question archive You're a third-year business management student and always had a dream to run your own business
You're a third-year business management student and always had a dream to run your own business
Subject:BusinessPrice: Bought3
You're a third-year business management student and always had a dream to run your own business. Your parents decided to help you with finances to start a small coffee shop. You're really excited about capitalizing on this opportunity to start your own business. However, you're bounded to study simultaneously to finish school. This leads you to your decision to hire two store managers to oversee the day to day management responsibilities of your coffee shop. After three months of day and night efforts - you have successfully opened your shop and recently hired two new managers Christina and Haidar. Your new managers: Christina: is a fresh college graduate in business degree concentrated in finance discipline. This is her first job and she is excited to take on the challenges that come with the new startup business. She really impressed you with level of knowledge & analytical skills she possesses e.g. forecasting inventories, calculating profits, reading and interpreting financial results etc. Her hobbies are: Playing skudu, writing poems and reading historical books. Haidar: started the college degree 2 years ago and couldn't finish due to some family challenges. After dropping out of school, he started delivering newspapers in his community by creating an online portal for customers to register for newspaper subscription. He developed a strong customer base in few years due to his jovial personality & relationship management. He shared during the interview that his hobbies are watching movies, taking pictures and making friends.
Coffee Shop KPI's to measure success: You have been thinking a lot about your coffee shop's key metrics to measure success. You have decided to monitor key KPI's and hold your managers accountable to deliver on those KPIs.
1)Revenue: continuous growth
2) Expenses: cost reduction and management
3)Net Income = Revenue - Expenses: Incremental Profits
4)Customer Service Score by conducting monthly Survey
5)Brand Awareness
6)Employee Experience Score by conducting monthly Survey
Questions)
1)What are some of the current trends in online training? Would you suggest an online training for Haidar and Christina? Discuss the Pros and Cons of utilizing this method of training.
