Investiagtive K-zahn EIwin

Analysis SBA Center Number:

Registration Number:

School: Leon Hess Comprehensive

Secondary School

March 21, 2023

Principles Of Accounts
 Table of Contents

• Topic and Objectives

• Background

• Methodology

• Presentation and Analysis of Data

• Conclusion

• Recommendations

• Bibliography

• Appendix
 1
Topic
Investigative report into the declining rate of customers of Peridot Tranquility and its effects
on the organizational performance for the year 2021

Objectives
1. To identify the rate at which customer numbers decline.

2. To identify the areas affected by the decline in customer walk-ins.

3. To analyse the impact customer decline has on the performance of the organization.

4. To identify and suggest ways to increase the rate of customer walk-ins and thus
profitability.
 2

Background
Peridot Tranquility is a small spa that specializes in skin care. It was in operation for 4 years
in Canada before closing down, during the covid pandemic, as the business was not an
essential service. When businesses were allowed to reopen, they moved to St. Lucia in March
of 2022.

Initially the customer walk-ins were low but increased for the two months until May 2022,
where it then plateaued. (When they reopened in St. Lucia, there was a noticeable decline in
the rate of customer walk-ins, but they managed to remain open for the duration of the year

During the covid pandemic, the business was forced to close, as it was not an essential
service. When businesses were allowed to reopen, they could only open partially.

Due to the skepticism of people, many were afraid to take part in such close quarters activity
such as massages, leading to a decline in customer walk-ins.

This research is of particular interest for me because I would like to gain experience and
expand my knowledge on how businesses were affected by covid.

I am hoping that, through my research, the business would benefit from an increase in the
overall performance and customer bookings.

I am hoping that my research could help give business owners an insight into the cause and
effects of covid on a business.
 3
Methodology
For this research, primary data will be collected through an interview and a questionnaire,
secondary data will be collected through a review of financial statements.

Interview

An interview is a structured conversation where one participant asks questions, and the other

provides answers. In common parlance, the word "interview" refers to a one-on-one
conversation between an interviewer and an interviewee. The interviewer asks questions to
which the interviewee responds, usually providing information.

The interview will be conducted with the owner of the spa at their earliest convenience face
to face.

An interview will be conducted with the business owner to gather information on the on how
the business performed before, during and after the covid pandemic to help gain important
insight on what could have caused a decline in customer walk-ns

Limitations

It was hard to find a suitable time to conduct a interview due to how busy the owner was,
although the researcher able to carry out the interview on the 19th of March.

Questionnaire

A questionnaire will also be carried out to various customers, using the interview questions,
to help identify the cause of decreasing customer walk-ins.
 4
Financial Statements

Financial statements are written records that convey the business activities and the financial
performance of a company. Financial statements are often audited by government agencies,
accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes.

Financial statements I would like to review are Journals and Day books would be critical is
identifying trends.

What information do you hope to get from it?

Limitations encountered – Some financial documents were not readily available as the
business owner did not keep appropriate documents for all transactions.

I will carry out analysation of financial records to identify when a decline in business
performance and customer bookings started because of the covid pandemic. This will help to
identify the impacts of the pandemic
 5
Presentation and Analysis

Objective 1: To identify the rate at which customer numbers decline.

Objective 2: To identify the areas affected by the decline in customer walk-ins.

General Journal
Date Details Folio Debit Credit
March 03 2022 Bank CB01
Cash CB01
Debtor (I. Louis) SL01
Building
Stock
Creditor
Capital
Opening Entries
1. Do you believe there to be a correlation between declining customer
bookings and the covid pandemic?

" I believe because of the COVID, you get less people walking in. The less people walking in, more
people calling. And that's how it was during the pandemic because you couldn't book anybody while
another person is there. So they want to make sure before they walk in that it's the alone that's
there. And therefore, it cut down your... You don't make as much. You don't have a lot of walking
clients."

"And how have you tried to combat this?"

"What I did was I had to reach out to all my clients, reach out to them and give them incentives by...
Let's say if I have to do a facial for them, I add a little something to it without charge. For the waxing,
I would say you could have three different waxing with one tree. That's what you have to give them
offers. So it makes them want to come and spend because they get something in return."

"Do you believe that people fear a close quarter service because of the COVID pandemic?"

"Yes"

So do you take measures to ensure people's safety or to ensure them that they.

Are safe? Oh, yes. I do whatever makes them comfortable. That's what I do. If they want me to wear
a mask while they're wearing a mask, I do that because I need my business to survive. So I would
wear the mask just to please them, do their services with the mask on, and I let them know
everything is sanitized. I show them the product that I sanitized with. If they ask, sanitization and
sterilization, I show them everything, every step of the way what I do, just to reassure them and to
know that everything I work with is terrible.

2. How do you think one could get rid of the fear of close quarter services,
like massages, to increase customer walk-ins?
Use information from the interview, questionnaire and financial statements to answer this
objective.
Make use of charts, tables and graphs to present the data, then analyze the data, making use
of statistics and identifying trends
E.g. you would need to show customer rates before the pandemic and after to be able to
identify a trend/change...present this in a graph ( a line graph would be ap

DO THE SAME FOR ALL THE OTHER OBJECTIVES.

Findings
Based on your analysis, make predictions i.e. what can happen if things change or do not
change. Try to make a point for each objective.
E.g. (using objective #1) There was a decline of 5% in customer walk-ins after the pandemic.
This, according to customers, was mainly due to the fear of contracting the virus (that
information you would have had to get from your questionnaire)... Since the covid is no
longer a pandemic, the researcher anticipates that customer walk-in rates will increase.
 Conclusion

Answer all your objectives based on your findings.

 Recommendations

Make recommendations based on your findings. Ensure they are realistic and relevant.
 Bibliography

Include the sources of your information. Bibliography should be in alphabetical order.

Appendix
Appendix A: Interview Questions and Responses
Appendix B: Questionnaire
Appendix C: Financial Statements

Research Methods

Appendix A

Interview questions and responses

1. Do you believe there to be a correlation between declining customer
bookings and the covid pandemic?
2. How do you think one could get rid of the fear of close quarter services,
like massages, to increase customer walk-ins?
3. How did the decrease in customer walk-ins affect your business?
4. Why do you think covid caused a decrease in customer walk-ins?
Questionnaires with customers