Business Entrepreneur

Introduction

Small and medium sized businesses are growing rapidly over the period of time across the UK, and also around the globe (Fairlie and Fossen, 2020). The study focuses on evaluating one small and medium sized enterprise or SMEs in the West Midlands, where there are more than 18,590 SMEs in West Midlands, which are operating efficiently. In this study, the SME firm Winny's Meals will be evaluated in order to analyse the business ideas and entrepreneurship style in the company. The study is hereby beneficial to analyse the organisation, operating in Birmingham, West midland, in order to gain high competitive advantage and this study also provides a scope to develop further business planning to support Winny's Meals for achieving business success. Winny's Meals is a well-established meal reparation company, which has been establish 3 years ego and it is operating in the hospitality chain in West Midland efficiently (Winny's Meals, 2021a).

The main branch of the organisation is situated in Birmingham, West Midlands, and the organisation is efficient to run the operations proficiently by hiring experts in food preparation and employees to deliver the best quality food to the customers safely. The main strategy of the firm is to provide healthy food to the people all over the UK in just 5 minutes. Today’s lifestyle is very fast, and the main thing that Winny's Meals focuses on is time, where the organisation aims at delivering the food within minimum time in order to serve the customers efficiently. The major values of Winny's Meals are such as family first, quality maximisation, forwarding towards positivity and creating new tradition, collaboration and employee value creation as well as maintaining sustainable practices to protect the natural resources and creating values for the social communities (Winny's Meals, 2021b).

Industry analysis

Internal analysis

the internal analysis can be conducted through SWOT analysis that explore the existing strengths, weaknesses as well as upcoming opportunities and threats in operating the business activities across the UK market (Lüdeke‐Freund, 2020). The organisation is operating under the small and medium sized hospitality industry of the UK, where it is situated in Birmingham, West Midlands. The organisational strengths are such as strong financial position, employee’s base, operational efficiency, time management and customer centric model (Winny's Meals, 2021b). However, there are some weaknesses, for which the organisation face difficulties in managing their operations in such competitive restaurant industry of the UK. The major weaknesses include lack of business expansion, poor financial options and lack of marketing strategic planning (Gast, Gundolf and Cesinger, 2017). The major market opportunities for the organisation are e-commerce service, technical innovation, market expansion, high demand for online food delivery services, increasing customer’s preferences towards instant food and business creativity (Canestrino et al., 2020). The major threats for the organisation Winny's Meals are increasing cost of operations, lack of availability of the experienced staff members, intense competition and increasing the numbers of small and medium sized restaurant chain across the West Midlands and the UK

External analysis

PESTEL analysis is effective to conduct industry specific external analysis, which stands for political, economic, social, technological, environmental and legal (Drobyazko et al., 2019). The political situation across the UK is stable where the government provide subsidies and continuous influence the entrepreneurs of small business firms to expand their business activities across the country (Fairlie and Fossen, 2020). The economic growth of the UK as well as the purchasing power parity of the individuals across West Midlands are contributing factors for the small sized restaurant chain to retain the customers and provide efficient hospitality services to them (Sahoo and Yadav, 2017). Social development and adoption of new technology are also there across the UK, which provides a scope to Winny's Meals to engage with the customers through latest technology. The online activities are hereby increasing over the period of time, and Winny's Meals can attract more customers and provide them instant food through online e-commerce services. The organisational website and cloud computing system are beneficial to handle customer’s data and information as well as deliver quality food to them within effective time. The legal practice with employment rules, business intellectual property rights as well as ethical practices reshape the business to run the in a systematic way (Hoque et al., 2018).

Evaluating new opportunities

The organisation Winny's Meals must expand their business by mitigating the weaknesses and exploring new alternatives in the restaurant industry of the UK. It is mandatory for the firm to target the right customers or successful client retention and promoting their organisational products and services across the UK, by adopting different marketing channels. As per the customer’s segmentation, the major segments are based on income, occupation, demographic factors and races (Cullen and De Angelis, 2021). The organisation Winny's Meals must target the urban areas across west Midlands and also across the UK, to promote their business activities. The organisation also needs to target the medium and high income earners so that they can afford the food of Winny's Meals. As per the demographic factors, Winny's Meals must target the individual who are living alone in the UK, and looking for meals, also the company must target the friends group and families for enjoying their snacks and other food menus as per their choice and preferences. Hence, the new opportunities for Winny's Meals are to expand their services across the UK through e-commerce facilities and promoting the organisational website, so that the customers can review their food menu and place orders as per their taste.

