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Billions of individuals throughout the globe pick to have a cup of coffee each early morning to begin the day or as an early morning work break but coffee has become more than just a drink. Coffee has actually become an ingrained part of numerous cultures and coffee bar can be found in the majority of every city all over the world. It is little wonder that coffee ranks amongst the world’s biggest commodity markets second only to oil (“Harmful Grounds: About the Show”, 2013).
Offered diversity and competition in the market, the small start-up company of Custom Coffee & & Chocolate will need a clear objective statement, in-depth company analysis, and tactical strategies that will assist it to increase market share within the Seattle community. An objective statement describes a business’s basic purpose and how that business is unique within its product or services offerings. In writing of the company’s objective, each word must be thoroughly selected for consistency and there needs to be a commitment from the stakeholders to focus resources in the achievement of this objective (Ireland & & Hitt, 1992).
Bonnie Brewer and Stacy Kim have passed a milestone having actually established regular customers within the 5 months of opening the very first coffee home. As a declaration for moving on, “Customized Coffee & & Chocolate’s objective into the neighborhood is to provide the highest quality, socially ethical coffee and chocolates while serving to keep the Seattle neighborhood connected and revitalized.” The next action towards developing a tactical company strategy is to determine internal strengths and weak points in addition to external chances and hazards.
A common difficulty among small startup business is financing.
Within the very first six months, Maker and Kim have tired both their cost savings and preliminary small-business loan putting the company in a precarious position. For additional advancement of the company, these proprietors will need to look for additional financial investment capital through another partner, reduction in income, or incur more debt with another small-business loan. Being located near a university is a strength that involves a surrounding population that is informed and can value socially and ecologically sustainable coffee and chocolate.
Coffeehouses for this type of customers are not only a place to purchase caffeine but also a social gathering place for study and recreation. Many coffeehouses are able to differentiate themselves from larger chains such as Starbucks by creating a more inviting environment that encourages guests to stay longer and experience the ambiance (Grant, 2005). Custom Coffee provides currently provides quality product but needs to improve the service it provides to the area. Companies such as Starbucks, Tully’s, and Seattle’s Best have made their starts in the Seattle community and in some cases grown to be national and multi-national organizations.
In some cases such as Tully’s coffee, the competition was too much and have gone into bankruptcy (“McDreamy’ saves Seattle coffee chain,” 2013). The tactical plan for Custom Coffee & Chocolates will comprise of two milestone events. Within the first year, the company will take out another small-business loan to improve its utilization of technology. The store will install high-speed wireless for its guests as well as invest in improving its website and web search analytics. Brewer and Kim will implement an in-dorm delivery service while also standardizing hiring and training practices for the new, part-time staff that will be required.
The hours of operation will be lengthened to better serve students’ late night study habits as well as an increase in marketing to the university clubs and organizations. This will lead into an event schedule that may include coffee and chocolate tastings as well as an open mike night. The goal of these changes will result in the company being financially stable within the first year and better positioned for expanding into a few other locations within the second or third year. In conclusion, a company must identify its reason for existence, analyze the market, and then make a plan based on both that mission and market analysis.
The Custom Coffee & Chocolate store has many challenges that lay ahead but with clear vision and planning, it is positioned to become an ingrained part of Seattle’s university communities having successfully passed the first six months of operation. A key to this success will be for the company to focus into a niche where many of the nationally franchised coffee shops lack (Grant, 2005). Custom Coffee will exceed with socially and environmentally responsible products as well as providing a friendly, social gathering point for the local community.
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