Miami Dade College Health and Wellness Retreat Budget Project

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Business Finance

Miami Dade College

Description

For the business you have chose and created the other assignments:

  1. Create a budget with all the necessary components, income, taxes, financial statements(etc.);
  2. How you will create a safe work environment.
  3. Manage urgencies.
  4. What documentation needs to be used for risk management.

Another reminder, is all about the costs!

  • Make sure you are using Excel spreadsheet to include every line item for your budgets!

Use chapters 12, 13 and 14 for this assignment.

Provide a document with max 6 pages, using the APA style format. Check your spelling

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Running Head: HEALTH AND WELLNESS RETREAT Carlos Estevez Health and Wellness Retreat Florida International University June 1, 2020 1 HEALTH AND WELLNESS RETREAT 2 The wellness and the hospitality industry as a whole are growing rapidly today. The management of various companies in these industries is looking at different ways of diversifying their services to the customers. They are mostly looking at the possibility of developing the Health and wellness retreat as one of the possible ways to expand on revenue as well as the company's future growth. We are living in an exciting time where people are more concerned about their health and will go to different lengths to attain the necessary fitness. Installing the health and wellness equipment on the premises will attract more customers and meet the demand of a host of customers already part of the organization. The most crucial issue, in this case, would be understanding the human resource need as it relates to health and wellness retreat. The business needs to have the best staff under the general manager. The team should be chosen to fit in the marketing strategy, customer service, and fitness training suits in the company. The three areas are significant for this kind of business. The three are essential in designing the organizational structure for the business (Bates, 2008). Each section or division has particular responsibilities placed on it. It also has specific individuals qualified and mainly set for particular duties. More so, all these individuals have some several needs that the organization must meet to get the necessary outcome. All this is envisioned in the human resources needs of the company. The marketing department is an essential division that helps reach out the customers across different fronts. Health and wellness retreat requires the marketing team to help advertise the services offered by the organization. It requires the group to have the best reach out there. This will also involve a niche of activities such as creating a differential plan that distinguished the company from the competitor in the ever-changing health and wellness industry. HEALTH AND WELLNESS RETREAT 3 To understand the business needs, it is essential first to get an insight regarding human resources needs as per the industry. The human resources right from top management to the staff in each division as per the organization structure will have different needs. They will require to fit in various capacities as well as show the necessary responses to their respective positions in the organization. Such will include even their specific compensation programs as well as the need for training and managers' performance. This will also include the way to terminate their employees and rendering their services as redundant and unwanted in the organization. To start with, the organization will require a host of employees. It will require people who are conversant with the industry. Having a great human resource is the best thing for the organization. There will be a need for the top management and the decision-makers to create a recruitment policy to guide the process of acquiring the staff. The staff needs to include the qualified personnel to hold the management positions in the organization. This should be a person with the necessary academic qualification and probably a master's level degree in management related field (Bates, 2008). The marketing manager, just like any other department, will head the marketing operations and supervise all the decisions within the marketing department. The staff under him must follow the marketing guidelines as laid out in the marketing policy created in the firm. They are responsible for developing a great marketing strategy that will help the firm advertise and gain the necessary market share in the Health and Wellness section. They will be accountable for reaching out to the corporates, institutions, and individuals across the market. Essentially, as the owner of the company, I need to get the necessary information on the number of people that need to be hired for a specific position. The management will HEALTH AND WELLNESS RETREAT 4 ensure that the numbers fit the appropriate ratios according to the expected customer projections. Other staff needs include the comparative terms of pay and the availability of training capacities in the firm, which might be the determinant of the organization's overall success (Bates, 2008). Compensation and the pay strategies for wages in the firm will depend on the industry norms and procedures and the legal requirements for the compensation. The compensation program depends on the responsibilities and job description of each individual in the organization. The company needs to be competitive and know that one of the ways to motivate the staff is through developing an expansive compensation plan. This compensation plan involves the wages and other remunerations and awards for the employees. The employee is first entitled to a minimum aged that shall be determined by the market forces. The marketing department staff will be paid an extra commission for any additional customer that will also be determined by the management and the staff collaboration. The marketers are entitled to other allowances, which include the health allowances and dental care allowances for them and their families. Awards will be conferred to the individuals who do exemplarily work in pulling more customers to the organization. This will be the same across the organization ranks and divisions to encourage everyone to become a competitive member of the organization. The company wishes to ensure that the firm becomes competitive in the market and is the right place for the best talents. This will reduce the company's rate of turnover and, more so, retain the best skills. Staff training will be an essential part of the organization. The company will need to train the staff to develop their skills and expand their understanding of the industry needs. It will be necessary to conduct training from time to time to ensure that the organization has high skilled labor that will help in the realization of the goals. On the job, training will be HEALTH AND WELLNESS RETREAT 5 necessary for all the staff. It will also be required to enroll the team members in professional short courses such as customer care and handling that will ensure that the employees are conversing with what is expected of them in the organization(Bates, 2008). However, this comes with the cost, which includes hiring the consultant trainer, installing the necessary learning materials, as well as developing staff training curriculum. The time spent in training must also be accounted for. Staff performance depends on the role of management. The management has the functions of staffing and controlling, among other services. All these functions are geared towards the best decision making as well as the realization of the organization's goals. The manager will be vital in motivating the employees at different levels. They will be an essential link between the staff and the strategic plan of the organization. The manager must always supervise the employees to ensure they fulfill the desires and objectives of the organization. Terminations of services for the employee in the fitness industry are one of the significant issues. The employee in this industry tends to create some connection with the customers. Terminating their services without a good reason will mean there is a possibility of losing the customers. While some employees wish to move to better positions in other organizations, the employer may choose to terminate the employment due to poor performance or redundancy in a particular area (Bates, 2008). In this organization, there will be a laid out guidelines for terminating the contracts with the employees. This will follow the law to ensure that as the employee leaves the organization, it will not affect the customers. Having a high-performance team will be very critical for the organization's success. HEALTH AND WELLNESS RETREAT References Bates, M. (2008). Health fitness management: a comprehensive resource for managing and operating programs and facilities. Human Kinetics. 