Analysis of Business Plan of Vusion, Inc - Research Paper Example

Analysis of Business Plan of Vusion, Inc. The purpose of this assignment is to critically evaluate an existing business plan using a self-made checklist by the writer. According to Ward (2011), “A business plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized.” From this definition, it can be established that a business plan is an organization’s blueprint for running its mission and vision. On the other hand, Berry (2009) holds the view that “A business plan is any plan that works for a business to look ahead, allocate resources, focus on key points, and prepare for problems and opportunities.” Basically, the task in this assignment is to critically ascertain to find out if existing business plans have lived up to the given definition discussed above. The assignment comes in two portfolios labeled portfolio A and portfolio B by the writer. Whereas the portfolio A generally touches on the strengths and limitations of the plan and the degree to which it meets the needs of its target audience, the portfolio B critically evaluate the financial content of the plan, in particular: evaluate the extent to which the financial content meets the needs of potential investors. The writer find the assignment extremely important because as much as it serves as guiding tool for the organizations involved, it could also sharpen the writer’s skills and knowledge in building and assessing business plans for future needs. The company under scrutiny is Vusion Inc. Summary of Vusion Inc’s Business Plan Writing a business plan is an integral part of the administration of businesses, corporate bodies, organizations and companies (Bawuah, 2004). To a larger extent, getting the rubrics right is like an examination paper to a student. Though not an academic document, in order that writers of business plans achieve the desired aim for generally writing a business plan, there are certain criteria that need to be met. When summed, a workable business plan should have the capacity to tell a potential investor every good thing about a company and why the company is viable for investment. According to the Centre for Business Planning (2011), “Vusion is developing a chemical analyzer and Sensor Cartridge, based upon the Electronic Tongue TM technology, which can instantly analyze complex chemical solutions”. The central intention of the organization to pursue its current business plan sterns from the fact that the organization has realized that “many liquid processing industries do not have the technology available for real-time measurement of product quality” (Centre for Business Planning, 2011), To this end, the organization wishes to take advantage of the situation by introducing an analyzer and Sensor Cartridge that “will enable economical, real-time analysis of many complex chemical solutions, instantly identifying the presence and quantity of multiple chemicals within a mixture” (Centre for Business Planning, 2011). The core marketing and distribution strategy held by the organization is to merge with existing companies who are in related trade and who have already established themselves as giants “process control original equipment manufacturers (OEM) that supply instrumentation to fine chemical manufacturers, pharmaceutical companies, and biotechnological companies.” The company’s initial capital for its venture is $1,500,000, which is hoped to $8m in the following year and $12m in the third year. With all these investment, “Vusion projects $57 million in revenue with $11 million in net income by Year 6” (Centre for Business Planning, 2011). Portfolio A This portfolio is limited to evaluating all aspects of the business plan except the financial aspect. The organization in question for this portfolio is Vusion Inc. To achieve a well organized and coherent evaluation, the writer is conducting the evaluation under specific themes, created out of Blechman’s (1993) ‘business plan evaluation scale’. 1. Description of marketable idea. Judging the business plan of Vusion Inc according to the description of marketable ideas, it can be said that the business plan of Vusion Inc is embedded with some prudent marketable ideas that has the prospective of winning over potential investors who believe in marketability and productive growth. The use of the phrase ‘marketable idea’ may have several implications and meanings. Typically, it could mean that the ensure business plan must be seen to be marketable. However, Blechman (1993) explains that ‘marketable idea’ as used in this context refers to the ability of the business plan to be made up of content that satisfies lenders and investor’s quest to “see proof that customers want your product or service and are willing to buy it for a price at which you can make a profit.” Simply put, the business plan must contain aspects that lay bare evidence that customers are ready to patronize. It also means that the business plan must contain aspects that show that the products being put up by the company, Vusion Inc are useful to the larger market and that the world is ready to trade in them. From the business plan under discussion, it is seen that Vusion Inc intends to bring on the market, a product that already has higher demand and ready made customers. According to the business plan, within the U.S. alone, the sale of Analyzers is estimated to be worth greater than $500 million with annual sales of its Sensor Cartridge worth close to $130 million (Vusion Inc, 1998). This is a proof that the decision to trade in Analyzers is particularly worthwhile and meets a very large marketable idea. Choosing an appropriate product can however not be judged to be the end of the means. This means that getting a marketable product may be a very good step but it does not complete the cycle and responsibilities. According to the Mark Profitt Journal (2007), “The reason 88% of ideas fail to make it to market is companies have no system to turn ideas into