The Purpose of Business Plan - Term Paper Example

Dear I wrote you this message on the Message Board prior to completing the order but I guess you didn’t have a chance to check it. “As this is a business plan, Im somewhat confused by your need for sources - as an original business plan should not reference the prior work of other individuals.” BUSINESS PLAN ABC Immigration Immigration Legal Services and Counseling Table of Contents 1. Executive Summary 1.1 Objectives 1.2 Mission 1.3 Critical Success Factors 2. Company Summary 3. Services 4. Marketing Analysis Summary 5. Strategic Implementation Summary 6. Management Summary 7. Financial Plan 1.0 Executive Summary The purpose of this brief business plan is to present the reader with the pursuit and stated intention of ABC Legal with reference to its goal of entering the market for legal counsel with regards to immigration counseling. Similarly, the piece will seek to detail the goals, targets, and developments that ABC Immigration would like to experience over the next two years of time. All of this is done with the intention of providing a discernible yet flexible framework by which the shareholders can consider the strengths and weaknesses that ABC Immigration provides as well as helping the firm to avert and/or minimize risk and maximize its key assets and/or strengths. 1.1 OBJECTIVES This particular business plan has a two-fold objective which is listed below: 1. Firstly, the business plan will act as a guide by which the shareholders of the firm will be able to manage and direct the growth and activities that will take place. As such, the guidance and framework which will be put forward, as well as time sensitive goals and metrics, will assist the aforementioned shareholders in developing a comprehensive business plan suited to addressing many of the needs that will doubtless present themselves to the business. 2. By providing such descriptive metrics, the business plan will guide the growth and development of the firm in a way that an abstract and non-measurable idea, or set of ideas, could not. Similarly, the objectives of ABC Immigration have been detailed below: As with any business, the overarching objective of ABC Immigration is to provide a wide and diverse array of legal and counseling services that will serve the client base with the peculiar needs that any and all immigration related questions and concerns would likely generate. Furthermore, the eventual goal will be to become something of a market leader within the geographic region with regards to immigration issues. 1. Profit: As with any firm, the primary motivator is to provide a profit to the shareholders by a means of sufficient growth and development of the firm and the services that are offered. In this way, the profit objective fits in with the following objectives as the ultimate end towards which the others work. 2. Growth: As a means to differentiate the business, add services, and provide a higher quality of services to the customer as well as providing a higher profit margin through differentiation of services, the growth of the firm is a secondary objective. 3. Market dominance: As a way to realize the two previous elements of listed objectives, the firm will attempt to obtain market dominance within the field. 1.2 MISSION As with many service industries, the mission of the firm is straightforward and relatively simple: Purpose: The purpose of the firm exists to provide professional, helpful, affordable, and timely legal counseling to the customers that seek such services. In this manner, the company exists for the sole purpose of providing the aforementioned services to the individuals companies that avail themselves of the services that ABC Immigration offers. Vision: The firm envisions itself as successful only by providing the highest quality of services to its customers. By providing such a high level of quality and at market leading prices, ABC Immigration aims to satisfy the needs of those it serves by providing both high quality, individualized access, and affordable rates to the clients who have honored the firm with their patronage. Mission: The mission can be summed up in two parts. Firstly, the firm has a short-term mission objective which will see the company constitute itself in a farily rapid manner; all the while minimizing debt and inexpensively differentiating itself in the aforementioned categories that the firm wishes to compete in. Secondly, and perhaps most importantly, the firm has long-term goals and objectives which will see the company grow in to a stable, profitable, market leader within the fields of specialty; all the while allowing the owner/owner(s) to readily manage the firm with a minimum of time/effort or money. Marketing Slogan: “ Providing excellence in client representation, counsel, and the law since 2012” 1.3 Critical Success factors The keys to success for ORZ&CO are: Providing class-leading services to the clients (both individual and corporate) that the firm serves. Providing a supporting work environment in which employees are both proud and willing to engage their efforts Earn the respect and value of the customer/client base. Providing excellence and value for the services the firm renders; i.e. quality for the money that the clients spend on the services offered. Providing a differentiation with other legal firms in that ABC Immigration focuses on rapid/prompt responses to client/customer inquiry regarding legal matters. Placing quality of service rendered before profitability or any other of the key determinants that have thus far been listed. As a function of the prior bullet points, earning the respect, and appreciation of the client base so that a loyal reputation is generated which serves to direct retainers and referrals within the industry. 