Profile, SWOT Analysis And Recommendations For PSL- The Food Professionals

Company Profile

1.1 Produce a profile of a selected small business identifying its strengths and weaknesses.

1.2 Carry out an analysis of the business using comparative measures of performance.

2.1 Recommend with justification, appropriate actions to overcome the identified weaknesses in the business.

2.2 Analyse ways in which existing performance could be maintained and strengthened.

2.3 Recommend with justification, new areas in which the business could be expanded.

3.1 Produce an assessment of existing business objectives and plans.

3.2 Revise business plans to incorporate appropriate changes.

3.3 prepare an action plan to implement the changes.

4.1 Report on the impact of the proposed changes on the business and its personnel.

4.2 Plan how the changes will be managed in the business

4.3 Monitor improvements in the performance of the business over a given timescale.

Small business enterprise is considered to make possible greater contribution of small businesses related to the procurement of transportation. In small business enterprise the number of employees or staff should be less than 55. Small business enterprises have less sales volume. These types of business are private and this is operated by the partnership and the sole proprietorship as well as corporation. There definition will be different as per the country and the industry. As per the Companies Act 2006, Small enterprises have less than £6.5 million turnover. In balance sheet it shows £3.26 million and also don’t have more than 50 members in the company (Baumol, 2004).  This type of businesses mainly owned by the private firm. The main advantages of this type of company are it can be started with a very low amount. It can be done as a part time. These businesses are independent. Risk is low and return will be distributed in the less of the members. Problems are also faced by this company (Burns, 2007). It could be anything like undercapitalization and the bankruptcy (Awe, 2006). Poor planning leads their revenue down for that year and it will affect the whole business scenario (Byrd and Megginson, 2013).

PSL is the presently UK’s biggest self-sufficient food purchasing corporation helping the hospitality business. This is the biggest self-sufficient food procurement business in the hospitality. The managing director of this company was Ivan Shenkman. They have taken new members for his business (Ciampi and Gordini, 2012). Under this company crews member are working. This company has 55 members with the average age of 45. The total staff’s turnover is 9%. It was established in the year 1993 (Composites industry gets SWOT analysis, 2001).  This business spends on £600 in a year for the training of each and every employee. As per the research find here is that 90% people are love to work in this company. This company helps in restaurants, hospitals, casinos, and caterers as well as visitors attractions to exhaust the possibilities bottom line earnings (Hallberg, 2000).

Mission

PSL- the food professional: is situated in the West Midlands. The registered office of this company is in Walton House, -13 The Parade, Royal Leaming Spa, Warwickshire, CV32 4DG. Company’s contact details: Telephone- 01926 315111, Fax number- 01926 339234 and the e-mail id is [email protected] . This company is basically related with the procurement of funds. Presently the UK’s greatest self-sufficient food purchasing corporation helps the hospitality business (Humphrey, 2007). This is the biggest self-sufficient food procurement business in the hospitality. The managing director of this company was Ivan Shenkman. They have taken new members for his business. Under this company crews member are working. This company has 55 members with the average age of 45.

Mission: the mission of this business is to provide beverages solutions and food to the catering industry as well as hospitality industry. This company offer solution to all of their clients in the field of profitable, professional and sustainable solution (Kim, Lee and Lee, 2011). PSL’s flexible or dynamic and exclusive service will deliver margin as well as quality. The value of company endorses the groundwork for how they perform their business (Lahiri, 2014).

Vision: there vision is to produce double highest proceeds level to comprise more than 500 customer’s contracts. Their aim is to work with 200 suppliers and also want to enhance buying power more than £1 billion. Company’s aim is to employ more than 100 staffs. Their vision is to establish around the universe after 50 years.  Want to become a market leader in the U.K, Europe, and Ireland etc (market overview, 2015).

Employees or staff: Total 54 employees are there in this company which provides services to the clients.

Total sales turnover: The total sales turnover of this company is 6 million pound to 10 million pound every year. The main products of this business are independent food like seasonal vegetables, meat, beef, pork, dairy, eggs etc. and beverages. But it is specialist in margin improvement, operational consultancy and food procurement (Pierce, n.d.).

Industry information:

PSL industry is mainly belongs from the hospitality consultant.  This include event planning lodging, cruise line, tourism industry etc. the founder of this consultant was Ivan Shenkman. They are providing fruits, vegetables, meat, dairy products and eggs in the hotels as well as restaurants. This company is basically helps to hospitality business. Every company has some strength and weakness and opportunity and threats (Psl-uk.co.uk, 2015).

Vision

This method is the way to evaluate the viable position of any business. SWOT matrix is also known as SWOT analysis (Rego and Nunes, 2010). This measure both external and internal features of the business. This method is an instrument for auditing of a business as well as the environment. Both strength and weakness comes under internal factor and opportunities and threats come under external factor.

Strength:

1. Largest purchaser and supplier of food in the hospitality industry

PSL – The Food Professionals is the largest purchaser of food in the hotel sector of UK because it facilitates PSL to save their customers (Riding and Orser, 2007).Staffs are very happy with the payments and the benefits which they get.Company has more than 22 years of experience in this field. Their main resources are seasonal food and beverages for the customers. More than 200 suppliers of food cover all requirements of customers (Riding and Orser, 2007).

2. Reputation of company

Reputation of this company in the market is very good so it is the strength for the PSL. The moral value is very high in members of this company because they are satisfied with their salary.

3. Innovative strategies of PSL – The Food Professionals

PLS makes innovative ideas like the directors of this company want to provide training to each and every staff for their development. Also directors said that now staffs can get personal training (Riding, 2007).They made a great relationship with the customer in hospitality

Weakness:

1. Perishable nature of the products

The major weakness for PSL is the perishable nature of the food items. Perishable items of food will be the main weakness for this company. This will result in the increase in the cost of the company and the profit margin of the company will reduce to a considerable extent.

