Discuss about the Financial Report Quality and Investment Efficiency.
In the modern era of development and advancement, people have started investing and implementing new practices to facilitate the self-purpose as well as population around them. Unlike traditional business operations, the modern world is more oriented to develop innovative and practical business models for the market. Such implications led to the evolution of startups, in which, certain services or products are presented, which are explored as a potential loophole of the existing market. For instance, the startup of Uber cabs is a considerable example of loophole and need of the market (Colombo and Grilli, 2010). It assisted the customers in finding their rides at their doorstep.
In the simple context, the considerations of a startup can be further explained as an entrepreneurial business venture, which aims to validate the requirements of the contemporary market conditions by formulating a business process considering a particular product, service, culture or platform. Moreover, the relations of the startup company can be relatively described as the operations of developing and validating the scalable business model. There is no denying the fact that the initiation of the startups possesses a high probability of failure rates. However, the minority success ratio flourishes the companies, which are aligned to grow large and influential (Gage, 2012).
In addition to this, the business relations of startup describe it as a young company in the competitive market that just started developing. Usually, startups and other similar businesses are backed and operated by a single or a group of individual. The orientation of the startups is aligned to produce a service or product that is not currently available on the market. If available, then it is either being offered in higher prices or inferior manner (Hechavarria and Reynolds, 2009). The initiation of a startup is a relative process for the development of business practices. Furthermore, numerous factors are involved in the establishment and creation of a new business venture.
Considering the following relations, the anticipated study is undertaken to discuss the attributes of new business startups. The formulation of the research study is potentially aligned in a manner to discuss the relative information of starting up a new coffee house in the city of Brisbane, Australia. Consideration of a startup proposal will further assist the assignment in validating the proposed objective of the integrated business management. This study will also involve the sections of business overview, literature review, origin, production, advantages, disadvantages, business plans and vitalization of location.
Overall, the following research study is proposed to make enlightening and informative discussions over the relations of integrated business management. Integration of a potential example of the new coffee shop in Brisbane will facilitate the study in making factual and descriptive arguments over the research topic. The influence of the sub-segments will assist the study in rationalizing the informative outcomes of starting up a new business venture (Creswell, 2008). Therefore, this study can be measured as a crucial and descriptive piece of research work to present potential insights into the implications of integrated business management. Along with this, advantages, disadvantages, budding challenges, business plan and vitality of location are a supplementary advantage to rationalize the following study.
Every morning, wakening from bed with bleary eyes is more certain to die. Though it’s a recurring process of everyday life, the morning sensation of wakening eyes prised by sunlight makes it challenging to initiate a single undertaking. This brings the urge of caffeine shots to boost the metabolism and satisfy the pine for coffee. The desperate plea for coffee or caffeine also facilitates the delivering from tiredness. Considering this need and evenness of the product, business ventures started investing in the following business of serving coffee to the customers (Mineharu, et al., 2010). With the passage of time, the following business advanced by introducing specialized blended coffees and other variants.
In the context of the aforementioned research study, a startup of a new coffee shop is proposed in Brisbane, Australia. The culture of coffee shops is quite evolving and certain in the city of Brisbane. Despite acquired market by the established businesses, no sense of competitiveness can be detected in the following business. Even more, the establishments of coffee-peddling bars and cafes are considerably lot more than just a coffee shop because many places have relatively started the business of dinner trading, boutiques and serving local beers (Oba, et al., 2010). The taste of coffee is trending and it is even flourishing the business ventures aligned to it.
As per the market relations, there is no denying the fact that Brisbane is growing as a major market player in the Australian coffee culture. From fancy outlets to old building courtyards, coffee shop brew bars and hand-roasted blends can be seen all around the city of Brisbane. All the ventures are functioning with diverse considerations to facilitate the customer relationship by satisfying the blend of coffee (Asadi, Zhou and Yang, 2009). Competitive factors are condensed to nominal as all the coffee shops located there are dedicated to a diverse range of blended coffees and other delicacies.
The following research study is undertaken to propose the startup of a new coffee house named as “Sip & Gossip” in the city of Brisbane, Australia. The urge requirement and contemporary market conditions prompted the investment in the sector of coffee and food culture (Monshouwer, Van Laar, and Vollebergh, 2011). The orientation of the research is to bring some innovative concepts and services to the market for food and beverages in Brisbane by providing good quality food, beverages, ambiance, services, and hospitality. Even, the name itself justifies the visionary outcome of the researcher as “Sip & Gossip” is a collective upshot of sipping coffee, relaxing, refreshment, chatting and gossiping.
