The Compass Inn Business Plan

It presents The Compass Inn’s market, SWOT analysis, and the competition. It also offers a strategic plan, customer service, investment opportunities, delivery of the proposed offer, and the pertinent details. At the end, this business plan presents a forecasted profit and loss account and shows the potential operating profit for The Compass Inn in the first year of its leasehold. Overview of The Compass Inn The Compass Inn, located in Damerham, is considered a friendly pub, venue boutique bed, and breakfast at the heart of a rural village. The pub focused on serving excellent local food and ales. From a general perspective, The Compass Inn is situated in a favorable location in the heart of a local society, and the position satisfies its desire in overlooking the village sports field, which hosts Damerham Cricket Club each week in the season.

The activities which are carried out in the village sports field and support The Compass Inn are such as car-boot sales, Bonfire Night, beer festivals, and Damerham Country Far. The pub’s private event space and a massive garden create a memorable venue and environment for people to hold parties as well as private events. Clients visiting The Compass Inn feel that the pub provides a fantastic experience and would create long-lasting memories. A Look at Myself I have believed that I have the necessary education, knowledge, understanding, and skills to take The Compass Inn to the next level. These various settings have enabled me to gain experience and know how to work with people from diverse societies. Together with my business partner who has been a General Manager in a Dining Restaurant, we will combine efforts and seek the necessary consultation to ensure that The Compass Inn expands beyond expectations.

The Compass Inn Market Analysis It is crucial to undertake an analysis of the market served by The Compass Inn. This process seeks to study the attractiveness and the dynamics of a unique market within a special industry. In this context, the market analysis for The Compass Inn focuses on understanding the market for the firm which operates in the hotel and hospitality industry. Based on these concepts and facts about the UK hotel industry, it is clear that the UK hotel industry provides The Compass Inn an opportunity to expand and keep growing to achieve its short-term and long-term goals and objectives. Target Market The target market is The Compass Inn’s most crucial segment when analyzing the hotel industry in the UK.

The pub attracts individuals from different places. It greatly embraces diversity, and as a result, it welcomes customers of diverse backgrounds regardless of their race, nationality, socioeconomic status, color, religion, or level of education. At this point, it is evident that the pub’s customers come from different places. As a result, this high level of reputation gives the pub a competitive advantage over its competitors. Global industry: The fact that The Compass Inn operates in the hotel and hospitality industry in the UK presents a great opportunity for it serves individuals from different countries. It also offers the pub the opportunity to be recognized in the international market. Its services are non-substitutable: The pub provides services entertainment, hotel, and hospitality services which cannot be substituted.

This is because people will never stop traveling completely or having fun in pubs. As a result, customer flows rely on seasons. When the customer flow is low, the firm is at risk of facing a huge decrease in the profit margin of The Compass Inn. Opportunities The rapid increase in globalization: In the significantly growing economy of the UK, the pub has the opportunity to expand because of increasing levels of globalization which is a positive aspect in the hotel and hospitality industry. In the midst of increasing globalization, The Compass Inn can embrace new prospects of more international holidaymakers and tourists. Advancement in technology: The Compass Inn may embrace the rapidly advancing technologies and use it for its benefits.

and The Far East. In this context, The Compass Inn can utilize this opportunity to expand its premises. Threats Stiff competition: The Compass Inn faces stiff competition from other firms in the hotel and hospitality sector. If the competition is not dealt with appropriately, it might result to a decrease in its revenue. Insecurity: In the contemporary setting, there have multiple cases of terrorist attacks which influence firms in the hotel and hospitality sector. However, the requirements to establish a pub like The Compass Inn are very high regarding expertise and capital. Hence, the threat of new entrants in the hotel industry is low. Industry rivalry: The intensity of competitive rivalry in the UK hotel industry is high. This is because there exist other firms which offer services that are similar to that of The Compass Inn.

Bargaining power of customers: Given that there exist numerous hotels, restaurants, and pubs in the UK and around The Compass Inn, the bargaining power of customers is high. Hence, there is a need to be unique to get customers to the pub. Precisely, there is a need to introduce new events in The Compass Inn and also intensify the frequency of the events carried out in The Compass Inn. The pub will also offer space for holding of small weddings in The Compass Inn during the summer. • Pool and Darts Pool and darts will be an interesting activity for The Compass Inn’s customers. There will also be the need to serve customers with food. There might also be set a regulation that to get into the disco, a customer should buy a plate of food or a bottle of beer.

This will increase the pub’s reputation and strengthen its brand name. • Beer Festivals There will be an increase in the number of beer festivals held in The Compass Inn. The emphasis on the beer festivals will be on volume and variety of available beers. There will be no entry fee, and professional bar staff will be used during such occasions in The Compass Inn. Since the pub is a dog-friendly environment, there is a consideration to increase the variety of dog food being prepared in the pub. • Customer Service All the pub’s staff will be experienced staff from 4-star hotels and restaurants. This will ensure that they provide quality services to the pub’s customers. Even though the existing level of service is sufficient for the customers, there is a need to keep moving forward.

At the moment, there is enough personnel for the pub. The sessions will be incorporated into the schedules by ensuring that they attend the sessions during the off-peak hours and in shifts. This will ensure that the training of the staff does not interfere with the pub’s normal activities. The staff will also be trained on how to strengthen their customer service skills. The customer service representatives will be trained on consistency, patience, and empathy. This will teach the staff how to handle customers with different personality. Delivery of the Proposed Offer In the increasingly competitive sector, it is crucial for the pub to gain additional customers and awareness among different people. This means that a lot should be done concerning the marketing of the pub’s products, services, and the entire brand name.

In the wake of increasing use of social media among different people, The Compass Inn will be advertised through social media platforms including Facebook, Twitter, and Instagram. There will be frequent posts informing the customers and potential clients of upcoming events which will be held in the pub, various offers, and other vital information. Further, the customers will be encouraged to rate The Compass Inn in multiple sites including thegoodpubguide. However, it would be crucial to consider the recruitment of new professional advisors and bankers. The primary requirement for the bankers and professional advisors is to make sure they have the required experience of at least 5 years. When hiring additional staff for the pub, it is crucial to formulating job posts which reflect The Compass Inn.