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Sift Cupcake and Dessert Bar
Transcript of Sift Cupcake and Dessert Bar
History of Sift's Cupcake and Dessert Bar
The idea for Sift came as she scoured wine country for unique, creative cupcakes for her wedding and came up short. Thankfully, she grew up in a household where the Kitchen-Aid mixer was used more than the microwave. Her mother baked and decorated her birthday cakes from scratch every year and her father always had a new bread creation in the oven. This childhood baking experience along with her passion for creating the most beautiful, delicious desserts served with “cherry on top” customer service has propelled her dessert bar into the Bay Area spotlight.
Andrea’s husband Jeff prefers to stay behind the scenes managing the financial side of Sift's business. When his CFO hat is off, Jeff, affectionately dubbed “Bob the Builder” by Sift’s staff, will step in as handyman, baker, delivery driver or whatever it takes to make things run smoothly. Oh and he is the best taste tester we’ve got!
Corey Fanfa (aka “Chief”) has been on board from the beginning, well actually before the beginning because she and Andrea have been best friends since childhood. After a long career in the custom motorcycle business and then owning her own retail shop, Corey brought her eye for design and savvy business sense to the Sift team.
Key Success Factors
Quality handcrafted products
Experienced work force
History by Shameka
Mission Statement & Key Success Factors by Lindsey
Strategy by Stephanie
Financial Status & SWOT by Louis
Recommendations by Shameka
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Overview of Founder and Company
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Strategy of Sift Cupcake and Dessert Bar
Where's Soft Cupcake and Dessert Bar?
Inside the Store and Cupcakes
"At Sift Cupcake and Dessert
Bar we do what it takes to
deliver the OMG factor to all
our customers. Our unique
variety of outstanding
house made treats is
exceptional customer service
and a bright trendy decor. This provides our customers with their most positive and memorable cupcake and dessert experience. We want our customers to fall in love with us and will do whatever it takes to make that happen."
Sift made a decision in 2010 to shift their original strategy away from just cupcakes, to a more-encompassing dessert focus.
Incorporates a marketing strategy that includes promoting the business over radio broadcasts and social media platforms.
Participate in many community events and wedding expos.
Offer custom and designer baking services to enhance any types of special occasion.
Caters to a niche-market in locations where similar types of businesses do not readily exist.
3 Future Strategic Planning
Maintaining Current Locations
Rapid Retail Expansion
Expansion with Retail/Baking Stores
The final strategy,Expansion with Retail/Baking Stores, would best fit the company's internal/external situations
Expanding the company's baking stores will allow for the company to expand and grow, while also giving opportunity for financial growth, and larger market share.
Though the financial results may not forecast to be as high as rapid expansion, results will be greater than maintaining current stores, but without having to alter their original strategy of a unique and specialized customer experience.
The fact that any of their competitors have already expanded into this market and taken this course of action shows that it may be time for them to get started on expanding their baking stores.
In 2010, they had net income of $137,078.67
In 2010, had net sales of $961,118.23
In 2010, they had total assets of $279,669
Forecasts of current locations for 2013 consisted of:
Net Sales of $1,279,248
Net Income of $214,954
Forecast for expansion for retail only stores in 2013 consisted of:
Net Sales of $7,068,337
Net Income of $1,304,666
Forecasts of expansion for retail and baking stores in 2013 consisted of:
Net Sales of $2,935,293
Net Income of $700,765
Sift largest customer base based on age in 2010 were age groups 25-34 consisting of 35.3% of sales spending $269.75 per person a year and 35-44 consisting of 26.5% of sales spending $357 per person a year.
Differentiation, in that they are a specialty cupcake store
Their variety and creativity makes them difficult to copy
They are a single store operation
Cupcakes are easily substituted for other desserts
Expanding stores into new areas both close by and in other states
Advertising with the internet, social media and apps
Direct competition from competitors with more stores
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