Woods Adventures (Pvt) Ltd., is in the business of providing their guests with an experience of serenity in the wilderness. There are several camping related concepts in Sri Lanka. However, the rainforest camping experience is considerably unique. For instance, the guests possess the opportunity to remain close to nature whilst undertake hiking expeditions within the rainforest environment. They could also visit the local villages and experience the daily lifestyles of the locals in the area. The traditional values and hospitality are some of the main qualities the guests can experience. Bathing in natural pools, experiencing absolute quietness and even meditation are possibilities.
The proposal elaborates on the business concept, and how the business is linked with the other aspects whilst the need to establish an appropriate management committee is emphasized to operate the business aspects successfully.
The business development proposal for Woods Adventures (Pvt) Ltd was developed with the view to:
- Identify the concept associated with the business
- To evaluate whether the business concept is ready to be fully transformed to a business
- To identify the assumptions which require to be determined, for the business concept to be developed into reality
- To identify how feasible this business concept is through appropriate feasibility analysis
- To develop a business model which will accommodate these key business aspects in detail
- To develop a business which will determine how the intended results can be reached
The business concept is tested and the feasibility of the business is identified. Once the key feasibility aspects are identified, the role of the business and how it can be operationalized are determined. These will indicate how the business will develop the key functions of operations.
Once these key areas are established, the financial forecasts will require to be developed and subsequently the overall business plan is completed. This should indicate as to how the business will be able to achieve the intended results through the management of the key business aspects.
In the case of developing the business plan, several models, concepts and theories have been applied. These are important areas which will indicate how the businesses can be developed using appropriate concepts in the future. The following are some of the key concepts that have been adopted.
- The business model canvass
- Porter’s five forces analysis
- PEST macro analysis
- Assumptions development for the business
- Porter’s value chain analysis
- Development of the business plan
The key assumptions that are involved in the proposal can be described as follows:
- The study will evaluate the feasibility of the project of building a rainforest campsite off Daraniyagala area, adjoining a natural stream and away from colonization.
- Whilst the land rights are already secured and it is assumed that these facilities will not be re-claimed by the state
- The growth in tourism is high and it is also assumed that this trend will continue.
- There will be no regulatory changes in the building permits and other aspects
- The economy of the country will continue to experience acceleration in growth
The following table highlights the main stages of the project and the expected time duration, of each stage.
|W1||W2||W3||W4||W5||W6||W7||W8||W9||W 10||W 11||W 12|
|Development of the business idea|
|Undertaking secondary research|
|Development of the business plan|
|Compiling the first written draft|
|Review of the plan|
|Development of the final draft|
Table 1.1 – Time scale of the report (author developed, 2018)
The business concept associated in this instance is linked with the tourism industry. It is important to understand that the industry will experience continued growth and the support received from the State to sustain these developments will be considerably high. However, there are several areas that Sri Lanka can cater to, but the business remains under-developed and incapable of supporting these niches (Kaliappen and Hilman, 2017). Therefore, a detailed development of the business concept should be undertaken, to close these gaps.
The business will provide several different facilities to the guests who are likely to visit the campsite. Following are the key services.
- Accommodation – The business is expected to be developed with the view to provide accommodation to the tourists in a rainforest environment. This will enable the tourists to secure required accommodation consistent with market needs. Meanwhile, a campsite is available for the guests to bring their own tents. Further, there are a limited number of rooms available to the guests as well. Additionally, the resort could also provide the guests with tents if they intend to experience a camping environment. The facilities include the provision of traditional meals.
- Experience and adventure – The environment is in close proximity, to nature and this will provide the parties with a unique experience of serenity. For those who seek adventure, there are various trails that they can venture on. These trails include walks within the rainforest including long trails which lead to the Sacred Sri Pada mountain through a thick rainforest.
- Spa treatment – A spa facility will be established to offer experiences in meditation and Ayurveda herbal treatment to the guests. This will be a unique experience for most of them as they have not experienced any such treatments in the past.
The concept statement indicates the main areas which are associated with the concept and how each of these areas would be managed effectively. Possessing the appropriate capabilities to manage these areas will ensure that the business will be able to achieve the expected long-term results.
The company intends to provide unique tourism experience to its customers; they take them away from normal city life and offer unique accommodation experiences close to nature. This will enable the customers to experience beauty and the serenity. To enhance the experience, the resort provides comprehensive direction and guidance to explore the trails as well as establish a fully equipped spa treatment to cater to the well-being of guests.
The target market for the operation includes the local as well as international tourists. They will be able to experience beneficial results by utilizing the unique services as well as enjoy the tranquil environment of the resort. While the core service concentrates on providing the customers accommodation in a particular environmental setting, there are several other value-added services including home cooked meals, trailer guide advices and other amenities that are relevant. Meanwhile, the Ayurveda spa also adds value to this unique set of experiences provided to the users of the resort. Thus, the resort provides a total value package that will create interest amongst the guests.
The key stakeholders of the business require to be identified, which will ensure effective management of these parties. Therefore, ensuring that one is equipped with the necessary capabilities to manage the stakeholders effectively, will guarantee that the desired outcomes are reached (Basu, 2014).
- Tourist – the local as well as international travelers will be able to benefit from a unique experience at the resort. Meanwhile, the primary objective of the resort does not intend to provide luxurious benefits.
Rather it targets to offer the benefactor an experience in nature and serenity. This unique set of features would entice those who are interested in appreciating such an environment and benefits thereof.
- Community – the community will not have much impact as the resort is away from the existing households. However, if they are willing to sell locally produced goods to the tourists, they are provided with the opportunity to enhance the guest experience.
- Employees – it is mandatory that the employees maintain a professional standing; they are exposed to main training opportunities and allow them to maximize the benefits affiliated with sector improvements. They are well paid and the performance would drive the earnings.
- Shareholders – the shareholders should be positioned to generate sufficient revenues to justify the investment undertaken. Meanwhile, there should be an eventual appropriate exit route for the shareholders as well.
The tourist arrivals in Sri Lanka continues to grow; for instance, in comparison with 2016, 2017 has experienced a 3.2% growth in tourist arrivals. The tourists visit the country due to the various attractions offered. They will be able to enjoy several benefits in the area and experience life in this remote and unique part of the country.