marketable innovations.” This means that it is important for Vusion Inc to follow its market ideas with marketable innovations. Such innovations would state how the chosen product (idea) would get unto the market, how it would penetrate existing competitions and how it would succeed above all existing competitions. It is the hope of the reviewer that as the analysis of this business plan continues such innovativeness would be seen in other parts of the business plan. 2. Display of companys ability to control both the delivery and the quality of the product or service. Any serious company who has growth and development as its aim should have the capacity to be self sufficient and self dependant (McKee, 1993). To a very large extent, in any business plan, the company should let there be a sense of in-house readiness to take up the implementation of ideas and services. To this effect, Blechman (1993) advises that “Dependence on outside contractors and sales representatives is a potential weakness--especially when the quality of delivery, installation, and service of the product is a key factor.” For Vusion Inc to convince investors through its business plan that it is bent on succeeding, there must be evidence in the business plan that shows the company’s readiness to be self-dependent. At least until the unexpected happens. In the business plan, it can be seen that Vusion Inc’s primary source of implementation of ideas is to rely on a third party companies, which are the original equipment manufacturers (OMEs). Quoting the business plan, it is stated that “Vusion intends to enter this market by partnering with large process control original equipment manufacturers (OME) that supply instrumentation to fine chemical manufacturers, pharmaceutical companies, and biotechnological companies” (Vusion Inc, 1998). Such a vision however defeats Blechman’s model on dependence. As it has been commended early on, Vusion Inc’s choice of product is excellent and marketable but its dependence on a third party company right from the word go defeats the Mark Profitt Journal’s idea of marketable innovations. It will not be far from right to assume that the primary reason why Blechman (1993) believes that companies should be dependent in their delivery and the quality of their product is that if companies leave this all important responsibility to third party companies who may not necessarily be merger partners but be working for their own profit, it will be very difficult to monitor, assess and control the way such third party companies go about their duties. For with the OMEs mentioned by Vusion Inc, there is no denying fact that such organizations will come with their own business ideas and strategic plans, which Vusion Inc cannot control in any way. Invariably, as Vusion Inc commits their delivery and quality assurance with the OMEs, the OMEs would turn out to be the controllers of Vusion Inc’s business plan and that Vusion Inc would be run on the principles of the OMEs. To give Vusion Inc power over its shareholder, stakeholders and customers therefore, the company must put in more plans that would ensure that there is in-house dependence to a very large extent and that external influence would come in as a last resort. 3. Clear explanation of the "competitive edge" my product or service has over rivals. Oxford Information Services (2010) defines competitive edge as “having a clear advantage over the competition in terms of one or more elements of the market mix that is valued by potential customers.” It is very important that all companies, through their business plans show the world and particularly investors and potential share and stake holders, why their products and services would be preferred by the ordinary customer on the street though there may be other products and services of the same kind. Today, countries all over the world are allowing for openness in trade barriers (Brobbey, 2004). Such openness permits any viable company to trade in whatever legal product or service it chooses to trade in within inhabitations. For this reason, it is very difficult to see the monopoly of any kind of product or service by only one company. It is against this backdrop that companies must not see themselves isolated but then as part of a larger competitive world. Benchman (1993) posits that “one key to success is having a product or service that truly is unique, offering customers something that the competition does not.” Fishing out for such attributes from Vusion Inc’s business plan, there is no denying the fact that the company has clearly made provision for this theme. From the business plan, it is stated that “Vusion is developing a chemical analyzer and Sensor Cartridge, based upon the Electronic Tongue TM technology, which can instantly analyze complex chemical solutions” (Vusion Inc, 1998). Clearly, the introduction of technology into the whole system gives Vusion Inc an upper hand a competitive edge over rivals in the same product area of Analyzers and cartridges. With any given business plan, one way to know that the products and services listed would have a competitive edge is when the business plan clearly defines the advantages of using its product in the business plan (MacMillan, 2003). Such a thing is also visible in the business plan of Vusion Inc. from the business plan under discussion, Vusion Inc clearly states what the advantages of using their products would be to the customer. It is stated for instance that the product would “significantly improve product quality; increase manufacturing efficiency, and; rapidly respond to processing problems” (Vusion Inc, 1998). Again, the business plan states that “numerous medical applications need real-time, on-the-spot, easy-to-use chemical analysis, which can save lives and reduce expensive hospital laboratory costs” (Vusion Inc, 1998). There is no denying the fact that these benefits and advantages that customers of the product are likely to get put Vusion Inc in a better competitive edge and competitive advantage over other competitors. 