2.  Adequate Training of the employees

The employees at PSL require adequate training so that they can manage the customers in an efficient manner. This will improve the customer service at PSL and this will increase the sales of PSL.

3. Credit facility of the company

Credit facility is given by this company it would be the problem and weakness for the PLS- the food professionals.

Opportunities:

By providing bonuses and incentive company can build the strong relationship with the staffs (SWOT analysis of the Shanxi agriculture intellectual property rights, 2010).

By working in the reputed hotels and restaurant they will get operational support from them.

Employees

Brand building is to be the opportunity for this small enterprise.

Sales volume can be increases in the next forecasted year because the sales percentage is increased by 1.5% to reduce the deflation.

Threats:

New technology can be affects the whole market and this is the major threats for the PLS.

Too much reduction in the cost of food will be the threats for this company.

Material can be rots early because this company using perishable items more.

Deflation is the threats for this company in the coming year (Riding, 2007).

Effect on the diet of health and if demand for a diet is increases automatically the agriculture prices also rises.

Ginger jar are the boutique which is situated in the London. This is the London-based catering business and they are mainly focus on the flavor and the design. This company was established by the Jenny McNeill in the year 2009 (Riding and Orser, 2007). Ginger Jar organized small parties for the hospitality, birthday bash, anniversary etc. PLS-the food professional are mainly belongs from the hospitality consultant. PSL is self-sufficient food purchasing corporation helping the hospitality business. PSL is the UK’s greater food buying company and serve the hospitality industry. This company also provides the services to their clients by procuring the food for them. Staffs members are more in ginger jar as compare with the PLS. Both are related with the catering and procuring food. But the strategy is different in both the companies. All are related with the hospitality consultants (Vine, 2000). As per the sales report ginger has high sales volume of product and PLS has low sales volume. They have taken new members for his business. Under this company crews member are working. This company has 55 members with the average age of 45. The total staff’s turnover is 9%. It was established in the year 1993.  This business spends on £600 in a year for the training of each and every employee. As per the research find here is that 90% people are love to work in this company.

Five years profitability table for XYZ Ltd of PSL and Ginjer Jar

Year	PBT(Profit before Tax)=Sales – expenses	PBT(Profit before Tax)=Sales – expenses
2014	5.8 million sales 2.75 million expense, so the profit before tax for that year was 3.05 million pound	£ 6.5 million was the sales for this year and the total expenses were £3.9. So, the profit before tax was £2.6 million.
2013	£ 3.2 million	£ 4.2 billion
2012	£ 4.8 million,	£ 3.2 million pound
2011	4.75 million pound	3.6 million pound
2010	2.4 million pound	2.5 million pound

As per the analysis of every year’s profit that is before tax it tells that in the year 2014 the profit margin was high as compare to 2013. However, every year the profits are fluctuates.  PAT was also affected by paying the tax amount which is 9% in a year. As compare to all year total net worth of the company is high in the year 2012. As compare with the Ginger Jar Profit after tax in the year 2014 was high. Ginger Jar profit was 2.6 billion pound. So as per the given record the 4 will be the measuring scale for PSL Company and 3 for the Ginger Jar.

	PSL- The food professional Ltd- hospitality consultant	Ginger Jar ltd.
Year
2014	5.8 million pound	6.5 million pound
2013	4.8 million pound	5.4 million pound
2012	5 million pound	5.2 million pound
2011	4.9 million pound	5 million pound
2010	4.7 million pound	5.01 million pound

Total Sales Turnover

the parameter for scale is highest at 2014 in the company of PLS as compare to another year. Sales profile shows higher at the 2014 in the company Ginger Jar. It was seen that there is increase in the sales value every year in both the cases so scale 7 will be given to this company. When variable cost of the goods increases the sales value is also increases. This will be the reason behind it. Total sales volume of 2010 in Ginger jar was 5.01 million pound and the value of the sales volume in PLS was 4.7 million pound in the year 2014.

The profitability of the company is analyzed using the gross profit ratio.

Gross Profit ratio	2014	2013	2012	2011	2010
Gross Profit ( million pounds)	1.2	1.78	1.9	2.1	2.45
Sales (million pounds)	5.8	4.8	5	4.9	4.7
Gross Profit ratio	20.68966	37.08333	38	42.85714	52.12766

Year ending 2014	PSL-The food professionals Ltd- hospitality consultant	Ginger Jar is situated in the London- and it is catering company in London.
staff turnover	Staff turnover is 9% in the year 2015	Here the turnover is 10% and higher by 1% compare to PLS business
absentee rates / sick days	4  days in a month and by considering sick leave it would be 6 days in a month	There are no Sunday leaves because staff working in non-working days also but people can take 5 off in a month.
% of job offers accepted	62% jobs offers are to be accepted here.	Here 58% jobs offers are to be accepted by this company.
results of job satisfaction surveys	They will take graduates member who has at least 5 year of   experience in this field.	Here they are taking the professional chefs or the person who is good enough in kitchen work.
competence surveys	This company is very enthusiastic for doing work. Staffs are also very excited for this job because the provider gives them incentive as per their working hours or overtime.	This company needed the all details related to the qualification as well as personal details via know your customer form. But it is not necessary to be graduates in this company to be a part of this company.

non-financial measures tell about the total staff’s turnover, about the competencies surveys, total sick days or absentee’s rates etc. Here we find that the numbers of absentees in the PSL are lower than the Ginger Jar.  As per the survey we find here is PSL staffs are very work oriented and keen to learn innovative ideas. They are excited because of incentive and bonuses. Also need the full details about the product and provide training. So as per the scale we can give between 1 to 7 numbers.