2.0 Company Summary ABC Immigration is a firm that intends on focusing primarily on the legal and immigration services and counsel that the firm specializes within. Likewise, the firm intends on providing a level of focus to the target market that although they specialize in advice to individual clients as well, they are also highly motivated to seek corporate interaction and provide business immigration services with regards to key companies that require advice, guidance, and legal expertise in such a matter. By way of adequately serving both needs, the company hopes to bridge the gaps between two distinct market sectors while all the time maintaining the specialization and expertise the company will hopefully become famous for. As a means to accomplish this goal, the firm in question will seek to employ a team of highly qualified legal advisors/solicitors. Naturally, these advisors and solicitors would be accredited from the requisite entities as well as maintaining and exhibiting a high degree of professionalism and excellence within their given fields. As a way to decrease overall cost and associated budget overruns, the firm will seek to outsource much if not all of the accounting and finance functions that would otherwise require the hire of additional employees and a drain on the overall precious resources that could initially be used to help differentiate and market the firm in the earliest stages of its existence. The following list gives a brief rundown of some pertinent information associated with the firm. 1. Name of Principal Advisor: 2. Business Address: 11 Main Street, West Blossom Road 3. Registered company under the Register of Companies: 4. Name of the Business: ABC Immigration – Immigration Law and Legal Specialists 5. Services Offered: A full and complete range of immigration and asylum related matters for both individual and corporate entities. 6. Business Start date: 1nd February 2013 7. Capital to be provided: £20000 3.0 Services ABC Immigration offers a full range of legal and counseling services with specific relation to the field of business, asylum, and immigration. Our core services are; 1. Immigration Law; inclusive of asylum and requisite concerns. 2. Assisting clients by taking sworn affidavits, administration of oaths, and any and all other functions that the solicitor and/or legal advisor may assist with in reference to the process of immigration and related concerns or inquiries. 3.2 Competitive Analysis With respect to the type of services offered and the way that such an entrant would fit into the existing business infrastructure, it should be noted that there are a plethora of existent legal firms offering a range of services within the current market. As a means to differentiate the business, it will be incumbent upon all shareholders involved to seek to provide such a high quality of legal service that the firm will necessarily maintain a competitive edge on the other offerings that currently exist within the market. As a further way to differentiate the services that the firm is able to offer, ABC Immigration will seek to employ several multi-lingual employees. In such a way, key opportunities for growth and customer accrual will be generated due to the fact that few, if any, other entrants in the current market are able to offer their services in more than a single language. Due to the fact that this line of work is necessarily defined by the need to interact with and engage people of diverse backgrounds, such a practice will no doubt help in generating a higher level of customer satisfaction, recidivism, and small business growth than the strategies that have thus far been employed by the competition. 3.3 Sales Literature Summary As a way to develop a type of brand image and service positioning, it will be necessary for ABC Immigration to provide adequate and attractive sales literature to both potential and current clients. As a means of approaching such an issue, the following brief bullet points detail how the actual mechanics of such literature will work to engage the client/would-be client. Logo: Although there are key areas in any business in which to sacrifice and avoid expense, a firm’s logo is most certainly not one of them. As this is the most visible representation of the firm that those which are both familiar and non-familiar with such a service will likely encounter, it is of the utmost importance that such a logo engender the key strengths and mores of the firm in a verifiable and discernible way. As a function of this importance, it will be necessary to employ a graphic designer that has a specialty in drafting and creating highly reflective logos that help to engender the firm’s mission and/or goals. Stationary: Likewise, choosing the stationary upon which the client is presented key information (inclusive of the company logo) is also a highly important marketing tactic which can serve to only strengthen the legitimacy of the firm. Brochures: