Harvard Case - Berendsen Island
"Berendsen Island" Harvard business case study is written by Rick Bisselink, Filip Roodhooft, Kristof Stouthuysen, Ineke Teunis. It deals with the challenges in the field of Accounting. The case study is 6 page(s) long and it was first published on : Sep 17, 2015
At Fern Fort University, we recommend Berendsen Island implement a comprehensive strategic plan focused on sustainable growth and profitability. This plan should prioritize investments in infrastructure, technology, and employee development, while leveraging its unique location and natural beauty to attract high-value tourism.
2. Background
Berendsen Island is a small, isolated island with a limited population and economy. The island's primary industries are fishing and agriculture, with tourism playing a growing but still relatively small role. The island faces several challenges, including limited infrastructure, a lack of skilled labor, and a reliance on external markets for supplies and services.
The main protagonists are the island's residents, the local government, and the Berendsen Island Development Corporation (BIDC), which was created to promote economic development. The case study highlights the BIDC's struggle to find a sustainable growth strategy for the island.
3. Analysis of the Case Study
This case can be analyzed through the lens of Porter's Five Forces framework to understand the competitive landscape and identify opportunities for Berendsen Island:
- Threat of New Entrants: Low, due to the island's isolation and limited infrastructure.
- Bargaining Power of Suppliers: High, as the island relies on external suppliers for many goods and services.
- Bargaining Power of Buyers: Moderate, as tourists have limited options for accommodation and activities on the island.
- Threat of Substitute Products: Moderate, as tourists may choose to visit other destinations with similar attractions.
- Competitive Rivalry: Low, as the island's tourism industry is still relatively small.
Financial Analysis: The case study provides limited financial information, but it highlights the island's dependence on external funding and its limited revenue streams. This suggests a need for improved financial management, including:
- Accurate Cost Accounting: Implementing activity-based costing to understand the true costs of different operations and services.
- Financial Statement Analysis: Analyzing the island's balance sheet, income statement, and cash flow statement to identify areas for improvement.
- Budgeting and Forecasting: Developing realistic budgets and forecasts to manage cash flow and ensure financial sustainability.
Operational Analysis: The case study highlights the island's limited infrastructure and lack of skilled labor. Addressing these challenges requires:
- Infrastructure Development: Investing in essential infrastructure, such as roads, electricity, and internet access.
- Employee Training and Development: Investing in programs to develop local skills and attract qualified workers.
- Supply Chain Management: Optimizing the island's supply chain to reduce costs and improve efficiency.
Marketing and Tourism: The case study suggests that Berendsen Island has significant potential for tourism development. To capitalize on this potential, the island needs to:
- Develop a Unique Brand Identity: Position the island as a destination with a distinct character and appeal.
- Target Niche Markets: Identify specific tourist segments that are most likely to be interested in the island's offerings.
- Promote Sustainable Tourism: Develop eco-friendly tourism practices and promote the island's natural beauty and cultural heritage.
4. Recommendations
- Develop a Comprehensive Strategic Plan: The BIDC should develop a long-term strategic plan that outlines the island's vision, mission, and goals for sustainable growth. This plan should be based on a thorough analysis of the island's strengths, weaknesses, opportunities, and threats (SWOT analysis).
- Invest in Infrastructure and Technology: The island needs to invest in essential infrastructure, such as roads, electricity, and internet access. This will improve the quality of life for residents and attract more tourists. The BIDC should also explore the use of technology to improve efficiency and effectiveness in various sectors.
- Focus on High-Value Tourism: The island should focus on attracting high-value tourists who are willing to pay for unique experiences and high-quality services. This could include developing niche tourism offerings, such as eco-tourism, adventure tourism, and cultural tourism.
- Promote Sustainable Tourism: The island should prioritize sustainable tourism practices to protect its natural environment and cultural heritage. This could include implementing eco-friendly accommodations, reducing waste, and promoting local products and services.
- Develop a Skilled Workforce: The BIDC should invest in programs to develop local skills and attract qualified workers. This could include vocational training, apprenticeships, and scholarships.
- Improve Financial Management: The island needs to improve its financial management, including implementing accurate cost accounting, conducting financial statement analysis, and developing realistic budgets and forecasts.
- Engage the Community: The BIDC should actively engage the community in the development process. This will ensure that the island's growth is aligned with the needs and aspirations of its residents.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the BIDC's mission to promote sustainable economic development on the island.
- External Customers and Internal Clients: The recommendations consider the needs of both tourists and residents, ensuring that the island's growth benefits all stakeholders.
- Competitors: The recommendations take into account the competitive landscape and identify opportunities for differentiation.
- Attractiveness: The recommendations are based on quantitative measures, such as return on investment (ROI) and profitability, and are designed to create long-term value for the island.
- Assumptions: The recommendations are based on the assumption that the island's natural beauty and cultural heritage can be leveraged to attract high-value tourism.
6. Conclusion
By implementing these recommendations, Berendsen Island can achieve sustainable growth and profitability. The island has significant potential for tourism development, but it needs to invest in infrastructure, technology, and human capital to capitalize on this potential. By focusing on high-value tourism and promoting sustainable practices, the island can create a thriving economy that benefits both residents and visitors.
7. Discussion
Other alternatives not selected include:
- Focusing on traditional industries: This could involve investing in fishing and agriculture to increase production and export. However, this approach may not be sustainable in the long term, given the limited resources and market opportunities.
- Developing a large-scale resort: This could generate significant revenue but may have negative environmental and social impacts.
The key assumptions of the recommendations include:
- The island's natural beauty and cultural heritage can be leveraged to attract high-value tourism.
- The island can attract and retain a skilled workforce.
- The island can secure the necessary funding for infrastructure development.
8. Next Steps
The BIDC should:
- Develop a detailed implementation plan: This plan should outline the specific actions, timelines, and resources required to implement each recommendation.
- Secure funding: The BIDC should seek funding from various sources, including government grants, private investment, and international development organizations.
- Engage stakeholders: The BIDC should engage with the community, businesses, and government agencies to ensure that the implementation process is transparent and inclusive.
By taking these steps, Berendsen Island can move towards a future of sustainable growth and prosperity.
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Case Description
Berendsen Island, an outsourced workwear service, uses the standard costing model to determine its profitability. Because the company recently reported a loss, the plant manager and the business controller investigate time-driven activity-based costing in an effort to gain insights into its cost structures. The company also needs to provide a quote to two potential new customers.
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