Year ending 2014	PLS- the food professionals Ltd- hospitality consultant	Compare with the  Ginger Jar
Is it good value	Yes it is good value.	This is also the good value.
Can it really deliver superior performance	Yes this company can deliver the services in superior performance.	This company provide good services to their clients in the birthday party, anniversary etc.
How does it compare with competitor offerings	By giving discount in the food services or can say that provide low cost food. This company provide training to their staffs	It provides very good services in catering if the services are provided late they will reduce the amount otherwise it will charge high amount.
How will it compare with competitor offerings in the future given competitive innovations	By innovative food recopies and new dishes will help to compare the offer in future. By taking the help of celebrity they will be able to success in the advertisement. By hoarding and brand building they can avail the innovative ideas.	By organizing parties for the children and the youth as well as for the mid age of people they can offer the competition to their competitors. By brand building of the company and making strategy for the company will help to increase the net profit for this company.

Scale 7 is given in this approach table. As per the customer perception we find that the customers have faith on these companies. They can compare the product by their quality, quantity and price.

PSL – The Food Professionals has major weaknesses. The ways in which the weaknesses can be overcome are as follows –

Improvement of Personal Development of employees

A survey of the employee performance at PSL – The Food Professionals showed that the personal development of the employees has to be improved. The L&D process within the PSL- the Food Professionals have to be improved. The following programs can be initiated in the organization (Aahospitalityawards.com, 2015).

On-the job training

One of the least expensive methods for training the employees is on the job training. The employees obtain the skills and the knowledge to accomplish a task via a systemic training program. It is seen that the work related knowledge is acquired by the employees via on the job training. This is done by the implementation of on the job training programs. The on the job training programs are structured and by the end of the program, the employees gather the required skills (Birkinshaw, 2004).

Industry Information

Mentoring

The employees will be trained by the mentors at PSL. The mentors are the experienced work force within the organization having strong skills of communication. The mentors will provide advice on the performance of the specific tasks. The mentors will guide the employees regarding the accomplishment of the particular tasks. They will be also guided regarding the culture and politics of the organization.

Technical training

The technical skills and knowledge of the employees has to be developed via technical training. The common training methods are used to provide instruction regarding the technical concepts (Wynne-Powell, 2004). At PSL – The Food professionals, the training will concentrate on providing training regarding the food industry and ways in which better service can be provided to the clients. The employees have to be trained regarding the management of food data, food procurement, management of the menu and the e-procurement services.

Communication training

The employees at PSL – The Food Professionals have to be trained to communicate with the business professionals and the clients. It is essential for the employees at PSL to communicate with the top management in an efficient manner. This will increase the transparency in the organization. The decisions within the organization can be taken with the cooperation of the management and the employees (Birky, 2012).

Improvement of supply chain management

The supply chain management of PSL – The Food Professionals can be improved to a certain extent by the introduction of IT services. The company has to maintain a database of food suppliers (Wong, Radel and Ramsaran-Fowdar, 2011). They can manage the pricing in a more efficient manner. The supply chain at the organization can be improved by the introduction of the following measures –

Integration of logistics with the suppliers

It is important to integrate the logistics of the organization with the supplier of the organization. There are certain software system like the ERP system that helps to facilitate communication and synergy between the suppliers and the business community. This will enable the business to maintain synergy between the supplier and business. The operational efficiency of the organization will increase to a large extent (De Silva, 2013). This will help the company to foster to the changing demand. The efficiency of procurement of the food will increase. They will be able to serve their customers more efficiently.

Integration of ERP application with the existing system

ERP can integrate the entire supply chain and logistics process within the organization. The small companies have to choose the ERP system in a wise manner. The ERP system integrates the various applications in the organization. This will enable the business to manage itself in an efficient manner. The SCM software acts like a module for a small business organization like PSL – The Food Professionals (Driving Behavior Change: Engaging Employees in Environmental Sustainability, 2014).

SWOT Analysis Matrix

Training of the internal employees on SCM

The internal employees of the organization have to be trained in the concept of logistics and supply chain management. The entire system will work in an efficient manner and it will have positive impact on the bottom line of the business. The supply chain managements system will work like a Quick book and it will increase the efficiency of the organization.

PSL – The Food Professionals can expand their business by acquiring and maintaining the existing resources of the organization. The food purchasing company can expand its business in the hospitality industry. This will increase the profitability of the organization and it will be able to provide services to large number of customers (Yan and Dooley, 2014). The availability of adequate financial resources will enable the organization to meet the diverse requirement of the clients. They can make their operational system more efficient. This will help the company to synchronize their flow of work within the organization. They will be able to maintain a balance between the number of purchase orders and the supply of the products (Fao.org, 2015).

Maintenance of the performance records

PSL – The Food Professionals has the objective of being the recognized authority so that they can provide beverage and food solutions to the hospitality and the catering industry. PSL has been thriving hard to maintain their performance by providing sustainable and profitable solution to the customers. This has helped them to provide professional solution to the clients. The dynamic service of PSL has been able to deliver quality products to the customers. The organization has been able to maintain its performance by serving quality products to the customers. It has maintained the position of being the largest independent food purchasing company. They work with more than 200 suppliers. They have been able to maintain a strong network of suppliers by efficient management of supply chain (Felício et al., 2014). The supply chain management network has been maintained by an efficient database management system. The organization has been delivering the services to the customers with rebates and they charge no additional cost (Vogelsang, 2013).