The proposed business idea is a startup for sure but it will present a comprehensive example of high-quality services and hospitality in the business of food and beverages to the customers. In addition to this, the location of the coffee shop in Brisbane will also act as a facilitating factor in the successful business startup. Rising involvement of Brisbane coffee market and evenness of the product will majorly act as a contributing factor for “Sip & Gossip”.
In the contemporary lifestyle as well as business market, coffee is considered as the most valuable commodity, which is legally traded. After oil, it is the second most dealing entity that is used for both businesses as well as consumption. The stats further justify the utilization by presenting that every single day approximately 2.25 billion cups of coffee are consumed all around the world. With the existence of numerous fruits around us since the ages, coffee’s origination is considered as an enveloped mystery. It is believed by the people that a goat herder named Kaldi discovered the fruit of coffee when he observed that his goats are highly vigorous after eating the red fruits plucked from the shrubs of coffee tree (Luttinger and Dicum, 2011).
Some academicians even believe that the origination of the coffee is traced from the regions of Ethiopia since the date back to 10th century. It could be originated earlier as well because of traits of coffee consumption are marked according to earlier legends and reports. The Sufi monasteries of Yemen have presented the most primitive evidence of drinking coffee and presence of coffee tree since the 15th-century world. With the passage of time, during the 16th century, the consumption of coffee reached the domain of Middle East, South India (Coorg), Persia, Northern Africa, Turkey and Horn of Africa (Ellis, 2011). Furthermore, it even stretched its consumption to Balkans, South East Asia, America, Italy and remaining countries of Europe.
In addition to this, academic researchers also certify that the term “Coffee” is rooted in many different languages all around the world. In the language of Yemen, it is named as Qawah, which is a romantic term used for wine. Further transformation led its name to Turkish kahveh and then to Dutch koffie and lastly to Coffee in English. This justifies the origination, evolution, and development of coffee from the earlier times to the modern world (Davis, et al., 2011).
In addition to this, the latest version of roasted coffee and beans is projected to be originated from Arabia. In the 13th century, coffee gained enormous popularity in various Muslim countries due to stimulant power contribution, which helped the parishioners during long prayer sessions. Till the era of the 16th century, coffee crops and farming was restricted to the regions of Arabia and Africa only. Afterward, an Indian pilgrim named as Baba Budan bought fertile coffee beans from Mecca, which further lead to the revolution of competitive coffee trade in European countries. The first European-owned coffee state was founded in the year 1616 In Sri Lanka. Thereafter, Ceylon and Java were also discovered as coffee estates in 1696. The comprehensive progression further facilitated the growth of coffee by French in the Caribbean, Spanish in Central America and the Portuguese in Brazil (Wolf, Bray and Popkin, 2008). Furthermore, the business development leads to the establishment of European coffee shops in Italy and France and also justified the business relations by flourishing enormous popularity.
Coffee is one of the most popular and universally consumed food beverage or commodity. A major section of coffee is produced in developing countries such as South America; however, it is mostly consumed in the regions of industrialized economies. In various developing countries, around 25 million people are solely dependent on the business of coffee production or trading in order to earn their livings. Brazil, who was the largest exporter of coffee in September 2017, has an estimated population of approximately 5 million small producers relying upon the business of coffee production by harvesting and cultivating the 3 billion coffee plants there (Murthy and Naidu, 2012).
Coffee cultivation is unlike sugarcane cultivation or cattle breeding as it comprises more labor-intensive culture than alternatives culture. Furthermore, the progressions are less aligned to automation practices and hence, require constant attention and heed. The export considerations of the coffee production indicate toward a remarkable business of the industry as it falls under the category of major export commodity. In 2004, it was recorded as the top agricultural export for 12 countries in the world. However, in 2005, coffee was documented as the seventh largest legal export commodity by value. And most importantly, from the year 1970 to 2000, the production and trading of coffee are evident as the second most valuable entity exported by the developing countries. The consistency and uniformity of the business for 30 long years justify the market conditions are business potential of the industry (Mussatto, et al., 2012).
