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IT & Entrepreneurship at Premier Ventures Limited - Business Plan Example

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The paper "IT & Entrepreneurship at Premier Ventures Limited" discusses that Premier Ventures Limited recognizes the vital contribution of financial plan in business especially on matters related to cash flow in the company. The drafters of this financial report may not be perfect…
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IT & Entrepreneurship at Premier Ventures Limited
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Premier Ventures Limited Table of Contents Executive summary 3 Business idea 4 Aim and Mission 5 Keys to the success of Premier Ventures Limited 5 Ownership and company structure 5 Premier Ventures Limited team 6 The product 6 Marketing plan 6 Sales & distribution 10 Competitors 11 Customers 11 Agreements and alliances 13 Industry analysis 14 Strategies 15 Competitive advantage 15 Pricing strategy 16 Sales projections 16 Management summary 20 Company structure 20 Employees’ data 20 Financial Plan 21 References: 23 Premier Ventures Limited Executive summary Premier Ventures Limited is on the course of being shaped into an international company specializing in supply and installation of internet facilities. Currently, the supply and installation of internet facilities is carried out by non-reputable companies that give customers raw deals leading to major corporate disappointments. Premier Ventures Limited plans to enter into this market as a company to recon in matters such as cost effectiveness, quality, authenticity and excellence in service delivery. It is projected that within our first two years of market entrance the firm shall be a point of reference in bringing internet solutions to over 5,000 customers. To achieve this endeavor Premier Ventures Limited plans to employ extensive advertising using the mass media platforms as well as social networks. These customers shall be maintained owing to the quality of services offered. The firm envisions carrying out its activities both in the local and international arenas. The team leaders who will see its formation and progression will comprise of market researchers, internet provision consultants and financial analysts. Following a comprehensive review of the target market segment, the team reported encouraging financial estimates that would most likely see the company rise beyond famous multinationals within a decade. These were the projected income, sales and profits as per our Return on Investment assessments. Year 1 (2015) Year 2 (2016) Year 3 (2017) Gross income £ 937,000 £ 1,020,000 £ 1,600,000 Total sales £ 730,000 £ 750,000 £ 1,210,000 Net profit £ 207,000 £ 270,000 £ 390,000 Below is a graph showing the highlights of the financial estimates as per the market research results. Business idea From the facts displayed by information provided herein this report, the company intends to solicit funds for its expansion. Specifically, Premier Ventures Limited is in need of over £ 1,000,000 as part of the borrowed capital. This amount will go a long way in ensuring that the company expands across current business boundaries. Strengths –Premier Ventures Limited has positioned itself in strong and fast growing markets of the United Kingdom, United States and Asia. It has sound financial plans that will boost its growth to other market segments. Weaknesses - Premier Ventures Limited faces a big challenge in regards to environmental conservancy measures. In addition, our company’s high initial cost is a major problem. This is because of numerous plans put forth for expansion and slim profit margins expected in the first two years. Opportunities –there is a fast growth in the market population owing to the growing demands for internet use. The company has positive expectations in coming up with fresh initiatives to boost its market segment. Threats – Premier Ventures Limited is faced with a threat of increasing prices of internet connection tools, intense completion from other companies and fluctuating rates of exchange as well as rising inflations. This report aims at soliciting funds from willing investors for purposes of expanding the business as enshrined in its business aims and objectives. Below are summarized points of the business plan. Aim and Mission The aim of Premier Ventures Limited is to make profits which will enable its sustainable growth and to be a leading internet provision firm in the world map. Its mission is to provide essential internet