Business Plan- Management (Wedding Business)
The wedding company focuses on recruiting employees of varied knowledge and skills who can meet the needs of the company’s customers. The management will consist of a managing director, vice managing director, departmental managers such as finance, marketing human resource management and production and the subordinates. The departmental managers need to be a team player so as to help to develop strong teams that will help foster the success of the company. The human resource management department will conduct an evaluation of company’s work to identify the required staff for the company.
On the other hand, the management will oversee the organization of the business. Information will have to flow from the managing director to the departmental heads who will then disseminate and lead their departments to success. The departmental heads will use supervisor who will help in monitoring and supervise the subordinates to ensure they work as per the plans.
Management roles for the founders
The management of the company will play various roles to help realize the dreams of the company. The management will play the planning role through which it will set the goals and objectives of the company. Besides, in the planning, the management will also assume the duty of coming up with policies that will govern the operation of the business. Besides, the management will take part in determining the best strategies for various departments such marketing, human resource and production departments that will lead to the success of the business.
Also, the management will also assume the role of organization the resources of the organization towards the realization of its goals. For instance, the management will oversee the delegation of duties to the employees and allocation of enough resources to various departments. Such resources include funds and human resource allocation to ensure smooth flow of the business activities as per the plans.
Furthermore, the management will also take part in controlling the operations of the business. Controlling will involve monitoring the progress of various activities taking part within the business and make a comparison with the plans. The controlling role will enable the management to identify any abnormalities that may affect the achievement of the laid goal negatively hence able to take corrective measures.
Finally, the management will perform the leading role to its employees. The management will oversee the working of the employees to ensure that they work in line with the set goals. The supervisors will provide the supervisory role that will involve directing and guiding the employees in doing as per the plans of the business.
Other Management Personnel, Partners, and Vendors
The business will work closely with other personnel to ensure the success of business. For instance, the business will work with cloth design consultants who will assist the company in advisory services regarding its production. Besides, the business will work together with various vendors for the supply of the required materials for the business. Furthermore, the business works closely with supermarkets and various boutiques through which the company will enter in deals to supply with high-quality wedding clothes. Finally, the business will partner with the some community members from the areas where it operate to ensure social responsibility to the community as a way of fostering community growth and development.
Current Investors
The business is privately owned with the owner being the managing director and the investor together with his family. Also, the company has various vendors who provide materials that assist in the production of the business’s products. For instance, the company has three vendors who provide plain cloth suppliers to the company. On the other hand, the company has a marketing company partner that assists the company in carrying out market research for the business. Still, the company has partnered with various community members to offer service to the community.
Management and Team Compensation plans
The business will use hourly rate compensation mode whereby the employees will have to receive their salaries based on the hour the number of hours worked. The minimum wage will be subject to the government provisions. The business will also offer bonus pay for overtime worked by the workers. Also, the business will also use reward pay which will focus on appreciating the efforts of hard working employees of the business. The reward pay will be subject to the amount of profit realized.
Supporting Professional Advisors and Board of Directors
The company is private company thus the business will only have one director. On the other hand, the company uses various professional advisors to as it in performing it business operations smoothly. For instance, the company will employ a lawyer whose work will be to carry out the legal activities of the business. Besides, the lawyer will also provide professional advice to the company’s management regarding all the legal matters that affect business. Additionally, the company will work hand in hand with various finance and marketing professionals who will assist the business to make the best decision about investing its funds and proper marketing of its products as well.
