Business Plan Report: Analysis of Otty Book Store's Business Plan

This report provides a comprehensive analysis of a business plan, focusing on key aspects such as market research, ethical dilemmas, and equality and diversity laws. The report details various research methodologies, including primary, secondary, quantitative, and qualitative research, and how they apply to Otty Book Store. It explores ethical dilemmas that may arise in business operations, using a case study to illustrate potential challenges and appropriate responses. Furthermore, the report emphasizes the importance of adhering to equality and diversity laws in the workplace, outlining the rights of employees and the benefits of a fair and inclusive environment. The report also covers the financial elements of a business plan, including assets, liabilities, expenses, and gains, with a sample budget to address cash flow issues. The conclusion highlights the significance of a well-structured business plan for long-term success, and the report includes a list of relevant references.

Business plan

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 2............................................................................................................................................1
Conduct market research which develop business.................................................................1
TASK 3............................................................................................................................................3
Discuss about ethical dilemma...............................................................................................3
TASK 4............................................................................................................................................4
Equality and diversity law......................................................................................................4
TASK 5............................................................................................................................................5
Assets, liabilities, expenses and gains....................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Business plan refers to a written document that shows long term goals of businesses and
how it can be achieved. The present report talks about the various kinds of research which is
being done while preparing business plan. Ethical dilemma situation can be arisen in business
which is also explained in this present report. Apart from this, equality and diversity law when
recruiting is also being explained in this project. The budget for business plan is also discussed in
the project.
TASK 2
Conduct market research which develop business
Market research is very helpful for the organisation at it enables company to become
aware about preferences, likes, dislikes, cultures and habits of people and than according to that
make availability of their products. There is different kind of research which helps researcher to
collect data in various forms these are discussed as below:
Primary research:
The primary research is defined as a methodology which is used by the researcher to
collect the fresh data directly from the respondents. These data can be collected by using various
methods such as telephonic and face to face interview, online survey and observation etc. Otty
book stores has conducted primary research in order to know regarding views and preferences of
people about books and to get first hand data. As below questionnaire is prepared for the same
(Jones and Penaluna, 2013).
Questionnaire:
1.Do you love to read books ?
A) Yes
B) No
2. Do you prefer to read books at relaxing atmosphere of books store ?
A) Yes
B) No
3. What else improvement can be done in Otty Book Store ?
A) Digital Library
B) Online Selling of books
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C) Audio Books
Secondary research:
Secondary research is also known as second hand research as it has already been done by
the other researcher or organisation. The data of secondary research can be collected by various
sources such as internet, articles, newspaper, books and magazines etc. The Otty Book Store has
conducted this research in order to get the knowledge regarding people choices about kinds of
books which they prefer to read. So that store can also stock those types of books in their shelf.
Quantitative Research:
Quantitative research, is defined as the systematic way of collecting quantifiable data and
performing statistical, mathematical and computational tools. The sampling methods, online
surveys, online polls and questionnaires are the methods which is used to collect data from this
research. Otty Book Store has conducted this research in order to know the growth of their
business in forthcoming days (FernándezGuerrero, Revuelto-Taboada and Simón-Moya, 2012).
Source : Stores for the retail sale of books in the United Kingdom in 2018
Qualitative research:
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Qualitative research refers to the exploratory research which is used to gain an
understanding of reasons, opinions and motivations. Otty Book Store has conducted this research
to know about its competitors in retail industry of books so that business can take affirmative
steps to overcome its competitors.
So the market research assist firm to become aware about the latest trends and
preferences of people.
TASK 3
Discuss about ethical dilemma
Ethical dilemma refers to the situation when an individual has to select from more than
one alternatives. So this kind of situation create dilemma for an individual or organisation
regarding the selection which provide better outcome (McKeever, 2016).
Case:
The newly started company has received an offer to promote their business online at the
discounted rate. But after some it has been observed that organisation involved in treating their
employees badly. There have been some reports of discrimination, bullying and harassment by
the management. As website can increase the popularity of business but there is situation of
dilemma that company should use this option or not. Because the employees can de motivated
and it also can promote negative brand image in market. So the company should not use this to
promote their business. This mainly focus on social values and does not wanted to harm the its
employees also. This will enable company to enhance their reputation in the society and market
(FernándezGuerrero, Revuelto-Taboada and Simón-Moya, 2012).
Other Case Example:
Mo – Mo trans has business of transportation of goods to one place to another by road.
The organisation has faced the situation of dilemma while they have started. As company was
confused regarding whether they should buy their own vehicle or they should take on these rent.
