Business Stakeholders At 360 Caffe In Manchester Free Essay Samples & Outline
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Essay on Business Stakeholders At 360 Caffe In Manchester
A stakeholder is referred to as an entity (person, individual or organization) that is has an interest in a venture and expects to benefit from it. (Sanford, 2011). Stakeholders, different from shareholders, do not own the business but only have an interest in the business. Two key stakeholders are discussed in this paper – internal and external. The key difference between them is their position relative to the organization. Internal stakeholders are entities within the organization while external stakeholders are entities external to the organization. (Boundless, 2016). Internal stakeholders include shareholders, management, and employees among others while external stakeholders include customers, lenders, suppliers, the government and trade unions among others.
In this research paper, we analyzed selected stakeholders and their effects in the operations of 360 caffe in Manchester. The caffe is an exemplary restaurant, bar, and lounge with a wide selection of customers. Our research would be based on both the internal (employees and management) and external stakeholders (customers) in the restaurant.
First, we conducted both primary and secondary research on various stakeholders in the restaurant and food business before settling on our key selections. We collected secondary research consumer reports on London dwellers who go out to drink and eat in the city.(London.gov.uk, 2016) (figure 1). We as well held an online survey via survey monkey to identify the target customer group of restaurants (figure 2). Based on the impact of business on society (Carroll and Buchholtz, 2003), customers as the external stakeholders while employees and management as internal stakeholders were a justifiable selection.
An analysis of the customer objectives revealed that their concern with visiting the restaurant was on low pricing, quality food, drinks and good customer service. With the employees, possible objectives we analyzed included job security, satisfaction at work, good pay and availability of career opportunities. For the management, profit was of key importance as well as survival and growth in the restaurant industry.
Employees, as internal stakeholders, influence and are influenced by the business directly. As the business improves and does well, they get their salaries on time, have good working relationships among themselves and with the management and serve customers much better. On the other hand, by lowering their productivity and efficiency in their daily tasks, the business performs poorly and fails as a result. The business depends on the employees to attain its objectives as the employees depend on it.
Customers, as external stakeholders, have a pivotal role in ensuring the success of the business. They solely decide whether to buy from the business and maintain its operations, or fail to support the business leading to its closure. The business needs to ensure that it maintains quality relationships with its customers to ensure it survives and grows in the long run.
Data Analysis and Results
Our secondary research from the London consumer reports showed that about 58% of London dwellers always go out to eat, drink and shop. Such statistics enabled us to realize that customers are a key aspect of concern in successfully running restaurants. Where they decide to spend their money will, as a result, affect the businesses they interact with. Being a consistent figure, 58%, this captures a wide range of incomes as more than half the population are involved. Our primary research methodology from survey monkey showed that a high percentage of people are willing to go out and spend money in a restaurant.
From the analysis of the results, our research indicated that customers, management, and employees are of pivotal importance in a business and their influence as stakeholders must be highly regarded. Good strategy and policy formation by management helps steer the business and consequently, efficiency and productivity of employees in their daily tasks helps increase profit for the business. On the other hand, by maintaining good relationships with customers, the business is able to sustain itself, survive and grow.
However, inasmuch as there is the intention of the business to grow, key issues lead to conflict between different stakeholders. Firstly, the relationship between customers and the business is often strained in cases where the business offers low - quality products and services to its customers in an effort to reduce its costs. Customers, on the other hand, will be unwilling to continue buying from the business hence leading to failure of the business. Secondly, a strain occurs in the relationship between employees and management. Poor pay and unfavorable working conditions may be imposed by management in an effort to reduce costs in the business thereby maximizing profits. (Weber, 2006). Employees may, in turn, boycott their duties, go on strike or leave the business. This will have a profound effect on the business as it will be unable to deliver on its objectives.
On analysis of both the business and the key stakeholders, there seems to be a profound relationship between them. The business requires the services of the internal stakeholders – (management to steer the business in terms of strategy and policy), employees (to implement strategy and perform required duties for the business to achieve its goals) and as well the customers to buy from the business ensuring its growth and continuity. As a result of this interconnections, the business cannot be separated from its stakeholders. The stakeholders are key in ensuring that the business achieves its objectives while the business, on the other hand, influences the behavior of the stakeholders. (Tricker and Tricker, 2014)
From our research study, we concluded that stakeholders have a key role in ensuring the success of a business. Findings from our primary and secondary research helped reveal consumer trends showing the fundamental impact customers as external stakeholders have on the restaurant business. Management, employees, and customers were seen to have the highest impact on the survival, growth, and success of restaurant businesses especially when they are small in size and where the management role is tied to the owners. As a result, the influence of stakeholders in businesses is high despite the size of the organizations. With large organizations, they may influence the management team that directs operations of the business while with small businesses, they influence the daily operation of the same.
On the other hand, we were limited in our research in the aspect of time allocated for the same. This meant that we reviewed less primary and secondary research materials within the allocated time. As well, we could not manage to get to visit other restaurants to compare our results. Availability of consumer reports on restaurants in London was as well noted as a challenge. In future, allocation of more time and research resources will help in the analysis of the study.
Sanford, C. (2011). The responsible business. 1st ed. San Francisco: Jossey-Bass.
Carroll, A. and Buchholtz, A. (2003). Business & society. 1st ed. Mason, Ohio: Thomson/South-Western.
Weber, L. (2006). Profits before people?. 1st ed. Bloomington: Indiana University Press.
Tricker, R. and Tricker, G. (2014). Business ethics. 1st ed. London: Routledge.