J‘S Business Plan, Essay Example

J is one of the brothers who own a retail business called Tirpak. The other brother is called Michael and is responsible for buying merchandise for the business. R.J is responsible for the day to day running of the business. The employees are his responsibility, having good relationships with the bank and general management of the business. R.J is also seen to be a better leader compared to Michael because whenever he tries to be bossy, R. J backs off so that he can try and keep things orderly and cordial in the business.

It is now that time when the two brothers feel that they should retire and let other people take over.  In such a case, many businesses would want to go the succession way where the owner of the business passes on the ownership to their children. In this case, R. J would not have any child to succeed ownership to because he has no children. He therefore has to strategize on what to do in the event of retiring. He however has an interest in training Teresa, who is Michael’s daughter, so that she can understand the sports and athletic equipment market.

Teresa has a degree in marketing and public relations and is the vice president in the company she is working in currently. She however does not understand the sports and athletic equipment market. She has always been a bright girl and R.J should consider training her because being so intelligent, she should not have a problem in understanding the normal operations of the business. Dealing with the employees and maintaining good relationships with the bank are some of R. J’s roles and having had studied public relations in the university, Teresa would find it easy to execute the two duties. The other role is general management of the business which is something Teresa can do without any problem since she is the vice president in her company.

Since quitting her current job to own Tirpak will enable her to earn more, Teresa its advisable that she should quit her job and own the business with her brother Elliott. Doing this will make sure that the business is in good hands because Elliott does not have any experience in a business and is seen to be overconfident in his abilities although he has a weakness in learning. Training Teresa would therefore be worthwhile since she will take the business move towards the right course. After a considerable period of training and Teresa is hired, R. J should work with her for three months and then retire thereafter.

Then there is an issue of employees. Should R. J employ another lot of employees so that they can start afresh with the new managers or should he just let the current employees even under different management? The business is currently equipped with an outstanding sales force of both men and women. This kind of personnel is needed in the new management because it will help in training the new owners on how the business has been. Teresa and Elliott will therefore learn from the current employees on different issues on how things have been running and after a getting a good concept of the business, then the two can decide on whether to alter the number and position of the employees.

In the new strategy, R. J plans on adding a new manager’s discount for customers to help in boosting the sales for the new managers and also promotional goods which they can hand out. These goods would include coupons and other commodities that are sold by Tirpak and use of logos for the business on a bag for the customers. Teresa will take over in this promotion strategy and from her strong background in her degree in marketing, she will be able to conduct a professional kind of promotion whose target will be to increase the number of customers hence boost sales. The business will therefore achieve its mission if the above issues are implemented.