perfect additive to enhance the flavours of any meal. Yaard Vibez Sauces, inspired and curated

PART 1

Business Specifications

The perfect sauce can be what turns a bland meal into the perfect dinner as it is the

perfect additive to enhance the flavours of any meal. Yaard Vibez Sauces, inspired and curated

from the rich and flavourful spices of Jamaica, is a sauce brand like no ot her. Yaard Vibez

Sauces was originally conceived in the kitchen of two Jamaican natives living in Vancouver.

After much experimenting with friends, they created the perfect sauce, which is now one of our

star sauces, called the Pepper Jelly Escoveitch Pickle. The owners saw the opportunity to add

their unique and diverse Jamaican flavours to the Vancouver market. The city of Vancouver is

already so culturally diverse, making it the perfect place to launch Yaard Vibez Sauces. Our

sauces are made with the fresh blends of Jamaican scotch bonnet pepper, garlic, cilantro, and

other rich, ambrosial fruits and spices. The sauces also have a delectable heat that adds just the

right amount of spicy to any dish. We aim to add our rich Caribbean flavoured sauces to the

homes of persons yearning to add different twists of flavours to their meals. Our sauces will be

sold in convenient stores, craft markets, and even online for the convenience of our customers.

Product Specification

Yaard Vibez Sauces are perfectly craf ted and blended with a variety of ground spices,

herbs, and fruits. Our star products are the Pepper Jelly Escoveitch Pickle and the Spicy Sweet

Chilli Sauce. Our line also has a spicy mango hot sauce and a sweet tamarind sauce. The Yaard

Vibez brand represents the Caribbean with the delectable, bursting flavours bottled in each jar of

sauce produced. Persons will have a taste of the Caribbean in every meal they prepare. Our

sauces are made with fresh ingredients, zero preservatives or artificial flavouring, and bottled in

environmentally friendly jars that can be recycled. Yaard Vibez sauces are also vegan friendly

and gluten free.

Target Customers

Yaard Vibez Sauces caters to everyone seeking to add a different flavour to their kitchen.

Our sauces are aimed to make everyone feel like a star chef after every use. Yaard Vibez Sauces

are perfect for meats on the grill, in the oven, or even a simple home cooked meal.

PART 2

Yaard Vibez Sauces Three (3) Year Strategic Plan

Yaard Vibez Sauces is a new company which will be venturing in the Canadian market

specifically in the province of Vancouver. A SWOT analysis was conducted by our team which

highlight different strengths and weaknesses internal to the company, opportunities and threats

that were external and from this, a three-year strategic business was devised to achieve various

strategic objectives outlined by Yaard Vibez Sauces. Over the next three years, Yaard Vibez

Sauces will aim to:

1. Position the brand in the mind of consumers through active marketing campaigns and

advertising medium.

2. Continually improve skill set of workers by implementing training programs and

workshops.

3. Expand facilities to produce more quantity and wider variety.

4. Produce a wider variety of sauces.

5. Implement a process for strategic realignment.

With the listed objectives, the aim of Yaard Vibez Sauces is to triple production capacity

within the next three years and with the listed strategic objectives, this will provide a roadmap

for the team to successfully transition over the next three years to accomplish each individual

objective.

Three Year Action Plan

Objective #1 – Brand Positioning

-This entails targeting the right people at the right time with the aim of creating awareness of the

brand to increase market share and consumer base.

-Create continuous marketing campaigns which will also create awareness

-Create accounts on all social media platforms like Facebook and Instagram to create a fan base

where consumers can post and view comments, testimonials, read reviews. Consumers can also

post and view pictures and videos on these platforms.

-promotions and giveaways will be done on these social media platforms to as followers can

repost and share content for the friends to see and follow our social media page.

-Increase advertising through print and digital media. This will also drive awareness of the brand.

Objective #2 – Improve Worker Skill Set

-Provide continuous workshops and training program for workers to develop as well as improve

on their skills.

-Continually check and monitor production errors to ensure these are corrected to minimize loss

-Establish a service level agreement to guide workers of the standardized times to accomplish a

particular task.

-Foster and implement an environment driven to create opportunities for workers to undergo

continuous self-development.

Objective #3 – Facility Expansion

-Liaison with outside agent to assist with development strategy for company’s operations.

-Perform feasibility study to determine viability of the expansion project

-Create a timeline for achieving the expansion.

-Expand facilities to match demand of products

Objective #4 – Increase Variety

-Over time, continuous research of market trends will provide information on consumer

preferences which will confirm different types of sauces that can be produced.

