affordable inventory to purchase. Terry’s key performance areas are focused on the location of her store and the brand of upscale products to provide consumers in that location. So I believe her goal is realistic because she has researched on her products quality, the customer demand for the product in the area and considered the income range that would afford the products. Not only is Terry’s goal realistic but it will help her be successful in her business. Terry’s idea for her eyewear business will be successful because of her effective planning and well thought forecast on her financial objectives.
Terry estimated her investment on the product should be 75,000 to 95,000 in inventory to begin with considering off peak times when customers are likely to buy. This scenario indicates a great way to contingency planning because Terry has thought about possible problems such as seasonal peak and valleys she might run into. She has prepared this issue by finding an alternative way to still sell her products even with off peak times by creating a website for customers from all over to purchase. She has also prepared herself to dedicate more time working longer hours at the store to be available to potential customers.
Nevertheless, Terry has some excellent solutions to her planning although she has some aspects of her business goal I find might need some modifications. The lease term of three to five years that Terry has agreed in my view, is too long of a contract for a new business owner. She should have agreed to a lease for a shorter period of time such as one to two years which would be a reasonable contract. I think she might feel trapped if it does not work for her in that location and she will be obligated to stay for the term. Also I believe size of the store 2,400 square foot was too big for her product size. She needs to consider the product she will have eyewear and to not make the customers overwhelmed of hunting for the products. I think she could have rented a smaller store in the same area with the possibility of a cheaper price.
Courtney from Study Moose
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