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Tabitha Briscoe Nicole Murphy Dustin Frank Lazy Bean.

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Presentation on theme: "Tabitha Briscoe Nicole Murphy Dustin Frank Lazy Bean."— Presentation transcript:

1 Tabitha Briscoe Nicole Murphy Dustin Frank Lazy Bean

2 This coffee shop was established by 3 college students wanting a place to escape when their roomates, spouses, and kids wouldn’t leave them to their accounting homework. They had a dream to create a place that is local, artsy, and relaxing where they could escape and focus on their assignments. Thus, the LAZY BEAN was born. We are proud to say that this service industry serves great coffee, has an amazing atmosphere, and plenty of space to just chill or tackle some school projects.

3 Nicole Murphy: Dustin Frank: Tabitha Briscoe: All: Accounting/Finance: Responsible for both storefront and online accounts Legal/Operations: Responsible for any/all legal issues as well as the acquisition of equipment/ingredients needed for operation Marketing/Sales: Responsible for managing merchandise products and creating/maintaining/expanding customer base Information Technology: Mgmt, Instagram, Tumblr, ect.

4 Products Iced Drinks Iced Coffee Iced Latte Iced Mocha Italian Soda Iced Tea Frothers Hot Drinks Brewed Coffee Latte Cappuccino Expresso Mocha Apple Cider Flavors: Vanilla, Chocolate, Caramel, Hazelnut, Peppermint, Pumpkin, Cherry, Grape, Orange. Also all milk options have non-fat and non-dairy options Food: Muffins, Breads, Various fruits, BLT’s, Breakfast wraps, granola, yogurts, cookies, bagels, cinnamon rolls.

5 Processes Operational Process: Hiring, firing and training of baristas, cashiers, managers, and bakers Developing organization for the POS system Hiring personnel required for scheduling and setting up live music Processes required for online order management and delivery... USPS by per-order basis Processes required of personnel for janitorial purposes.

6 Processes Main Sales Processes: The operations manager is in charge of inventory management, ordering coffee, buying food and merchandise supplies, responding to feedback information management and implication.

7 Processes Online Process: We will be hiring an organization to maintain and edit the online store; including but not limited to, sales set up and mobile site organization, and information changes.

8 Supply Materials A Cost Benefit Analysis will be used to determine if it will be cheaper or more beneficial to outsource or produce the products at the business. Baked Goods: We will choose between buying from a distributer or purchasing ingredients to bake ourselves based on the cost/benefit analysis. Bake good costs include: flour, sugar, yeast, butter, etc. Coffee: Choose between distributers to find the right quality/price ratio for our products. Misc: Paper towels Cleaning supplies Toilet paper Cups Spoons Straws Stir sticks All ordered or purchased with cost analysis results in mind.

9 WEBSITE Online store: Information based, hours of operation, employment, and a small selection of merchandise for sale.

10 STOREFRONT A majority of sales come from the storefront. We have a front counter for purchasing coffee, snacks, and merchandise. We offer chairs, tables, couches to sit/study/hang-out, small stage area in back, plenty of wall space for art, and a small space to display in-store merchandise.

11 Demographic Our target market are high school students, college students and all around coffee lovers.

12 Marketing Mix Product: High quality food/drinks that are health conscious Place: College University Town, 123 Hip Kid lane, close to campus. Price: As low as possible to accommodate to college students on a budget. Changes will be made based on a cost analysis and our competition. Promotion: Storefront: Live music, merchandise, steady schedule (ex. Cinnamon Roll Sundays), website coupons, etc. Online: Pictures of products and customers, event schedules, local customer comments about the cafe.

13 Marketing Strategies Storefront Merchandise Live entertainment Signature drinks Local artists Merchandise giveaways Booths at local events Coupons Grand-opening On-campus advertising Online Coupons Event schedules Merchandise advertising

14 References Briscoe, T.A. (2014). Webpage.Webpage. Laramie, Wyoming: Tabitha Briscoe Briscoe, T.A. (2014). Storefront.Storefront. Laramie, Wyoming: Tabitha Briscoe Briscoe, T.A. (2014). Coffee, Coffee. Laramie, Wyoming: Tabitha Briscoe Haag/Cummings. (2013). Management Information Systems for the Information Age. New York, NY: The McGraw-Hill Companies, Inc.

15 Company Project Part II Lazy Bean

16 Quickbooks By INTUIT We chose Quickbooks for its simplicity, features, and pricing options. While there were other options available, this ERP is relatively inexpensive and the group members already had in-depth experience working in the program. It provides everything we need to manage the company.

17 Why Enterprise Resource Planning (ERP)? We feel that an ERP would benefit us more at this time mainly due to our accounting and Quickbooks backgrounds. With this system we are able to handle most of accounting in- house. Having financial confidence will allow us to figure out if we are able to afford a CRM in the future once our business grows.

18 Quickbooks Information What it Does Quickbooks is an accounting and organizational tool to be used by businesses to organize, collect, and present important data about the company.

