CHALLENGES AND SOLUTIONS DEVELOPED FOR A SUCCESSFUL BUSINESS.
YKM EVENTS AND MARKETING MANAGEMENTCC
REG.NO.2008/032222/23
INTERVIEW: MONIQUE STOLTZ
INTERVIEWEE: YUSUF MOSES
2. A BACKROUND DESCRIPTION OF THE BUSINESS
The business YKM is a Close Corporation that organises events, for example, weddings, business launches, parties, etc. It is still a young developing business that started late last year (2007). The services that the business offers, entails decorating venues, catering (effectively and efficiently).
3. THE WORK ENVIRONMENT OF THE EMPLOYEES
Working as an employee for YKM cc, the business promotes employee relations, to ensure the best service for the customer. It is also a benefit for the company in the long-term, seeing as the customer and client will also build up a good relationship. To keep employees satisfied as far as possible, the business have implemented voice schemes for the staff’s opinion, objections and ideas. The business also has a monthly survey as well as graphs showing the staff performances and staff satisfactory.
4. METHODS USED TO ATTRACT POTENTIAL CUSTOMERS
First of all the business look at the target market for whom they are catering for, and build a database with the gathered information of these potential customers. Secondly the business also distributes pamphlets, put advertisements in newspapers, word-of-mouth, business cards and networking. The business also promotes itself with employees demonstrating a full presentation and launches. Free gift samples are also a very effective way in attracting customers and most effective is, “cold calls” and referrals.
5. CURRENT CLIENT RELATIONSHIPS
Keeping in touch with current clients on a regular basis is very important. The business always try the hardest to satisfy current clients to build a good relationship. The importance of keeping our clients happy is a “must do”, and by means of this the business asks what they prefer and always delivers. The business YKM believes in making the customer a loyal client and friend.
6. CHALLENGES IN THE START UP PHASE
- In the start up phase it was very difficult keeping a regular cash flow due to the fact
of a low capital acquisition.
- Find a suitable premises was hard because there was no collateral (fixed assets),
that the bank could have used in case of liquidation.
- The registration of the Close Corporation was on of the biggest problems, because
the members did not know how to put their business plan into words.
7. DAY-TO-DAY CHALLENGES FACED
- The nature of the business makes it difficult to find clients on a regular basis.
- The unpredictability of the inflation rate causes scarcity of clients.
- Due to the fact that the business does not yet have a generator, power failures has
negative effect on the budget. It causes minimum working hours and thus losing
customers.
- At the moment the number of employees is fairly low, causing inefficiency on
customer service. The absentee rate of employees continues to rise, as the winter
season approaches, causing the business to hire temporary and less-skilled staff,
and in turn these employees deliver poor service, costing the company unexpected
problems, for example, a high phone bill trying to rectify misunderstandings, small
gifts for apologizing for common faults made on our behalf.
8. METHODS DEVELOPED TO OVERCOME CHALLENGES
- The business was divided into sectors to analyze which departments makes a
good profit.
- The finding of a premises, is the conversion of an outbuilding where one of the
members of the corporation use to live in to save rental expenses.
- To outline the corporation’s business plan, a professional was hired to write it
after accumulating enough finances. This is helping the business to obtain other
finances from a bank, or potential investors, which will help the business later on in
case of expanding it.
9. OTHER POSSIBLE SOLUTIONS TO CHALLENGES
- Employees that are hired must be passionate about their job for the business to
grow and succeed.
- The business must have a clear vision of where it is heading and how it will get to
to that point. For this the members must communicate well with employees.
- It helps if the managers are directly and visibly active in the day-to-day running of
of the business. This way employees will know that they are being watched, and
have to perform well.
- The managers must show appreciation towards employees and make them realise
their importance in the business.
10. CONCLUSION
The interview was conducted with Mr. Y. Moses, that is a member of YKM cc. In the discussion there was given an outline of the business. Firstly, the background of what the business is about and when did it start. Secondly, the methods that the business use to attract potential customers, and how the business maintain a good relationship with current clients. Thirdly, the challenges that the business faced in the start up phase and the day-to-day challenges. Finally a brief explanation was given on how the business intends to implement and develop plans to overcome these challenges, and other solutions was also outlined.
REFERENCING
Moses,Y. YKM Events and Marketing cc, Uitenhage. 30 April 2008.
1. INTRODUCTION
The interview was conducted with Mr. Y. Moses, of YKM cc. The business is situated in Uitenhage. YKM cc is an events company that delivers a service to many clients. In this report a background description of the business will be given. It will also discuss the work environment of the employees. It will mention how they business attract potential customers and what methods are used to build a good relationship with current clients. The start up challenges and the day-to-day challenges is outlined, methods used by the business to overcome challenges, as well as other solutions.
more about the modelling instructer.
My name is Charmaine Hendriks, and I am 29 years old.
I am staying in Uitenhage, a town near Port Elizabeth in the Eastern Cape.
I was raised by my grandmother, in Rosedale area, and as a child growing up less-fortunate; I always loved modelling and watched modelling shows on television.
I started to participate in modelling, and got involved in a modelling school named owned by Mrs. R. Gouws in the year 1990.
As a learner in grade eight, my teacher Ms. A. Muller noticed my interest and potential in modelling, and kindly sponsored the fees.
In 1994 I started presenting my own modelling pageants, and was mostly supported by the people in my community, up until now, when YKM decided to take me under their wings.
My mission:
I intend to use my experience and knowledge in empowering the younger generation, who also wish to achieve great things in modelling.
My purpose for wanting to uplift these young people is to keep them away from bad influences, although poverty is a major issue in our community.
Due to the lack of finances I did not use available premises to train the students, but this does not demotivate me, or my students in wanting to achieve our goals set.
My vision:
My vision is to present atleast 3 – 4 beauty pageants per year.
I am a spokesperson for student, to give counselling, building character, including a high self-esteem.
Personally I am flexible in modelling, and can do a variety of things including hair styling, dress sense, make-up and health and beauty.
I do believe that these events can help keep young teenagers busy with positive and constructive activities.
I truly believe that by working together, and obtaining the necessary funds, we can keep them motivated in wanting to Uitenhage their goals.
Address: 20 Thornhill Street
Lower Central
Uitenhage
6229
Modelling School’s Name: Selfmotivated Future Models & YKM Events, Marketing & Management cc.
yusuf moses