Business Plan Writing Assignment Well-Wood Furniture

Business plan: Well-Wood Furniture
Name
Institutional affiliation
Business plan: Well-Wood Furniture
Introduction
The implementation of a business plan is very significant for the success of any organization. This is a business plan for a new small business that will concentrate on the production of furniture. The company already has a registered name which is ‘Well-Wood Furniture.' There is a business gap in the market whereby most furniture shops are closing down or diverting to other products. They fail to recognize the increasing need for furniture especially with the population rate on the rise.
Executive summary
The company will focus its attention on the production of furniture material, for instance, making couches, beds and other small furniture. It will be locally based because of the high cost of production outside the state. A recently concluded research suggests that the production cost in foreign countries is cheaper but only when done in large quantities (Huenteler, Niebuhr & Schmidt, 2016). Since this is a small start-up business, the production cost is cheaper when done locally. The plans are to make the company a big player in the industry. It is not easy for a small company to enter the market and rise to become a big player in the industry due to some reasons for instance competition and poor management skills. For this reason, the plan will incorporate some marketing strategies that will boost the performance of the firm. One strategy to be exerted by the business is advertising. An advertising campaign will be launched to introduce the company in the market. It will be targeting the customers who are projected to be mainly people with families.
People need furniture more than they realize and once they relocate to a new home, they usually want to make some adjustments. For example, get rid of the items in that house and replace them. The sources of financing for the business are loans from the bank, personal savings, and donations from well-wishers. The source of funding for any business is critical because it limits the scope within which one can operate. The business will be well organized with a transformational type of leadership. This is because the owner has a passion for furniture design and has more than ten years of experience in the industry, having been a previous employee of a big corporation in the industry. This product was chosen for a couple of reasons; one is that the owner or the entrepreneur has extensive knowledge in the industry and is passionate about innovation. Most of the successful businesses were initially driven by passion. It is the passion that motivates the individual to go on even during hard times or times of crisis (Bhattacharya, 2011).
Marketing plan
Most furniture stores that existed in the past are all diverting from the sale of furniture. This is because of technological advancements which have led to the introduction of other tools to replace the common day furniture. However, people are still interested in furniture as they cannot do without it, for instance, one is uncomfortable when sleeping on the floor compared to when sleeping on a couch or bed. Today the market is crowded as companies have not yet realized the thirst for furniture in the market. However, there are already big companies that are established in the market and are increasingly becoming household names because of their strong brand. Such organizations include Ashely furniture, crate and barrel and Ethan and Allen. To outdo the competition and become a recognized brand in the market every organization must have an advantage over the others. One advantage that the company has is the owner who is very passionate about furniture design and has over ten years of experience in the industry. He can be relied on for not only leadership skills, but also for his innovation. Another advantage it will have is the extensive advertising campaign aimed at reaching the target audience. As earlier stated the target audience for the enterprise would be small families, especially those that are relocating. When moving into new houses, people need furniture and that where the company comes to play. Another strategy that the company will apply is the promotion of the products. At first, its products will be offered at a relatively lower price to attract consumers. Once the brand has gained awareness and attracted enough customers, then the prices can be averaged with other competitors.
The principal goal of the organization is to become a recognized brand that provides the most innovative and comfortable furniture in the market. The company wants to become a big player in the industry, and it additionally wants to be recognized for the provision of the most innovative and comfortable furniture. To achieve the goals the company is going to rely on the transformational style of leadership since the CEO has the experience he can be expected to guide the other employees. It will also create a good working culture for all the employees and ensure they have a good working environment. A recently concluded research has argued that once the employees are happy at the workplace, they tend to produce or contribute their best leading to the better production of goods and services. Making sure that the employees are comfortable will lead to their maximum contribution hence directing it towards achieving its goal (Bilston & Sohal, 2015). The main objective of the firm is to produce the best furniture designs in the world. As earlier stated the owner has extensive knowledge of the industry. Additionally, the owner also has some experience in art, and it is the intention of him to hire people with prior experience in arts. This is essential since it will enhance creativity hence leading to the production of high-quality products. Times are changing and so are the preference of people. Traditional giants in the industry have stuck to the old ways of producing furniture without considering that times are changing. A few companies have started new furniture designs, but the trend is also which is also creating a
Organization plan
The organization will employ a good organizational structure that will ensure the smooth flow of information that results in efficient production of goods. It will be headed by the managing director who makes the final decisions who also acts as the CEO. Under him will be the manager who is concerned with all the departments. There will be four departments; head of human resource, head of production, head of IT and head of sales and marketing. The managing director will be actively involved in the human resource department to ensure that funds are not misappropriated and to make sure that only qualified personnel are employed. He will be in charge of the whole company, and he alone can make all final decisions on matters affecting the organization. The manager under him will have more responsibilities. He will be tasked with ensuring the smooth flow of operations in the company. He will be tasked with ensuring that all departments are functi...