19 Quickbooks Information Features of Quickbooks Track sales, sales taxes and customer payments Track inventory and expenses Allows three users to work in the program Works with Excel for multiple purposes Pay W-2 employees and file payroll taxes Accept credit card payments Keep all employee, customer, and vendor information View all income-producing transactions in one spot Add-on more features to customize the program

20 Quickbooks Information Who Uses It According to The Journal of Accountancy, more than 4.5 Million companies use Quickbooks and it is the most used accounting system in the world especially for small businesses (Collins).

21 Using Quickbooks Quickbooks can and will be utilized at LAZY BEAN by all members in a multitude of ways Accounting/Finance Quickbooks will be used in this department to store, organize, and prepare financial documents and data. This includes all of the cost/profit tracking, budgeting, and other financial necessities. Legal/operations Quickbooks will be used in this department to organize customer, vendor, and employee information, as well as, keep track of all information needed in operations. Employee hours/pay and inventory management are a couple examples of the uses of Quickbooks in this department. Marketing/Sales Quickbooks will be used in this department to track the success and profitability of specific products as well as maintain budgets and cost information for period costs such as advertisement.

22 Pros of Quickbooks Customizable Relatively inexpensive Different pricing options Add-on options available Well-known by accountants Simple to use Capable of all uses needed for Lazy Bean (Joseph, C 2015)

23 Cons of Quickbooks Relatively simple If business grows, we may need to switch to a system that offers CRM and ERP Add-ons can be costly if functions are necessary Only three users are capable of access (Joseph, C. 2015)

24 Cost of Quickbooks We would go with Quickbooks Online Essentials with the monthly cost of $26.95, because it has the most features available for the most reasonable price. Depending on necessity, LAZY BEAN may also incorporate the “payroll add-on” for an additional $31.20/month.

25 Company Project Part 3 Business/Revenue Models and Web 2.0

26 Lazy Bean will be using a Business-to-Consumer approach. We will be selling products and service directly to individual customers.

27 Business Model: E-Tailor: Customers connect to the Internet to check inventory and place an order. It provides low-cost shopping. We will use this primarily to sell our merchandise including t-shirts, hoodies, and beanies.

28 Revenue Model Sales Revenue: We will earn revenue by providing individual customers with our products and services. This includes in-store activity such as coffee, food, and entertainment. It also includes information provided online on our website, and access to a few of our products that can be bought online.

29 4 Web 2.0 Technologies: Yelp Turnsocial Pixelhub Linktive

30 Yelp Yelp offers tools to businesses to help them grow by connecting them with people within the business’ location. Through Yelp businesses get to build a business page allowing the business to be seen by the millions of people that use this tool every month. Yelp helps businesses connect to their customers through customer reviews, as well as, responses the company can give. This tool also increases sales due to the decisions people make via Yelp. Claiming a business page on average increases company sales by $8,000 according to Yelp and even more if the company advertises through Yelp. The Lazy Bean would use Yelp to create a business page. Specifically, we would use this technology to increase our popularity among visitors and students. Yelp would also be used to connect us to our customers through their reviews. We would be able to answer concerns or problems they have as well.

31 Turnsocial Turnsocial creates a social toolbar on a company website. A social toolbar allows social media as well as location based applications to be part of a company’s website. Turnsocial’s social bar will keep people on our website longer, and it will also provide the company with local information such as reviews and ratings. This technology will be used by our company to keep people on our website longer, which will hopefully increase sales, increase our appearance in social media, as well as help our company grow with the helpful reviews.

32 Pixelhub Pixelhub is a website builder that will allow a user to create a personal website for free. It is easy to build and anyone can do it. Pixelhub also offers other packages that can be bought if a user wishes. LazyBean would use this technology to build a website. This website could be used to sell our merchandise to customers over the internet or this could be used as a resource to help us gain knowledge about our customers. For example, it could be used for reviews of our products and in-house services.

33 Linktive Linktive is a link building site that helps create a neighborhood of sites around a single website. This is all about building quality links through other websites that lead back to your website. Essentially, your website will host links to other websites, those websites will host your links creating a web that will allow customers to move from one site to another. This technology is also free while it is in the beta period. At the LazyBean this would be used to increase the number of people that visit our website. This would also help us gain popularity among other companies. This will not only help improve traffic to our site, but it will improve our sales and popularity in Laramie.

34 References Briscoe, T.A. (2014). Webpage.Webpage. Laramie, Wyoming: Tabitha Briscoe Briscoe, T.A. (2014). Storefront.Storefront. Laramie, Wyoming: Tabitha Briscoe Briscoe, T.A. (2014). Coffee, Coffee. Laramie, Wyoming: Tabitha Briscoe Collins, J.C. (2011, December). A Quick Guide to Quickbooks. Retrieved from Journal of Accounting: Haag/Cummings. (2013). Management Information Systems for the Information Age. New York, NY: The McGraw-Hill Companies, Inc. Joseph, C. (2015). Pros and Cons of Quickbooks. Retrieved from Small Business Chron: 3748.html

35 Linktive. (2014). Linktive. Retrieved from PixelHub. (2014). What is Pixelhub. Retrieved from Turnsocial. (2014). What is the Social Bar. Retrieved from Yelp. (2014). Why Yelp? For Business owners. Retrieved from References (Continued)

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