BizCafe Weekly Business Review #4 Coursework Example | Topics and Well Written Essays - 500 words

BizCafe Weekly Business Review #4 - Coursework Example The checkbook balance stands at $904.67, meaning that the business is not all drained up, but still has some revenues in the business account. The cafà © is however not operating at a loss as deposits outweighs the payments made. The net income has dropped to $13, 136.23 as compared to the previous week, which indicated the net income at $13,247.48. This could be as a result of added expanses since we had to hire another server and also part with $500 for the espresso damage. The local labor reports indicate a drop in the turnover rate, which currently stands at 13.6%; this is a great relief to the business as the previous week was harsh where one server quit, therefore inconveniencing the operations and additional expenses were incurred in recruiting of another server. The customer’s survey indicates an increase in customer satisfaction from 54% to 55%. This could have been determined by a number of reasons - great service, friendly prices, and the great coffee offered. This is as per the customer’s suggestions. According to Cochran (2003, p.2), customer satisfaction should be a priority for any business, as the customers determine the sales to be made, depending on their turn up. Satisfied customers will market the business to their friends, hence achieving customer loyalty, which increases profitability and productivity of a business. In the previous week, the management decided not to consider renovation of the cafà © as the customer’s suggestions indicated that they appreciated the current state of the cafà ©. In addition, no costs were incurred, as our aim is to minimize on costs and maximize on returns. In addition, we have agreed to a live entertainment from a local jazz band, which will not charge us. This strategy aims at attracting customers by adding a remedy to their coffee, which is music. At the same time, we will increase profitability