installation help to both local and international computer users. Our motto is Excellence, affordability and dependability. Keys to the success of Premier Ventures Limited Extensive market research with an aim of unearthing new and fatty business deals. Using prudently the little available resources at the company’s disposal to generate huge income within a short time. Swift response, excellent installation of internet facilities at an affordable fee and customer retention. To achieve this, extensive advertising and research is vital. Greatness in honoring promises, upholding virtues of sincerity, confidentiality and reliability forms Premier’s central keys to success. Ownership and company structure Premier Ventures Limited will be formed as an international internet provision company whose main office shall be in Washington, DC. It shall specialize in installation of internet provision services within the city, outside the city and the world in general. It shall have branches in Africa, Asia and Europe. The company shall be run by shareholders and selected operators. The shareholders and the initiators of the business shall be the owners of the company. There shall also be a legal expert in the leadership team who shall advice the company on legal requirements. This expert shall initially be employed on contract basis and will be incorporated in the Board of Directors. Premier Ventures Limited team The company shall be led by the board of directors consisting of 6 directors. The directors shall elect their Chief Executive Officer (C.E.O) from themselves. The directors shall advise the C.E.O on the day to day running of the company’s affairs. The company shall contract a legal expert who shall advise the board on legal matters affecting the company. Other employees shall include; an accountant, a secretary, and internal auditor. There shall be a total of 10 employees in the main office. The company shall from time to time seek consultancy services from some freelance consultants who shall form part of the contracted employees. The product As earlier mentioned, Premier Ventures limited shall deal with supply and installation of internet provision materials. Its core market shall be corporate institutions and homes. Marketing plan For purposes of this plan, the owners Premier Ventures Limited shall adopt a startup summary which shall be funded partly in the forms of assets. It is important to note that the amount of money needed to get this project started is a lot and as a result a substantial amount of money in the form of a loan is sought to boost the startup capital. The loan is a short term one repayable within two and half years. This is possible if the volume of sales shall be doubled within a period of 2 years through extensive marketing strategies and strict follow up of company policies. This will counter our competitor’s market advantage to ours. Operational cost control initiatives shall be strictly adhered to as a mechanism to the realization of high profit margins within the next one year and consequential increase within the other years. After a thorough research and extensive consultation, it was unearthed that the total start up expenditure will go beyond £ 160,000. In this projection, the short term assets are estimated to be £ 10,000. The total amount that will see the running of this business is projected to be over £ 1,500,000. Budget for the establishment of Premier Ventures Limited Expenses   Premises:   24 months’ rent £23,000.00 Investment (if buying) £0.00 Deposit on rented space (normally 3 months’ rent) £5,500.00 Goodwill £3,000.00 Renovation, modification and decorating £2,000.00     Production (capital) equipment:   Computers £8,000.00 Tools £200.00 Other £100.00     Inventory:   Till £54.00 Other £0.00     Office equipment:   Furniture (desks, chairs) £500.00 Computer associated (Printer, network ) £1,500.00 Telephone system £500.00 Telefax £200.00 Photocopier £300.00 Other £100.00     Wares:   raw or half-finished wares £5,670.00 Finished products (store) £60,000.00 Office articles £2,430.00 Other £230.00     Car:   Deposit on car £2,000.00 Other costs (insurance, tax) £1,000.00     Advisors:   Lawyer (contract lawyer) £5,000.00 Accountant £3,000.00 Other £3,000.00     Marketing:   Headed paper, business cards £200.00 Brochures £430.00 Adverts £10,000.00 Sign £1,200.00 Reception £24,056.00 Other £2,000.00     Other expenses:   Setting up firm, companies house registration £600.00 Patents or other IP protection £130.00 Other £100.00     Total expenses: £166,000.00 The following data shows