The organisation must develop the official website and promote the website through social media advertisement. In the recent era of globalisation, social media like Facebook and Instagram are useful for enhancing market communication as well as promote the small and medium sized business across the country. Winny's Meals must choose social media for promoting the organisation through different post, creating Facebook page and doing Facebook lives. This is beneficial to attract the target customers and retain them for long run with creative food menus. For promotional activities, the organisational also needs to send personalise email to the old customers and also invest in television advertisement for successful promotion across the UK. Winny's Meals needs to redesign their product and prices, which are two major components of promotional activities. Winny's Meals should focus on developing diversifying food menu as per the taste and preferences of the local population. For retaining the bachelors, it is essential to develop different combo offers at affordable price, so that one can order as per their choices (Ortiz-Avram et al., 2018). Additionally, it is necessary to provide breakfast and lunch menu differently with improving quality and increasing the quantity of food. Setting affordable pricing for their food menu is beneficial for retaining more clients across the UK (Nigri and Del Baldo, 2018). Winny's Meals also needs to diversify their products by utilising organic food, vegetables and fresh fruits for rearing their food items so that the customers can understand food value and choose healthy food items as per their preferences.

Financing the project

It is important to develop financial projection for arranging adequate capital and create good strategic planning for achieving the aim of the organisation. The firm Winny's Meals focus on expanding their business across the UK and grab the market opportunities for securing future sustainable development. Winny's Meals must arrange capital and invest in the marketing planning in order to promote the brand and retain the target customers successfully in near future. The projected financial assessment will be represented further.

Approximately, €16000 will be predicted to develop the strategic planning at the organisation and run their operations across the UK by strengthening their supply chain, so that they can deliver the best quality food to the customers within minimum time.

As per the sales projection, it is expected to increase the percentage of organisational growth by 22% in the year 2024, with increase in sales volume and expected revenue generation. With the increase in the sales volume, the organisation would be beneficial to retain the old as well as new customers and maximise their profitability in long run.

Risks and benefits

Reference List

Canestrino, R., Ćwiklicki, M., Magliocca, P. and Pawełek, B., 2020. Understanding social entrepreneurship: A cultural perspective in business research. Journal of Business Research, 110, pp.132-143.

Cullen, U.A. and De Angelis, R., 2021. Circular entrepreneurship: A business model perspective. Resources, Conservation and Recycling, 168, p.105300.

Drobyazko, S., Hryhoruk, I., Pavlova, H., Volchanska, L. and Sergiychuk, S., 2019. Entrepreneurship innovation model for telecommunications enterprises. Journal of Entrepreneurship Education, 22(2), pp.1-6.

Fairlie, R.W. and Fossen, F.M., 2020. Defining opportunity versus necessity entrepreneurship: Two components of business creation. Emerald Publishing Limited.

Gast, J., Gundolf, K. and Cesinger, B., 2017. Doing business in a green way: A systematic review of the ecological sustainability entrepreneurship literature and future research directions. Journal of Cleaner Production, 147, pp.44-56.

Hoque, A.S.M.M., Siddiqui, B.A., Awang, Z.B. and Baharu, S.M.A.T., 2018. Exploratory factor analysis of Entrepreneurial orientation in the context of Bangladeshi small and medium Enterprises (SMEs). European Journal of Management and Marketing Studies.

Lüdeke‐Freund, F., 2020. Sustainable entrepreneurship, innovation, and business models: Integrative framework and propositions for future research. Business Strategy and the Environment, 29(2), pp.665-681.

Nigri, G. and Del Baldo, M., 2018. Sustainability reporting and performance measurement systems: How do small-and medium-sized benefit corporations manage integration?. Sustainability, 10(12), p.4499.

Ortiz-Avram, D., Domnanovich, J., Kronenberg, C. and Scholz, M., 2018. Exploring the integration of corporate social responsibility into the strategies of small-and medium-sized enterprises: A systematic literature review. Journal of Cleaner Production, 201, pp.254-271.

Sahoo, S. and Yadav, S., 2017. Entrepreneurial orientation of SMEs, total quality management and firm performance. Journal of Manufacturing Technology Management.

Winny's Meals, 2021a. About us. [online] Available at: https://www.winnyskitchen.com/ [Accessed on 6 August 2021].

Winny's Meals, 2021b. Values. [online] Available at: https://www.winnyskitchen.com/vibe-values [Accessed on 6 August 2021].

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