Executive Summary
The present business plan is dedicated to an overview of Pink Label Hair Company, a limited liability entity, operating in the cosmetics and beauty industry. The business’s product portfolio includes 100% virgin hair bundles in Brazilian, Peruvian, and Malaysian styles. It has an offline location in [Name of the City, State], yet primarily operates online in order to reach a wider group of consumers across the country and internationally.
The major points covered in the report are the company’s target market, 2-year budget, estimated start-up costs, and business concept, including the mission and the vision. Additionally, the document outlines the responsibilities of the enterprise’s key personnel and briefly discusses the major components of its corporate culture: accountability, teamwork, ethics, innovation, and others. The report has a purpose to demonstrate what makes Pink Label Hair Company a viable offer and explain why it can attain success and economic sustainability.
Business Concept
The enterprise specializes in the sale of high-quality natural hair bundles of different styles and at varying prices aimed to meet the interests and purchasing capacity of customers from a plethora of diverse backgrounds. Besides quality, the major values of the brand are the esthetic appeal of products, affordability, and convenience. The mission of Pink Label Hair Company is to make beauty products of superior quality widely accessible and give customers impeccable shopping experience. The organization’s vision is to inspire every woman to love the hair she wears.
Target Market
Hair bundles offered by Pink Label Hair Company mainly target the female group of consumers, especially women of color, of 18-50 years old. Potential customers of the enterprise lead an active lifestyle, love to take care of themselves, and are interested in fashion. They may be students, housewives, esteemed professionals or leaders in a wide range of fields and can have annual incomes of USD 20,000-100,000. These women not only want their hair bundles to look good but also value endurability and easy maintenance. Thus, they prefer hair bundles that endow them with confidence, are comfortable to wear, and allow for trouble-free use.
Projected Budget
Initial Start-up Costs (USD).
Projected Monthly/Annual Budget (USD).
Fixed Annual Wages (USD).
Key Personnel
- Chief Executive Officer
- Chief Financial Officer
- Chief Information Officer
- Human Resources Officer
- Marketing Officer
- Chief Sales Officer
- Office/Store Manager
- Customer Support Officer
- Creative Director
- Social Media/Content Manager
Organizational Flow Chart
Job Descriptions of Key Personnel
Chief Executive Officer
The Chief Executive Officer is responsible for the management of the business as a whole and has a superior influence on top-level decision-making. A person in this position is responsible for
- long-term strategic planning:
- administration of environmental market analyses
- development of organizational culture, values, mission, and vision
- selection of strategic orientations
- formulation of objectives and goals
- implementation of designed strategic plans:
- communication with personnel and other stakeholders
- design of organizational structures and workflows
- realization of employee motivation initiatives
- participation in the composition of organizational budgets
- monitoring of different types of internal operations, including finance and sales
- monitoring of organizational compliance with the national, states, and municipal regulations, as well as ethical standards and codes.
Chief Financial Officer
The Chief Financial Officer is a person with profound knowledge in accounting, finance, and economics who supervises a broad range of financial activities in the company. The list of their responsibilities comprises
- leadership of the finance and accounting teams:
- communication with employees
- performance monitoring
- allocation of tasks
- regulation and monitoring of employee compliance with relevant policies and standards
- management of all organizational budgeting, financial reporting, and forecasting processes
- active collaboration with the Chief Executive Officer:
- participation in long-term strategic planning
- provision of recommendations to the senior leadership in the context of financial planning.
Chief Information Officer
The Chief Information Officer is the head of information technology (IT) department in the company. A person in this position has an academic and a professional background in computer science, programming, software engineering or similar technology-related disciplines. In general words, the Chief Information Officer is responsible for the evaluation of organizational technology needs and the identification of ways to meet those needs within the boundaries of the set organization-wide strategy. Their specific duties include
- development and/or approval of the company’s IT architecture
- information risk management
- overall IT department management:
- employee supervision, communication, and task delegation
- participation in the development of the IT team
- regulation and monitoring of employee compliance with relevant policies and standards
- participation in strategic plan development and implementation:
- advising the senior leadership on how to add business values through ITs
- alignment of IT department activities with general goals and objectives of the company.
Human Resources Officer
As the head of the Human Resources (HR) department, the HR Officer is responsible for staff recruitment, retention, and development. In addition, they are actively involved in the design and realization of systems aimed to monitor employee performance and foster better team motivation and excellence. Specific duties of the
HR Officer are
- development job descriptions for workers across all organizational levels
- determination of the overall recruitment and selection tactics, methods, and strategies
- HR team leadership and monitoring of employee performance in the HR department
- collaboration with the senior leadership at the stage of strategic plan development:
- active involvement in the creation of employee culture, as well as reward and benefit systems
- alignment of organization-wide strategic goals with HR processes and objectives.
Marketing Officer
The Marketing Officer oversees the company’s marketing and advertising activities. It is a professional with extensive knowledge of modern marketing tools and techniques and with advanced marketing research and analysis skills. Key responsibilities of the Marketing Officer in Pink Label Hair Company are
- development and active participation in the implementation of marketing strategies
- finding ways to develop brand awareness
- design of promotional campaigns across different media, including social media and such traditional media as television, print newspapers and magazines
- monitoring of the marketing team operations
- employee communication and delegation of tasks
- Administration of market research
- Analysis of current consumer and industry trends
- Identification of opportunities for business growth and greater profitability
- Participation in long-term strategic planning along with other members of the senior leadership group.