the start-up funding for the business. Start-up Funding Plan Investment   Investor A £ 42,000.00 Investor B £ 10,600.00 Other investors £ 25,897.00 Total investments £ 78,497.00 Short-term borrowing   Unpaid expenses £ 7,860.00 Short-term loans £ 10,000.00 Interest-free short-term loans £ 560.00 Subtotal Short-term Borrowing £ 18,420.00 Long-term Borrowing   Total Borrowing £ 89,000.00 Loss at start-up £ 10,000.00 Total Equity £ 28,670.00 Total Debt and Equity £ 146,090.00 Expenses £ 7,860.00 Assets £ 53,400.00 Investment £ 78,497.00 Loans £ 18,420.00 A graph of the start-up financial plan estimates shows a promising future for the business. Below is a graph showing initial expenses, assets, investment and loans at start-up stage. Sales & distribution Premier Ventures Limited is a multinational company dealing with marketing, sale and installation of internet provision related devices. The products and services are packaged and sold a single entity or as per the requirements of the customer. Some products will be packaged based on the customer’s financial capability or budget. The installation process shall be conducted by the company’s experts at the site of installation. Installation machines, devices and experts shall be ferried at the expense of the customer. This is a unique practice bearing in mind that our competitors charge transportation fee. This practice is aimed at creating larger market segments as well as acting as a strategy to overcoming the stiff competition in the market. The marketing plan will help create an environment that will ensure retainer relationships and alliance building. Competitors Through our extensive research, we unearth the presence of a huge number of industry imposters who are either less experienced or lack expertise in the field of internet installation and service provision. Premier Ventures Limited is an upcoming multinational internet provision company based in Washington DC in the United States of America. Other branches shall be located in Africa, Asia and Europe. Stiff competition is expected to go a notch higher in some market segments especially in those markets located in Asia and Europe where other companies exist. Owing to this reality, the executive and sales managers will have to work extra harder and market the company across these market segments. They executive will work hand in hand with the sales managers to ensure that a reputable brand image is built within a year or two. This will be a vital step towards progress of Premier Ventures Limited. Such plans will put Premier Ventures Limited ahead of its competitors owing to the fact that already most customers requiring the installation and use of internet services are discontented with most sellers. To ensure that Premier Ventures Limited does not fall in the same trap, numerous plans and policies guiding quality and standards shall be formulated. These policies shall guide the company on issues pertaining to employment of professionals and quality of products. Customers Based on their sizes Premier Ventures Limited’s customers are categorized into: large scale business or small scale home users. Large scale businesses are those commercial firms that use the internet for purposes of communicating with clients, research and making orders. The use the internet in such business is almost certain at all times and therefore reliability and speed is their key focus. The small scale home users are individuals in homes and minor business who use between 1 and 5 computers to run the business. The use of internet is normally limited owing to their small number of clients. Premier Ventures Limited understands the needs of its customers and it is keen in formulating a sound service quality that will promote the packaging and installation processes for the benefit of the customers. Through our extensive research on the two market segments, we are proud to report that the onset of Premier Ventures Limited is good. This is because our projections indicate that our customer base shall increase at an average rate of 30 % annually. By breaking down further, the size of the large scale users which forms part of the most profitable segment is projected to pose a stunning growth of 19.2 % as the small scale companies grow into big business and as a larger population begin to embrace the use of technology in business. This information is summarized thus:  % growth Year 1 Year 2 Year 3 Small Scale businesses 11% 4,500 4,995 5,544 Large Scale businesses 19% 2,416 2,880 3,344 Total 30% 6,916 7,875 8,888 Agreements and alliances Premier