Small Business Management and Entrepreneurship †MyAssignmenthelp

Question: Discuss about the Small Business Management and Entrepreneurship. Answer: Introduction: Al Mina is a small family owned business and operated South Australia patisserie for over forty years). Al Mina on Prospect was founded on December 2016 and prides itself on the production of over two-hundred (200) baked sweets amongst them Lebanese, Turkish, French and Greek influences. [1] It is owned by the Mina family and located in 140 Prospect Road, Prospect, 7220709, alminaonprospect.com.au. The company provides amazing as well as savouries from the Middle Eastern and Mediterranean bringing centuries old desserts to be enjoyed. The business is a restaurant and offers various foods and beverages as shown in the menu. Al Mina On Prospect faces fierce competition from other restaurants in South Australia like Abduls Kitchen, The Coffee Barun, Pun Thai Restaurant, Sunnys Shop, Caf Komodo, Muratti;s Cakes and Gateaux, Meze Mazi Restaurant/Caf, Shankers and Tom Jerry. However, it has created a sustained competitive advantage through its effective consolidation and right chosen more popular location (Prospect Road) unlike its competitors. Also, Al Mina On Prospects prides itself on the production of over two-hundred (200) baked sweets amongst them Lebanese, Turkish, French and Greek influences which further makes its competitors to outstrips it in its operations. Further, Al Mina On Prospect unlike the former Al Mina Central, has a more extensive menu with wraps, zoccacia, maneesh, pizzas and salads thus creating a competitive edge relative to its competitors. The firm also has a delicious array of Middle Eastern sweets on display behind the counter made over at Blair Athol which its rivals are lacking and hence it is outperforming the competitors. The service is also timely for example, freshly baked Zaatar Maneesh is served within minutes upon ordering accompanied with nice presentation on a wooden board. On top of a perfectly thin and crispy crust will be a Middle Eastern herb mix which entails twelve spices including toasted sesame seeds, oregano, sumac, coriander and thyme which always draw customers daily to start off proceedings. This has made the business ensure a steady flow of customers coming into their store throughout the day as it is better than ever. Also, Al Mina On Prospect now opens for extended hours (from Sunday to Thursday (10am-10pm) and on Friday and Saturday (from 10am to 11pm)) and provide customers more choice when it comes to food. Everything is made fresh at Al Mina On Prospect and the customer service remains f antastic and always worth checking out at Prospect Road precinct. Al Mina On Prospect is a relatively novel caf on Prospect Road. It is described as a Mediterranean patisserie. Indeed, just when one think he might have savoured a great array of sweet treats at Murattis, Al Mina On Prospect might give a room for one more little luxurious bite, maybe to take home for later!. Al Mina target market is to serve a great Baklava and amazing waffles. However, Al Mina On Prospect further serves up a good selection of mains, amongst them, Manaeesh that is a famous Lebanese street food comprising thin dough with varying toppings. Most of the Al Mina On Prospect Menu can be described as swift and easy food entailing wraps, salads, pizzas and their mouth-watering desserts. The menu prices average from ten to fifteen dollars. The size of the market served by Al Mina On Prospect is generally large since it is located in a dense and popular Prospect Road. The trends that have impacted the Al Mina On Prospect is that there have been ever emergent of new cuisine cho ices in Prospect making Prospect to increasingly have a good taste. This means that only businesses with sustained competitive edge can survive the stiffer competition. Thus the ever-changing landscape in Prospect has positively and negatively impacted the Al Mina On Prospect, especially the introduction of novel cafes and restaurants, complementing well with the prevailing flavours already abounding in the Prospect region. For example, the trend has been from Thai, Italian, Vietnamese, Greek, Indian, Mexican to more modern, Prospect is fast becoming the destination to visit in order to experience the varying cuisines as well as tantalise the tastes buds. Because of its fairly centrally accessibility and a destination that unearths several surprises, particularly in the culinary department, Prospect which is situated about five to six kilometres north of Adelaides CBD and about fifteen minutes by car dictates the operations and strategies Al Mina On Prospect has to assume to meet th e demands and needs for its ever-increasing customers. The market in which Almina on Prospect mainly operate is mainly dealing with culinary primarily in Prospect. The market is already saturated with various competing business offering top or leading cuisine choices in Prospect. [2] The main players include; The Coffee Barun, Pun Thai Restaurant, Sunnys Shop, Caf Komodo, Murattis Cakes and Gateaux, Meze Mazi Restaurant/Caf, and Shankers. The Coffee Barun remains popular with patrons on a weekend for breakfast by grinding its own