This report reflect on the various factors of risk which are associated to the expansion of the MacVille café to the brand new store of MacVille which is Toowoomba. The factor of risk which is recognized after various general meetings with the manager who is currently allotted in the store. This report involves a mail to the stakeholder of the company as well as a general meeting with the CEO of the company.
According to the regulations and instructions of the chief executive officers, the newly appointed manager visited the brand new store of MacVille, which is the Toowoomba store with the purpose of gathering the information of the functions and operations as well as the management functions of the Hurley’s café from the existing manager of the store. The James Mansfield is the current manager of the Hurley café and the landlord of the assertion, the Ron Langford. From these functions it can be understand that the expansion and establishment of the brand new store requires an accurate and careful planning. Along with the meticulous assessment of the whole scenario and collection of different information. This report is mainly made according to the specification Chief Executive officer which would tried to provide an exact knowledge of the existing functions of the respective café as well as the evaluation of the factors of risk which are linked with the expansion of the store. This report examines a review on the internal as well as external factors and liaise with all the stakeholders to create an accurate list of risk involved (Valdivieso, & Andersson, 2017).
The existing Hurley café which is being taken over by the MacVille and the organization is putting efforts to collect various information on the aspects of generating risk. Therefore it will help the MacVille to battle effectively and make sure about the good functioning of the business. The organization has a fundamental outline on the situations where it can face risks and the issues whereas, the operations are ongoing. Generally it will provide help to analyze the functions of brand new store (Paté‐Cornell, Kuypers, Smith, & Keller, 2018).
In the early stage, the MacVille had a thought that the factors of risk are associated with the governance, organizational, project management as well as with the financial management. Variety of topics are involved in the general guideline which may cover the foremost potential issues. As the new manager the task have been assigned of recognizing the risk which may take place by expanding the business and provided report to the CEO for further steps. The major and the foremost issue which were noticed was the problem of handling the cash. The store are not having a proper safety for keeping the cash as well as the MacVille should ensure about the register of cash which must be revamped (Kind, Wouter Botzen, & Aerts, 2017). As James told there will be 50% chances of theft in the store.
The critical success factors (CSF) are refers to the limited areas which resultant into satisfactory level and it will make sure the success of competitive performance for the organizations. There are some of the key areas from where things started moving right for the success of business. The risk management tries to cover up various essential factors which will help the company in their operations and functions to improve the efficiency and effectiveness (Andersen, 2011).
The location of the new shop is the biggest strength of the brand new store. It is settled on the main crossing of two streams. Generally, it can be consider that the location can attract the attention of different customers. The area of the store is directly connected to the public transport system which would help the consumers to reach the store from far away easily. The modified infrastructure of the store is also became the strength of the MacVille enterprise (Frigo, & Anderson, 2011).
The weakness of the organization is generally faced by the brand new store was the barrier which are presented by the trucks. The investigation will provide help to resolve these weaknesses with the relative ease.
As per the landlord, the premise, the Ron Langford, various more stores can be inaugurated and settled in the existing surrounding areas. He also recognized the increasing population of the particular area and get confidence of increasing with the huge number of customers as well as large amount of profit. He also claimed about the rules and regulations of government which are going to implement by the next month. These regulations could allow the organization to expand the area of footpath and will be able to put more number of tables (Andersen, 2019).
Generally, the company has two major threats which is identified. There is a local law which states that the excessive use of water can be result in $550,000 fine, the company is trying to get the backup through the government soon. The MacVille enterprises paid the close attention to this law and also tried to update the system if there is any necessity to minimize the use of water in the enterprise. The other issue or the threat of the company is the growing competition in the particular area. Ron told that there are various multinational chains of café which are trying to settle their café in that particular area. Ideally it will resultant into the competitive price of the products and services of the MacVille Company (Aneni, et al. 2014).
There are various kind of risks which are included in setting up the new brand store at the Toowoomba which were already recognize. To ensure the operations and functions of the organizations. The PEST analysis for the risk which are associated with the current scenario.
As per the overall situation the entire strategy in the MacVille pvt ltd has developed various chain of the MacVille café with the intension of more profits as well as customer satisfaction in the Central Business District (CBD) of Brisbane. The current manager of the brand new store have achieved the opportunities to have brand new store and generate profit from that store. The risk management is a crucial factor in the brand new store of MacVille. There are some factors which can create risk in the company (Andersen, 2009). For resolving those risks and uncertainainty, there are some solutions such as framing of policies and procedures, hold report system in the end of every month, critical review of the risk management as well as the external audits (Agarwal, & Prasad, 2017).
Risk in HR Management - There are various risks for the HR management as well some of them such as there is no written documents about the policy or procedure manually, the training for the staff members is also limited. There are few promotional techniques for the sales promotion (Sadikoglu, & Zehir, 2010).