The attractions offered mainly encompass a camping experience; the guests will be able to indulge in the natural habitat surrounding locality. These unique features can be communicated to the potential guests with the provision of a website. Resultantly, potential guests will be able to visit the resort and enjoy the benefits that the region offers. Thus, the increased tourism arrivals envisaged to the country as well as the enhanced travelling interest of local travel groups, are bound to expand the potential for a business of this nature.
It is important to identify whether the business is feasible and such an evaluation will determine whether to continue with a business of this nature. The feasibility of the business, require to be identified prior to undertaking a detailed business plan. Such an approach will ensure that the business is positioned to undertake these activities, which will suit the exact market requirements in the future. A well-established feasibility analysis would indicate the capability of the business to achieve the envisaged results in the future (Pehrsson, 2007). Meanwhile, there are several aspects which required to be considered in the feasibility analysis and these will indicate the nature of the expectations that are in place.
Business feasibility thus develops the required background for the business report. Further, this acts as part of the business report to communicate to the shareholders regarding the nature of the results that could be achieved by the establishment of the business potential. Thus, the investors will be able to identify the required initiations and how they should act to maximize the results of the feasibility analysis in the future. Therefore, it is necessary to undertake a business feasibility and understand the related outcomes.
The study needs to establish the feasibility of the business; therefore, to establish the feasibility, appropriate data requires to be identified. Meanwhile, possessing the relevant data will enable the study to evaluate the total information related to the feasibility aspects of the business in detail. Likewise, it is important to note the availability of secondary data related to the tourism industry and therefore, it should be understood, that the primary focus of the feasibility is linked to secondary data sources.
The study needs to evaluate local as well as foreign tourist arrival details as well as tourism related habits. These will enable the study to identify whether the market is willing to accommodate a service of this nature and benefit from the services thus offered. Thus, the feasibility will indicate the ability for this business concept to generate profits in the future. It is also apparent that these insights will be useful, since it will outline a comprehensive understanding of the business and the likely success they will achieve.
Further, there are several assumptions that require to be determined; since the feasibility is affiliated with the future. Resultantly, when the feasibility is evaluated, the changes that are likely to occur in the future require to be addressed as well. Thus, relevant information regarding the feasibility can be established. Therefore, the overall outcomes tied with the study remains positive by nature and the benefits are likely to be high.
Sri Lankan Tourism Development Authority (SLTDA) maintains a portal that represents relevant information regarding this area and ensuing developments. The details associated with these aspects indicate that extracting of information from the website is one of the primary methods of eliciting the required information. Therefore, the existing portal is sufficiently capable of providing comprehensive details regarding the area of discussion. For instance, details regarding foreign tourist arrivals etc., will identify whether the sector is experiencing growth and the envisaged progress is adequate for the development of new facilities of this nature in the future.
There are several secondary studies that have been undertaken to determine the benefits of international as well as local tourism opportunities initiated in the country. Thus, the available secondary information regarding the sector also will be considerably useful in identifying the benefits of the tourism industry and determine how these facilities can be exploited to achieve the intended results. Thus, identifying the appropriate growth potential of the sector and working towards reaching the intended results will facilitate beneficial outcomes. Meanwhile, the discussion elaborates that the study has the capability of relying completely on secondary information related to the study area. This will ensure that the insights gained regarding the sector remains detailed while a wide area related to the industry can be covered through these research outcomes.
This is the section that the feasibility of various aspects is evaluated. The following are the main sectors of feasibility that is evaluated in this instance.
- Product / Service
The overall business idea will be considered feasible provided that all the above areas have been evaluated regarding its feasibility. Therefore, if a single area fails, it is apparent that the overall feasibility levels are low.
EcoWanderlust (2016) has reported that global tourism growth in the eco-tourism sector is rapid; since the sector has experienced a growth rate which is thrice the rate of total tourism growth. However, in terms of cost related aspects. the actual cost involved with offering ecotourism facilities is low to the tourists as well as the operators and the facility providers. Therefore, this will enable more tourists to visit destinations which offer community-based resorts which offer cost effective services that are friendly to the environment as well.
The report also highlights that approximately 20% of the total tourists would demand environmentally friendly practices and community-based activities to be included in their travel itinerary. This highlights that the role of the ecotourism is experiencing rapid growth and is an area where several investors are approaching. Thus, the role of ecotourism and the growth of the tourist arrivals in the region remains areas of importance for the parties to consider in the future.
In 2012, when the respondents were questioned regarding travel choices, approximately 71% have indicated they are willing to visit more eco-friendly destinations. This depicts that tourism trends are shifting from luxury-based travel to considerably serene and Eco focused travel. This is likely to be a unique experience that the tourists might are unable to obtain in their respective countries. Thus, the sector is likely to experience further growth acceleration in the future and therefore, companies engaged in this area of tourism are open to benefit immensely from the outcomes.
The company requires to identify the main products and the services they intend providing.
Accommodation and food – This comprises the core part of the revenue for the company. Whilst, accommodation will require to be comfortable it does not necessarily need to be luxurious by nature. This will ensure that cost-effective accommodation facilities will require to be provided. Meanwhile, the camp site will enable visitors to erect their own tents if they prefer. On the other hand, the resort will also supply rooms as alternative accommodation for the visitors to consider.
Guided trails – the resort will facilitate guides who can take the potential visitors on guided tours within the premises. This is an important facility since most visitors are attracted to the destination, owing to its ability to explore the nearby forests. On the other hand, the visitors will also be able to undertake a guided tour amongst difficult treks, such as climbing the Sri Padaya mountain (Adam’s Peak) from these areas. This will be another service they can provide.
Spa treatments – This is another mechanism which will enable the further relaxation of mind and body of the visitors residing at the resort. The treatments will be based on herbal concoctions that are found in the region. Resultantly, this facility will add further value to the region and the community affiliated with these areas. Thus, the outcomes will provide positive results to the parties involved utilizing these faculties.
Meanwhile, it can be observed that the above areas are directly affiliated with ecotourism; the visitors will be able to indulge in a totally different experience and exposure from these activities. Therefore, it can be concluded that these areas can be identified as appropriate and beneficial to the visitors to the country. Likewise, the local tourists can also indulge in adventure theme expeditions or pamper oneself with relaxing activities available at the resort. Considering all these factors, it is apparent that the benefits affiliated with these areas are considerably high.