Ventures Limited intends to price their commodities strategically to overcome its competitors. This is not enough and for that reason will seek to build alliances and agreements with some of its competitors with a view of coming up with a strong and formidable force to reckon in the market. The cost of commodities and installation services will be constituted based on the existing market prices and the ones offered by our competitors. It is expected that price will steadily drop with years from a high of 40 % to a low cost of about 18 % after the third year. This trend will in turn build Premier Ventures Limited’s brand name making a reference company when it comes to internet installation. Industry analysis There are many internet service installers in the world today. The greatest challenge that faces our company is how to make itself a unique company bearing in mind that it is a new entrant in the market just like other incoming companies. In this regard, Premier Ventures Limited shall incorporate extensive marketing services with a view of distinguishing itself as a cost effective and dependable option. Premier Ventures Limited aims at building a strong trust anchorage through excellent service delivery and support. This will in turn differentiate Premier Ventures Limited service provision making it a competitive force against its competitors. In reference to the market needs of our customers, the biggest challenge that will face the company at its initial stages shall be in regards to meeting market requirements of onsite surveying, training and installations. Premier Ventures Limited is keen on going as per the realistic trends in the market today. These trends include increasing demands for internet services and increasing costs of internet installation systems. Moreover, the company is keen to providing excellent connectivity systems that will ensure a differentiation impact is felt in the local markets and beyond. This will be advantageous to Premier Ventures Limited company amid the high and ever increasing demands for internet connectivity and other networks. Our market investigation report indicates that for the last five years, there has been a dire increase in the use of internet services in business firms. This has been occasioned by the shift of business from actual employees to the use of freelancers in transnational businesses and multinational corporations. Premier Ventures Limited hopes to check and utilize on this new opportunity to widen its market boundaries and consequently increase the bulk of deals. Other businesses reports published earlier in the business dailies have often showed that there are increasing demands for the use of internet services in Africa and Asia absorbing the efforts of close to 10 thousand available providers and installers of services in the market. The growth in demand has continually grown at stunning annual rates. This fast growth in demand for internet services creates an excellent market growth for Premier Ventures Limited. Strategies Premier Ventures Limited shall comprehensively focus on excellence and customer support upon installation of the internet. It shall ensure full compliance to the law as advised by her legal experts as a means of averting unnecessary expenses in the courts. Upon successful installation of the internet systems Premier Ventures Limited shall engage the executives of the employer in extensive training session on use and safety of the system. In order to build more confidence among its customers, Premier Ventures Limited shall employ market operative diplomacies not only through product quality and price reduction but also keeping friendly contacts with the customers. This will ultimately increase the capacity of sales and widen profit margins. Promotional techniques such as use of appreciation letters, adverts, mails and follow up after service shall be incorporated in the plan as a way of bringing more customers. Premier Ventures Limited’s value proposition is an exclusively eye-catching one. It targets at both large and small scale retailers as well as home users. It will offer excellent installations at affordable rates that will match the value of service the system shall offer on returns upon investment. Competitive advantage Premier Ventures Limited’s competitive advantage is based on tactical alliance in the choice of markets in continents that have an immensely increasing demand for internet services among their residents. Premier Ventures Limited is very keen in building a strong relationship with its customers through extensive