Discuss about the Consultative Analysis of Silver Chef Group.
The report is basically talked about the B corporation organization and contribution of the organization in triple bottom line elements. The report is also discussed about those areas in the country which required for the improvements. For the discussion the company Silver Chef Group has been taken. The silver chef group is the combination of two countries named Silver chef that is a hospitality company and GoGetta that are other industries. This company was founded in 1985 by Mr. Allan English. Silver chef was listed on Australian Stock Exchange in 2005. The company mainly operates in three countries i.e. Australia, New Zealand, and Canada. The company serves around 25,000 customers to start their business in hospitality industry (Silver Chef, 2015). Company provides funds to the small business owners for setup their business. Silver chef became a certified B corporation in 2015 because of its core values and culture of the business. Company is much focusing on the bottom line profitability. This B corporation identity helps the company to create effective strategy for the business operations (Silver Chef, 2016).
A B Corp refers to the benefit corporation. It is a certificate given to the profit companies by non-profit B labs who meet the standards of social and environmental performance, accountability and transparency in their business (B Lab, 2016). Silver chef group became a certified B corporation in 2015 because it delivers social, environmental and economic benefit for the society of the Australia. The core value of the company is to get success based on the relationship with the community and society of the country. Mission of the company is to gain long term success with economic profitability and global business benefits. With the B Corp certificate, company is now able to create new strategies for the welfare of the society. With the B Corp accreditation, company seeks to deliver good changes in the society (Silver chef, 2015).
Triple bottom line in any company refers to the three pillars of sustainability. Triple bottom line helps the company to create strategy for business development. It refers to the three important parts i.e. people, planet and the profit. These parts are also called 3Ps. This is a framework that determines the performance of social, environmental and financial aspect of the company. These three parts tells about the actual position of the company. In the case of the Silver chef group, company gives contribution to triple bottom line factors in very effective manner (EMERSON, 2015).
In spite of many best things in the Silver Chef Group, there are some areas which need to be improved. The company is obviously successful and famous in the country but there are some risks with its business. Silver Chef is the company of equipment finance, and it is mainly targeting the hospitality industry. The company can do well in the business operations till the economy is strong and in the favor of the company. But when the economy falls down, company could be immovable with its old equipment and it would be difficult for the company to give rent to the customers (silver Chef, n,d.).
In the case of Silver Chef, shareholders consider Silver Chef as risky. There is a very high debt in the company. Along with this, more international expansion can be the cause of more competition and worry. Company is investing all its cash in the new equipment. This is good to invest in new products but dividends are not coming in the business. Dividend should come for the growth of the business. Share prices of the company are good but if there will be recession, share prices will fall and then there will be higher risk for investors. Company need to focus on the cash inflow more than cash outflow to pay the dividends. Apart from this, there is a problem with the website of the company. It has poor website. People who want to search out for the company; they face many problems (Intelligent Investor, 2015)
Before making a social media campaign, it is very important to know about the social media marketing. Social media marketing refers to the marketing with the online tools such as Facebook, twitter, and linkedin to attract the customers in an innovative way. Today’s world is digital and every person is using social media. Companies are also using social media channels to attract the new customers and retain the existing customers. There are many resources available on the social media by which company can promote its products. Company needs to plan a effective social media campaign because a failed campaign can be the cause of uncertainty (Perdue, 2010). The development of social media campaign for Silver Chef is described below:
By adopting these marketing campaigns ideas, Silver Chef Group will be able to attract more and more customers by the social media platforms. These ideas of campaigns will help the company to get competitive advantage in the international market. This campaign would create consulting offering for the company.
Company has already focusing more in promotional activities by using social media channels. It has a team for giving revert back to the followers on their comments. Company has included facebook and email to stay connected with the customers. Along with this, company also creates blogs for their users so they read them and get knowledge about the company.
Company has started food photography for promoting its business among the customers. This is the way of the company to say thanks by sharing photos on instagram and snapchat. Company posts the photos with hash tag on instragram and facebook with the location. It helps the customers to access the location of the company. By using these marketing strategies, company is attracting more customers and winning customers trust and loyalty for the brand (Silver Chef, 2016).
