Technopreneurship Project- Buiding an website for a company
a)Business DescriptionWhite House Optics is an optical shop. It is developed by Mr. Chan Lui Yuen in the year of 1994. White House Optics sell many eyewear and products include sunglasses, full frame, half frame, frameless, reading glasses, contact lenses, and eye solution. White House Optics has the latest frames from fashion designers, sunglasses and affordable everyday eyewear.
White House Optics has the eyewear brand of Zero X, Playboy, Guess, Cyber, Marie Claire, Silhouette, Level Nine, Dunhill, Prada, Hammer, Ray Ban, Lee Cooper, Pilipe Sport, Ray Ax, and others. Customers can choose the various brands and the design of each brand. The eyewear in this shop is all in best quality and at an affordable price.
White House Optics has the attraction of well design and creative contact lenses. These include Animation Lens, Magic Color Lens, Crazy Lens, and Magic Circle Lens. Contact lenses are becoming more famous and convenient to the customers. The appearances of customers are become more beautiful and they do not need to carry a spectacle or eyewear.
Optical Shop’s opticians will spend time with you to help you choose eyewear that meets your needs and is best for you. The responsibility of each optician is to help customer choose the most suitable eyewear for them.
We have the eye checking machine and edging machine that are able to provide the services of free eye checking and glasses adjustment. In addition to the quality service provided, we are experts in resolving all eyeglass problems and will work with you to find the best solution for your lifestyles.
Payment Methods - We accept the payment by cash or by credit card in Visa and MasterCard.
Location - White House Optics is conveniently located at the Lot 61, Ground Floor, City Parade, No 1, Centre Point, 88000 Kota Kinabalu, Sabah.
Business Hour - The optical shop is open daily, Monday through Friday from 10 a.m. to 10 p.m
Contact PersonChan Lui Yuen 013-8660576
Shop Tel : 088-250576
Fax: 088-250579
Email: whitehouseoptics@yahoo.com
Email: Lydavidchan@yahoo.com
b) Solution for reducing business operation costsReducing business operating costs always the most important objective for most of the business owners nowadays. Business operational costs comprised of all the operational expenses, fixed expenses and indirect costs (rent, phone, utilities, fixtures, equipment, marketing budgets, inventory, insurance, payroll, professional services and etc).
Reducing business operation costs are not just simply to cut down all expenses unmethodically. First at all, the business owner must have a basic understanding about the nature of expenses and how all these expenses are inter-related with the sales, inventories, costs of goods sold, gross profit and net profits.
There have few solutions for reducing the business operation costs as shown as below:
Review finances and cut down the excessive costs.Owner themselves should always alert their financial status and get rid of any unnecessary overdraft and loan facilities. For reducing the excessive costs, owner should set the rules in the work place. Owner not even speaks out the rules but also put up the notice on the notice board to alert the staff. The rules being put up like strictly prohibit the staffs to use the company properties for their own personal use (company’s phone, Internet services, products, and so on).
Used computer to manage all jobs and pay more attention on company existing costs in all areas.Computer manage all the jobs instead of hired more workers to get the job done. Many jobs can be done using computer. For example, manage the company accounts and the company’s everyday cash flow can be recorded in the computer. It is more efficient compared to do it all manually. By using the computer, the owner can just hired lesser people to work at the company. It is more suitable if the structure of the company is small or medium size. Besides that, owner should pay attention on existing costs in all areas. Owner should have initiative to regularly examine every aspect of their business operations to identify where they should focus on. By observing small little aspect of their business aspects, owner may be shock as there are some areas where they can cut down the costs.
Comparing the prices of stocks and services.Owner should compare the prices of products that they wish to purchase with different suppliers because different suppliers may get different prices although it is the same products. The objective to do so is to get the best possible prices from the suppliers. Negotiate with the suppliers to get the most reasonable price for the goods but don’t forget that the stock quality should be considered. Besides that, owner can communicate with the suppliers and ask for discounts if they never do late payment. It is a good habit if owner
always do early payment or giving payment on time. It is sure that the suppliers like to make business with them since them never delay your payment.
Analyze expenses and pay the right price for prosperity.The analysis records for expenses not only plays a part in determining the worth of each expenses but also can provide trustable facts that can help owner determined whether they are paying the right price for their company’s prosperity. Hence, the analysis records stored in the company recordkeeping system is quite important in determined the right price for prosperity. Sometimes owner can locating the potential reducible expenses. From the previous record found in the company recordkeeping system, locate and find out which expenses that can be cutting down to reduce the business operation costs. A summary of expense information can be obtained from your profit and loss statement. Therefore, the statement should be as current as possible to ensure the information received is new and current. A profit and loss statement alerts you to expense the items that bear watching in the present business period. Besides that, there should have another statement to show and report the sales, expenses, profits, loss of your business operations cumulatively for the current business year up to date. Lastly, owner just cannot cut down an increase products. However, they can get more from it and thus increase their profits. While doing analysis on the expenses the company spent, owner should use percentage rather than using the actual dollar amount in owner calculations. All the expenses spent, it should be recorded in the company recordkeeping system (decreased in cost expenses will increase the percentage of profits earn).
Root out inefficiency and applying break-even method in business.It is a waste of time despite that owner might not get discounts on the small amount of stock that owner order. Upon receiving for the goods, check the supplier invoices to avoid overcharging. It is very common that the supplier will make mistakes if owner themselves do not check with the invoices (the supplier may double charge the pay bills or missing out on some discounts that buyer are suppose to get when buyer ordered the particular product of stocks and the buyer should keep in touch with the suppliers to get the latest information about the stocks). Furthermore, break-even analysis is a useful method in making expense comparisons. Break-even is the point where the gross profit equals to the expenses. Once the sales pass the break-even point, the fixed expenses percentage goes down as the sales volume goes up. The operating profit percentage increases at the same rate as the percentage rate for fixed expenses decreases provided with the condition where the variable expenses are kept in a straight line.
c) Solution for improving business salesIn this competitive business world, there are several ways that a company can takes to increase the business sales dramatically.