Business Location
The company has an offline office and store located in [Name of the City, State]. Nevertheless, Pink Label Hair Company carries out the majority of its activities online. The selection of digital space as the primary platform for sales is based on the rising popularity of e-commerce among US consumers and worldwide. Statistical data indicate that the rate of online sales has grown from 5 million in 1998 to 389 million in 2016 and is expected to increase further in the future (“Online Shopping Trends”). The choice of e-commerce over the traditional commerce platform is also defined by the general interest in IT and social media among modern consumers. It means that as an online retail location, Pink Label Hair Company not only is free of geographic constraints but also may exercise greater revenue opportunities and add extra values for technologically-savvy individuals.
Final Summary
Quality
Quality is one of the key value propositions of Pink Label Hair Company. Thus, the company offers only the finest, 100% virgin hair bundles. The management also understands that the quality of customer service plays a pivotal role in reaching high levels of buyers’ satisfaction, forming their loyalty to the organization, and promoting a positive brand image. For this reason, the company strives to maintain quality even at the lowest levels of internal operations. Specific processes involved in the development of corporate quality culture are employee education on service excellence, enforcement of rigid quality standards, and alignment of organizational objectives, work structures, and rewards with strategic quality goals.
Accountability
The management acknowledges the significance of accountability for the brand’s reputation and profit gains. It strives to prevent and minimize any negative impact on stakeholders and, on the contrary, aims to promote their well-being and form positive and mutually beneficial relationships with them. This primarily applies to Pink Label Hair Company’s consumers, employees, and partners. However, the enterprise is also accountable to the local and online community as a whole, the state, and the national authorities. Therefore, it aspires to involve in only ethical, socially responsible, and legal business practices to reduce potential harm and benefit others.
Ethics
The concepts of accountability and ethical conduct are deeply interrelated. Ethics incorporates those behavioral and decision-making principles that correspond with universal moral values, by complying with which, one demonstrates his or her integrity and awareness of own social responsibility (Goel and Ramanathan 49-50). Ethical principles apply to individuals and organizations alike and, thus, Pink Label Hair Company always aspires to engage in ethical behaviors and encourages each employee to do the same. The business incorporates an ethical leadership strategy and penalizes any deviation from ethical standards and norms.
Safety and Health
The company provides a secure and positive work environment for its staff members. By doing so, it targets two important goals: 1) compliance with national and state legal regulations and policies, and 2) promotion of greater job satisfaction in employees. Hazardous workplace environments pose a substantial threat to the health of workers and lead to the development of chronic diseases in them. It means that insecure workplace environments result in poorer individual performance, as well as higher absenteeism and staff turnover rates (Ji et al. 24). Thus, a failure to ensure safety is associated with a significant risk of financial loss for businesses. While financial outcomes are important for Pink Label Hair Company, it still regards employees’ well-being and happiness as a priority. Therefore, the enterprise works towards the complete elimination of all potential threats to both physical and psychological health of its team members.
Teamwork
Passionate individuals can attain great things, whereas cohesive teams of like-minded and highly motivated people can achieve an even higher level of greatness. Thus, the company values teamwork and aims to create a collaborative environment where the work of one professional is interrelated with the work of the other. The process of teamwork enhancement and arrangement at Pink Label Hair Company starts with the recruitment process and ends with the selection of the right leadership approach at the highest organizational level. The purposes of those processes include effective conflict management and the establishment of shared decision-making and productive dialogs.
Motivation
Creation of a safe environment and a friendly, collaborative climate are merely a few of the initiatives that the company undertakes to promote employee motivation. Other efforts include fair and performance-based pay, elaborated reward and benefit systems aligning workers’ behaviors with organizational goals, opportunities for professional growth and training, and so forth. Pink Label Hair Company believes that a high degree of employee motivation is a necessary prerequisite for business growth and organizational improvement. Thus, the management pays a lot of attention to this factor.
Innovation
Innovation is key to competitiveness in any industry, and the cosmetics and beauty industry is not an exception. For this reason, the enterprise closely monitors recent trends and advancements in the field of hair products. Besides that, the company strives to be innovative in terms of its managerial, leadership, and operational practices as well. At Pink Label Hair Company, we are convinced that innovation will help the brand to provide a higher quality of services and attract new consumers more effectively.
Works Cited
Goel, Mridula, and Preeti E. Ramanathan. “Business Ethics and Corporate Social Responsibility – Is There a Dividing Line?” Procedia Economics and Finance, vol. 11, 2014, pp. 49-59.
Ji, Zuzhen, et al. “Why Do Workers Take Safety Risks? – A Conceptual Model for the Motivation Underpinning Perverse Agency.” Safety, vol. 4, no. 2, 2018, p. 24.
“Online Shopping Trends 2019 & Key Figures – What You Need to Know.” Nation Master. 2019, Web.