Similarly, brochures should necessarily be far more engaging and artistic than a mere tri-fold piece of A-1 paper. As a function of this understanding, the firm will employ the same graphic artist that has previously been referenced to design a compelling yet not overtly flashy brochure which is both engaging and compelling. Web Presence: As the technological revolution grinds ahead, it has become a well known fact that almost all service oriented business has a high degree of their traffic generated as a result of a successful web presence. As a means to accomplish this, a website will be developed that accurately portrays the key strengths and available services that the firm is willing and able to offer to its clients; as well as a brief write up on the key shareholders involved – replete with their specialized areas of focus. 4.0 Marketing Analysis Summary Although it has previously been noted that the multilingual staff will be able to engage clients, it should be noted that the vast majority of the clients that the firm will actively engage with will necessarily be residents of the United Kingdom and have little need for translation and/or multi-lingual services. However, for purposes of those clients that need specific legal functions performed and are not comfortable with English as a primary language, the multi-lingual staff will provide these clients with a fluid experience. Similarly, the main competitors of ABC Immigration will necessarily be the litany of other legal companies providing services in the local geographic region. Due to the fact that many of these competitors have a high degree of market share combined with the fact that the market itself is already saturated, it will be difficult to gain entry and maintain and grow market share. However, it is the belief of this business plan that due to the fact that this type of service is in such a high demand, the firm will have little issues attracting customers and allowing itself to build a profitable framework for client growth and business development. As a means to break into a highly saturated market, ABC Immigration will need to adopt what may be deemed as an intently focused marketing strategy. Thus, a logical segmentation breaks the market down into the following areas: Individuals (to include high net private clients) Small Businesses Medium Businesses Large Businesses The largest and most rapidly growing market that ABC Immigration should seek to tap is that of the individual. As denoted above, these individuals can of course themselves be differentiated into two groups; the standard individual client and the high net private client. Similarly, although the aforementioned market is growing, it is highly represented within the current market sector. As such, it would be beneficial for ABC Immigration, as a means to differentiate itself from the competition, to seek to actively court the interest and clientele that the corporate world could offer as a means of both expanding itself services and tapping previously untapped market potential. 5.0 Strategic Implementation Summary ABC Immigration will focus on the following points as an ultimate means to both establish and grow the business: As a means of promoting the business, networking and referrals will serve to the backbone of how the firm seeks to integrate with the local community and offer its services directly to the perceived clientele and/or customer base. The firm’s value proposition will necessarily be constructed upon the premise that the firm offers practical solutions to immigration law at a highly timely rate; all the while exhibiting clear and affordable price ranges for the services and counsel rendered. A competitive edge based on cultivating existing clients relationships. A comprehensive and detailed marketing and sales strategy, covered in depth in a separate marketing plan 5.1 Strategy Pyramids Strategy 1- Networking & Referrals By leveraging existing contacts, the firm will seek to develop a network of referrals that will then in turn feed back into the business and serve to accelerate the rate of customers served as well as overall profitability. Strategy 2 – Web Promotion & Social media By utilizing the web presence as well as certain key, yet selective, elements of social networking, the firm will be able to get its message out to target demographics that would otherwise be extraordinarily difficult and/or expensive to market to. Strategy 4 – Targeted advertising Due to the fact that the entire demographic and societal sector in which the firm attempts to acquaint itself with cannot be reached through the means of marketing strategies that have thus far been discussed, it is necessary for the firm to employ both creative and unique advertising in specific areas as a means to reach the multitude of ethnic minorities and linguistic differences that the firm’s customers will necessarily represent. 5.2 Value Proposition The particular value proposition that ABC Immigration offers refers to the timely and high quality nature of the services offered. Furthermore, the nature of these services are intended to meet the needs of the client’s particular needs. 