In a country such as Sri Lanka, there is considerable potential for this sector to grow. For instance, Sri Lanka boasts of a rich cultural heritage and an uncompromising natural environment. Meanwhile, whilst parts of the country are engulfed with mountainous areas there are certain areas comprising of wet zone forests. All these areas are considered, to be attractive, by the locals as well as international tourists. Most of these tourists arrive from highly populated city areas and such scenic and serene solitude is a novel experience to them. Thus, this is an area where investments should be undertaken, to improve facilities and develop this area as a prospective tourist destination in Sri Lanka. Therefore, the product and the services feasibility affiliated with this consideration, is likely to be considerably high. This will enable the business to establish an operation and continue to grow to reach positive results in the future.
The industry has to be feasible for the tourist sector to grow in the country. Therefore, this section will evaluate the overall feasibility levels of the tourism industry. It is important to note that data related to local tourism remains limited by nature while details regarding arrivals of international tourists remain high. The following chart indicates data related to international tourist arrivals to the country in 2016 and 2017.
Figure 3.1 – Arrivals of tourists in Sri Lanka (SLTDA, 2018)
The above chart depicts a 3.2% growth; the tourist arrivals in 2016 was 2.05 million while this has increased to 2.17 million in 2017. This is likely to grow in the future. Irrespective of the fact that global tourism grew at a much faster rate of 3.9% during the same period, if increased efforts are undertaken to drive growth in the sector, it is likely that the industry will achieve growth rates which are well above the international growth rates that are currently observed. This confirms that the industry in the current context is operating under appropriate conditions which will drive the industry towards growth.
Whilst information regarding domestic tourism is scarce; the available details highlight that the domestic tourism trends are moving towards a positive stand. The hotel room accommodation of domestic tourism peaked to 2.07 million guest nights in 2014 but has unfortunately come down to 1.59 million guest nights in 2015. This was primarily attributed to increased arrivals of international tourists and in certain instances discrimination against domestic tourists at local hotels (Mirror Business, 2016). However, the outlook is different in relation to smaller hotels and resorts under consideration.
While the hotels have observed a decline in local guest nights in 2015, the budget hotels and the resorts have experienced an increase of 24.3% percent YoY of local guest nights in 2015 which translated to 636,644 arrivals. This is another important aspect that drive the growth of tourist arrivals in these areas (Mirror Business, 2016). A camp site and a resort would offer the guests with a relatively mid-level budget option according to the needs they possess. Thus, the study clearly indicates the fact that the overall demand for resorts of this nature is on the increase, while the larger hotels might even be negatively affected due to the changes observed in trends.
Meanwhile, even in the case of a global recession, it can be observed that resorts of this nature will be able to benefit. This is due to the fact that they continue to offer the customers with high end services that will match the exact needs of the customers. Thus, they will be able to continue to improve the quality of the services they are providing to the customers at a lower cost base. This will enable them to continue expanding the services and achieve appropriate outcomes in the future.
The above discussion has indicated that the industry possesses a very high level of feasibility affiliated. It is also clear that the products and the services affiliated with the company also possess a high level of feasibility. Irrespective of the industry and product feasibility, if the markets are unwilling to accept the products on offer, it is likely that the operation will fail. Therefore, it is mandatory that market and product feasibilities are well established.
For this discussion also, comprehensive findings of secondary research conducted by de Silva and Samaraweera (2017) are adopted. They have conducted studies on various aspects of the tourism industry in Sri Lanka.
220.127.116.11. Collection of data
This section describes how visitors can obtain relevant data prior to arriving in the country. This is an important aspect, since they need to familiarize themselves regarding the country, prior to visiting. The following diagram highlights the various sources of information which prospective tourists could approach, to obtain necessary information prior to visiting the country.
Figure 3.2 – Sources of information (Silva and Samaraweera, 2017)
The above outcomes indicate that approximately 65% of the tourists obtain details regarding the country with the provision of Internet. This will enable them evaluate the details regarding the country and reach appropriate conclusions prior to visit. Further, details regarding the places they need to visit are also collated using the internet. Therefore, the internet is considered a powerful source of information for prospective visitors.
18.104.22.168. Values they seek
The values the tourists seek when they are visiting Sri Lankan will indicate the expectations they possess regarding the tour.
If the country has not been able to provide these values, it is likely that the tourists will be disappointed and will not return in the future. Thus, this is an area of importance and the country needs to identify what values should be offered to attract the tourists.
From the above chart, it is clear the majority of the tourists will visit the country with the view to relaxing and enjoying the values on offer. Thus, the country will need to ensure that they consider enhancing these values and reaching appropriate benefits consistent with market expectations. This highlights that there is considerable potential for the parties to reach appropriate results. Resultantly, resorts which concentrate on offering values related to relaxation of the mind and body will be able to progress rapidly in a competitive market.
22.214.171.124. Satisfaction of the visit
This will indicate to which level these visitors were satisfied with the experiences encountered whilst in Sri Lanka. If they have gained a positive experience and exposure, it is likely that they will return for further holidays, whilst they will also recommend to friends and family regarding the suitability of Sri Lanka as a worthwhile holiday destination. This will further enhance the number of tourist arrivals, as they are likely to return to the country in the future as well. Thus, the experience they would gain require to be evaluated and appropriate outcomes will have to be reached thereof.
Figure 3.4 – Satisfaction levels of the visits (Silva and Samaraweera, 2017)
The above chart indicates that while there is a high level of customer satisfaction in place, there is also considerable room to improve the overall customer satisfaction levels. Whilst it is important to understand that there is a general level of satisfaction achieved from the experiences, there is also the indication that considerable room exists to further improve the available facilities. New resorts and developments initiated to improve the existing infra-structure of this nature, will further enable them to reach appropriate results and eventually benefit from the outcomes.
126.96.36.199 Areas of improvements
There are areas which the tourists would like to observe an improvement; this is an important aspect of the discussion since the new hotels and the resorts will be able to implement these findings and improve the services they provide in various areas. Thus, identification of the relevant areas and improving these aspects would lead to positive benefits to the parties whilst achieve significant outcomes in the future as well.
Of the areas which have been earmarked for improvement, the issue related to ecofriendly tourism plays a significant role. Meanwhile, considerable efforts require to be undertaken to improve the overall image of Eco friendliness and enhance the benefits offered under this program. Thus, there are various areas of improvement that would be possible to achieve. Likewise, it is important to note that further improvements are required in the context of reaching appropriate results in the future. Moreover, approximately 23% have stated that there is a clear need to improve accommodation facilities that are currently available in the country as well.
