Business Development Plan for the Walrus Bar and Hostel: Maximising Business Performance in the heart of London

Abstract

The final thesis is written to develop the business performance of a bar and hostel organisation located in the London city centre, and to maximize the profit as well as pinpoint and make use of the potential of the firm. In the plan there are processed the current marketing and human resource situation, the desired vision, missions and objects and inspected the company’s direction in the light of the theory information which consists of the books and journals published in the related fields, the theoretical framework of marketing and human resource management, and new academic publications in electronic databases. There are also used various discussions with the employees and the customers, analysed the customer review development percentage – visible in a hostel booking internet page – and made evaluating observation of the business. The thesis provides practical steps to form a business strategy for the company to improve the business performance, to increase the return and to achieve the long-term goals in order to reach the vision. With the intention of increase profit and to get the accommodation booked in advance, more people need to get aware of the company. Investments should only be done in the key areas i.e. e-marketing and co-operation, as well as maintaining the good atmosphere. The online ratings, maintained by the hostel booking website Hostelbookers, must be paid attention and improved. Further research can be made by carrying out another thesis of a financial plan and budgets for the development plan implementation.