-Increase production line to include new creative and innovative sauce options for consumers to

try.

-Provide content on our social media pages that will engage consumers with recipes and ways

they can incorporate our sauces in their meals.

-Assess consumer preferences and remove sauces that are not doing well in the market.

Objective #5 – Strategic Realignment

-Implement procedures to monitor the use of the company’s resources to ensure that it supports

the company’s strategy.

-Document statistics that can be used as key indicating factors for measuring and monitoring

objectives

-Create and foster a culture of strategic management within the company

-Continuous monitoring of customer satisfaction through surveys linked to social media pages

and company website will identify if the company’s strategy needs realignment.

– Review the company’s strategy semi-annually to ensure targets are being met and goal and

objectives are being met.

PART 4

Inventory Management

Inventory Management is practice whereby inventory levels are closely observed,

controlled, and sufficiently replaced to ensure that consumer needs are met. (Priniotakis et al.,

2018). When determining when levels of inventory is adequate is important as inventory hold up

cash assets and influences performance metrics. When organizations hold excess inventory, it

affects its liquidity ratio and reduces the amount of available working capital, while low inventory

levels lead to stock shortages and loss of sales leading to reduced profits. (Priniotakis et al., 2018).

Inventory plays an important role in the spice industry, at Yaard Vibez Sauces all materials used

in the production of our signature spices (Raw material – Work-in-progress) and the finished

products all must be properly entered in our inventory management system, also the company

manages all the MRO items (Maintenance, Repair, Operating) using this system, it keeps the

production process going without jeopardizing productivity.

Yaard Vibez Sauces would be using a combination of the ABC analysis and FIFO system

for inventory management. We would be using the above because different variables in the

production process have varying degrees of value to the manufacturing process. Goods such as the

vegetables, spices that would be used in the process of sauce making have a very short shelf life

and need to be fresh daily, while goods such as the glass bottle for packaging have a long shelf life

and so can last longer in inventory.

The control methods above were chosen because it would allow the company to take

record, count, and keep proper books on its inventory, with specific attention paid to certain

inventory items, this would also ensure that any inconsistencies are corrected when they are

discovered instead of waiting to do it at the end of the year. Yaard Vibez Sauces divided all items

on its production line into 3 categories based on their dollar value, items in category A are the

items used in the production of the sauces, vegetable, spices, etc, these would be checked daily.

Items in category B, are items like product packaging, shipping boxes etc, although they do not

have a high annual dollar cost, play a significant role in the company’s bottom line. These items

would be checked bi-weekly. Items in category C are part of the MRO section, and would be

checked at regular quarterly intervals.

Inventory Plan

Different plans would be used by Yaard Vibez Sauces for inventory, the items in category

A would use the MRP control method, as a startup sauce company, the demand for our products

would be forecastable, and this demand, which is dependent on the final product, results from a

precise recipe with ingredients sourced from our inventory. These items would be closely observed

to maintain optimum inventory levels. To further ensure accuracy, a bill of materials will be

completed, this will describe the process and quantity of materials that would be used to make a

batch of our signature sauces. This system also allows Yaard Vibez Sauces to effectively monitor

the lead time for the production of each of our products.

When considering the items in category B and C, the model changes as these items are

related to an independent demand, Yaard Vibez Sauces would be using the EOQ model. This is

because the demand forecast for a small spice company would be known especially those for

category B and C which will be constant overtime. Following the EOQ model, Yaard Vibez Sauces

would be able to drive down the cost of its inventory as it would determine its optimum size,

in following this inventory levels drop at a uniform rates and new s will be placed at an

inventory level of zero.

Supply Chain Management

The supply chain at Yaard Vibez Sauces involves various individual suppliers. This information

can be seen in the diagram below.

Local farmers

Raw Materials
Suppliers

Yaard Vibez
sauces

Delivery
Suppliers

Wholesalers

Direct Consumers

Non Agricultural
based supplies

As in any enterprise, managing the supply chain at Yaard Vibez Sauces is paramount, we

would be adopting a low-cost strategy, as a small business without significant investment, it is

crucial to ensure that the cost of supplies remain as low as possible without impacting the ability

of the business to meet demand.

In tying with its quest to produce authentic Caribbean Sauces, Yaard Vibez Sauces would

be looking to engage local farmers for supplies, this would help us develop lasting relationships

with our suppliers and helps us relate to our mission of providing high quality products and

establish our place as a member of the local community. Although there are significant risks in

sourcing from local farmers Yaard Vibez Sauces believes that as a local company, the

community should be our priority.