Monitoring of the performance

PSL – The Food Professionals monitor their performance in the market. They monitor their performance so that they can improve their service. This will help them to maintain their quality of service. Along with monitoring the performance of the organization, PSL monitors the performance of the employees on a regular basis. They provide training facilities to the employees to meet their working needs. There is arrangement of reward for the employees that perform well in the organization. This has enabled the organization to grow their business over the years with proper engagement of the employees. The employees are recruited in the organization on a fair basis. The organization avoids any kind of discrimination during recruitment. The work timings for the employees are flexible so that the employees can maintain a balance between the professional and personal life (Fuglsang, 2008).

Internal Factors

Assessment of the strategies of the competitors

It is important to monitor the strategies of the competitors on a regular basis so that the business of PSL is not affected. There are large numbers of competitors of PSL – The Food Professionals. There are numerous catering service providers in UK. PSL is aware of the pricing strategy of the competitors. PSL follows competitive pricing policy. The price of the company is fixed after market research of the prices of the competitors. Since there are large number of service providers to the hospitality industry, PSL has always maintained its position as the top most service provider. They have strictly adhered to providing quality service to the customers. This has made their service unique than the other companies providing service to the hospitality sector (Fuller, 2003).

Maintenance of the business process

PSL has been able to maintain a strong team of dedicated staff members. The team of PSL comprises of strong team of specialists that come from diverse backgrounds. The team of employees comprises of chefs that offer quality food, accountants, hospitality managers as well as food whole sales. There is an efficient team of IT, finance and HR. The team work hard to provide best services to the customers. The business process at PSL is engaged in various activities. They attend to the environmental issues seriously. Since the company is purchasing specialists, they believe that the strength of the supply chain can be enhanced by performing CSR activities (Gimenez, 2004). Apart from maintaining the business process of the organization by adhering to the quality and prices of the services, the following measures are taken by the organization.

It is ensured by PSL that the clients are able to get the service locally from the quality service providers. It is continuously monitored by PSL that the service provided by the suppliers is ethical in nature. PSL has paid attention to the packaging facilities. It is important to reduce the waste to reduce the environmental impact. They are known as an eco friendly organization. This has helped them maintain their reputation as one of the well known organizations.

PSL – The Food Professionals has been committed to the charitable causes since its inception. They have provided sponsorship to the hospitality action and maintained their charitable performance over the years. They have been involved in the charitable services and the community services over the years. This has increased the reputation of the company. They have also supported the charitable endeavors of the employees. Apart from these services, PSL – The Food Professionals has supported the school, college and the projects of the communities over the years (Greenberg, 2014).

Strengths

PSL has provided a safe and pleasant environment of work for the employees. The working environment at the head office of the company is pleasant and safe. The organization has monitored the energy use in the organization with special focus to consumption of water and recycling.

The organization provides adequate training to the employees. They meet the working need of the employees. The employees are rewarded for their performance. The employees are recruited on a fair basis without any kind of discrimination. It is ensured by the organization that the employees can maintain their work life balance (Griffitt and Grimes, 2013).

PSL has always adhered to the strengths. They provide quality service to the customers. They have maintained their position as the top company of food purchasing that has been serving the hospitality industry for a long period of time. They have worked in collaboration with the food buyers and the food suppliers for a long duration of time. They have proved themselves to be the best in the hospitality industry.

PSL – The Food Professionals has maintained their position market position as the largest food purchasing company in UK. They have been serving the hospitality industry for a long period of time. They have been able to secure and maintain their position via adequate data base management of the food supply. They have also maintained their relationship with their clients including the hotel groups, restaurants (Haski-Leventhal, 2014).

PSL – The Food Professionals has been able to maintain their relationship with the customers. The customers of the company are the hotel groups, 5 star hotels and chain of restaurants. They have also maintained their long term relationship with the independent operators. PSL has maintained their relationship with the customers via proper management of the orders and the invoices. This has helped them to deliver their products within the stipulated time period. They are aware of the food trends and deliver the food products according to the price that exist in the market (Ilorah, 2008).

The company has been in the food purchasing and supply business for a long duration of time. The business can expand itself and explore other avenues. The growth strategies of the company have been explained with the Ansoff matrix.

The objective of the company is to expand its business. It can explore the other parts of Europe to expand its business. It will expand its business in Paris.  The business expansion will be via entering into franchisee business. This will reduce the cost of investment for PSL.

Weaknesses

The growth strategies that has been provided by the Ansoff matrix are as follows –    

                     

Figure: Ansoff Matrix

Market penetration strategy is a less risky strategy for a business. The firm utilizes the existing resources. The firm does not have to make additional investment in new resources. In case of a growing market, the company will be able to maintain the market share that will result in the growth of the organization. There will be existing opportunities for a company to increase their market share. This will provide competitive advantage over the other competitors already existing in the market. But the market penetration strategy will not work once the market has reached a point of saturation (Jeffs, 2008). In such case the firm must adopt another strategy for growth.

Market development seeks to enlarge the business in the additional segments of the market or the geographical areas. This will be a potential strategy for the organization to explore the new markets (Uusipaavalniemi and Juga, 2008). This will be beneficial for the business if the competencies of the organization are related to the product rather than the market segment. However a market development strategy has more risk than a market penetration strategy as expansion into the new market can be costly and may not generate positive results.

A product development strategy focuses on the identification of the strength of the organization that is related to the specific customers rather than the specific product. The company will leverage its strengths by development of the new product. However there is risks associated with development of the new product as there is always a doubt that whether the new product will receive acceptance or rejection. Product development helps the company to increase their market share (Jehue and Tessier, 2000).

