Explain how the concept fits with the implementing organization’s core competencies. Research support lacking
Without your business having core competencies you wouldn’t be able to deliver your customer and clients needs and wants in a successful way. In this competitive industry you must have new innovative products in this marketplace. Even if my gym was smaller in size, I would still have an advantage over other buildings because of the creative innovative products that will be offered. For example, I would like to incorporate gaming headsets for the children while they are exercising to make it more fun for them; along with that I would like to have a smoothie bar that offers other breakfast items as well that the children can have hands on experience on making. Making sure that all the products offered are of quality and reliable especially the equipment to avoid the risk of potential clients getting hurt or harmed. When quality is higher than quantity the consumers will pay for it and become loyal clients. Customer service is another core competency you need because it is almost like a first impression of your company, which can either make you or break you. Staying connected to the different technologies that are in high demand and using it to your advantage because it is always changing along with trends. Strategic planning and a sense of organization skills will keep your business from going into stress mode while making crucial decisions for the business. It will also ease the frustration of misplacing things or increase being able to answer customer questions or clients with ease. Gym facilities have a lot of tasks that need to be completed daily so being consistent in your planning and finances reflect how well your able to handle the essentials of the fitness gym consistency is a concept that will get you further in anything you’re doing in life because it brings abundance. One in four new products makes it out of the research and development phase onto the market. Even products that manage to land on shelves can fail based on lack of demand. Just because a company makes a product does not mean there is a demand for it. Marketing research can be flawed. A brand attempts to reach beyond its scope by adding an item that is not complementary with its core competency or offering one that is not the right fit for its own target. And probably more damaging is the flawed product that makes it to market and can adversely affect the overall brand itself. An absolute failure is one that does not achieve the break-even point. A relative failure may cross the break-even point but the objectives set for it were not fulfilled.
Describe the type of corporate culture that will offer the best possibility for successful implementation. Research support lacking
Any business or work environment that possesses organizational culture majority of the time is driven by some sort of purpose or expectation, which aids in increased productivity for the company. A great benefit that comes from organizational culture increased employee assigned duties and responsibilities engagement with others. The beliefs behind my fitness gym include Dress code, business hours, office set up, turnovers, employee benefits, client satisfaction and they are all necessary to have a successful thriving company, although implementing these things will take time but it will determine how we as a company as one can handle the business. Member retention can affect the fitness gym culture in a negative way so; making sure that my club is team/people oriented because consumers more than what we think they see, so with hiring the right people who are committed to my organization and understand the mission and values that comes with it will help. Setting a positive vibe and an atmosphere that serves off the mission and value statements, helps a business to represent itself in the most positive way. Do not write in 1st person. This is a professional project not a personal one I will lead by example and put the effort into make sure that I abide by the vision as management, in return my employees will follow. Also, making sure that the staff feels appreciated. Keep the employees involved, rewarded for good performance, and encourage them to put forth any input that they may have to show that they are too important and play a major role in the business as well as shoeing them a level of trust that I have for them. An interesting debate is whether ethics can really be a function of a corporate culture (i.e. leadership) or whether the best route is to hire ethical people. EXAMPLE- Common Ethical Issues Facing Salespeople: Ethical Issues Associated with the Salesperson’s Customers; Misrepresentation: lying about a product, making claims for it that are not true; Bribery: offer of a gift that secures undue influence; or Encouraging rogue purchasing: the practice of purchasing products from non-approved vendors.
Define the key roles, responsibilities, and qualifications of the cross-functional business implementation team, including what your own role will be in the process.
Key roles and qualifications would consist of someone who has a passion for fitness, good communication skills, people oriented, someone who shows compassion for others. I feel like they don’t have to have a certain level of education about fitness because that will come, but they will need a will to want to learn more and grow. Responsibilities include ensuring that the gym is cleaned (protocol for COVID-19) as well as checking and ensuring all equipment are safe and are in good condition. Owners of a gym have plenty of responsibilities but for starters, hiring all the necessary people to be a part of the team and making sure that all bills including employees are paid on time each month. Retention is a major focus within a business so being able to create and manage different fun ways to ensure new consumers can be attracted to this facility including gym tours to new customers. Finding creative ways to promote/market the gym to draw clients in as well as keeping the current clients happy and satisfied. I will also be responsible for preparing work schedules and be a helping hand with workout programs, incentives for both employees and clients. Also, taking lead in training or seminars for professional growth. I will also supervise daily functions. Overall, I want to create a stable and fun environment and become a businesswoman who develops and gets to know her clients on a personally level to become more than just a business to become a fitness family. Stable operations are the foundation of a successful business (Glofox, 2020). The rationale provided for these decisions is important. Using research to support your plan is imperative.
Outline contingency plans should the team composition you propose need to be modified. Research support lacking
Every business comes with risks but protecting your business and your clients is key with having insurance on equipment, insurance on the building, and having the clients sign a liability or waiver form before accidents occur, that will protect the business; this waiver serves as a release from the fitness gym from any claims as their trainer if they get injured. As an owner being able to understand the different options of insurance and the potential risks that could come about; you need to grasp the concept of how the selective coverage works and which coverage will suit your need best. In a gym there is bound for someone to hurt in some form of fashion, so documenting every incident to the best of your ability (cameras would be in place at my gym) to help avoid the possibility of being sued. Also, making sure that all machines and equipment have directions on how to properly use them, so clients know the hazards if perform incorrectly. Having clients sign a pre-screening health form of any pre-related health concerns that we should know about; in a situation like this documentation from their doctor would be needed for them to resume services at the gym. One of the things most people don’t consider is sexually assault in a business, so along with cameras, always have trainers work in a space where others are present and never work alone. If clients need more support like spotting for extra assistance; make sure that you ask first before anything. This situation is tough because it leads to words against words, so I would encourage staff to bring another staff member within a case like this. What’s a contingency plan? Does yours measure up? Ask yourself how many businesses had a plan for an emergency like a pandemic?