Thus, the above report issued by Silva and Samaraweera (2017) have indicated that the growth of the industry is based on the capabilities the parties possess, to provide the visitors with the facilities they envisage. However, it is important to ensure that they are provided with appropriate facilities to reach the intended benefits consistent with expectations. This highlights that the sector possesses sufficient capabilities to develop an appropriate eco-friendly set of suggestions which will enable the parties to achieve appropriate results. Thus, the above discussion conveys that there is a clear market niche in place for the ecotourism sector and the resort contributes towards filling this gap. There are only very few camp sites available in Sri Lanka. And most of these sites are considerably expensive.
Silva and Samaraweera (2017) highlights that Sri Lanka is a value tourism destination and therefore the tourists who arrive in Sri Lanka are expecting a certain value for the investment they have undertaken. Thus, it is important that Sri Lanka concentrates on developing these value tourism aspects and achieve positive results.
There are several conditions that the organization will need to fulfil, to ensure that they undertake their operations consistent with market needs. If any of these areas fail, it is evident that they might not be able to reach the targeted objectives envisaged. Thus, the following areas are important aspects that require to be considered, in the overall organizational feasibility study.
The location – the land for the location is already purchased and has access; the land is at the edge of a rainforest. However, the land ownership is private by nature and there are no legal restrictions interfering in changing the title of this land between the parties. Therefore, the location is available consistent with the needs of the organization and the latter will be able to implement their activities in the said location.
Construction – the construction is basic and roads are available to reach closer to the building site. This will ensure that the building can be constructed according to the needs envisaged. The design is also basic and mainly utilizes local material for the construction of the buildings on the property. This will ensure that the resort is developed according to the concepts identified during feasibility.
Employees –recruitment will be undertaken from the available skills found in the homes and communities within the region. This will enable them to operate the resort with minimum conflict with the community of the region. This approach will benefit all the parties and ensure that people from the community have the opportunity, to secure suitable jobs due to these initiations undertaken in the region.
Food supplies – the resort can purchase the food items from the village community. Further, they can negotiate with the homes in the village to prepare home-made meals as well.
In this manner the villages are provided with the opportunity to participate in the operations of the resort, which will also offer them a source of income. Likewise, the guests will be able to enjoy home cooked meals that are free of any chemicals etc.
The above discussions have indicated that all other areas of feasibility remain strong; however, it is important to note that the organization should possess the required levels of financial feasibility in place. Meanwhile, if there is a lack of financial feasibility, this may indicate that all other areas of the feasibilities are to be considered invalid. This is the reason that the organization needs to evaluate the financial feasibility and ensure this aspect is maximized.
188.8.131.52 Start-up capital
The company requires start-up capital to commence business operations. At this stage, the key areas of investment can be identified. This will enable the company to ensure that the required finances are streamlined. The start-up capital estimation of the company can be indicated as follows:
|Furniture and fixtures||1,400,000.00|
|Other cash needs (to partially cover expenses)||500,000.00|
|Total need of startup cash||5,000,000.00|
Table 3.1 – Startup capital needs (author estimates, 2018)
The above chart indicates that the areas such as the furniture, properties and the other aspects remain important areas that will provide the needed insights. Possessing appropriate start-up capital indicates that the business will be able to be initiated with the minimum of restrictions in place. This will make sure the business also will be able to continue to achieve the needed results and benefit from the right kind of outcomes.
The market portion of the initial investment is identified for the construction of the resort and camp site; this is estimated to cost Rs.2.85 million. Meanwhile, as in several cases, the company has resorted to the utilization of local material, and therefore, the cost of construction remains minimum. Furniture and fixtures in this instance will reach Rs.1.4 million and the eventual requirement of total capital is estimated at Rs.5.00 million.
184.108.40.206. Working capital needs
The company needs to manage the working capital consistent with the expectations of the organization. At the commencement of the operation, the company would require a working capital level of Rs. 750,000 in terms of inventories and cash resources. Meanwhile, with the growth in business, the company will experience a growth in working capital needs as well ranging from approximately Rs. 500,000 per month to Rs. One million per month. Thus, the above aspects are the main working capital requirements and the company will be able to achieve appropriate outcomes by managing the working capital and achieve envisaged results.
220.127.116.11. Sources of funding
The company required a funding of Rs.5.00 million at the initial state. At this stage, it was considered appropriate for the managers of the business to invest in this sum, which will be subsequently issued as equity. Whilst there could be other shareholders yet all the funding at this stage, will need to be equity. This will free the company from the need to off-set any installments on a fixed basis. Further, the outcomes would indicate that the company will be able to ensure that they achieve appropriate outcomes consistent with the needs of the operations and achieve suitable results.
18.104.22.168. Cash flow
During the first month of operations, the company will be able to generate a cash flow of Rs. 562,000. This will gradually increase subsequently. This shows that the company has the capability of generating the required cash flows to sustain the operations and subsequently achieve required results in the future. This will enable the company to develop a highly lucrative business operation which will ensure they reach appropriate benefits in the future. Therefore, the above confirms that the company has the capability to earn its cash flow to secure the future operations of the business.
The below chart indicates at which point that the company will be successful in breaking even. This is important due to the fact that this will indicate as to how sensitive the business environment is for the company. the following chart depicts the break-even point of the business.
Figure 3.6 – Breakeven analysis (author estimates, 2018)
This indicates that at the occupancy rate of 19.45% the company starts to break even. The initial occupancy rates are around 45% and this shows there is a very low level of sensitivity. It is unlikely that the estimated 45% would drop to as low as 19.45% during the initial period. This shows that the break-even analysis associated with these outcomes have limited potential in the future context.
The business will have to face failure in the instance the business is unable to perform consistent with the expected outcomes. Thus, the company will need to evaluate the cost of failure and take appropriate action to mitigate the impact they would create. The maximum cost of failure is Rs5 million as the company will lose this at the maximum level provided all the operation ceased to exist and the properties and fixtures were also lost to cover the losses the company would make. Therefore, it is advisable to incorporate a private limited company that will control the total cost associated with the failure.
The feasibility analysis has indicated that the company has potential; the company possesses the ability to ensure that they meet the expected results consistent with the long-term expectations in place. Meanwhile, the above feasibility analysis has indicated that the overall performance of all areas of operations will provide positive results to the organization. The outcomes indicate that the parties will achieve positive outcomes and benefit from these initiations in the future.