Moreover, green (unroasted) coffee beans are also a market leading commodity in terms of export relations. The trading of following entities falls under the attributes of future contract on exchanges such as the New York Board of Trade, the London International Financial Futures and Options Exchange, New York Intercontinental Exchange and New York Mercantile Exchange. Globally, Brazil is the leading producer of green coffee followed by Vietnam, Indonesia, Colombia, and Ethiopia. In addition to this, the port of Hamburg, Germany is also a renowned name in the business of coffee production and trading as it the world’s largest transfer point for coffee (Clifford, 2012).
Now, the production of coffee is defined as the industrial process of converting raw coffee berries of the coffee plant to the form of edible coffee. The pulp from the coffee fruit is removed to extract the seeds, which are then dried. As the dependency on coffee production is highly rated in developing countries, local processing of coffee also assists the local population as well the government in generating hefty revenue (Mussatto, et al., 2011).
Production of coffee from the scratch is a long and throughout the process of approximately 5-6 years. Coffee plants do not even flower for three to four years since plantation. Afterward, flowering, ripening and drying process also takes time. The initial phase of coffee production is picking up of coffee fruits either by strip picking method or selective picking method. Afterward, processing of the berries/fruits is done to remove the pulp and fruit layers over the seeds through a wet process, dry process or semi-dry process. Furthermore, the extracted beans are brought to the final process of milling undertakes to clean and sort the coffee beans. Hulling, polishing, grading, cleaning, and sorting are the potential methods involved in the procedure of milling. Overall, the process of coffee production is an elongated as well expensive industrial method (Gouvea, et al., 2009).
According to Kilmer (2014), distant from the following considerations of history, market conditions, production and industry of coffee, there are also some potential advantages associated to the start-up of small coffee shops (Kilmer, 2014). The following advantages are discussed below:
Contrary to this, Johnson (2016) firmly believed that every business or startup is equally surrounded by pros and cons (Johnson, 2016)). Similarly, creating a new coffee house as a startup also has numerous disadvantages associated with it, which are discussed below:
The most prominent indigenous factor for failures of startups, especially SME’s, is inefficient financial management and planning. Therefore, it is of utmost importance to give priority to this factor. This may seem natural but in actuality, the founder is mostly found to be in dissonance with the financial management. This could be driven by two factors, that is, either the founding member(s) ignore the importance of finance function, or do not have the appropriate knowledge or proper financial persons to make and implement financial plans.
The SME’s can be of many types, like, family owned, new technological market ones, franchises, social and nonprofit ones, etcetera. The common point in all of them is that financial issues, be those of indigenous (financial management) or endogenous (funding), are most influential for success and failure of a startup.
Finding the initial funding for the startup of a small coffee house can be difficult. The sources of funding can be many. To assure a constant funding for positive cash flow, the business plan for the coffee house must be viable in the long run. In the present marketplace, lean planning is more reliable with the one-page pitch as a tool to reflect the profitability of the startup, customer base and stimulated growth.
The financing may have a lifecycle approach (Robb, and Robinson, 2014) with stages of Initial Insider finance, intermediated finance, and the public finance. The initial insider finance can be provided by the startup team, family members, and friends. The initial finance can also be backed up by loans via local banks or credit union. It is seen that generally during first six months, a startup with potential could not generate enough revenue to stay positive in cash flow. Cash flow is the revenue the startup generates in terms of the expenses for its growth. For this, it must be ensured that personal expenses are covered by a side or part-time job, or simply by initial savings; up to six months. Intermediate finance is provided by finance companies, banks or by venture capital, while public finance sources mainly from the stock market and debt markets.
While the financial challenge in Existence phase would be to fulfill startup demands and initiating growth of it; in survival, it would be of maintaining cash to break even. Some of the processes to ensure this and later stages of the budgeting of the coffee shop would be Formal cash planning with cash forecasting, functional management of budgets with the long-term plan of dedicated planning and standardized cost planning.
To use the initial funding appropriately in creating growth in the organization, allocating resources wisely in products, services and resources are what calls for strategic planning. The two phases of existence and survival are cash demanding in market exploration, segmentation, building customer profile, product development, sales and its mapping.
The next important item is of working capital and the management of its cores of account receivables, payables and inventory. It is not advised to sell to customers with bad record or risky financial shape. A long-term cash flow projection with one-year cash flow statements on monthly basis is of prime importance.
