Retail Store Startup Business Plan
Purpose And Objective
The purpose of the business is to provide the link between end consumers and manufacturer while improving the communication with respective customers and sales target. Providing the good living standard to people at reasonable prices is one of the main mission of retailing store. Following are the main objectives of the retailing store:
- Efficiently provide customer services valuing the mouth advertisement’s power
- Improving the corporate social responsibility
- Serving different markets at a time and building the good image among general citizens
- Getting quick and honest feedback about offered customer services and sold merchandise
- Converting visitors to buyers
Size And Location
The retailing store will be located at one of the most prime locations of Houston, Texas that is Almeda Road because the turnover of customers is high at this location. The space for the store has around one thousand square feet and the leading time period is for two years. It is felt that the location is best for the ongoing or initial business success as it is the community’s heartbeat. It is strived to form the atmosphere of community and acceptance. Retail environment will be established where people will be able to bond and identify with the culture. The location of the store is central for the cowboy community of African-American. Following products will be provided to the customers:
- Household grocery items
- Cosmetics
- Accessories
Following customers will be targeted:
- Women from almost every age group
- College and University students
PESTLE Analysis
Following factors will be considered:
- Political: the groups who are politically active are significant to start a business. There are multiple political factors that Walmart will consider are: political support for internationalism; high political stability; higher wages political pressure
- Economic factors: the following economic factors are considered: continued growth; economic stability; high employment level in the state.
- Socio-cultural: the following factors will be considered: urban migration; the trend of a healthy lifestyle; the trend of cultural diversity.
- Technological factors: technology is the key to the success of any business. Following factors will be considered for the success of the business: big data or business analytics; increasing business automation; increasing use of smart devices among customers.
- Environmental factors: the following factors will be considered: the trend of environmentally friendly goods; the trend of business sustainability.
- Legal factors: There are multiple legal factors that have to be followed to start a business. Following factors will be considered: employment regulations; food safety regulations; tax law reform.
Organizational Chart
Huge range of products will be offered to the customers at the retailing store under one roof. The store will have the organizational structure so that responsibilities could be delegated among the professionals. The hierarchal organizational structure will be followed in the retailing store so that multiple routine tasks could be carried out and records could be maintained. Following is the organizational chart that shows how organization structure will work and how duties will be assigned from the upper and lower level and how the duties will be reported from lower level to upper level. The reason for following this organizational structure is that defined leadership levels are recognized by the employees within the store and responsibility level and authorities are obvious. Employees can be motivated to perform well and give their best when they know that there are opportunities for promotion within the organization.
Performance Optimizing Strategy
All the departments will be performing together so that the basic goals and objectives of the retailing store could be achieved within the time. Designing department of the store will coordinate with the production department as well as the department of vendor management. Capital will be provided by the finance department of the store so that raw material could be purchased that is required within the store.
At the same time, the workforce will be provided by the human resource department of the store so that specific job could be accomplished within the time. On the other hand, the sales and marketing department of the store will be focusing on the specific strategies and targets so that the sales target of the store could be achieved. Finance and advertising department will be coordinating with each other to decide the advertising budget so that the sales and marketing department could be allocated the specific budget.
Code of Conduct
The retailing store will be an ethically led and value-based business. Three basic beliefs will be considered to guide the leadership and organizational decisions i.e. striving for the excellence; respect for the individuals; and service to the customers. Following guiding principles will be followed to maintain the organizational culture in an ethical way:
- Lead with the integrity and encourage others as well to work with integrity
- Be fair and honest
- Follow all of the specified laws
- Report as well as reveal all of the informational honestly without misrepresentation and manipulation.
- Work without considering the conflicts of interest
- Ask the global ethics office or manager for help if there are some questions about the ethics’ statement or if some ethical or cultural problem is being faced
- Always report and reveal all information honestly when being interrogated in some ethical investigation and present all the known facts.
Learning Experience
I have learnt multiple marketing and business strategies while going through this assignment. I have come to know the importance of PESTLE analysis that how it can help to make the business successful. Before getting into the module, I had very small information about the store and all I was aware of was organizational chart and code of conduct. During the module, I have learnt that how different departments can coordinate to optimize the business performance.
HR Activities
HR And L&D Activities
- Key Employees: The key employees of the retailing store include the executive, functional managers, and the staff, also the suppliers, distributors that collect the material. The employees will focus on the clients or the users are people who visit the store on the daily basis and purchase goods that are needed for regular basis. The customers of the retailing store are known as the clients of the company, they can be also involved in the staff if there is some vacancy and any of the customers qualify on for the job.
- Policies & Procedures: For the effective implementation of the HR policies and procedure, there will be the focus on the workforce management including recruitment, training, wages of staff etc. A staff that helps the company to make more users can be given maximum benefits as they given more points.
- Prepare for the Future: preparing for the future is one of the most important areas of HR and L&D support. Future growth of the company will be focused on and the need for talent development and learning strategies will be aligned with as well as driven by the long-term organizational needs along with the strategic objectives.
Role of HR And L&D
Human resource management will be delivered the functions by HR by providing the leadership, insights, and services as well as advice on the organizational matters that ultimately affect the development, employment, and management issue of the retailing store. Delivering the services to human resource management will be the basic role of HR, but on the other hand, it will be doing much more by playing the key part in environment creation.
On the other hand, the role of L&D will be implementing as well as formatting the strategies regarding learning and development that are integrated with the strategies of the retailing store business. L&D will be responsible to maintain and develop the learning culture within the store, identifying the needs for learning, and promoting the learnings that are self-directed.
Following are the examples of HR and L&D role:
- The advertisement will be posted and people will be called for the interview by HR
- HRM will be informed by HR that people have been hired and they are assigned the duties.
- L&D will inform that technological learning techniques can be adopted to encourage employees.
Learning Experience
I have learnt multiple HR and L&D strategies while going through the research to write the assignment. I have come to know that how much these strategies are important to drive the business to success and what strategies I can actually apply to the retailing business. I have always known the importance of workforce at the workplace and organization but I did not know the specific strategies to implement the HR and L&D strategies that this assignment has taught me. HR policies and agenda was more or less clear to me before getting into this module, but this module has introduced me to the L&D activities and strategies.
References
- Burton, J. (2017, September 26). How to Design a Retail Store Organizational Chart. Retrieved from https://bizfluent.com/how-12120607-design-retail-store-organizational-chart.html
- Campbell, P. (2015). Pestle Analysis in a Day. CreateSpace Independent Publishing Platform.
- Gary, D. (2010). Fundamentals Of Human Resource Management: Content, Competencies And Applications. Pearson Education India.
- Harrison, R. (2005). Learning and Development. CIPD Publishing.
- Mathis, R. L., Jackson, J. H., Valentine, S. R., & Meglich, P. (2016). Human Resource Management. Cengage Learning.
- Ressi, A. (2016, August 3). What Happened To Honesty And Integrity? A Code Of Conduct For Startups. Retrieved from https://www.forbes.com/sites/adeoressi/2016/08/03/what-happened-to-honesty-and-integrity-a-code-of-conduct-for-startups/#6654fddc3e9e
- Simons, R. (2011). Human Resource Management: Issues, Challenges and Opportunities. CRC Press.