Mini-Case BestSellers Bookstore Bob Gilmartin decided to leave his job as a manager at a well-known corporate hotel chain to open BestSellers Bookstore in the heart of Toronto’s business district. Many business people worked in the area, and his plan relied on selling a high volume of “new release” books such as novels, biographies, and contemporary business books. After about six months of fairly successful business, he determined that there was also considerable demand for books by local authors. By selling the works of local authors, Bob hoped to create a “community feel”—an atmosphere where local residents could gather for book discussions and other social events. Bob envisioned a bookstore frequented by businesspeople during the day and local residents in the evenings. To grow the business, he would need more cash. However, Maple Leaf Bank was unwilling to lend money to such a new enterprise. Fortunately, Bob’s parents agreed to lend him $30,000, to be repaid over three years, to help expand the business. After two years, the business was exceeding its goals and most of the debt was repaid. Despite the success, Bob knew that the business faced some problems. Inventory records on the computer system did not always accurately reflect the books in stock. Of the six employees hired to work on the night shift, one was fired for stealing and two quit within one month of being hired. One major supplier was facing bankruptcy. To confront these problems, Bob scheduled a meeting with store employees to develop a better business plan for BestSellers.

Questions

1. What is the business strategy for BestSellers Bookstore?

2. Who are the stakeholders in BestSellers Bookstore?

3. What information does Bob need to develop his business plan?

4. Prepare a mission statement that would help BestSellers to execute its strategy.

5. What is the role of your discipline (major) in resolving the various issues that Bob faces? Is there business information that your discipline does not provide that would be useful in managing this business?