Considering the viewpoints of McAdam and McAdam (2008), creating a startup of the coffee shop could be a facilitating as well as challenging because of its alignment to numerous factors (McAdam and McAdam, 2008). Moreover, the author also inferred that apart from financial and economic challenges, there are many other challenges in the following business, such as:
One of the real challenges for a business plan to be successful is to be discontinuous innovative, something which goes beyond usual business and reaches out to the customers in disruptive, unique ways (Zott, Amit, and Massa, 2011). The business plan must be originated from reflecting the reason for starting this venture. The driving motive must not rise in response to the external request but an opportunity.
The business plan helps make important business decisions, anticipate risks and obstacles, set benchmarks, respond to financial unpredictability and most importantly gather funding sources. In all, it manages Marketing, Operations, Finances and long-term development effectively (Chen, Hope, Li, and Wang, 2011). Sometimes, the factor ruining its effectiveness is impatience. The preliminary plan or the basic concept is incomplete to attract funding. The factors guiding the initiation of the planning process are the main concept, understanding users and their relationship with the products or services, clear business motives and focus, human resource management, financial control, market trends, adaptability to change and adept management.
The ability of the startup to be unique in be it in, products, distribution channels, market regions, better integration of services has a better chance to let startup succeed. The business plan process starts with etching out the basic business concept (Ramakrishnan, Jones, and Sidorova, 2012). This is the basic, strategic foundation for future success. The next steps entail collecting feasibility and specifics information, refining them as per requirement, followed by outlining the specifics and finally presenting your plan in a form which evokes interest. The background technique of questioning in each of these steps helps.
To view your finalized plan as a third person or an investor helps a lot. This is the reflecting process and includes amendments to any loopholes or drawbacks. The number of pages for a coffee house startup must not be more than 10-15 pages. These days, as there is a shortage of time with everyone, especially in the ever-growing investment markets, one- page pitch is a popular mode of presenting the business plan. One of the effective ways to write it is by STAR method. This acronym expands to Situation, Task, Action, and Result. This method helps determine the context of a situation and the opportunity provided, and what actions were taken in response to this. This plan is easier to get feedback on.
One page pitches are direct and to-the-point, are easy to update and act as a backbone to the detailed business plan, if necessary. Business plans should project your anticipated exit strategy or visions up to 3 to 5 years. For a business plan to be full-fledged, it must include a description of the startup, Industry and market trends, Target market, Competition, Risk analysis, strategic position, sales plans, Operations and technology plans, Social context, Development, milestones, exit plans, and Financials.
Focusing on its execution is the next mandatory task of creating a business plan. Critically and realistically devising marketing and distribution strategies is an important consideration for the investor to be convinced. Also, in this fast pace of resource and price changes, it is recommended to track pricing and marketing trends to compete with endogenous changes.
In addition to all the aforementioned things, location for the startup of a new coffee shop is the most influential factor in determining the outlook of the business. In agreement to the following context, Yu and Fang (2009) also presented a crucial discussion over the significance of location in exploring and accomplishing the business opportunities. According to the authors, visibility of the location is the principal factor, which needs to be considered while deciding the location of the coffee shop. Majority of the population visiting the coffee shops belong to the local masses, who wish to spend some good time with their friends, families or partners. Therefore, location, which is visible to common masses, is important for this business (Yu and Fang, 2009).
Agreeing to the following viewpoints, Collins (2008) further added that the entrance and exit of the coffee shop should be easy and convenient even for the customers, who are in hurry. There are numerous customers, who are a regular visitor to coffee houses on their way to work. Such customers do not like visiting the places having chaotic systems of entrance and exit. Moreover, the authors also emphasized the availability and occupation of the neighborhood. Surroundings play a detrimental role in determining the success relations of the business. Availability of the target customers nearby to the coffee shop is necessary for the successful accomplishment of the proposed objectives because this business posses customers of regular commutation (Collins, 2008).
The further assessment of the viewpoints of Karamshuk, et al. (2013) also revealed that cost-efficient business planning is a considerable requirement to create a startup of the coffee shop in the contemporary times. Therefore, the owner should critically analyze the location on the basis of rent, expenses, lease, installments and maintenance charges. Along with this, the demographics of the location should also be measured for the business operations because a coffee shop surrounded by foot traffic is beneficial for business. Also, the surrounded foot traffic should belong to the target customers of the proposed coffee shop, else all in vain. Therefore, the demographics of the coffee shop location should be justified analytically in order to assure overall and sustainable business development of the coffee shop startup (Karamshuk, et al., 2013).
