1. Mission Soul Bakery is a bakery business owned by two couples, the Kerry’s and Clarkson’s, their mission is to constantly develop a range of premium products that are in tune with current wellness and thinking. 2. Personal Aspirations With both couples being exposed to different expertise within the baking industry they foresee a great opportunity in growing the business. Both couples can identify the opportunities and break-through in the market.
They have plans on new business ventures, like the Kerrys selling their retail operation and investing their resources into developing and testing their products for the new venture.
“The products flew of the table from day one”, gives the entrepreneurs a sense that the business had a potential to grow, and that they never made a mistake about opening this venture. The Soul bakery’s turnover is approximately 2m US dollars, which is a lucrative investment, considering the fact that the couples funded their business form their own pockets.
Their products are moulded and finished by hand, meaning that they kept the tradition of baking cakes, but they are also willing to use technology to improve their productivity and quality of their products.
3. Risk propensity The owners of Soul bakery, lack a strategic approach of running their business. By lacking a strategic approach I mean that their business has no formal structure of performing tasks. According to the article, the couples have not had time to delegate their work.
This is a risk because the more they grow and lacking delegation, the more the work will get complex and it will be difficult to assign different tasks to one another. Funding the business using the owner’s pocket money, does not create a good opportunity for investors, because it limits external investment opportunities that might help the company to grow. They also expanding, their business into Canada, supplying breads into shops and restaurants. Expanding distribution channels into other countries, is too much of a risk, due to price variations, and other factors that could influence the operation of a business.
Cite this Soul Bakery Case
Soul Bakery Case. (2016, Oct 17). Retrieved from https://graduateway.com/soul-bakery-case/