The case study ‘Island Shades’ elucidates a great model to effectively put a goal through step by step planning. Terry formulated her business goals by undertaking all the details related to present and future requirements of the business. She defined and well-built her business objectives of selling high-quality eyewear to a precisely defined target market. Terry had also identified the potential alternatives of affordable inventory acquisition. She also put emphasis on the factors of store locations, its feasibility and access from the vicinity, as well as, existing anticipated competition with other up market brands. She had carried a detailed analysis regarding sales forecast taking seasonal and other attributive factors into account. Therefore, I believe that Terry's goals ware completely realistic as they were specific, measurable and achievable. She had carried a thorough research related to market, business attractiveness and product offerings. Additionally, she was completely mindful of the expected product quality, specific customer demand for her product within the targeted areas and also the income level of her targeted market segment. Her precise focus to every detail depicts that not only her business goals were realistic but she was destined to be successful in business.
I agree that Terry’s business ideas of selling eyewear to average and high-end customers will be successful, because of her effective business forecasting, planning and her well deliberated financial analysis. She conducted a detailed analysis of market, resources, competitions, customer demands and business prerequisites, which reflect her proficient and competent business planning skills. For instance, she estimated her initial inventory investment to be between $ 75,000 & $ 95,000; correspondingly incorporating the seasonal factor (peak sales period due to summer activities, ski-season and holidays) when customers are more likely to purchase. This indicates her effective contingency planning skills as Terry contemplated probable forthcoming issues such as seasonal decline and peak that the business might go through. She embarked on developing a website for selling online in order to alternatively sell during off-peak season. She had also chosen the working hours to serve potential buyers for a longer period of time.
Though Terry has fabricated remarkable solutions and effective planning, but there are some aspects related to her business goals that I believe might require certain modifications. For instance, I believe that she had agreed to an unusual longer contractual term i.e. 3 to 5 year that is realistically quite long for a business entrepreneur. I think she should have signed leasing contract for a standard one or two year. This would have helped her to manage expenses in initial days of business, as well as, reduce the impact of uncertainty over the period of time. Secondly, I also think that Terry did not consider the factor of advertising and promotion. Since there are other up market brands already working in the market, Terry needed an aggressive market strategy to attract customers in order to encourage sales. I find the rest initiates of Terry satisfactory and expedient.
The case study ‘Island Shades' explicates that step by step planning is crucial to the success of any business goal. It illustrates that while initiating a business, one should analyze the present, as well as, future prospects and risk associated. This offers a clear picture of success or failure factors of your plans. Secondly, it also shows that while planning business, one should have realistic and achievable targets backed by thorough research. As in this case, Terry has done remarkable planning for commencing her business of selling eyewear. Lastly, I would like to recommend that while planning a business or a project, one should break down the long-term goals into short-term achieve goals that are accompanied with a detailed list of resources required, financial means needed, time frame and the possible outcome and risk. This help reducing the level of risks and uncertainty involved while also helps to diversify the financial loss over smaller tasks and activities involved.