This will enable the development of the business model consistent with the requirements of the organization. Therefore, possessing the appropriate business model will ensure that the operations are undertaken to meet market expectations and the results conform with the needs (Rolandsson, 2015).
|New business drivers – The new business drivers include the growth of the tourism in the country. Peaceful environment drives the tourist arrivals to the country. Further, state initiatives as well as private sector initiatives to promote Sri Lanka in other countries as a lucrative holiday destination, drive the number of tourist arrivals to the country. The above initiatives are the business drivers which will increase the business.|
|Core customers – the core customers of the company include the international tourists as well as local tourists. They will be able to benefit from the changes in place and ensure that they gain a unique experience.||Superior value – the company provides hotel facilities at a low rate including meals. The availability of a spa and other activities for the visitors to engage in. The design and the value offer is either in line or competitive.||Channels – the business channels include primarily the referrals and the social media as well as the company website. Further, links with the tour operators will also act as a channel for promoting the business.||Key activities – the hotel will be able to receive the visitors and fulfil their expectations. Serving the customers, preparation of accommodation, Guiding and familiarizing the customers, regarding key activities.||Value chain resources – Hospitality – Approach towards making the stay comfortable|
Food – Offering quality and organic meals
Guidance – Possessing the required knowledge to provide relevant guidance on the activities available
Spa treatment – providing facilities which will enhance the well-being of the visitor
|Identity – the main identity of the organization includes providing quality treatments to the customers and a unique experience that they will appreciate.|
|Competitive strategy – providing the visitors with a unique experience that will enable them enjoy an exceptional experience bringing them closer to nature.||Relationships and networks – our operators locally and internationally, social media and ticketing agents could act as the key partners of promoting the outlet.||Key partnerships – the equity providers are the main partners who have invested in the business at this stage.|
|Cost and cost budget – Details are attached||Revenue and cash flow – details are attached|
Table 4.1 – the value canvass (author developed, 2018)
The new business drivers include the growth in tourism which currently include the international market as well as local tourism, by undertaking relentless promotional activities. Further, the activities include the promotion of the country as a tourist destination which are the key drivers that contribute towards the growth of the tourism industry.
The company will design the identity and the logo; the logo consists of a leaf and a mountain. This highlights that the resort is ecofriendly and provides a unique experience. The mountain on the other hand represents nature and adventure elements. Thus, these are the main elements that are associated with the logo.
There are two primary types of customers who are involved with this operation.
- Domestic tourists – they are residents of Sri Lanka who wish to enjoy the facilities of the resort during their leisure times. They will be able to enjoy beneficial results in terms of leisure activities development and achieve positive results in the future.
- Foreign tourists – these are the parties who are from outside of the country. In larger scale hotels, they contribute towards the majority revenue share. However, in this context, they could be the minority at the initial stage.
The value proposition that has to be offered in this instance include the emotional, functional, price, competitiveness, ethical and market relevance aspects in place. It is important to evaluate each area to determine the nature of the value proposition that the company has offered to the customers.
- Emotional – The hotel will provide the visitors with an experience that they will not forget. This is one of the key features they offer to the potential visitors.
- Functional – the guests will be able to visit, relax and enjoy benefits affiliated with the hotel. There are natural streams and forest they can enjoy. The hotel serves delicious Sri Lankan food.
- Price – the room rates are considerably reasonable in comparison to the experience that the hotel offers to the customers.
- Competitive – the serene and quiet environment, situated close to nature and the refreshing spirit of the forests and streams are some of the key values offered to the visitors of the resort.
- Ethical – Sharing with the community, improving the lifestyles of the employees and the people in the community are ways in which the resort intends to contribute to the environment.
- Market relevance – the market will have to identify as to how relevant these values are; the demand for ecotourism is increasing and therefore the values offered by the company are consistent with market needs.
The company will require to compete with several groups who operate resorts to attract the tourists; however, in the region, there is hardly any competition for the resort and the nature of the services they provide. The company is considering promotion of their services, on the grounds of high quality service, a unique experience, Ayurveda spa and the offer of guided tours to adventure trails which exist in the area. Thus, the role of the competitive strategy and the related outcomes remain areas of importance.
The company will need to secure the relevant channels with the intention of marketing their activities appropriately.
- The website – the company website will provide one of the access methods for the details of the hotel and the services to be offered to potential customers.
- Tour guides – they will also comprise of being part of the information source; thus, they will be contacted to maximize the opportunities of reaching potential tour groups who are likely to be interested in the services offered by the resort.
- Travel agencies – they will also keep the customers informed; having a channel of this nature will allow the tourists to become aware regarding the benefits of the hotel.
- Social media – this will assist the parties to identify how they will be able to structure the activities and undertake the operations accordingly.
The hotel offers several key activities; they include catering of meals, providing accommodation to the visitors, arranging guided tours to various activities available at the resort, and spa treatments. These are the main services that are provided which are bound to increase the affiliation of the visitors to the resort.
There are several service activities which were identified in the above case. These activities add value to customer needs and allow them to benefit from the outcomes in terms of services quality.
Figure 4.1 – the value-based resources (author developed, 2018)
The above diagram indicates the main areas that require to be addressed as per the discussion. Meanwhile, it is noted that there are several key activities which add value to the organization and these activities are useful to ensure that the desired results are met consistent with the actual market requirements.
There are several websites which promote tourism and facilitate booking of hotels. TripAdvisor, Bookings.com etc., are examples of such sites. The hotel will sign up as a partner of these services and they will be able to promote their services, through the website.
The key partnerships and the nature of the shareholding structure has not yet been decided since the total operations and the finance blueprint are yet to be negotiated. However, the main shareholders will be known parties to the initial management of the company. Therefore, necessary steps will require to be taken to achieve appropriate results and subsequently benefit from these outcomes in the future.
|Cost of maintenance||617,214|
|Cost of food||308,607|
|Salaries and administrative expenditure||450,000|
|Sales and distribution expenditure||187,793|
Table 4.2 – Cost budget (author developed, 2018)
|Furniture and fixtures||1,400,000.00|
|Other cash needs (to partially cover expenses)||500,000.00|
|Total need of startup cash||5,000,000.00|
Table 4.3 – Capital costs (author developed, 2018)
|Camp site space||30|
|Revenue from rooms||389,542|
|Revenue from campsite||658,144|
|Revenue from spa|
|Number of people who visited||62|
|Revenue per person||2,300|
|Revenue from spa||1,721,435|
|Revenue from guidance||120,000|
Table 4.4 – Revenue estimate (author developed, 2018)
The core strategic outcome in this context is linked with the outcomes in profitability. The company will be able to reach the targets and achieve results consistent with the expectations provided, they develop the operations to meet the needs of the guests to the property. While the investment is limited, the profit generating potential of the total venture is considerably high. Thus, the outcomes are likely to be positive in this context and the parties will be able to achieve positive results from these developments in the future.
