PROJECT MANAGEMENT FOR LAUNCHING A SMALL BUSINESS INVOLVING THE SETTING OF A SUNGLASSES SHOP IN MALTA (EU) (Term Paper Sample)

PROJECT MANAGEMENT FOR LAUNCHING A SMALL BUSINESS INVOLVING THE SETTING OF A SUNGLASSES SHOP IN MALTA (EU)
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Project management for launching a small business involving the setting of a sunglasses shop in Malta (EU)
Part one- Background of the project
The project intends to focus on evaluating, preparing, and launching a small business that deals in the sales of sunglasses within Malta in the European Union.
How the project will drive business change
The project will likely encourage business change based on different issues that the project intends to accomplish. First, the project will enhance change by aligning the priorities of the business to achievable goals and outcomes. Thus, the project will increase business expectations by translating the ideas into realizable goals and objectives. The project will also be able to effectively drive change by minimizing risks to performance and growth of the business. Thus, the project will be able to identify some of the most common threat that might inhibit business growth and provide possible remedies. The project will also enhance the change process through the creation of adequate leadership processes which will oversee the project change management process. Lastly, the project will also be able to carry out a critical market analysis. Such a report will be useful in promoting sales for the new products while ensuring that there are adequate market and marketing techniques to improve the awareness of the original product brand.
Relationship with other projects and with business operations
When implementing the plan, there will need to promote and enhance organizational development through the creation of project links and business operations. The project will be linked to other business areas such as operations. Specifically, the project will have to be designed to align with sales requirements. Since the products will also be brought into the market for the first time, there will need to have an original marketing project that will also help to create viable financial inflow. The project will also be linked to the financial management of the business. The management of funds within the start-up will become one of the most challenging issues. Therefore, the project will also provide a very suitable option for the business to institute measures that would allow for prudent management of funds and resources
Enterprise environmental factors
The project will also take into consideration different enterprise ecological factors. One of the critical areas that the plan will detail is the way the business will create a proper and environmentally friendly operational environment. The report will ensure that there are appropriate mechanisms for maintaining a cleaner environment by formulating proper environmental policies. The project will also deal with remedies in case of environmental hazards and issues.
Why project management is a useful tool for small businesses
Overall, the application of the project management tool above was based on its effectiveness in arriving at specific project goals (Kimball & Entrepreneur Press, 2015). One of the critical advantages of project management is the ability of project management tools to be used in forecasting and providing the desired results. According to Heller & Pezzani (2016), project management offers a transparent platform for the implementation of project goals and guidelines. The project management tool also provides for proper devices for prioritizing of the different business activities and roles (Nonaka, 2016). Consequent, project management also helps in ensuring adequate execution of issues such as initial business licensing, financial issues, and sourcing of finances for appropriate business management.
Task Two-Part A
Email report to the project sponsor
To: (receiver)
From: (sender)
Date:
Subject: Report summary of the project phases, project timeline, indicative budget, as well as project deliverables (documents)
Dear (sponsor),
This is to bring to your attention to various issues regarding the above subject. We are currently in the process of implementing the project, and we wish to reiterate our commitment to implementing all the guidelines. Kindly be briefed on the following issues.
Project phases
The project is based on the following steps, which will contribute towards the achievement of all the project objectives.
Initiation: the project initiation phases consists of the development of a business case. Here, the project teams identified the gap within the market, which is concerned with the sale of sunglasses. The project team also developed a scope for the project, which included the different project expectations and execution schedule. Finally, the project team also identified various project stakeholders, which included the sponsors, the suppliers, the target market and the government.
Planning: The next phase within the project is the planning, which includes the processes of formulating different strategies that would be useful in the execution of the project. The planning phases included the determination of the project timeline and the various activities that would be conducted within a specific period in the project. The stage also included the creation of a financial plan for the execution of the project. The project teams came up with different unit costs and calculated the entire values that will be necessary to sell the sunglasses. The project team also evaluated the possible returns that the business is likely to get based on the estimated income from sales and expenses. Finally, the planning stage included a risks analysis. The project team evaluated the different risks, which included competition, financial risks and other environmental challenges. The team also came up with mitigation strategies to the above risks.
Execution: The project execution phase involves many strategies that include the implementation of the actual project. One of the significant components of the project execution is expected to be the creation of different tasks. The individual assignments will form the elements of the implementation process that the project teams will follow. The execution process will also entail a lot of communication that will involve the provision of direction by the project management teams. Monitoring of the project work will also constitute the expected project process. Finally, budget control and resource management will also be undertaken by the project leaders.
Monitoring and evaluation: After the project completion, there will be a monitoring and evaluation process. The above method will seek to measure the project objectives against the achievements within the execution process. The monitoring and evaluation process will be vital as it will provide the reasons that could have led to the project success of variations in the expected project factors. Finally, the process will also give a proper guideline for future project execution process.
Project closure: The final stage will be the closure of the project, which will entail the release of the project achievements, success or failure. The project closure will, however, only mean that the major project work is over. However, the sales of the sunglasses, which is the actual business will then begin based on the preparation, evaluation and execution of the business preparation process. However, most of the project teams shall have accomplished their tasks.
Project timeline
The project will be accomplished with a specific schedule. Each of the tasks is expected to be undertaken within a specified period that will enhance proper resource utilization. The table below gives a summary of the project completion timelines. The project initiation will take one week. After that, the project team will conduct planning, which is expected to take one month. Additionally, the project execution phase is expected t take six months but would continue after the sunglasses business shall have been established. The closure of the project and the final evaluation will take one week.
Indicative budget
The total budget costs are expected to be $30,000. The budget breakdown is likely to be as shown below:
Project Funding

Project investors

$7,000

Sponsors

$20,000

Bank loans

$2,000

Other financiers

$1,000

Total project value

$30,000

The above table gives a summary of the different sources of finances that will be required to run the project. Alternatively, the budget for the expected spending is shown below.
Project spending

Project planning

$2,500

Research and market research