Conclusion
The report has been discussed about the B Corp company named silver chef group and contribution of the company in triple bottom line elements. By the above discussion, it has been analyzed that Silver chef group became a certified B corporation because it delivers social, environmental and economic benefit for the society of the Australia. The value of the company is to get success based on economic profitability and global business benefits. Silver Chef mainly focuses on creating a culture that motivates and engages employees. Company provides a proper training and development program to help the employees so that they can be able to achieve the goals and objectives of their life. Apart from this, in the case of customers, they found the company best in the term of customer’s loyalty and customer services. Further, Silver Chef Group is adopting green practices to protect and keep the environment safe. It also has been observed that the company has strong financial stability with the good returns for shareholders.
There are some points that the company needs to focus for more success such as Company need to focus on the cash inflow more than cash outflow to pay the dividends to the shareholders. With this, company should be prepared for the recession because if the economy falls down then company will not be able to give rent to the customers.
Coming down to the marketing strategy of the Silver Chef Group, company has specialized team for social media marketing. The team has all those skills such as writing, editing, photo editing, and respond in real times which are required for social media marketing team. Company is focusing on facebook for social media marketing. Along with this, company is using food photography for promoting its business among the customers. Thus it can be seen that Silver Chef is honest and always shows transparency with its business. It is working properly for the social and environmental factors with the B Corp certification. The given social media campaign would be a consulting offering for the company.
References
B Lab, (2016), What are B Corps, accessed on 22nd September 2016 from https://www.bcorporation.net/what-are-b-corps
Business Franchise Australia, (2016), Equipment Funding Made Easy With Franchise Accreditation, accessed on 22nd September 2016 from https://www.businessfranchiseaustralia.com.au/sites/default/files/Spotlight%20on%20Services%20-%20Silver%20Chef.pdf
Business Franchise Australia, (2016), Silver Chef Investor Newsletter, accessed on 22nd September 2016 from https://www.businessfranchiseaustralia.com.au/sites/default/files/Silver%20Chef.pdf
Daquino, L., (2016), Silver Chef Spreads its Cause, accessed on 22nd September 2016 from https://www.businessnewsaus.com.au/articles/silver-chef-spreads-its-cause.html
EMERSON, M., (2015), What’s in the Triple Bottom Line for Entrepreneurs, accessed on 22nd September 2016 from https://succeedasyourownboss.com/whats-triple-bottom-line-entrepreneurs/
Hemley, D., (2014), How to Design a Social Media Campaign, accessed on 22nd September 2016 from https://www.socialmediaexaminer.com/social-media-campaign-elements/
Intelligent Investor, (2015), Silver Chef risky for us, accessed on 22nd September 2016 from https://www.intelligentinvestor.com.au/silver-chef-too-risky-for-us-1664876
Perdue, D.J., (2010), Social Media Marketing: Gaining a Competitive Advantage by Reaching the Masses, accessed on 22nd September 2016 from https://digitalcommons.liberty.edu/cgi/viewcontent.cgi?article=1135&context=honors
QuarterlyInvestorNewsletter, (2010), Silver Living: Silver Chef Investor Newsletter, (2), accessed on 22nd September 2016 from https://www.silverchefgroup.com.au/irm/PDF/1027/QuarterlyInvestorNewsletter
Silver Chef, (2015), Annual Report 2015, accessed on 22nd September 2016 from https://www.silverchefgroup.com.au/irm/PDF/1647/FullYearStatutoryAccounts
Silver chef, (2015), Silver Chef becomes a proud B Corp, accessed on 22nd September 2016 from https://www.silverchef.ca/blog/silver-chef-becomes-proud-b-corp
Silver Chef, (2016), A simple complete strategy for marketing, accessed on 22nd September 2016 from https://www.silverchef.com.au/resources/digital-marketing-for-hospitality
Silver Chef, (2016), accessed on 22nd September 2016 from https://www.silverchef.co.nz/about
Silver Chef, (2016), B Corporation, accessed on 22nd September 2016 from https://www.silverchefgroup.com.au/irm/content/b-corporation.aspx?RID=395
Silver Chef, (2016). Responding to negative social media the right way, accessed on 22nd September 2016 from https://www.silverchef.com.au/blog/your-restaurant-sucks-responding-to-negative-social-media-the-right-way/
Silver Chef,( n,d.), SWOT Analysis, accessed on 22nd September 2016 from https://www.silverchef.com.au/sites/default/files/Silver-Chef-SWOT-Analysis-Template.pdf
Slaper, T.F. & Hall, T.J., (n.d.), The Triple Bottom Line: What Is It and How Does It Work, accessed on 22nd September 2016 from https://www.ibrc.indiana.edu/ibr/2011/spring/article2.html
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