The diversification strategy is the most risky strategy amongst the growth strategies. The diversification strategy aims at both the development of the market and the development of the product. The strategy of diversification may be outside the core competency areas of the organization. The diversification strategy of the organization is a high risky strategy but there is chance of high return. There are other advantages that are associated with the diversification strategy that includes the potential to explore the attractive industry and gain foothold and the reduction of the risk of the business portfolio (Tarn, Yen and Beaumont, 2002).

Among the four growth strategies that have been stated by the Ansoff model, the strategy that will be adopted by PSL – The Food professionals will follow the market development strategy. The development of new markets will be a good strategy for the organization. PSL has been serving the hospitality industry for a long period of time with their catering services .They may expand their business from the hospitality industry to other segments of the market. PSL- The Food Professionals can explore other industries apart from the hotel, restaurant industry. This will increase the market share of the company (Jeyarathnam, 2008). They can provide the catering services to the hospitals, tour and travel business and event planning. This will help them to expand their business and increase their market share. They can compete with other companies in the same industry with their quality products. They will manage their supply chain in an efficient manner so that they can maintain reputation in the hospitality industry. They will explore the new avenues of the market by offering the services at reduced prices. They will reduce the food cost by around 15 to 20%. The food supply chain will be maintained by proper management of the price which will include rebates (Kinicki and Williams, 2008).

PSL – The Food Professionals can expand their business in new markets via inorganic growth strategy. This can be achieved by the entering into franchisee business. The company is an already established brand in UK. It can expand its business in the other countries via franchisee business. France will open up new business avenues and there is potential for growth in the country. Franchisee is an alternative form of building chain of stores. This is done for the distribution of the goods (Kitts, 2003). Franchisee business is an effective strategy for expansion of the business that avoids any kind of investment and liability of the chain of stores. However the success of the franchisee business largely depends on the success of the franchisees. PSL can expand its business in France via franchising. This will not require any additional investment. The major liability for PSL would be to monitor that the reputation of the company is not hampered. The various benefits and the disadvantages of franchisee business are given below.

Easy expansion capital

Franchisee is way to expand the business at number of locations without much capital investment. The franchisees make payments to buy the outlet or the service. The company will not be liable to raise debt capital from the investors or the bank.

Minimization of the risk

Franchising business generates high financial returns. The risk related to the franchising business is very less. The company has to make very less investment while it can earn high royalty from the sales (Lauer, 2003). The company will be able to earn high royalties from the sales. The percentage of returns for the organization will be more than the returns without much investment.

Disadvantages

Lack of control

Franchisee is a form of independent business. The company has to monitor the performance of the franchisee and look over that the reputation of the company is not hampered. The goals of the company can be different from that of the organization. This can give rise to conflicts. There may conflict with the franchisee regarding the quality of the product that is served to the customers. Thus there must be continuous monitoring of the product quality.

One of the major problems that are faced with franchisee business is the lack of innovation facilities. The organization might think of business innovation. They have to enter into negotiation with the franchisees regarding the acceptance of the new product. There are possibilities of conflict with the franchisees with such negotiation (Lawrence, n.d.)

Define a business plan

A business plan is a roadmap which guides the business in achieving its goals and gives a detailed description of how those goals can be achieved. It assists the business in starting up a project in a simple way, and grows it systematically and organically. For a start up business or a new project, a business plan is most essential and critical. It will help the management in developing meaningful information like expense budget, sales projection, tasks and milestones. This would also help in convincing banks and investors to generate fund for the new venture. The plan would explain what the new project is venturing into, hoe the goals would be accomplished, and why the company is the right firm to take the job. The business plan would also provide a financial summary of the proposed project which will incorporate expenses involved and the expected profitability (Arkebauer and Miller, 1999). Business plans are of three types:

One page business plan

Internal business plan

External business or standard business plan

A one page business plan is a summary of the goals and objectives of the business. The business details are presented in a very concise manner. Such a plan is suitable to introduce the business to an outsider (for example, investors) or to make a brief sketch of the start up project in order to understand the entire concept at a glance. The internal plan is made to assist and follow up the progress of the business. It helps in determining the present position of the company in reaching its goals. The external or the standard business plan is the formal document most important in providing necessary information to convince investors and for loan application (Bijapurkar, 2011).

A business plan is divided into the following sections:

Executive Summary: this makes the first impression of the business and highlights the key areas of the plan. Many investors and bankers never go beyond the executive summary convincing and stimulating. It should give a quick overview of the proposed business, its target market, its financial highlight and a brief summary of the responsible executives and managers.

Company profile & products and services: this includes a description of the product and services being sold by the company, the bill of materials and a detailed list of prices to be incurred (Johnson et al., 2011).

The existing plan of PSL is to establish its business in the country – France, within six months. Given below is PSL’s business plan.

Executive summary

PSL is the largest and independent company of food procurement in the hospitality sector. They have proved themselves in providing solution with experience of more than twenty years. After establishing itself in the UK market it aims at expanding to the UAE and other European countries. The present target is to venture into the country France looking at increasing demand of foods and related services in French countries. It is already a big success in UK and with its accepted brand image created in the minds of its existing clients it will not be difficult to create mark in France.

Company profile & products and services

They don’t only look at procurement and costs, but also work with clients in maximizing and sustaining of food margins through purchasing system and operational control system.  They provide service in the areas of food procurement, margin improvement, food data management, operational support, menu management, allergen management, food trends, e-procurement and revenue generation.

A summary of market analysis will include the type of business the company is engaged in, the changing customer needs and how the business caters to the changing market environment. If a new market is being targeted then what are the strategies of meeting and delivering the new market (Kimball, 2011).

An understanding of the target market is the key to implementing marketing campaigns and selling programs.