5.3 Competitive Edge ORZ&CO’s competitive edge is that owners/partners already has significant number of high quality relationship with current and potential clients 5.4 Marketing Strategic The topics below briefly outline the marketing strategy for ORZ&CO 5.4.1 Promotion Strategy The primary promotion strategy for ORZ&CO will be directly in line with the strategy pyramids mentioned previously. The lead strategy will be to focus on cultivating existing relationships, using known networking techniques to develop referrals and new customers leads. Added to this be a blend of web based marketing strategies and traditional public relations and social media. The ultimate promotion strategy, however, will be guaranteeing client satisfaction: happy clients will generate repeat and new business opportunities. 5.4.3 Marketing Programs As a means to accomplish he specific goals which have hitherto been enumerated upon, the firm will find it necessary to get the word out through any one of the following two means: Sending a letter of announcement and brochure to all existing contacts and potential clients. Following the well-established steps of public relations and social media campaigns (Press releases, announcements, etc) 6.0 Management Summary Naturally, the management team will be dependent upon the original network of owners and managers/partners that agree to combine their resources and time to start the firm. However, as time progresses, it is only logical to assume that the owner/partners will come to depend to a greater and greater extent upon key hired personnel to ensure that the firm is continuing to operate in a profitable fashion and continuing to garner a higher share of market share. Staff needed Managing Director / Business Developer/ Owner - Partners Solicitor / Regulated Legal Immigration Advisor - OISC Level 3 To be hired (multiple positions to ultimately be filled) Office manager and/or secretary – To be hired Example of descriptions for each position: General Clerks and their functions General office clerks will be necessary for the firm as they will be responsible for handling a large amount of administrative tasks which would otherwise bog down the utility of the specialists upon which the firm seeks to build its reputation. By ensuring that adequate personnel are represented in this function, it allows for the solicitors and legal advocates to devote a higher percentage of their time to performing functions specifically necessary to helping the firm grow and attract a more broad and varied client base. 6.1 Organization Structure (Organization Chart – Diagram) ABC Immigration will be organized roughly according to the following chart: One of the means that ABC Immigration seeks to engage with its intended customer base is to provide their exceptional customer care specialists and administrative staff to their customers via phone and email access during working hours. Although such is not an industry leading standard, it does show a unique level of concern and appreciation for the timely needs of the customer base that other similar firms oftentimes do not offer. As a means of providing customers the valuable use of translation and multi-lingual services, the firm also intends to differentiate itself from those firms that merely offer services and support in English. However, the key hurdle that will be faced in providing interpreters and translators with respect to key high net individuals and corporate clients is that such services will need to be paid for as a part of a contract arrangement due to the fact that it will be impossible for the firm to continually staff a wide array of multilingual speakers of a variety of different language groups who also happen to be legal specialists. 7.0 Financial Plan Due to the fact that the specific nature of this particular type of business start up is labor intensive and not capital intensive, the business start up supervisory team/owner(s) will be at a slight advantage due to the fact that it is not required of them to build up stock or products in order to offer them to potential consumers. Likewise it is additionally not necessary to ensure that supply chains operate in a smooth manner as once the talent is acquired and retained, the business enterprise can immediately begin to function for itself and provide the service in question to the economy. Naturally, certain key aspects of the business environment such as computers, data center subscriptions and office supplies will need to be provided; however, these expenses of course do not add up to the total expense that any other such capital intensive endeavor might. 7.0 Fee Income The following brief summary helps to lay out an estimation of the chargeable fees that the firm may very well encounter within its first year of doing business. 7.1 Salaries and Employment Cost a) Managing Director: - Gross £20.000.00 b) Solicitor / Regulated Legal Immigration Advisor - OISC Level 3: - Gross £22,000.00 c) Office Manager/ Secretary - Gross £17.000.00 Total: £ 59.000.00 Forecast Profit & loss A/C for the year ending 30 September 2013 £ £ Income: Cash 100,000.00 Credit 25,000,00 Total Income 111,000,00 Less Overheads Salaries 59,000.00 Rent and Rates 10,000.00 Professional Indemnity Insurance 900.00 Web Maintenance 2,000.00 Postage & Stationary 1,600.00 Law Library & Books 1,430.00 Advertising 10,000,00 Telephone 800,00 Accountancy 2,000,00 Sundry Expenses 2,500,00 Depreciation 1,200.00 Fixtures and Fittings 1,100.00 Office Equipment 1,000.00 Bad debts 2,000.00 Total Expenses 95,530.00 Net Profit 37, 470.00 Read More