4. Shows that managers and employees have the skills and the experience to make the company a success. Obviously, a company cannot develop if its managers and employees are not up to the task. Covey (2010) holds the view that a manager is someone who “manages, conducts, trains, manipulates, directs, deals, supervises, organizes and controls resources, expenditures, an organization, an institution, a team, a household, etc.” The role of the management is so important to the development of the company because a lot of the planning and implementation processes that must go on in the company rest with the management. The competence of employees is also of immense importance to the growth and development of the company. It is based on the qualification of workers, their experience, commitment, customer relations and attitude that determines the overall growth of a company. Writing on key qualities of employees, Kenny (2008) states that “enthusiasm, strong work ethics, initiative, reliability, great communication skills” hold the key to defining an effective employee. In developing a business plan therefore, it is extremely important that the role of managers and employees and their strategic plan for succeeding are clearly stated. It is interesting to note that the business plan of Vusion Inc. has a whole section dedicated for letting the reader know about the management of the company. Vusion Inc’s business plan clearly states the background of the founders of the company, qualification and working experience of its management as well as the working competencies of the management. It is stated for instance that “Two of Vusions founders are fulfilling advisory roles. Richard Burgess is a chemical engineer with a decade of experience in operations and marketing high tech products is consulting Vusion as a Strategy Consultant. Dr. Paul Kunko has spent the last 8 years performing pharmacology research and is consulting Vusion as a Market Analyst” (Vusion Inc, 1998). Such details are needed for potential investors and customers to be convinced that they are about to do business with people who have verge and expertise to deliver. The business plan is however silent on the background and experience of everyday employees of the company. Rather, the plan talks of advisers of the company. Writing on skill and experience of managers and employees, Benchman (1993) states that “Lenders and investors dont put their money into businesses; they put it into people. Skilled, experienced managers and employees can make a business work even when resources are stretched thin and conditions are tough.” This is a final assertion that confirms the need to be broad and plain with skills and experience of managers and employees in the business plan. Portfolio B This portfolio is limited to evaluating the financial aspects of Vusion Inc’s business plan. The need for a financial analysis is extremely important because common business principle will say that everyone is into business to make profit. The same is true for all inventors and customers. This is why a financially lucrative business plan is a necessity for all companies. To a very large extent, the business plan should tell the reader why the company is not on the verge of accumulating losses but rather profits. To achieve a well organized and coherent evaluation, the writer shall conduct the evaluation under specific themes, created out of Blechman’s (1993) ‘business plan evaluation scale’. 5. Showing good profit potential in a short period of time. A company that will be successful should not take long to make profits. If a company goes into a business venture and for a long time, the company does not start making profits, it simply means that the company is into the wrong venture or that the company is not applying its strategies right. This idea seem to be the exact concern of Benchman (1993) as he states the need to show good profit potential in a ‘short period’ of time as a benchmark for assessing the effectiveness of a company’s business plan. Benchman (1993) states that “because new business ventures are so risky, they are expected to earn a high return--25% annually, at a minimum. The higher the rate of return you can offer investors and the faster you can produce it, the higher your score.” This argument confirms the opening statement that a company that will be successful should not take long to make profits. In the view of Benchman, the very days of a company should be the hare days, seeing the company amass worth in returns of 25%. There is so much to say in support of why this assertion is right. For instance new companies are started with gigantic capitals; new companies are started with new ideas and strategies; new companies are started with goal-oriented staff; new companies are started with enough PEST analysis; new companies are started with enough risk analysis – putting these factors together, there should be no way the early days of a company should see darkness. Passing these judgments on Vusion’s business plan, one can say that the plan shows a lot of potential as far as statements on the potential profitability of the company within a short time is concerned. From the business plan, after injecting a capital of $1,500,000 to start the business, the company is looking at raising “additional $8 million in private equity, corporate partnerships and federal grants in approximately one year.” Though this money is not stated to be a profit but capital, the idea may not be ruled out altogether. This is because with good management strategies in place, every little capital that is put into the company should yield profits in the long run. Having commended the management and advisory board of Vusion, it can be trusted that such capital to be raised in a pace of one year can be channeled into growing the business. “Vusion intends to raise another $12 million in follow-on investment in the third year of operations to scale-up its chemistry development and new product development efforts” (Vusion Inc, 1998). This is another useful attempt to see the business grow in just three years. It is even more refreshing to note that primarily, the company is targeting to make “$57 million in revenue with $11 million in net income by Year 6.” Though the 6 year projection cannot be judged equated to the phrase ‘short period’ as used in the title of this theme, it could be assumed that if there would be revenue of $57 in six years, then certainly there would be some revenues after the very first year of operation. 