Overall, there is no denying the fact that implication of business like a coffee shop is relatively dependent on the matter of location. A good location in the locality, having great infrastructure, customer service and easy to access will facilitate the overall business. However, not only location is competent enough to justify the business as the following market segment is highly competitive in nature. Therefore, good quality food, beverages and of course coffee aligned with the essence of customer relationship could lead the business startup of the coffee shop to a market of next level (Dewri and Thurimella, 2014). The orientation of the owner should be diversely activated to make a community instead of customers for the coffee shop. Such attributes will lead to a justified accomplishment of the passion and efforts instilled in creating the following startup.
An effective marketing plan is necessary for recognition of the startup in the market and to reach to the consumers. It must be designed with a constraint of budgeting in mind since other areas take up a major chunk of the finances. It must be realistic and competitive with other contemporary firms in terms of price setting strategies and regulating them with demands and changes.
The marketing plan includes basic steps of making target customers aware of your products and their uniqueness factors, planning on basis of market demographics, the underlying theme or message in your products or services, their responsibilities in the social context. It also includes strategies to communicate that meaning or message to them, delivering at more than their expectations scale, and techniques for securing actual sales. Marketing includes advertisements, public relations, telemarketing, e-marketing and sometimes direct mail solicitations too. Marketing specialists, like, consultants, advertising agencies, etc.
The major elements which are a basis of communication to the consumers are Product, Price, Place, and Promotion. The product aspect includes the types, range, and features of the product (Tian, 2011). On a realistic level, it is mostly the benefits which are seen by the customers rather than the features. Plus, on a longer-term basis, they look out for a product which fulfills their broader sense of well -being rather than just basic needs or amenities.
The price aspect includes the cost leverage it provides as compared to its competitors. Plus, these need to be regulated in response to fluctuating market needs, demands, and trends. The place feature includes the location’s ambiance, convenience, transportation routes, décor, etc. It is one of the important factors in attracting a customer base. Finally, the promotion includes the marketing strategies, tactics and the amount of marketing done.
There are five F’s or five metrics which help ascertain the marketing plan. The first metric is Fitness. It ensures that the products and services are up to date with customer expectations and if it is really fit for the purpose fulfillment of the customer. The second metric being Fulfillment measures startup’s ability to meet the quantity requirements and needs within the stipulated time. Generally, it is measured by deliveries which are on time and in full quantity or amount as expected by the customer or as ensured by the startup. Fast, the third metric measures how long it takes for the organization to meet the requirements of the customer. This is usually, the response-lead time between an order and the delivery. Flexibility includes its ability to meet the fluctuating demands of the market and the response time it needs to respond to the changes and trends. The last factor of Fare includes the cost which is employed in delivering and/or transporting the services and goods to the customers. This must be optimized for the profitability of the startup.
Many times the targets and product specifications of the organization and the customer motivations and demands do not match. Therefore, trade-offs must be considered wisely for better risk assessment and future success rates with growth in long run.
Conclusion
On the basis of all the aforementioned discussions and arguments, it can be inferred that consumption of coffee is an age-old practice for mankind. Undoubtedly, the consumption methods and practices have changed to a great extent with the evolution of time; still, the principal orientation of the people is same. The origin of coffee was traced from Ethiopia and gradually the production and cultivation moved to other regions such as Africa, Italy, Brazil, etc. Furthermore, the passage of time also classified the types of coffee such as green coffee, roasted coffee, green beans and many more. The gradual rise in the consumption of coffee in everyday life prompted the influence of the business idea of coffee shops.
Considering this aspect, the following research is undertaken to make vital discussions about the startup of a small coffee shop in the city of Brisbane, Australia. The orientation of this research descriptively presented enlightening information about the history, production, evolution, and industry of coffee. Furthermore, this study also made a comprehensive evaluation of the advantages and disadvantages associated with the creating a startup of small coffee shops. The auxiliary arguments of this research explored the various challenges such as budget, financial risk, employee retention, location and challenging lifestyle, which an owner of a coffee shop faces after establishing a business of own. Overall, it can be concluded that this study has made enlightening discussion over the proposed topic of starting a small coffee shop in Brisbane, Australia. Along with this, literature review from credible and authentic academic sources potentially contributed to the validity of the following research. Thus, this study can be presented as a competent piece of authentic information to the aspiring researchers and entrepreneurs, who are willing to engross in the business of starting a coffee shop.
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