Improving Business Performance of a Bakery in Central London
Verified
Added on 2023/01/04
|6
|1542
|71
AI Summary
This document discusses the ways to improve the performance of a bakery business in Central London. It covers topics such as human resource management functions, benefits of having a product portfolio, and marketing strategies.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Assessment
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
SECTION 1 A bakery business is a type of business that produces and sells flour-based food backed in an oven, including pastries, pies, cakes, bread and cookies. Some retail bakeries are also classified as cafes, serving tea and coffee to clients who wants to consume the baked goods on the place. This is a type of business that grow quickly and successfully (Mitreva, Gjurevska and Gjorshevski, 2018). The current assessment is based on business idea which is opening a bakery in Central London. This business is opened by Martin and his wife Emelia with purpose of increasing profitability and improving business performance. There are different ways that will be essential and useful for Martin and his wife Emelia in improving the performance of bakery’s business. These ways are: define the present and future, pick a few well-defined goals, create a plan, get the right people on the job, monitor activities and results etc. These are considered more effective and essential ways that will help Martin and his wife Emelia in successfully open of this business and also improving of their business performance at marketplace. There are different sections that will be required for completing this assessment. These are human resource management functions, benefits of having product portfolio, functions in business plan etc. SECTION 2 It is important forMartin and his wife Emelia to follow human resource management functions because it will help them in improvement of their business performance in successful manner. There are some human resource management functions that will be explained as below: Recruitment: This is the systematic process of recruiting best candidates for the specific jobrole.ThisisimportantandnecessaryforMartinandhiswifeEmeliatorecruit knowledgeable and talented employees who have better experience in the field of bakery business. This will help them in improving of their business performance and productivity that results are improved brand image, increased customer base, long term employee's retention etc. Thus, recruitment is a best process of opining business in successful manner (Longoni, Luzzini and Guerci, 2018). There are different ways that will be essential in recruitment of best candidates. These ways are advertising externally, social media, using recruitment agencies etc. All these are effective and suitable ways for the company to use and recruit suitable candidates at right time and right place. This turn to facilitate them in improvement of its efficiency and effectiveness in marketplace that result is higher growth and success.
Training and development:This introduces to educational; activities or tasks within an organisation created to improve the skills and knowledge of workforce while giving instructions and information on how to do specific tasks in better way. It is significant for Martin and his wife Emelia to train their employees. There are different techniques of training and development that support company in increasing of knowledge about the business product, services or process among employees. Instructor-led training, eLearning, coaching and monitoring, role, plying, on- the-job training and off-the job training. All these are essential methods and techniques on providing training to the employees (Armstrong and Taylor, 2020). On-the-job training is best suitable method for Martin and his wife Emelia to provide training to their all workforce. By getting proper training, each and every employee become able in performing all tasks effectively that results are improved productivity, enhanced performance, increased sales etc. Marketing and social media:Marketing is important part of the business success and growth. There are different techniques for marketing the business products or services. These techniques are flyers, value additions, posters, referral networks, internet etc. These are more effective and essential ways for Martin and his wife Emelia to market their patisserie and cupcakes in marketplace. This will help company in marketing of its products or services easily that results are improved brand image and increased customer base. Social media is a best way of increasing brand awareness among customers and in marketplace. There are different platforms of social media such as Facebook, Instagram, YouTube etc. These platforms helpMartin and his wifeEmeliainincreasingofitsbrand awareness(Collings,Woodand Szamosi,2018). Therefore, marketing and social media are important part of business success and also assist them in attaining of competitive advantages successfully and within in minimum time period. SECTION 3 Product portfolio introduces to the collection of all services or products offered by an organisation. It analysis can give nuanced views regarding stock type, profit margin drivers, company growth prospects, income contribution, operational risk and market leadership. It is essential forMartin and his wife Emelia to mage their product portfolio of each product. There aredifferentbenefitsofhavingproductportfoliosuchasimprovecompetitiveposition, maximise product investment, improve communication and collaboration etc. These are major advantages of having product portfolio. There are some products that wants to offer byMartin and his wife Emelia such as patisseries and cupcakes. By having portfolio of these products there
are different benefits forMartin and his wife Emelia. These are prioritizing product focus, identify strong and weak products to clarify resource allocation, increase customer base, improve brand image, magazine sales etc. Therefore, having product portfolio is important for the performance and growth of bakery business. SECTION 4 a)Payroll: It introduces to the employees you pay, along with worker’s information. It is a total amount of capital which is pay by company to their employees according to the performance. If Martinand his wife Emelia has payroll in their business plan, company can easily enhance employees moral, improves their financial stability and reputation. b)Pension: It is a fund into which a sum of capital is added in employee's employment year. It is essential for company to develop pension service in their organisation because it helps in retaining of knowledgeable workforce for longer time period (Grigsby, Hurst and Yildirmaz, 2019). There are some benefits of having pension in their business plan such as earn compound interest, flexibility, high employee retention, tax benefits etc. SECTION 5 From the above mentioned information, it has been concluded that opening of bakery business is a successful idea. For this, recruitment, training and development and many other activities used that supported business in attainment of business growth. There are some recommendations to the Martin and Amelia’s bakerywhich will be explained as below: 1.Martin and Amelia’s bakery must conduct research and identify customer's needs and wants about their product. By identifying the customer's needs, company can easily increase their sakes. 2.Martin and Amelia’s bakery should retain their talented employees at workplace because it will help them in improvement of productivity and performance level easily. 3.Promotion of products through digital marketing is important for Martin and Amelia’s bakery because it not takes maximum time and also provides valid outcomes that are important for business growth and development at national as well as international level. 4.Use best pricing strategy is another recommendation for Martin and Amelia’s bakery because it helps them in attraction of all customers such as lower class, middle class and upper class.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
5.Utilisation of best sources of finance is also important and essential for Martin and Amelia’s bakery in successfully development of its business.
REFERENCES Books and Journals Armstrong, M. and Taylor, S., 2020.Armstrong's handbook of human resource management practice. Kogan Page Publishers. Collings, D.G., Wood, G.T. and Szamosi, L.T. eds., 2018.Human resource management: A critical approach. Routledge. Grigsby, J., Hurst, E. and Yildirmaz, A., 2019.Aggregate nominal wage adjustments: New evidence from administrative payroll data(No. w25628). National Bureau of Economic Research. Longoni, A., Luzzini, D. and Guerci, M., 2018. Deploying environmental management across functions: the relationship between green human resource management and green supply chain management.Journal of Business Ethics,151(4), pp.1081-1095. Mitreva, E., Gjurevska, S. and Gjorshevski, H., 2018. Optimization of the business processes in a companyformanufactureofbreadandbakeryproductsinMacedonia.Tem Journal,7(2), pp.439-445.