coffee beans on its premises and prompting itself as the artisan roasters of premium hand selected coffee. The Coffee Barun provides a damn good coffee! The Coffee Barun also provides the Atlantic salmon which has been baked, served with steamed Asparagus, sweet potato wafers, a poached egg and cherry tomato salsa. The Pan Thai Restaurant is a new establishment in Prospect and provides fresh Thai cuisine, sourcing local ingredients from their individual organic garden located in Adelaide Hills. Pun Thai provides a great menu choice encompassing cuisine appealing to differing tastes, whether one is a vegetarian, seafood enthusiast, meat lover or like ones taste buds reeling from a good curry (Gaeng Keow Wan Gai/Goong). The Sunnys shop is described as offering authentic Asian street food right in the heart of the Prospect through its more appealing food for the inner soul. [3] The Sunnys shop provide wonderfully fresh Banh Mi rolls, Cold Rolls, Laksas, Salads and Spring Rolls. It has further expanded to bringing in the evening menu encompassing stir-fried crispy pork belling full with green beans, sweet and lime chilli. Caf Komodo is well renowned in the Prospect region and started its operations as a child-friendly caf, primarily visited by mums with young children but it has subsequently evolved to attract a broad array of clientele. It provides beer garden for patrons to actually make the most of the fine weather to grace these patrons. It provides its own made wholemeal date pancakes served with maple syrup, ice cream and topped with fresh juice. For lunch and dinner, Komodo offers a kid-friendly menu including burgers, pastas, salads, BBQ plate and chicken and steak. Komodo also offers its signature regular live gigs on each Friday night. Murattis Cakes and Gateaux is likely the most famous caf in Prospect and it is always a busy place whenever one pa sses by, both outside and inside. It provides top quality cakes and pastries alongside items on menu leave alone tea and coffee. The offered cakes and pastries are designed and hand crafted on its premises and looking into its display cases gets the mouth-watering-a bit such as a kid a lolly shop!- especially if one is into sweet indulgences. It further provide some great baguettes, sandwiches and frittatas in case one tears himself away from great pastries and cakes. They further provide an online shop and for such special occasion, one cannot go past one of its iconic cakes/gateaux, with one of its specialities being flavoured moues, for instance, a Caramel Crme Brulee with chocolate mousse, pear puree and ricotta on a flourless chocolate sponge foundation. [4] Meze Mazi Restaurant/Caf provides certain Greek cuisine on Prospect area and name is translated as Taste Together, hinged on traditional Greek ethos of meals being a ritual to share with friends and family. The specialties for lunch include Moussaka and Souvlakia. In addition to these, some great charcoal options like Bifteki, a merger of ground beef and pork infused with herbs, flame-grilled and subsequently served with pita, tzatziki and chips adds to dinner specialties. Shankers serves up high-quality South Indian cuisine and Singaporean flavours. It provides great meat and seafood Thai platters that can entail madras lamb, chilli squid served with saffron rice or seafood curry. [5] The Singapore influences and flavours entail traditional Singaporean noodles, lemon chicken and stir-fried prawns. Al Mina On Prospect is a new caf that is described mainly as Mediterranean patisserie. It provides a great array of sweet and luxurious treats. It serves a great Baklava and amazing waffle s alongside a good selection of mains like Manaeesh. It provides quick and easy food entailing wraps, salads, pizzas and its mouth-watering deserts. Al Mina on Prospects gets its supplies are mainly Lebanese, Turkish, French and Greek. They have reliable firms that ensure that their operations are never disrupted. The suppliers provide raw materials for the firm to achieve its goal. The credit terms are not acceptable by Almina On Prospect. The management of Al Mina on Prospects is mainly done by the Mina family members as it is a small family-owned business. The background of the management is mainly from the Mina family who not necessarily have specific expertise. They are responsible for managing the business by ensuring that the operation is effectively done. Besides the family members, the business employees other expertise who are given different tasks in the business including record keeping, cooking, baking, service, marketing and even sales and distribution and delivery of products. The work patterns are mainly routine as specific employees do regular work like service or marketing or book keeping. Technology has showcased a great impact on the workplace over the years. New technology has been injected into the business at an exponentially increasing rate over the last few decades. Many businesses see new technology as a means to increase profit margins and to remain competitive in a rapidly evolving marketplace. [6] There are however a number of advantages and disadvantages of utilizing technology. Al Mina on Prospect promote their business through online