interaction and support. Through such friendships, Premier Ventures Limited shall protect its projections against competition. The friendship shall be our key focus in ensuring that our customers receive immense help as we prosper in widening our profit margins. It is in the interest of customers that the services we offer them translate to bigger business gains. This is our core duty and most treasured endeavor in service delivery. We hope that our installations manifest as an exclusively interesting one, with the least down time. Pricing strategy Premier Ventures Limited intends to offer first class installations in the customer’s premises under reasonable costs in order to maintain and retain customers as part of our most valued team. Through rationalization of salaries, our work force shall be paid well and as a result produce high quality work at an affordable cost. Our pricing policy will be designed such that it is at a lower value than what our competitors offer in the market while still maintaining a higher quality above them. Sales projections Premier Ventures Limited wishes to conduct its business in an environment characterized by presence of a large number of both large and small scale retailers. Its annual sales estimates are presented as shown in the following table: Projected running costs budget For the period starting January 2015 to December 2017 Year 1 Year 2 Year 3 Turn over (sales)       sale 1 £215,000.00 £380,000.00 £600,000.00 sale 2 £287,000.00 £420,600.00 £720,000.00 Sale 3 £350,897.00 £500,000.00 £900,000.00 total: £852,897.00 £1,300,600.00 £2,220,000.00 Variable costs       Materials £45,670.00 £40,900.00 £42,600.00 Salaries £240,000.00 £250,890.00 £300,980.00 Free-lance consultants £13,000.00 £15,000.00 £18,000.00 Transport £10,500.00 £11,500.00 £10,230.00 Other £7,345.00 £7,200.00 £7,010.00 Variable costs total: £316,515.00 £325,490.00 £378,820.00         cover (sales - variable costs) £536,382.00 £975,110.00 £1,841,180.00         Fixed costs       Salary (including pension and NI) £100,000.00 £105,000.00 £110,800.00 Freelance technical help £15,465.00 £15,230.00 £14,780.00 Freelance running bookkeeping/accountancy service £5,876.00 £5,300.00 £5,540.00 Internet £3,000.00 £2,985.00 £3,245.00 Rent of premises £50,000.00 £52,760.00 £51,450.00 Electricity, heat & water £3,400.00 £3,540.00 £3,680.00 Repair and upkeep of premises £5,462.00 £ 5,100.00 £5,200.00 Cleaning £1,000.00 £ 1,100.00 £ 1,050.00 Company Car £5,000.00 £ 5,600.00 £ 5,348.00 Travel £1,000.00 £ 1,050.00 £ 987.00 Office supplies £786.00 £ 800.00 £ 823.00 Postage £5,640.00 £ 5,400.00 £ 5,200.00 Telephone £4,500.00 £ 4,300.00 £ 4,320.00 Fax £240.00 £ 230.00 £ 244.00 Mobile phone £190.00 £ 201.00 £ 198.00 Marketing/advertising £20,675.00 £ 20,782.00 £ 21,000.00 Representation £24,300.00 £ 22,000.00 £ 23,456.00 Meeting expenses £5,067.00 £ 4,980.00 £ 5,340.00 Literature £12,900.00 £ 12,365.00 £ 12,200.00 Insurance £15,800.00 £ 15,476.00 £ 15,208.00 Computers & software £23,400.00 £ 22,400.00 £ 23,000.00 Leasing (photocopier) £10,000.00 £ 9,986.00 £ 9,876.00 Accountant £4,500.00 £ 4,320.00 £ 4,435.00 Lawyer £5,000.00 £ 5,045.00 £ 4,987.00 Other advisors £4,700.00 £ 4,800.00 £ 4,608.00 Petty cash £8,760.00 £ 9,000.00 £11,200.00 Fixed costs total: £336,661.00 £ 339,750.00 £348,175.00         Result before interest and depreciation £199,721.00 £ 635,360.00 £1,493,005.00         Interest       Interest on bank account £1,500.00 £ 3,098.00 £2,098.00 Interest on credit £1,000.00 £ 2,534.00 £3,098.00 Other interest £7,000.00 £ 9,000.00 £12,000.00 Total interest: £9,500.00 £14,632.00 £17,196.00         Depreciation:       Capital equipment £1,000.00 £ 980.00 £ 800.00 Other £780.00 £ 820.00 £ 932.00 Total depreciation: £1,780.00 £ 1,800.00 £ 1,732.00         Fixed costs including interest and depreciation: £347,941.00 £ 356,182.00 £ 367,103.00 Pre-tax profits: £188,441.00 £ 618,928.00 £ 1,474,077.00 The graphical representation of the sales for the three years is as shown below: Management summary The number of the initial team of executives for Premier Ventures Limited will be informed by the profit margins and customer base. For purposes of starting this company we shall adopt a smaller number of executives as one way of reducing recurrent expenditures while allowing the business to pick up. Company structure Premier Ventures Limited shall be governed by 10 top level managers as follows: Dr. Fredrick Marcs, Five chief investors, one African representing Africa, two from Asia and one from Europe. There shall be junior employees, market