Risk in financial operations – The activity of banking system is not done with a consistent time duration, there is no safety for the premises. The transactions from the family members of the staff are not recorded in the cash register.
Risk in OSH – The interior of the company is not at all good, the chairs are broken, no proper cooling system, and the location of the store is also far away. It takes two hours of drive to conduct a general meeting every month.
Risk in supply chain management – It is not easy to supply the products and services in the proper time and the proper supplies.
Risk in local governance as well as compliances – The use of water should be fine and the records of the employees must be recorded in the proper time (Dickinson, 2011).
After the recognition of the key factors, the newly appointed manager is going to attend a general meeting with the chief executive officer of the Company. The important factors which are identified are as follows:
• Recognition of the key issues and problems
• The issues and problems should be revealed to the CEO and it should be accepted
• Further process for resolving or overcoming these problems and issues which are identified should be adopted.
• Authority for the new manager should be provided to solve the problems and run the store smoothly
An email is sent or clarifying the key problems and issues which are identified in the company and also provide proper solutions for them.
From the above report, it has been concluded that the brand new store of the MacVille have recognized different issues and problems. The problems are trying to deal with. The chief executive officer has been informed about the key issues and the further plans are being planned. This report is mainly made according to the specification CEO which would tried to provide an exact knowledge of the existing functions of the respective café as well as the evaluation of the factors of risk which are linked with the expansion of the store. This report highlighted a review on the internal as well as external factors and liaise with all the stakeholders to create an accurate list of risk involved.
Agarwal, R., & Prasad, J. (2017). The role of innovation characteristics and perceived voluntariness in the acceptance of information technologies. Decision sciences, 28(3), 557-582.
Andersen, T. J. (2009). Effective risk management outcomes: exploring effects of innovation and capital structure. Journal of Strategy and Management.
Andersen, T. J. (2011). Strategic risk management practice: How to deal effectively with major corporate exposures. Strategic Direction.
Andersen, T. J. (2019). Effective risk management outcomes: exploring effects of innovation and capital structure. Journal of Strategy and Management.
Aneni, E. C., Roberson, L. L., Maziak, W., Agatston, A. S., Feldman, T., Rouseff, M., ... & Al-Mallah, M. H. (2014). A systematic review of internet-based worksite wellness approaches for cardiovascular disease risk management: outcomes, challenges & opportunities. PloS one, 9(1), e83594.
Chung, R. Y., Carter, B. S., Norbash, A., Budzik, R., Putnam, C., & Ogilvy, C. S. (2010). Management outcomes for ruptured and unruptured aneurysms in the elderly. Neurosurgery, 47(4), 827-833.
Dickinson, G. (2011). Enterprise risk management: Its origins and conceptual foundation. The Geneva Papers on Risk and Insurance. Issues and Practice, 26(3), 360-366.
Drew, S. A., Kelley, P. C., & Kendrick, T. (2016). CLASS: Five elements of corporate governance to manage strategic risk. Business horizons, 49(2), 127-138.
Frigo, M. L., & Anderson, R. J. (2011). Strategic risk management: A foundation for improving enterprise risk management and governance. Journal of Corporate Accounting & Finance, 22(3), 81-88.
Kind, J., Wouter Botzen, W. J., & Aerts, J. C. (2017). Accounting for risk aversion, income distribution and social welfare in cost‐benefit analysis for flood risk management. Wiley Interdisciplinary Reviews: Climate Change, 8(2), e446.
Liebenberg, A. P., & Hoyt, R. E. (2013). The determinants of enterprise risk management: Evidence from the appointment of chief risk officers. Risk management and insurance review, 6(1), 37-52.
Paté‐Cornell, M. E., Kuypers, M., Smith, M., & Keller, P. (2018). Cyber risk management for critical infrastructure: a risk analysis model and three case studies. Risk Analysis, 38(2), 226-241.
Sadikoglu, E., & Zehir, C. (2010). Investigating the effects of innovation and employee performance on the relationship between total quality management practices and firm performance: An empirical study of Turkish firms. International journal of production economics, 127(1), 13-26.
Stulz, R. M. (2015). Risk‐taking and risk management by banks. Journal of Applied Corporate Finance, 27(1), 8-18.
Valdivieso, P., & Andersson, K. P. (2017). Local politics of environmental disaster risk management: institutional analysis and lessons from Chile. The Journal of Environment & Development, 26(1), 51-81.
Healthcare management assignment help,Write my project management assignment help,Management assignment writing help,Cost and management accounting assignment help,Management assignment homework help,Hnd management accounting assignment,It management assignment help,Project management homework help,Healthcare management assignment writing help ,Human resource management writing help