A marketing and sales plan must be prepared incorporating the strategies to be adopted to reach the target market. This portion of the plan provides a picture of the company will position itself in the target market, how will the services be priced and the selling process that needs to be implemented (Rumelt, 2011).

The milestones and metrics must be laid down to describe concrete tasks that need to be accomplished and completed with deadlines and names to the responsible managers. It should also detail the metrics that would be used to determine the business’s health (Landau, 1991).

The marketing strategy of PSL as included in the business plan is given below:

Target market	The target market is Paris in France. An analysis of this market indicated that France has an ongoing need of food which is of good quality, is healthy, and comes at competitive prices. The customers here can fulfil the need of a competitive price and they believe that they can make a difference to their community. More and more French people are choosing purchase of prepared food rather than making it themselves. As caterers are a part of this food industry, they are likely to witness a rise in the number of catering services.
Marketing and sales plan	The sales plan is divided into quarterly and monthly sales quota has been set for the year ahead. A list of specific companies and market niche has been developed to start approaching them from the start. Specific advertising tools would be adopted to create awareness among the target population such as attending professional associations and shows, purchase the mailing list of these associations to get a hand of prospective customers, frequent advertisement in articles and white papers which deals with interests and concerns of the population, attend all networking events and volunteer to make their presence felt. They would obtain referrals (at least three) from its new customers within thirty days of service delivery.
Milestones and metrics	PSL have made a target of making 50 client contracts within one year, to work with over 20 food suppliers.

The financial section of the business plan is most essential and critical in convincing investors and bankers. A well made financial plan must include how much money is being spent and how much is coming in. It can also go a long way in ascertaining when a new employee hiring is required and when new machineries needs to be bought in. For a new business venture, this plan will help in ascertaining how much initial capital is required and by when the capital would get recovered (Morris, 2011). A typical financial plan would comprise of the following:

Forecasted sales

Human resource requirement

Statement of profit and loss

Cash flow statement

Balance sheet

Ratio analysis (Nemethy, 2011)

PSL’s financial plan section of the business plan includes the following.

Human resource requirement	PSL have transferred twenty of its experienced personnel from UK to France. Another ten employees needs to be hired from France itself. A training program has to be incorporated to train both the experienced and the new staff as per the requirements in the France market. The total cost involved in hiring and training of personnel have been estimated.
Break-even Analysis	PSL have done a break even analysis to ensure that it will recover its investments. The result of this analysis suggests the number of orders it must cater to in order to maintain smooth operation of the business and to meets its capital recovery target.
Cash Flow statement	The monthly projected cash flow is made for the new project. It highlights the per month cash inflow and cash outflow along with the monthly cash balance.
Projected Balance Sheet	The projected balance sheet for the next three years is prepared. It shows the financial position of PSL highlighting its assets, liabilities, income, expenses, profits and losses of the business.
Standard Ratios	Standard ratios of business highlight the balanced and healthy operation of business. The ratios estimated for PSL include quick ratio, return on total assets, inventory turnover ratio, accounts receivable turnover ratio, debt to net worth, net working capital.

Existing objectives of PSL and use of SMART criteria for assessment of objectives.

The existing objectives of PSL are:

To create a sustainable business for start up in France.

To establish a customer base of 50% of the number of UK customers, in France, within the timeframe of one year of start up.

To develop enough cash flow and profits to recover its invested capital and pay off its financers within five to six years (Payne, 2005).

Applying SMART specific criteria to objectives brings structure and tracking ability to it. It removes vagueness from the resolutions and creates clear and attainable milestone. It is one of the most effective tools used by corporations for achieving goals. It can be used as a checklist to evaluate objectives and it provides transparency throughout the company. To make an objective ‘smart’, it needs to commit to the five criteria’s – Specific, Measurable, Attainable, Relevant and Timely (Pearce, Stevens and Barr, 2010).

The specific criterion answers the question, what exactly the firm wants to achieve. For PSL, the objective – ‘making a customer base of 50% of the existing number of UK customers’ is a specific one. The objective – ‘to recover its invested capital and pay off its financers within five to six years’ is also specific. However, the first objective of ‘creating a sustainable business in France’ is not specific (Turner, 2012).

The measurable criterion means that the company’s objectives are broken down into measurable portions, for instance, ‘dieting to reduce weight’ is not a measurable objective, however, ‘eating boiled foods and vegetable thrice a week and fat once is week’ is a measurable objective. The first objective of PSL – ‘To create a sustainable business for start up in France’ is not a measurable one. The criteria ‘substantial’ must be broken down into measurable elements (Pollack, 2011).

The attainable criterion means that the objective is reasonable one and feasible to achieve. In other words, it should not be an impossible target. None of the PSL objectives seems to be unattainable considering its strong base and success in UK.

The relevant criterion implies that the goals must have an importance or significance in terms of the overall goal or vision of the company. The PSL objectives can be said to be relevant because it is expanding in the same line of business and it relates to the mission of delivering leading food and beverage solutions to the catering and hospitality industry (Reuvid, 2011).

The timely criterion implies setting of and achievable deadlines for every target. The timeline must be flexible and realistic. PSL have set realistic timelines for itself of establishment in one year and capital repayment in five years. Both these deadlines are achievable target and can be said to be appropriate for the business (Reuvid, 2011).

Revision of objectives

Taking into consideration the above criterions, it felt by the PSL group that some alterations is required in the objectives. Given below are the new objectives after making necessary amendments.

To create a sustainable business for start up in France with a target of making 50 client contracts and to work with over 20 food suppliers within one year of start up.

To establish a customer base of 50% of the number of UK customers, in France, within the timeframe of one year of start up.