6 Marketing for Health and Wellness Retreats Business and Creating a Budget Carlos Estevez Prof. Valentin Zaharia Administration of Fitness Operations 06/15/2020 Marketing for Health and Wellness Retreats Business and Creating a Budget Business Summary There is an opportunity in assisting people and businesses that seek to improve the health of their employees through wellness retreats (Cohen et al., 2017). Health and wellness retreats business main activity involves sourcing hotels and grounds that suit different and wellness needs and negotiating a discount and commission for bringing the clients to their premises. Target market Target markets includes all potential customers that a business seeks to reach-out to, especially those that the business has identified as needing the product the business offers (Talukder et al., 2016, October). The target market includes private groups, corporate groups, and individual clients as they provide a high number of clients to serve at a go. I estimate a total market segment of five hundred private residence and a fifty corporate groups in my locality. The business will focus on this segment and avoid other clientele for now to maximize on the available resources. The private residences sale is projected to attract a commission of $ 140 per client and $ 500 per each corporate group during the first three months of inception and projected to increase at a rate of 10%. Sales Plan The organization will have a goal to sell to both private residents and corporates. The organization has a goal of selling about $40,000 in the first quarter. This will lead to a profit that is slightly above $13,000. 80% of the revenue will be expected to be sourced from corporate customers. Corporates will also be a priority because they will fetch a substantial amount of revenue at a go which can assist the business grows with only few starting customers (Cohen et al., 2017). Marketing Strategy The main objective of our marketing strategy is to create confidence to our clients and build a brand identity that emphasizes on the general healthiness and wellness of our customer. This will be achieved through the following customer needs that are not well served by our competitor a) Competitive pricing b) Consistence and dependability c) Effective communication to our customer Websites This is our first marketing incentives that involve the construction of a website that is user friendly. We also intend to make the website look more professional by adding small images and other noncomplex features. The website will be used to communicate the offers we have to current and new customers. The website development is estimated to cost $ 1910. Email marketing We intend to capture the emails on our websites so that we can email the current customer on a monthly period. This will create improve our relation and communicate the improved services and other offers available. News paper We intend to publish a small service directory ad on the local newspaper after every two weeks. This will help us minimize on the cost as well reach the old generation who we believe use the newspaper compared to the younger generation. The cost associated with placing ads on the newspaper is $80 per month Door to Door Flyers We will also print small flyers and distribute to the private residence who we feel are likely to be our customers. We estimate the cost of printing 500 flyers to be $25 every month. Social media We desire to maximize fully on the use of social media and thus we will set a Facebook account and Twitter account. This will help reach more new customer that are desirable for the expansion of our business. Customer Service Plan Trained Personnel We have a pool of well trained personnel in our business. The staffs are trained on treating the clients with high level of courtesy and friendless that makes the client appreciated and welcomed. This approach to customer attracts more referrals to the business. Efficient Services Our training program is designed on timeliness and efficient that eliminates delays with our training staff at their station on time. The clients’ record are well stored a well-organized manner which make it easy to retrieve when required. Clean Environment We are committed to keep our equipment and the environment we operate clean at all time as expected by the clients. After every session our team must clean the all the equipment before another session happens. SWOT Analysis Strength • Wide range of preventative wellness retreats and active lifestyle retreats • Well trained staffs that includes fitness personnel and tour guides • Competitive pricing Weakness • We are new entrants to the market Opportunities • Increasing customer demand for healthy holidaying • Large market • Existing of strong competitors • Potential increase of new entrants Threats Managing Urgency Creating urgency to increase sale is desirable for any business however, it should be managed to avoid exerting pressure to the client. In our business we desire to adopt the following ways manage urgency to desirable levels; a) Set desirable deadlines for offers to our customer b) Use of warm colors in our websites and other communication c) Offering bonus to new and existing customers Annual Marketing Budget XYZ Ltd Annual Marketing Plan $ 12,500 Brand development Website Website development Website traffic Direct/Email marketing Webinars 300 700 250 660 Advertising Print Media Social Media Door to Door adverting 960 209 250 Market Research Marketing travelling cost Total 980 263 17,072 PRO-FORMA INCOME STATEMENT XYZ Ltd PRO-FORMA INCOME STATEMENT 14000 Private resident Segment Corporate Group Segment 39000 cost of sale 14237 Gross profit 24763 operation cost Salary Adverting Public relations Marketing Research Tax Net profit . 25000 1280 1419.00 8730.00 912 12341 12422 155 12267 References Talukder, A., Alam, M. G. R., Bairagi, A. K., Abedin, S. F., Nguyen, H. T., & Hong, C. S. (2016, October). The grim: Target marketing in social network. In The International Symposium on Perception, Action, and Cognitive Systems (PACS 2016) (pp. 24-25). Vidal, J., Lauras, M., Lamothe, J., & Miclo, R. (2020, April). Toward an Aggregate Approach for Supporting Adaptive Sales And Operations Planning. In 2020 IEEE 7th International Conference on Industrial Engineering and Applications (ICIEA) (pp. 1031-1038). IEEE. Cohen, M. M., Elliott, F., Oates, L., Schembri, A., & Mantri, N. (2017). Do wellness tourists get well? An observational study of multiple dimensions of health and well-being after a weeklong retreat. The Journal of Alternative and Complementary Medicine, 23(2), 140-148.
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Explanation & Answer

