Eco cycle is a business focused on promoting sustainable environment. The business will engage in the production hybrid bikes which are manually and electronically driven. The main drive of the Eco cycle is reducing the prolonged environmental pollution resulting from the emissions by engines propelled by fossil fuels. Notably, the success of Eco cycle largely depends on the contributions of the founders. Indeed, the initiators should be competent enough in a manner that guarantees the attainment of the set goals. The business is composed of an all-rounded team whereby the contributions of each team member counts. Basically, Eco cycle company possess the input of the following members; hacker, hipster, and hustler. Indeed, their inputs in the success of the business are paramount. To start with, the hacker is responsible for empowering scalable and sustainable growth of the business of the electronic and manual charge bikes. Indeed, Eco cycle requires the programming skills which help in ensuring that the business keeps up with the technological advancements. The gap will be filled by my friend Tim who has the requisite skills that guarantee technological competitiveness.
The ability the Eco cycle company to make sales through an efficient marketing team also guarantees success. Without any doubt, the marketing department is responsible for creating awareness about the existence of the hybrid bikes. Moreover, the marketers should explain the benefits accruing its use of manual and electronic bikes potential customers. The functions are achieved through advertising. It is the role of the hustler to provide marketing skills. My cousin Reen has pursued a marketing course in a recognized university hence placing her in a better position of filling the gap. Reen is currently, in her internship program in Macdonald company. undeniably, the internship equips her with important competencies which will be applied in the business. Unfortunately, Eco cycle company lacks the input of a hipster which is crucial for its success. However, the business intends to outsource the inputs of a hipster who plays a role in ensuring that the business keeps up with the trends in terms of fashion as well as the requirements of the customers. This aids in warranting that Eco cycle maintains a competitive advantage over the rivals in the market. Notably, there are many outsourcing sites whereby the business will seek to hire the services of the missing competencies. The hired employees are expected to deliver the skills hence assuring the business its success. The person filling the gap of ab hipster will be hired on a contractual basis. Besides, the Eco cycle intends to issue satisfactory remunerations in order to motivate the employees. Most importantly, a happy worker is always motivated due to reasonable wages as well as a conducive working environment which guarantee increased production of bikes. The composition of Eco cycle team guarantees the successful startup of the business. This means that the available capital, resources, and skills will be optimally utilized in order to meet the business goals and objectives. Notably, the input of the outsourced expertise is considered as an asset to the business.
The roles of advisors to Eco cycle company should not be underestimated. Indeed, they play an integral role in promoting its success. They include interacting with the management during meetings and conferences in order to guide them on the faulty areas deserving to be remedied. Ideally, the advisors monitor the progress of the business in order to check whether it is in line with the plans. In the event of a deviation from the plan, they issue corrective actions. Advisors seek to understand the customers’ needs through obtaining their feedback and opinions. Indeed, they work closely with the hustler; marketing department in order to deliver the best to the clients. The argument proves the role of advisors in improving sales and profitability in the long run. Advisors also offer guidance and recommendations the business on the strategies and techniques to be adopted in order to improve efficiency in the operations Eco cycle. The role is important in ensuring that the business uses modern techniques which guarantee it a competitive advantage. The advisors should interact with the different stakeholders; workers, customers, business owners in order to understand their need and complaints. Additionally, they also advise them accordingly so that they can act in a manner that contributes to the success of the business. The advisors should clearly understand the requirements as well as the operations of the business. Moreover, they should be competent in order to place them in a better position to offer advisory that leads to the actualization of the goals and objectives of the business. Advisors should understand the trends of the business to ensure that the advice accordingly (Gooderha 2006). Despite the fact that the services of business advisors are relatively expensive, it is worth hiring them since the benefits to the success of Eco cycle surpass the demerits.
The business intends to hire one skilled business advisor. Jeff has been in the business field for the past nine years. The duration an involvement in the business sector owes him the continued experience hence positioning him in a better position to offer advisory to Eco cycle. Jeff has also managed to start a business consultative firm which offers business advisory at a fee. The firm has gained a lot of popularity over the recent past due to its contributions to the success of numerous businesses.
Business partnerships are common business activities that have gained a lot of popularity in the recent past. It happens when a business decides to join efforts with another one. There are numerous advantages to accruing Eco cycle partnering with other businesses. They include pulling of capital together. Partners are a better position to combine their financial resources together in order to fund the business (Warhurst, 2005). The move helps in reducing the financial burden such as insufficient funds to cater for various activities. Additionally, it guarantees continuity of the production process. another advantage of a partnership is a combination of expertise. The fact that individuals are talented and skilled differently explain why the combination of different skills through partnership places the business in a better position to perform well than a sole proprietorship (Aviv, 2007). The move helps in reducing the cost of operations of Eco cycle in that the expenses of hiring an employee who will provide the crucial skills are eliminated. Undeniably, partners help in cutting the cost significantly. Partners help in sharing ideas which aid in coming up with innovative strategies focused on improving the growth of the business. The interaction further helps in problem-solving as the partners can come up with a noble decision aimed at solving the problem at hand.
It is worth noting that, businesses should keenly choose the partners. The success and failure of a business are determined by the choice of business partners. As thus, before Eco cycle partners with another business it is important to understand its goals and objectives. Moreover, the business should consider evaluating the past of the business partner. The analysis helps in determining the history of the partner in terms of business operations (Warhurst, 2005). Basically, potential business partners should have a good reputation as the business is guaranteed improved efficiency. It is advisable that businesses should choose partners who have engaged in business operations similar or close to the line of business to their increased familiarity with the business activities.