Selling more to your existing customersSelling more to existing customer is one of the best ways to increase sales compared to selling product to new customers. This is because staffs are known the existing customer’s need. Staffs are known which products are more suitable and bring comfortable to existing customers. Besides that, existing customer who satisfied with the staff experiences and services will help promote the products to their friends. On the other hand, new customers will take longer time to known their necessity. In short, the process with existing customers can be quicker, smoother, and less costly.
Communicate or keep in touch with customersStay in touch with customers to learn their ongoing needs. Knowing the customer’s need can increase the products sales. Staffs can be friendly to the customers and can always inform customers about the new arrival products and the latest promotion. This can be done by calling and emailing to customers. By doing so, customers will become more loyal to that company and can invite their friends to do shopping at this company.
Besides this, staffs should always keep smiling and have a good altitude while facing to the customers in the company. Staffs should give explanation and give the best solution to the customer’s enquiry. So, excellent customer service is the key to increasing sales.
Give your customers the inside scoop - the latest newsThe staffs can tell some coming up news about the promotion or sales to customers especially the loyalty customers. By doing so, customers will come again on the promotion or sales day to buy cheaper products which are in same quality and branded. Staffs can tell the inside scoop to customers by the phone call and email method. This inside scoop news will bring more profits to the company because some customers not willing buy the products in highly cost.
For example, a customer name Stephy who is shopping at the shop and glace at one product but she not decided to buy it due to the highly cost. Staff can tell more benefits or details on this product to attract the customer to buy it. And also, staff can give the inside scoop to customers about this product having 20% off on next week. This customer will come back on next week and probably will bring some her friends. In addition, staff can give the inside scoop to the customer by calling or emailing them.
Set up a customer rewards program.Set up a customer rewards program can attract more customers to do shopping in your shop or company. Customer rewards program can be as simple as a discount on a customer’s birthday or as complex as a points system that earns various rewards such as discounts on merchandise. Customers will come on his or her birthday day to get the discount price. This method can build customer loyalty and increase sales.
Advertise More Company can increase revenue and sales by advertise more to the public. The media like newspaper, magazines, radio are the good medium to transfer the information or news to the public. This is because public are always communicate to these medium in their life. Hence, the public can know the new arrival products or the latest promotion the company have. Consequently, it can retain the customers and can increase the profits.
Examine Your Pricing Strategy The price of a product is important for customers to determine whether to buy the product or not especially for those who cannot afford to buy the highly cost products. This is because the right price is the price the customers are willing to pay for the product. So, examine the pricing strategy is the key to increase the product sales. Besides the existing customers, the good pricing can attract new customers. The company should consider the cost of goods and it still can make profit at that price point. In short, the product price has to be competitive with other company but still profitable.
Identify Prospects and Lean on Loyal for ReferralsPay more attention on potential targets (customer). The products and services that shop provides should reflect customers needs and wants. Think in customers' terms; buy, show, sell, and say things that interest them, not just what interests’ owner themselves. Remember, it is the customer that determines whether or not owner succeeds. Besides that, sure to ask lots of questions as shop owner interact with potential customers (what owner glean from those conversations could have sweeping impact on what owner sell and how they offer it). Furthermore, don’t be shy about asking current clients for names and numbers of their contacts who may buy what owner are selling. To get past the awkwardness of asking current customers for referrals, start by asking about their satisfaction level with our service and product. If get a good response, tell them we appreciate any names of people who might also like to know about the benefits of business.
Create a Strong Pitch and Know the IndustryOwner’s pitch should be something they have in their every fiber of their sales being. It’s the first, and potentially last, impression; the goal is to make it the beginning of an opportunity. But remember, there’s a fine line between crafting a memorized pitch and delivering what sounds like a canned speech. One very important pitching tip is if owner are asked a question and don’t have the answer, it’s much smarter to admit it, and promise to find out and circle back at a later time. This does two things. First, it builds trust that owner has integrity, and second, it gives owner a great excuse to make a follow-up call and keep the dialogue going. Besides that, know the industry, owner can gain the greatest competitive edge if they have an intimate knowledge of their business. To thrive and prosper, owner must be committed to learn and have the desire and energy to accomplish their goals. There are five main reasons why most businesses fail likes lack of industry knowledge, lack of vision, poor market strategy, failure to establish goals, and inadequate capitalization.
Follow Up (with Thanks) After the SaleIt’s a lot easier to keep a current customer than to find a new one. Keep in touch with current cadre of clients. A thank-you card is a simple, but high impact, gesture. Give special gifts to people who send you referrals. Salespeople can get so caught up in the next deal that they forget those who just put money in their pocket. Keep our face and name in front of them so, when they’re ready to spend more, you’re the first one they call.
Keep Good Financial Records and Manage Cash FlowGood financial records are like the instruments on an airplane, they keep you posted of your height, direction, and speed. Without them you're flying blind with no controls to guide you to your destination. It doesn't matter how unique and wonderful store is, business can't survive without cash flow. Money coming in store is the vital component that keeps owner business financially healthy. If owner budget wisely and know the interval of their monthly income and expenses, owner won't have to worry about running out of money.
Using Up the Display space in the ShopOwner can increase the average sale per each customer by effectively using all the display space in the shop. With a more effective way in using up the display space in the shop, it can bring in more customers as there have increasing sales volume per square foot. The increasing display items in the shop sure can bring in more customers to have a peek inside in the shop.
Company website : www.whitehouseoptics.mariniaga.com
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