social networking sites such as Facebook. Customers are able to view the products sold in the business and the set-ups South Australian on Facebook Pros Cons Computers are easily utilised for generating quotes/invoices, email for communicating with clients Added expense for businesses (service, repairs, updates) Economically, new technology has succeeded in ensuring substantial increases in productivity and profitability for many businesses. That is, technology is helping the economy prosper. Inevitable reduction in the number of workers. Socially, this will disturb the society as households will be stranded with insufficient incomes. Promotion/marketing can be done online (from home) Technology can be unreliable Finance and Record Keeping For Al Mina on Prospect to effectively keep track of its financial status, it has a bookkeeper alongside an accountant specifically dealing with the record keeping of invoices, receipts as well as tax. Al Mina on Prospect further create a range of diverse financial reports for the firm, each with its specific purpose. [7] Financial report purpose Balance sheets Shows the businesss assets, liabilities, and owners equity at a given point of time Income statement Shows the profit/loss a business has made over a period of time Statement of cash flows Reports on a businesss cash flow activities, particularly its operating, investing and financing activities. Statement of retained earnings Explains the changes in a businesss retained earnings over the reporting period. Government Regulations (Core / Option Topic) Almina On Prospect has to comply with all existing government regulations and laws Equal Opportunity Act 1984 An act which ensures that employers and managers provide their employees with equal opportunities/ ensure no one is discriminated on the basis of sex, gender preferences, race, marital status and religion. Fair Trading Act 1987 An act that appoints the Commissioner for Consumer Affairs to safeguard the rights of consumers and advises businesses to involve themselves in ethical and fair practices. Shop Trading Hours Act 1977 An act which determines the trading hours of businesses Trade Practices Act 1974 An act which deals with almost all aspects of the marketplace including dealings with suppliers, wholesalers, retailers, competitors and customers. Work Health Safety Act 2012 An act that ensures a business protects the health, safety and welfare of people at their workplace. Workplace Relations Regulations Act 2006 An Act which regulates Industrial Relations/ the ability to hire and fire employees. Government Acts followed by Almina on Prospect The employers and employees of the Almina On Prospect both have certain obligations they must follow in order for the business to legally operate Employers Employees Are obliged to provide a safe working environment Must protect their own health and safety Have a record to keep work injury Utilize equipment provided for health and safety purposes Implement safe systems of work Avoid affecting the health and safety of others Monitoring of working conditions and employees health must be done Comply with all OHS regulations Need to provide training, supervision and information Obey instructions regarding health and safety SWOT Analysis/ Strategies and Recommendations Strengths Al Mina On Prospect is situated at Prospect Road area, a high population of foreigners that are interested in its products and services Being family-owned, owners have a direct role in its management High quality products from abroad Low prices hence higher customers Weaknesses Al Mina On Prospect requires publication Poor management Opportunities Expanding business location, opening franchises Further advertisements and promotions New technology Selling traditional middle eastern food products/recipe books Threats Being a newly established small businesses, it is likely to fall into bankruptcy Inflation of Australian Dollar Overseas suppliers could face financial complications thereby affecting the Al Mina On Prospects sales Rivals firms have more exposure (located in Adelaide market) Competitors pose great threats Al Mina on Prospect must focus on getting domestic supplier to decrease its expenses. This will reduce costs that would otherwise be spent via tariffs and freights due to global trade. In doing so, the Alumina on Prospect will realize increased revenue. The business should further seek to extend its menu in different languages to appeal students. Al Mina on Prospect can enhance market share by expanding the location. [8] It should start a franchise to make the citizens increasingly aware of its existence and operations. Augmented business publicity will help Al Mina on Prospect earn expansive market share to boost its sales thus additional revenue to guarantee sustainability. Bibliography Bohari, A. M., Hin, C. W., Fuad, N. (2017). The competitiveness of halal food industry in Malaysia: A SWOT-ICT analysis. Geografia-Malaysian Journal of Society and Space, 9(1). Doppelt, B. (2017). Leading change toward sustainability: A change-management guide for business, government and civil society. Routledge. Graves, C., Shan, Y. G. (2014). 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