small business case study assignment part 5

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Humber College *

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Management

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Nov 24, 2024

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Effectiveness in Solving Key Problem The development of a state-of-the-art training facility for Feynlab is a multifaceted solution that tackles several crucial elements of the company's operations and strategic objectives. Firstly, the facility provides employees with an innovative training setting, directly targeting the concern of maintaining quality standards. Through comprehensive training, all technicians are equipped with the necessary skills to apply ceramic coatings with exceptional precision and consistency, ultimately elevating the overall quality of the company's products and services. This enhancement in service excellence not only meets but surpasses customer expectations, solidifying Feynlab's distinguished reputation for achieving the highest levels of excellence. Investing in a facility with long-term strategic benefits is vital for Feynlab's success. This tangible investment sets the company up for future success by allowing them to easily adapt to market changes and advancements. The ability to quickly adjust to a rapidly evolving industry is crucial, enabling Feynlab to maintain its position at the forefront of technology and market trends. Additionally, the creation of this state-of-the-art training facility showcases Feynlab's dedication to its employees' development and well-being. By investing in its staff, Feynlab demonstrates a sincere interest in their growth and advancement. This investment has a positive impact on employee morale, job satisfaction, and ultimately reduces turnover rates. Continuously upskilling and valuing their workforce makes them a valuable asset to the company's overall achievements. In essence, the decision to build a new training facility is a strategic move that will have far-reaching positive impacts on Feynlab. From enhancing product quality and brand image to fostering employee growth and driving innovation, this facility is a key step in securing the company's future as a leader in its field. Implementation Plan The solution we are implementing for Feynlab is to build a new training facility, this will solve our main problem of losing competitive advantage in producing high quality ceramic coating installers. With this implementation we expect that the company makes drastic changes with the methods provided below: Finance: We expect this Project to cost around $176 000 to implement (Seen on GANTT), these costs will go towards a new building, construction workers, renovations, planning, designing, furnishing, painting, and employees. We believe that these costs are necessary for the growth of the company and resolving their main issues. It's important for Feynlab to understand their Return On Investment (ROI), this will tell the company whether the project is successful or costing them money. We estimate that for the short term

Feynlab can expect 10%-15% gain in profit, 30% annual installer growth which is what we are specifically targeting, and an overall customer retention of 60%. ROI=13.64% if we expect a $200 000 return from this implementation. Provided below are the projected valuations of the balance sheet and Cash flow statement, with years 2022 and 2023:

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