- Example of a Business ContingenBudget
- National Park Service Contingency Plan
- Budget
With any business you need a budget
no matter what stage your business it at. It is always important to have one to
be able to make the most out of your business and to help you reach the goals
you have set. Using a spreadsheet is probably the easiest way to get this done.
The focus within budgeting is the cash flow, how to reduce costs and improve
profits for the business. Budgeting the proper way for my fitness gym will put
me in a position to have a prosperous future. There are so many things that
coincide with opening a fitness gym, at the same time budgeting will show you
if the performance of the gym is equally up to the fitness gyms goals that you
set prior. You may not think you are a “numbers” person,
but keep in mind you deal with numbers on a daily basis. Don’t let the concepts
intimidate you. In the business world, you’ll have experts to rely on but it is
important that you have a solid foundation because sometimes “experts” have
different goals or points of view than you. - Assessment of assets and liabilities
Your
brand is everything when it comes to business. Taking care of your assets is
the way to go. Without equipment a gym would be useless, so making sure that
all equipment is up to par and invest in safe, reliable equipment that
consumers can depend on. Well maintained facilities and equipment increase
business value by a considerable amount (precor.com). Safe equipment puts you
further away from risk of clients getting hurt and going down the road of being
sued. Another asset is technology; I want to incorporate wearing technology
like a gaming headset, virtual reality, live streaming technology, and smart
fitness equipment as well as other technology devices that gives clients and
consumers the option to see the results firsthand while working out. Wearable
technology is the trend now and keeping up with different trends in society and
can be used as a motivational factor for your clients.
Liabilities in this field
if not taken seriously and protected can cost you your business. Since there
are so many people in and out of a fitness gym you always want to have a plan
in play for the clients to stay safe and for the business to stay afloat. Risks
inside gyms are higher naturally because accidents happen but the different
types of activities and all the equipment that surrounds the gym brings about
property damage and bodily injuries. Along with those the other major injuries
that are liabilities are cybersecurity and harassment in all forms. With the
risk of bodily damage, making sure all rules and visible and conveyed alongside
of getting clients to sign a waiver. It is important to keep all records,
password protected, with having a back up location. Harassment is a serious and
giant risk factor that can affect your business like no other. To help cover
this issue I would have cameras installed, rules and policies; number one rule
never be alone with a consumer in any part of the gym no matter what. Assets
are things that put money in your pocket and liabilities are the things that
take money away form your business. Your
treatment and analysis of the financials points to a good background in your
degree program. Even, if you’re not in finance, understanding the numbers is
important -
Anticipated sources of funding
Initial my goal is to be saving so I
can be able to use my own money, which is expensive but will save me money in
the end, and I would not have to pay interest on anything that I borrowed or
monthly payments.
One source of funding is
to obtain a bank loan from a local, most likely the bank that I currently have
because sometimes it makes it easier if they already know you and you do
business with them already, and banks look forward to doing more business with
you if you’re in good standing with them. Benchmarking
financials and understanding how the various reports fit together can help you
raise a red flag if there are issues. Looking at just one report does not give
you the full view or big picture of the financial health of the company. -
Another
source is to find an investor to invest in my fitness gym is another option.
Finding an investor can sometimes be the most difficult choice because there
may be hidden terms that the investor is wanting and if you miss those terms
you could end up owning your gym but giving the investors get all the profit
you have worked hard for. The key thing is to find an investor who understand
your vision for the business and someone who believes in your vision and wants
to see you reach your dream business; never go for someone who has the money
only or you will owe them everything you have worked so hard for.
Another option is going in with a partner, the difficult
part is that a partner helps provides the funds and gives him apart of the
decision making and some day-to-day tasks for the business. In this scenario
you can have more than one partner but remember each partner will have an
equally share of the business. Having
a partner can go either way, either you all see eye to eye and agree on what’s
best or disagree and become a headache to work with and that puts a damper on
the growth of the business. The
big picture view is expected of upper management. You have shown your ability
to see beyond numbers in your analysis. -
Associated costs of
attaining that capital
The fitness industry is a $30 billion industry and is
becoming a trend that people realize they need to hop on. The money would most
likely come from membership fees and equipment sales. The low memberships will
increase revenue across the board over time. The smoothie bar that is
incorporated will bring about strong financial results. The clients that chose
to enroll in personal training outside of paying a membership fee will also
help with day-to-day operations. If it is proven not be enough to cover the
necessities of the fitness gym, my net option would be to borrow money (debt
capital). For those of you do not wish
to become a financial advisor or accountant, writing up financial reports may
not seem like an important skill. On the contrary, most likely you will be
called upon to view finished reports and assess them and figure out how they
fit in with your strategic planning. In order to fully understand what they
mean, you’ve got to put in the work and learn how they are derived


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