The business plan section will highlight the manner in which the business is planned and the main areas of operation which require to be included. Therefore, possessing an appropriate business plan will enable the parties to achieve appropriate outcomes and subsequently maximize the benefits affiliated. The business plan will act as a blueprint for the development of the organization whilst it can also serve as a progress chart, to compare the progress of organizational development in the future context (Spillan, 2014). Thus, the business plan plays a vital role in shaping the organizational outcomes.
Business opportunity – Sri Lanka has experienced a growth in tourist arrivals approximately 3.2% in 2017 in comparison to 2016. Meanwhile, the local tourism trends are shifting towards budget hotels and ecotourism. Approximately, 20% of the tourists arriving in the country are expecting to engage in ecotourism activities. Therefore, ecotourism commands a considerably high level of demand and the growth of this segment is an important aspect to be addressed. Thus, there is a clear opportunity for this business concept.
Consumer acceptance – The consumers want the property to be located in a serene area where they can enjoy tranquility. Links to nature as well as ecotourism-based adventure themes are some of the key values.
Meanwhile, the resort would engage the surrounding communities to provide some of the value propositions envisaged by the visitors, and thereby offer the villages a livelihood from the operations. Meanwhile, even the Aryuvedic spa would enhance the value provided to the consumers.
Business potential – the evaluation of external factors depict that this business concept possesses considerable business potential in place. With the increase in tourist arrivals to Sri Lanka, the country should be able to cater to the varying needs of potential guests and the resort is part of this business plan.
Competitive advantage – the location of the resort, the links with the village community and the natural beauty of the surrounding areas all contribute towards enhancing the value proposition affiliated with the region.
Revenue and profit forecasts – the company has forecasted the revenue and the profits of the operations. They have established that from the first month onwards, the company will be able to operate in a profitable manner. This will enable them achieve positive outcomes in terms of operational benefits.
Capital requirements – the project requires an estimated Rs.5 million in capital infusion. This is a one-time investment and the necessity does not arise for subsequent injections of capital. This is an important outcome in this business measure as the investment is made simple this way.
The team – the operation is run a by a team who are exposed to the industry and possess the capabilities to gradually build their position in this highly competitive market space. There are three key management partners and they will initially work on voluntary basis, to prove the concept is realistic.
Offering – The company offers the shares up to 75% of the total holding without management rights within the first three years of operation. This will provide the founders with the appropriate capability to develop the business in the future.
Legal structure – The company will be registered as a private limited entity; this will allow the operation to have its own personality and undertake the businesses consistent with the specific needs they possess.
The tourism industry of the country continues to grow; the country has experienced arrivals of, 2.17 million tourists in 2018 and judging by the fact that 20% of the tourists are likely to demand ecotourism related services, the ecotourism sector specifically attracts approximately 400,000 tourists. Meanwhile, tourist arrivals to Sri Lanka has observed a growth of 3.2% in 2017 and this is likely to continue with the expansionist policies of the government.
The resort is located on a land with an extent of two acres; the location of the land is at the edge of a rainforest and is substantially covered with trees and shrubs. There is a water stream flowing close-by which is isolated and safe to bathe in. The location is closer to Daraniyagala town and the popular Sri Pada trail is situated nearby.
The service concept is unique; the guests are provided with accommodation and served all meals. Guided tours are available to various trails and provision is made to participate in adventure activities in the surrounding areas as well. Further, an Aryuvedic spa has been established, which facilitates guests with a unique and a revitalizing experience.
The key success factors of the company can be listed as follows:
- Increasing the occupancy factor of the resort and the camp site
- Increased usage of the Aryuvedic spa facility which is provided to the customers
- Number of visitors to the website of the company
- Number of reservations for space
- Growth of the number of visitors to the resort
The long-term potential of the resort is high provided that global tourism continues to grow. This will enable the resort to increase their operations or even expand. The land has space and therefore facility expansion is possible provided there is adequate demand.
The market for the operation continues to grow; it can be observed that approximately 400,000 foreign tourists who arrive in the country are interested in eco-tourism trends. This interest is further substantiated by several locals who are interested in this concept as well. Meanwhile, the company will be able to cater to both these groups provided, that they develop an appropriate value mix. Therefore, this highlights the market potential available for a resort of this nature to cater to these specific needs that have been identified (Hoecht and Trott, 2014).
The main customer groups include the domestic tourists as well as the international tourists. Resultantly, during off-peak seasons for international tourist arrivals, the resort can focus on catering to the domestic tourists. This will provide positive results and increase the benefits affiliated with the operations.
They would visit the country with the view to enjoying the natural beauty; this resort provides them with that specific opportunity. This will enable them to remain closer to nature and enjoy these natural benefits on offer. Meanwhile, the resort also possesses the ability to achieve positive results in terms of attracting adventure enthusiasts as well.
However, there are several competitors; the main issue being that the market is large and these resorts can only cater to a limited number of customers at a given time. Resultantly, the competition between the resorts are low. The values will need to be specifically developed consistent with the expectations of the various parties that intend using these facilities in the future.
The company envisages that the occupancy rate will initially commence at a low of 45% within the first month of operation. Subsequently, this is expected to grow in excess of 75% within the first year of operations. The continuation of this growth is possible and will promote high levels of occupancy in the future.
The company provides high end value propositions to the customers at a reasonable price point; this will enable them to attract additional customers with high end potential. The local as well as the international tourist markets will be attracted to the value propositions offered by the company to its customers.
The company has estimated approximately 60% gross margin at the initial stage of the operation while the operating margin is expected to be around 28.5%. However, it is likely that with the growth in revenues, the company will be able to earn healthier profit margins as when the occupancy rates are high the earnings will offset the prevailing fixed costs. Thus, higher the operational volumes, the margins are also likely to be higher.