To generate the projected cash flow and profits estimated in the business plan, in order to recover its invested capital and pay off its financers within five years of set up in France (Robbins, 2010).

Goal: To improve customer satisfaction

Actions	Priority	Benefits	Material Resources	Timescale	Responsibility	Success Factors	Monitoring Strategy
Research to obtain changing customer needs	Important but not urgent	Opportunity to design appropriate extended marketing  mix, increase customer satisfaction	Money, research instruments, and computers with internet	One Month	Marketing and customer service  team	Detailed data; Customer buying behaviour, Segments of customers;	Continuous analysis of the information obtained from the customer.
Staff training	Urgently important	Improve staff performance, increase staff confidence,	money, venue, Stationery, laptops etc.	two weeks	Human resources officer	Clear objective of the training, enthusiasm of trainees, improved performance.	Customer surveys and feedback.

Goal: To make at least 50 client contracts within one year of start up
 

Actions	Priority	Benefits	Material Resources	Timescale	Responsibility	Success Factors	Monitoring Strategy
Research to identify prospective clients	Important and urgent	Ensure meeting of sales and cash flow targets.	Money, business advertisements, and computers with internet	One Month	The owners and managers involved in the business plan.	Regular orders, building brand image	Continuous analysis of the clients made.
Approaching and convincing clients	Important and urgent	Ensure meeting of sales and cash flow targets.	Attractive offers, and better quality services	One Month	The owners and managers involved in the business plan.	Regular orders, building brand image	Continuous analysis of the clients made.

Goal: To work with over 20 food suppliers within one year of start up
 

Actions	Priority	Benefits	Material Resources	Timescale	Responsibility	Success Factors	Monitoring Strategy
Research to identify and convince food suppliers available in France.	Important and urgent	Ensure long term source of supply, meeting the food quality expectation from PSL	Money, business advertisements, and computers with internet	One Month	Managers involved in the business plan.	Reduced cost of food and associated raw materials fro suppliers	Regular orders to suppliers.

Goal: To establish a customer base of 50% of the number of UK customers, in France, within the timeframe of one year of start up
 

Actions	Priority	Benefits	Material Resources	Timescale	Responsibility	Success Factors	Monitoring Strategy
Identify and approach new customers	Important and urgent	Establish the targeted customer base	Money, attractive advertisements and sales promotion , and computers with internet	Three Months	Marketing executives	Increase in the number of customers	Continuous effort in marketing strategy
Retain existing customers	Important but not urgent	Ensure long term sustainability of PSL in the new country	Attractive promotional strategies like discounts etc.	One year	Marketing executives	Increase in customer satisfaction	Taking feedbacks from customers and clients

Implementation of the action plan given and continuous monitoring of the plan will definitely help in meeting the set goals and objectives and will go a long way in exceeding them as well. This will help the owner of PSL – Ivan Shenkman, in t of accomplishment of the business’s mission of becoming the recognized authority in delivering leading food and beverage solutions to the catering and hospitality industry; offering sustainable, profitable and specialized and expert solutions to all their clients. The quality service and unique products being offered by PSL will establish itself as successful in France as it had been in UK over the past decade (Robert and Racine, 2001).

PSL is an already established business enterprise in UK. The company can follow the strategy of market development and explore new market. As a strategy to improve their business, PSL will explore the hospitality industry in Paris. The impacts of the proposed changes are discussed below.

Increase in sales

PSL will expand their business in France. The ongoing need of the hospitality industry in France is the supply of good quality and healthy food items. PSL has already established itself in the UK market. It can further increase its sales by offering good quality, healthy food to the hospitality industry in France. PSL will be able to increase in sales via meeting the need of the customers. There is a need of catering services in France as the eating out concept has become very popular in France. The expansion of the business in France will be a wise strategy and the company will witness a rise in the number of the catering services. This will boost their sales of the company in the future years (Lowy and Hood, 2004).

Increase in market share

The increase in sales will result in the rise of the market share of the company. The company has already established itself as one of the reputed service providers in the hospitality industry in UK. The reputation will act as strength for the company. Over the years the sales of the company will grow by offering quality food products at cheap prices. PSL will use advertising tools to approach the target market. This will eventually increase its market share in the hospitality industry in France (Mekawie and Elragal, 2013).

Reduction of environmental impact

PSL will follow a sustainable strategy of business in France. This will reduce the harmful environmental impact. They have maintained a sustainable approach to business in UK. They will maintain the same strategy of business in France. They will ensure that the clients have the opportunity to buy the produce locally. PSL has maintained their tie up with the top quality suppliers (Sultana, Rahman and Chowdhury, 2013).  PSL will maintain the same strategy in France. They will tie up with suppliers in France that provide top quality products and the suppliers have to engage in ethical practices. Sustainability will be a major form of business for PSL in France (Park and Kang, 2013).

Increase in brand reputation

The reputation of the brand will increase in the France by sustainable business practices. This will increase the market share of PSL at the same time the sales of the company will increase. The company has set the target to establish a customer base which is 50 percent of the number of customers in UK. At the initial stage they will tie up with 20 suppliers. They will approach the reputed hotels and restaurants in France (Patro, 2001). The quality of service and the product will be similar to that in UK. This will increase the reputation of the company in other parts of Europe.

Management of the finance

PSL will be able to manage its finance via effective financial management strategies. They will introduce various financial management tools like break even analysis, cash flow analysis and analysis of the financial statement. The increase in sales will increase the consolidated profit of the company. The company has to manage its income in an effective manner so that it can recover the investments effectively.

PSL – The Food Professionals will expand its business in France. The number of customers in France will be 50 % of the number of customers in UK. They will enter into tie up with 20 suppliers. PSL will follow a sustainable business practice in France. This will help to maintain the brand reputation in France (Pringle and Field, 2008).