The major business partners targeted by Eco cycle include
- M & T banks. It’s a financial institution offering financial support to small businesses. The banks also offer financial advisory services depending on the nature of the business. M & T banks access the credit worthiness of the business through conducting credit checks of the initiators. Besides, it also conducts a feasibility study of the business to determine whether the business idea is profitable. In the event Eco cycle is promising in terms of profits as well as diversification, it accommodates the partnerships which help in dealing with the financial issues.
- The West Coach InfoTech is another potential partner. The firm specializes in offering marketing services to businesses. In other words, it advertises on behalf of their clients. The firm also offers partnership opportunities to viable businesses which have the opportunity of growth. Undeniably, it is a potential target of Eco cycle which offers crucial services to business. The fact that advertisements play a crucial role in improving sales explains the need for the partnership with the company. Indeed, when Eco cycle partners with the firm guarantees intensive marketing of the products to the internal and overseas markets.
- Eco cycle is primarily concerned with the production of hybrid bikes which are environmentally friendly. Therefore, it is important to partner with a firm focused on environmental conservation. The main target, in this case, is Action Group on Erosion Technology and Concentration (ETC Group). Notably, it is a non-governmental organization which has been in the frontline in promoting the protection of the environment. Partnering with the organizations helps the Eco cycle to acquire recognition in its efforts of manufacturing hybrid bikes. Indeed, the organization is expected to offer full support to the business through promotion of sales by advertising as well as educating the public on the benefits accruing the electronic and manual. The hybrid bikes are environmentally friendly in that they reduce pollutions as well as enhancing body fitness.
- Texas instrument is yet another potential partner in the business. The company engages in the recycle of plastics. Indeed, it reduces pollution in the environment as well as creating employment opportunities. The facts that the line of recycled plastics and metals can be used an input in the business explains the need to partner with Texas instrument. Indeed, the idea that both businesses are focused on reducing pollution on the environment further explains why it is a potential partner. Eco cycle is likely to benefit from the activities of the Texas instrument company.
Outsourcing is another crucial aspect of a business. The provision of the input and services in different localities is known as outsourcing. The term has gained popularity in the recent past as it is continually being embraced by organizations. Notably, numerous benefits are accruing the process of outsourcing. It entails seeking the services of a third-party to offer goods and services to the business. The business wishes to outsource labor input from different skilled individuals in order to guarantee an efficient workforce (Kremic, Icmeli Tukel, & Rom 2006). The activity is outsourced labor. It has been a common practice over the recent past especially in the corporate world. It entails hiring other external parties to the organizations mandated to perform production functions by offering services that were initially offered by the in-house team. The move is practiced with the prime aim of cutting down the production cost. Outsourcing of labor is a common practice in cases where the existing employees are incompetent.
The business will also outsource assets whose cost of purchasing is higher than the cost of hiring. In other words, if it is relatively cheaper to outsource various services in contrast to hiring. In cases where training the existing employees is expensive as compared to outsourcing organizations, the business will opt to outsource the workforce. The practice of outsourcing accrues various benefits which include firstly, it allows the business to concentrate on the prime goals hence sparing them from the diversion of efforts and resources to the outsourced areas (Kremic, Icmeli & Rom, 2006). Focusing on the core goals of the organization. The growth of business might compromise the achievement of the organization’s objectives. As thus, engaging third parties to foresee the normal running of the activities serves better since the management can comfortably concentrate on the prime goals. In this case, the ultimate role of the business is the manufacture of bikes. As thus, other services such as security and cleaning services which do not have a direct connection with the operations of the business will be outsourced. The move enables the business to focus on its core activities. Secondly, Swiftness and expertise. In scenarios of outsourcing, the human resource department focuses on individuals with the requisite expertise to perfectly handle the tasks. The fact that outsourcing applies when the available skills are insufficient in delivering the appropriate or desired quality and quality prompts the business to hire individuals with the requisite skills to proficiently deliver the services hence improving the quality of production. Lastly, the business benefits from reduces costs and time wastage on operations such as recruiting expenses.
The business wishes to outsource the following services
- Information and technology services from INTELLECTSOFT company that specializes in software development. (https://www.intellectsoft.net/?utm_source=TheManifest&utm_medium=referral)
- Applied minds offer research and development services. It is an American company that has specialized in offering services to different forms at a fee. The services aid in promoting innovations in the industry leading to the production of outputs capable of competing with other brands in the industry.
- The business intends to outsource business processes purposed to hire various services from other businesses in order to improve the speed of manufacturing. The services will be sourced from EXL Solutions limited. It focuses on ensuring that businesses acquire improve customers experience hence leading to improved levels of satisfaction. The company also ensures on-time delivery contributing to improved profitability due to increase customer loyalty.
- The business will also benefit from contract manufacturing which entails the use of another label or and designs from another company. The move is aimed at improving sales as the use of an already established brand name attracts customers. The business will outsource the services from Talan products inc.
- The business will also outsource the services of security companies. The move enables the business to focus on core business activities. The services will be outsourced from G4S company which is one of the leading companies in terms of security services.
Kremic, T., Icmeli Tukel, O., & Rom, W. O. (2006). Outsourcing decision support: a survey of benefits, risks, and decision factors. Supply Chain Management: an international journal, 11(6), 467-482.
Warhurst, A. (2005). Future roles of business in society: the expanding boundaries of corporate responsibility and a compelling case for partnership. Futures, 37(2-3), 151-168.
Gooderham, P. N., Tobiassen, A., Døving, E., & Nordhaug, O. (2004). Accountants as sources of business advice for small firms. International small business journal, 22(1), 5-22.
Aviv, Y. (2007). On the benefits of collaborative forecasting partnerships between retailers and manufacturers. Management Science, 53(5), 777-794.