The profit potential of the company is high; from the first month of operation onwards, the company is expected to operate with a positive profit potential. The cash flows are also positive and would ensure the operations will be positioned to sustain the growth from the initial investment onwards.
Fixed costs and the variable costs are as follows:
Variable costs –
- Cost of sales – 40% of the sales at the initial stage
- Sales and distribution costs – 6.5% of the revenue generated
Fixed costs –
- Salaries and administration expenses – Rs. 37,500 a month
- Marketing expenditure – Rs. 7,500 a month
When the break-even analysis is concerned, a simple profit and volume analysis cannot be undertaken due to the complex revenue structure associated with the operation. Thus, a chart-based approach is used to evaluate the profitability of the operation and the details can be indicated as follows:
Figure 5.1 – Breakeven analysis (author estimates, 2018)
The above chart indicates that the break-even analysis would take place consistent with the given scenario and this occurs at an occupancy rate of approximately 19.45%. Resultantly, the resort should continue to seek avenues which will enable them to operate always above 20% of the occupancy rate for the purpose of breaking even in the operational context.
The cash flows are also positive from the first month onwards and this will indicates that they will be able to manage the business with the view to reaching appropriate results and maximizing of the benefits in the future.
The company has a specific working capital need of approximately Rs. 600,000 at the end of the first month. This will grow closer to Rs.1,000,000 by end of the first year of operations. This requirement can be financed from the growth in cash flows during the period and therefore, the necessity does not arise for additional investments.
Marketing strategy –
The company requires to develop the market by promoting international tourism; the following key strategies are used for this purpose.
- Develop social media presence and promote them
- Produce videos regarding the various activities at the resort and then promote them
- Develop a website that the tourists can place their bookings through
- Develop partnerships with established tourism websites and they can be used as platforms as well.
The company needs to develop relationships with the domestic markets and the following include some of the key penetration strategies.
- Advertising in local media regarding the resort and its activities
- Promoting locally through the distribution of promotional leaflets
The customer relationships are managed through the website. the customer emails and the social media contacts are obtained and then they are provided with the details of various activities, changes, and photographs. Meanwhile, the customers are given the opportunity to share their photos at the report on the social media sites. These will contribute towards healthier levels of customer relationships management.
The organizational chart can be indicated as follows:
Figure 5.2 – Organizational chart (author developed, 2018)
- CEO – AAA – possesses substantial experience in excess of ten years in the field of tourism related marketing. He possesses the necessary skills to reach required decisions related to these areas. He makes the main decisions and undertakes appropriate action that are important towards reaching appropriate results.
- Marketing officer – BBB – She possesses comprehensive knowledge regarding marketing activities and has qualifications in marketing activities related to tourism. She will be able to work towards building the required relationships with the parties and reach appropriate decisions thereof.
- Guest services officer – CCC – He is in the field of providing guest services and is responsible for the operations of the hotel. He will ensure that the guests are looked after and they are provided with the required meals etc.
The ownership of the hotel is not yet finalized at this stage; however, CEO will be the main shareholder of the hotel and the three officials described above will hold a minimum 40% stake of the shareholding. The articles of the company will give them exclusive management rights within the first three years of operation to drive the startup company in the desired direction.
The top three officers will not receive compensation for their services at this stage; however, they will be rewarded directly with the increase in profitability due to the shares they hold. This encourages them to improve the performance of the resort, which will subsequently have a direct bearing on their earnings.
The operations plan in this instance has to be developed to ensure the desired results are reached from operations. Failure to develop an appropriate operational plan will lead the parties to achieve negative results in the future context.
The location of the business was mentioned before; in Daraniyagala area, about one hour’s drive passing the town. The roads are not in ideal conditions and the communities in these areas are significantly small.
Most of these areas consist of forests and houses belonging to small farming communities. Streams, paddy fields and trees are the main components of the environment.
The company will obtain most of their supplies from the town and surrounding communities. This indicates that the company does not possess an elaborate supply chain management need. However, the resort will ensure that all food items and other services provided to the guests, undergo stringent quality standards consistent with the expectations of the guests. The community will also engage in supplying food items which will enable them to substantiate their meagre earnings.
The key facilities that are provided to the customers include camp sites at the location and rooms at the resort for the parties to stay. The Aryuvedic spa is yet another facility and all the facilities are consistent with the needs of the parties to enjoy the serenity of the surrounding region.
There are several critical success factors that are involved with this situation and appropriate steps require to be taken to resolve these issues effectively. Therefore, possessing the correct approach to develop a sustainable set of solutions remain vital for the parties. The following are the main focus areas.
- Community – To maintain friendly relationships with the community that is involved with these activities
- Customers – To ensure the customers receive an appropriate and beneficial exposure to the surrounding natural beauty and serenity
- Suppliers – To receive an appropriate set of services and maximize the benefits to the supplier with a long-term focus on the business
- Inventors – the investors are expecting a high level of return on the investments they have made with the company
Thus, the above aspects are the key expectations and the management need to ensure that they deliver such results to meet the set targets. The following are the main risk areas, the level of risks they create and how they have to be controlled effectively.
|Likelihood (1 = lowest and 5 = highest)||Impact (1 = lowest and 5 = highest)||Avoiding strategy|
|Community rejects the resort||3||5||To communicate in advance with the community and obtain their consent as well as engage them with the construction and subsequent activities.|
|Pollution issues||2||5||To educate the visitors regarding the pollution prevention measures they should take|
|Visitor behavior problems||5||5||The visitors are provided with a strict guideline on how they will need to behave when they are in the premise.|
|Construction not meeting the required quality||2||4||This might impact the costs of maintaining the premise as well as overall projection.|
|Regulatory issues||5||4||The permission in writing has to be obtained for all the areas of construction and design.|
Table 4.5 – Risk assessment and impact analysis (author developed, 2018)
The construction of the hotel building comprises of several activities. The analysis of this is important to ensure that the project is implemented conforming to the objectives of the project. The details of the implementation can be highlighted as follows:
|Obtaining requisite permission|
Table 4.6 – Hotel building implementation plan (author developed, 2018)
The company will utilize financial and operational targets that they have specified as the framework to control the business. Thus, the business will include an appropriate set of controls in place. It is also apparent that the business plan will contribute towards the customers reaching beneficial results and achieve required outcomes. Thus, the business plan and the other financial control aspects remain areas of importance which will lead to superior outcomes in the future.