After the discussion with higher authority manager of company decided to take on rent the
vehicle as because it was newly started so they did not have enough funds also. The purchasing
own vehicle required huge amount so at that company was not able to spend on the buying.
Conclusion:
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In the conclusion of case it can be said that Mo – Mo trans has started new transportation
business. And company has faced the ethical dilemma situation at the starting of business. The
situation was related to buying their vehicle or take vehicles on rent. So between these
alternatives manager has decided to take vehicle on rent and carry out their business for some
time. Manager has decided to insured the vehicle because it is an ethical concern. As regarding to
case there is a dilemma in front of organisation whether to deal with the company which is
involved in harassment and bullying of employees. If business promote its business with help of
that company than it could create negative image of their business also. So company have
decided not dealt with that company and this shows that business emphasis towards social values
and as an outcome its brand image can be enhanced (Burns and Dewhurst eds., 2016).
TASK 4
Equality and diversity law
This is very important for organisation to follow equality and diversity law while
selecting the candidate. These law assist organisation to provide the proper and adequate wages
to employees which fulfils the legislation needs.
Zero hour contract is for the piece work or on call work as workers are on call to work when
organisation needs. Under this concept, employees are eligible to get national minimum wage
and statutory annual leave as regular staff of organisation. These workers are not time bound like
they are not obliged to come office on time and they can leave the office as when work has been
completed. The UK government has introduced Equality and Diversity law to protect employees
rights at workplace. These are discussed as below:
 The wages and salary should not be provided according to discrimination.
 Organisation can not make differentiation on the opportunities like promotion.
 As discrimination on the basis of working hours and employee's is not acceptable.
Otty Book Store can comply these laws by giving the same benefits to the employees so
their interest can be protected. The organisation does not discriminate on basis of caste, race and
gender. It would provide the safe working environment to their employees (Shelton, 2017).
Rights for new employees:
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Otty Books Store provides the different facilities and benefits to their employees and
focus on protecting right of employees so they feel satisfied while working at firm. There is
different rights which is provided by the business to its employees which are discussed as below:
 Right to get wages as per described in employment contract.
 Right to get healthy and safe work place.
 An equal opportunity to all employees for promotion.
These are rights which would be provided to the new employees so that they feel satisfied
and perform their best. This also helps in minimising employee turnover and promote healthy
working environment.
TASK 5
Assets, liabilities, expenses and gains
The business has various kinds of elements such assets, liabilities, expenses and gains
which are described as below:
Assets:
Assets refers to those which helps organisation to generate revenues from regular
operations. Assets can be two types Fixed and Current assets. The fixed assets of Otty Book
Store is, Books, furniture, Shelf and building etc. And current assets for the business is debtors,
stock and bank (Feenstra, 2014).
Liabilities:
Liabilities are the expenses of business which needs to be paid by the owner. The
liabilities for Otty Book Store includes, payment to supplier, loans and other outstanding which
needs to be paid by the owner.
Expenses:
Expenses are those which needs to be paid by business on frequent basis. Otty Book
Store includes the various expenses such as wages payment, rent, office expenses and
depreciation.
Gain:
Gain refers to the income or revenue of business which is earned by selling of books. As
apart from this, interest received is also a part of income for the business (Thébaud, 2015).
Budget to avoid cash flow issues:
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This is very important for every business to have adequate cash flows in business in order
to perform the business operations smoothly. The firm will try to write off their bad debts at
soonest possible and debtor days will also be decided so that payment from debtors can be
received on time.
Particular Amount
Cost for acquiring shelf and other furnitures 10000
Recruitment cost 1500
Rent of building 1500
Interior designing cost 5000
Marketing cost 2000
Total 20000
CONCLUSION
In the conclusion it can be said that business plan is very important for business in order
to survive for long term in market. There is various types of research which is conducted by the
business to get knowledge about the consumer likes and dislikes. The firm needs to follow the
equality and diversity law in order to provide the better protect the employees from any
discrimination at workplace. With the help of proper budgeting organisation can control their
extra expenses and increase their incomes.
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REFERENCES
Books and Journal
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Feenstra, D., 2014. The Standout Business Plan: Make Irresistible-and Get the Funds You Need
for Your Startup or Growing Business. Journal of Applied Management and
Entrepreneurship. 19(4). p.116.
Fernández-Guerrero, R., Revuelto-Taboada, L. and Simón-Moya, V., 2012. The business plan as
a project: an evaluation of its predictive capability for business success. The Service
Industries Journal. 32(15). pp.2399-2420.
Jones, C. and Penaluna, A., 2013. Moving beyond the business plan in enterprise education.
Education+ Training. 55(8/9). pp.804-814.
McKeever, M., 2016. How to write a business plan. Nolo.
Shelton, H., 2017. The secrets to writing a successful business plan: A pro shares a step-by-step
guide to creating a plan that gets results. Rockville, MD: Summit Valley Press.
Thébaud, S., 2015. Business as plan B: Institutional foundations of gender inequality in
entrepreneurship across 24 industrialized countries. Administrative Science Quarterly.
60(4). pp.671-711.
Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth,
profitability, and family leadership. Springer.
Online
Stores for the retail sale of books in the United Kingdom. [Online]. 2018. Available through:
<https://www.statista.com/statistics/476700/uk-book-sretailers-by-employment-size/>
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