researchers, Accountants, lawyers and secretaries. Employees’ data The following data shows the projected employee financial data for their salaries on departmental levels for the first three years of company inception. DEPARTMENTS Year 1 Year 2 Year 3 Investors/ Partners £ 54,000 £ 65,000 £ 67,000 Consultants £ 3,450 £ 53,897 £ 55,345 Editorial Department £ 12,000 £ 18,780 £ 30,456 Marketing £ 8,230 £ 43,564 £ 45,600 Sales persons £ 1,000 £ 23,597 £ 28,670 Office Manager £ 9,870 £ 24,000 £ 34,089 Secretarial £ 7,865 £ 23,560 £ 25,600 Others £ 230 £ 342 £ 435 Subtotal £ 96,645 £ 252,740 £ 287,195 Financial Plan Premier Ventures Limited recognizes the vital contribution of financial plan in business especially on matters related to cash flow in the company. The drafters of this financial report may not be perfect. We therefore recognize that there are a number of loopholes and assumptions adopted. For instance, it is assumed that at no given time within the three years shall the financial recession occur. Breakeven analysis Premier Ventures Limited believes that with strict adherence to policies of the company and with a capable team of executives, the operational costs would rise higher than the maximum amount expected. The amount shall a total summation of operational costs as well as recurrent expenditure. Projected profits and losses Premier Ventures Limited like any other company expects to make loses and profits. The projected profits and losses are as shown in the table of data below Profit and Loss (Income Statement)   Year 1 Year 2 Year 3 Sales £ 1,667,670.00 £ 1,890,897.00 £ 1,946,487.00 Direct Cost of Sales £ 3,675,408.00 £ 4,503,200.00 £ 5,790,002.00 Production Payroll £ 132,876.00 £ 264,086.00 £ 300,230.00 Other £ - £ - £ - Total Expenditures of Transactions £ 5,475,954.00 £ 6,658,183.00 £ 8,036,719.00 Gross Margin £ 2,005,600.00 £ 2,355,180.00 £ 2,645,380.00 Gross Margin % 17.00 % 19.00 % 23.00 % Sales and Marketing Payroll £ 345,600.00 £ 534,000.00 £ 705,008.00 Adverts £ 142,567.00 £ 152,688.00 £ 200,673.00 Catalogue £ 18,300.00 £ 19,876.00 £ 20,078.00 Mailing £ 122,010.00 £ 130,267.00 £ 167,000.00 Promotions £ 156,700.00 £ 165,000.00 £ 26,000.00 Shows £ 27,800.00 £ 29,308.00 £ 33,450.00 Literature £ 9,780.00 £ 15,670.00 £ 13,390.00 Public Relations £ 6,789.00 £ 7,600.00 £ 9,670.00 Conferences £ 31,000.00 £ 31,200.00 £ 45,300.00 Service £ 11,450.00 £ 12,657.00 £ 16,230.00 Training £ 6,000.00 £ 7,560.00 £ 14,800.00 Total Sales and Marketing expenses £ 678,730.00 £ 807,729.00 £ 1,010,930.00 References: 1. CREGO, E. T., SCHIFFRIN, P. D., & KAUSS, J. C. (1995). How to write a business plan. [Watertown, MA], American Management Association. http://site.ebrary.com/id/10496188. 2. DETHOMAS, A., & DERAMMELAERE, S. A. (2008). Writing a convincing business plan. Hauppauge, N.Y., Barrons Educational Series. 3. DUENING, T. N., HISRICH, R. D., & LECHTER, M. A. (2010). Technology entrepreneurship creating, capturing, and protecting value. Burlington, MA, Academic Press. http://www.sciencedirect.com/science/book/9780123745026. 4. FINCH, B. (2013). How to Write a Business Plan. London, Kogan Page. http://public.eblib.com/EBLPublic/PublicView.do?ptiID=1131636. 5. HIDUKE, G. P., & RYAN, J. D. (2013). Small business: an entrepreneurs business plan. Mason OH, South-Western. 6. KARLSON, C. B., & OROURKE, J. S. (2009). Writing and presenting a business plan. Australia, South-Western Cengage Learning. 7. KIRZNER, I. M. (1993). Competition and entrepreneurship. Chicago [u.a.], Univ. of Chicago Press 8. KURATKO, D. F. (2014). Entrepreneurship: theory, process, practice. Mason, Ohio, South-Western Cengage learning. 9. LONGENECKER, J. G. (2012). Small business management: launching and growing entrepreneurial ventures. Mason, OH, South-Western Cengage Learning. 10. MCKEEVER, M. P. (2012). How to write a business plan. Berkeley, CA, Nolo 11. PARKER, S. C. (2004). The economics of self-employment and entrepreneurship. Cambridge [etc.], Cambridge University Press. 12. PRESTON, S. L. (2013). Angel financing for entrepreneurs early-stage funding for long-term success. San Francisco, Calif, Josser-Bass. http://rbdigital.oneclickdigital.com. 13. ROGOFF, E. G. (2007). Bankable business plans for entrepreneurial ventures. New York, Row house Pub. 14. SAHLMAN, W. A. (2008). How to write a great business plan. Boston, Mass, Harvard Business School Press. 15. WENNEKERS, S. (2010). The relationship between entrepreneurship and economic development: is it u-shaped? Boston, now. Read More
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