In order to provide the required financial projections, it is important to evaluate the performance potential of the company and subsequently envisage the outcomes achievable. However, it is important to note the assumptions associated with the financial projections are as follows:
- The cost of sales at the initial stage is 40% of the revenue and this will gradually reduce with increasing revenue levels.
- The occupancy rates at the initial stages are expected to be 45% and this is expected to increase to 77% within one year
- Full board room rate was set at Rs. 5,500 and camp rate was expected to be approximately Rs. 4,000 with food.
- There are 15 rooms and 30 campsite spaces available
- There will be approximately 35 visitors per month who will visit the spa and this traffic is likely to increase to 100 pax. by end of the first year
- The sales expenditure is 6.5% of the total revenue of the company
- The current salaries related expenditure amounts to Rs. 37,500 as the community involvement is high
Sources of funding will be primarily derived from the management of the company as well as relatives and friends. They were expected to benefit from high returns on these investments that were made.
|Camp site space||30||30||30||30||30||30|
|Revenue from rooms||37,125||38,981||40,930||42,977||45,126||47,382|
|Revenue from campsite||54,000||56,700||59,535||62,512||65,637||68,919|
|Revenue from spa|
|Number of people visited||35||39||42||47||51||56|
|Revenue per person||2,300||2,300||2,300||2,300||2,300||2,300|
|Revenue from spa||80,500||88,550||97,405||107,146||117,860||129,646|
|Revenue from guided tours||10,000||10,000||10,000||10,000||10,000||10,000|
|Camp site space||30||30||30||30||30||30|
|Revenue from rooms||49,751||52,239||54,851||57,593||60,473||63,496|
|Revenue from campsite||72,365||75,983||79,783||83,772||87,960||92,358|
|Revenue from spa|
|Number of people visited||62||68||75||83||91||100|
|Revenue per person||2,300||2,300||2,300||2,300||2,300||2,300|
|Revenue from spa||142,611||156,872||172,559||189,815||208,796||229,676|
|Revenue from guided tours||10,000||10,000||10,000||10,000||10,000||10,000|
|Profit and loss statements|
|Cost of revenue||72,650||75,750||74,833||77,922||83,518||89,582|
|Salaries and administrative expenditure||37,500||37,500||37,500||37,500||37,500||37,500|
|Sales and distribution expenditure||11,806||12,625||13,512||14,471||15,510||16,637|
|Profit and loss statements|
|Cost of revenue||96,154||103,283||111,017||119,413||128,530||138,436|
|Salaries and administrative expenditure||37,500||37,500||37,500||37,500||37,500||37,500|
|Sales and distribution expenditure||17,857||19,181||20,617||22,177||23,870||25,709|
|Property plant and equipment||2,850,000||2,850,000||2,850,000||2,850,000||2,850,000||2,850,000|
|Furniture and fixtures||1,400,000||1,330,000||1,263,500||1,200,325||1,140,309||1,083,293|
|Other current assets||250,000||338,162||380,399||445,455||466,328||523,806|
|Other current liabilities|
|Total equity and liabilities||5,080,109||5,124,568||5,176,186||5,237,882||5,307,631||5,384,755|
|Property plant and equipment||2,850,000||2,850,000||2,850,000||2,850,000||2,850,000||2,850,000|
|Furniture and fixtures||1,029,129||977,672||928,789||882,349||838,232||796,320|
|Other current assets||536,052||584,965||588,671||629,033||624,139||655,811|
|Other current liabilities|
|Total equity and liabilities||5,470,119||5,564,157||5,667,608||5,781,278||5,906,049||6,042,882|
|Cash flow statement|
|Changes in the inventory levels||3,633||3,788||3,742||3,896||4,176||4,479|
|Changes in the receivables||14,530||15,539||–||–||–||–|
|Changes in the payables||43,590||1,860||43,040||3,713||46,398||7,351|
|Operating cash flows||61,946||25,133||91,466||59,661||108,613||76,358|
|Cash flow for the period||61,946||25,133||91,466||59,661||108,613||76,358|
|Opening cash balance||500,000||561,946||587,079||678,545||738,206||846,819|
|Closing cash balance||561,946||587,079||678,545||738,206||846,819||923,177|
|Cash flow statement|
|Changes in the inventory levels||4,808||5,164||5,551||5,971||6,427||6,922|
|Changes in the receivables||–||–||–||–||–||–|
|Changes in the payables||50,341||11,628||54,982||16,666||60,452||22,609|
|Operating cash flows||126,954||96,225||148,241||119,328||173,326||146,577|
|Cash flow for the period||126,954||96,225||148,241||119,328||173,326||146,577|
|Opening cash balance||923,177||1,050,131||1,146,356||1,294,597||1,413,925||1,587,252|
|Closing cash balance||1,050,131||1,146,356||1,294,597||1,413,925||1,587,252||1,733,829|
The above financial forecasts provide the company with a blueprint that they can use as a guideline for cost management purposes. The company will manage the costs consistent with appropriate expectations to ensure they achieve the appropriate outcomes and benefit from these facilities in the future. Meanwhile, cost management is considerably important to achieve the targets that the company has set for themselves and the company is compelled to endeavor to work towards reaching these targets within the given period of time.
The report has taken into consideration several factors. The stakeholder view is one of the most important analysis tools. This is due to the fact that all the respective areas are evaluated, by this method of analysis. This has indicated that there are several stakeholders involved in the area and the required improvements need to be implemented appropriately. Resultantly, the company needs to work towards an appropriate set of targets to achieve the envisaged outcomes.
The company has naturally developed a set of useful targets for them to work towards. They have observed the need to reach these targets and achieve appropriate outcomes. The report has indicated that the feasibility of all these aspects remain high. This in other words highlight the fact that the overall feasibility associated with the exercise will maximize the benefits to the parties. The outcomes have indicated that the project will be able to provide positive results in the context of the results to be achieved.
It is thus apparent that the project viability is significantly high. The project will benefit the community and the families living in these areas who will be privileged to enjoy superior benefits due to meeting appropriate outcomes. On the other hand, the customer will receive a unique experience which will allow them to enjoy the beauty and the tranquility surroundings of the country. Meanwhile, the shareholders will receive superior levels of returns for the investment they have made. Thus, all these aspects highlight that the project has a very high level of long term viability in place.
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