The change management will be successful at PSL by following the eight step change management process.          

                                                                                

Figure: Kotter’s 8 step change model

PSL will regularly monitor the growth in the new market. They will monitor the increase in sales and the competition in the market. The potential crisis and risks in the new market will be identified by PSL. This will serve as a catalyst for PSL. They can introduce new strategies to expand their business in the new market.

PSL will form a strong team of management and employees at PSL. The management team has to be strong enough to lead the change in the organization. They will motivate the employees in France to provide work hard and provide good quality products to the customers. The team building strategies will be developed to form a powerful coalition so that the organization can be managed effectively in France (Psl-uk.co.uk, 2015).

PSL will develop a vision to manage its operation in France. At the initial stage the vision of the company is to increase the customer base. It will be 50% of the customer base in UK. They will form tie up with the suppliers. They will form tie up with 20 suppliers. They will introduce sustainable business practices in France. The vision will be achieved via the collaborative effort of the employees and the management (Reisser, 2002).

The vision of PSL will be communicated with the target market via marketing strategies. The marketing team will approach the hospitality industry companies in France. They will approach the restaurants and the hotels in France. This will increase the sales of PSL.

PSL will remove any kind of obstacle that will hinder the change in the organization. The strategy has to be seriously monitored by the organization. This will help the organization to undermine the vision and achieve it. They will take risks and implement nontraditional ideas, actions and activities. They must be driven towards their vision. This will be achieved with the collaborative effort of the management, employees and the suppliers. The management will motivate the employee so that they are goal driven (Robson, Simpson and Tucker, 2013).

PSL will regularly monitor the performance of the organization. They will monitor the sales and profit performance of the organization in France. This will help them to recognize their short term wins. They can also recognize their failures. This will help them to devise strategies for improvement of the performance at PSL. The employees will be rewarded for their performance in the organization. This will motivate the employees and they will work towards the common goal of the organization.

PSL will expand its business it France. This will increase the burden of the company. The company has to monitor the business operations on a regular basis. The business will be established in France keeping in mind the cultural and social requirements of France. PSL will enter into business with suppliers that practice sustainability and abide by ethics. They will the environmental impact by the introduction of waste management techniques and efficient system of packaging (Sadler, 2003).

The new approach within the organization has to be implemented to ensure corporate success in the organization. The new strategies of PSL will be implemented at PSL. PSL will maintain the same brand image in France as it has maintained in UK. The strategies will be developed to meet the business objectives (Sherer, 2005). This will ensure long term corporate success for PSL.

Gantt chart

Principal Activities	Month 1	Month 2	Month 3	Month 4	Month 5	Month 6	Month 7
Increase in customer base
Increase in sales of PSL
Increase in market share of PSL
Improvement in the performance of the employees
Reduction in adverse environmental impact
Increase in Profitability of PSL
Accomplishment of the PSL objectives

The first seven months performance improvement of PSL at France will be monitored. The performance at PSL will improve by implementation of new strategies in the country. The major objectives of PSL will be to improve the customer base in France. It should be at least 50 percent of the customer base in UK. PSL will introduce sustainable ways of business practice in France. In the first month of its establishment in France, PSL will monitor the increase in the strength of the customers. In the second month the increase in the sales of the company will be measured. In the third month, PSL will measure the increase in the market share in comparison to the major competitors. In the fourth month, PSL will measure the employee performance. This will be done by regular monitoring of the performance of the employees and the engagement of the employees at PSL to achieve the objectives of the organization. It will be monitored whether the sustainable practice at PSL is bringing any positive result for the organization. There will be reduction in the degradation in the environment. There will be increase in the profitability of PSL over the years. At the end of seven months the ability of PSL to achieve the objectives will be monitored.

Conclusion

PSL – The Food Professionals is a largest food purchasing company in UK that is serving the hospitality industry. The company has been serving the hospitality industry for a prolonged period of time. They work with a team of food buyers and more than 200 suppliers. They have been meeting the requirement of the clients over the years. The company has been serving the restaurants, hotels over the years. The company focuses on sustainable business practices. The major weakness of the company has been identified. A personal development training session has to be planned for the employees so that they are able to execute their work in a proper manner. There will be special training session for the employees. They will receive the guidance of the mentors as well as on the job training. The company has to maintain their supply chain efficiently. The database of the suppliers has to be maintained. The supply chain can be managed in a efficient manner by the introduction of ERP system. This will integrate the work flow and the database of the suppliers can be managed in an effective manner. PSL can maintain its reputation by introducing sustainable measures in the business. The customer base will increase. PSL will expand its business by the expansion of the business. They will expand their business in France. The business plan will be developed which will serve as its roadmap in France. This will help the management to manage the budget and the expenses. PSL will be able to achieve its objectives and generate profitability for the business. The establishment of the business in France will ensure new change for the organization. The major objectives of the business of PSL in France will be to make its customer base at least 50 % of that of UK. They will use sustainable measures of business performance. The company will monitor their performance in France via effective financial performance management tools.

The change strategy of PSL will be successful with the cooperation of the employees and the management of the organization. The change that will be implemented at PSL will be expansion of its business in France. The company must have an effective strategy and knowledge of the markets in France. PSL must have proper knowledge of the cultures and preferences in France. This will help PSL to devise a positioning strategy in France. The business strategy of PSL will include sustainable business measures. This will help the company to work in an environmental friendly manner. It is important for PSL to maintain its supply chain effectively. The supply chain practices at PSL must be supported by proper IT back up. An ERP system within the organization will help PSL to manage the database of suppliers and customers in an efficient manner.

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