Attached.

Running head: HEALTH AND WELLNESS RETREAT

Health and Wellness Retreat
Name
Institution Affiliation
Course
Date

1

HEALTH AND WELLNESS RETREAT

2

Health and Wellness Retreat
Creating a Safe Working Environment
The health and wellness retreat requires a safe working environment. The retreat centre
has to incorporate rudimentary health and safety practices into their operations. The management
of the health and wellness retreat is searching for various ways of diversifying their services to
their customers. They are mostly looking for possibilities of developing the health and wellness
retreat as one of the possible ways of expanding the firm’s future growth and even the revenue.
The ignorant or irresponsible practices of the careless members can compound problems in the
wellness and hospitality industry (Moffatt-Bruce et al., 2019, pp.432-443). Therefore, there is a
need to create a safe working environment by coming up with the best policies and procedures
that will ensure the safety of the members. Well educated as well as alert staffs in a maintained
and well-planned facility can guarantee a safe working environment. Amongst the things that
must be considered as consistent practices in all the facilities are ongoing staff training together
with immediate correction of potentially harmful situations like unsafe equipment. Installing the
health and wellness equipment in the facility can attract more customers who will meet the
demand of the customers' host who are already part of the organization.
Facility
The ongoing enactment of health and safety measures can enable the health and wellness
retreat managers to come up with a safe working envir...


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