6. Defined market with enough size and purchasing power to produce a profit. Making profit over a very short period of time has been discussed above but there is no denying the fact that there cannot be profits without a market. According to the Economy Watch (2010), “A market is an environment that allows buyers and sellers to trade or exchange goods, services, and information.” From a wider perspective, a market is more of a system than a location where people trade. It is this system that will define the customer base of the company, the sort of product they will purchase from the company and at what amount they will purchase them. In the view of Benchman, for a company to be seen as possessing the potential for growth and development, the company must not just have a market but a very large market because clearly the larger the market, the larger the profit. Specifically, Benchman (1993) states that “Lenders and investors look for businesses whose target markets are clearly defined. They also prefer large markets with high growth potential. They avoid businesses that attempt to be "everything to everybody."” This statement introduces a new phenomenon about the market whereby it should not only have large size but then a market with clearly defined target. As stated in Benchman’s words, investors and lenders “avoid businesses that attempt to be "everything to everybody””. Relating these assessments to Vusion Inc, it can be said that to a large extent, Vusion Inc has a large and clearly defined market. In the business plan, it is seen that the market of Vusion Inc include “fine chemical manufacturers, pharmaceutical companies, and biotechnological companies.” The lists also “include but are not limited to Food and Beverage processing, Medical Diagnostics, and Environmental Testing” (Vusion Inc., 1998). From all indication, the list produces a very large market with a defined product of Sensor Cartridge and Analyzers. There is also the argument on purchasing power of the market to produce a profit. According to the Investopedia (2011), purchasing power refers to the “the value of a currency expressed in terms of the amount of goods or services that one unit of money can buy.” This analogy relates exclusively to the currency to be used in the marketing of products and services. In the case of Vusion Inc, its major target is the US market. This means that the company shall be dealing directly with the US Dollar. The reason why the major currency to be traded in is important is given by Investopedia as that “purchasing power is important because, all else being equal, inflation decreases the amount of goods or services youd be able to purchase.” To this effect, the argument will now be; can the US Dollar stand the test of inflation? What is the depreciating rate of the US Dollar? According to Humpage and Shenk (2008), “The dollar has been depreciating in foreign-exchange markets since February 2002. But in early 2006, the underlying nature of the dollar’s descent changed.” This means basically that the US Dollar has a strong appreciation rate and thus viable for Vusion Inc to use as its primary currency for its trade. 7. Showing that there is a personal investment in this business venture. No business projection can be complete with realistic investment. This is to say that planning is not enough if there is no financial investment. In the view of the Maps of the World (2009), “Investment is the commitment of money or capital to purchase financial instruments or other assets in order to gain profitable returns in the form of interest, income, or appreciation of the value of the instrument.” In relation to Vusion, there should be a conscious effort made in the business plan showing exactly what the company has invested so far, how much it seeks to invest in the nearest future, and how it hopes to sustain its investment. According to the business plan of Vusion Inc, below is how the company plans to go about its investments: “Vusion is seeking seed capital of $1,500,000 for initial company operations to: Secure the license for the Electronic Tongue TM from The University of Texas at Austin; Hire a seasoned CEO and management team; Develop a pre-manufacturing prototype from its proven analyzer technology; Continue negotiations with potential industrial partners and customers; Begin alpha-testing with select corporate collaborators, and; Fund continuous development of the Electronic Tongue TM within the inventors labs.” In no uncertain terms, the investment plans are comprehensive and achievable. They speak well of the company and suggest the company’s willingness to take up the market. General Assessment (Strength and Weaknesses) of the Business Plan On the whole, Vusion’s business plan can be described as comprehensive, detailed and focused. The major strengths of the business plan include the fact that the company has a very good and marketable idea (product) that has the potential to attracting a lot of patronage from customers. Analyzers with high demand and so there can be very little to be said, doubting if the product is prudent. Another major strength has to do with the competitive edge the company has introduced to its products. As seen earlier, a product needs to be spiced up with innovations that would give it a competitive edge and the company has taken a strong step towards introducing technology to its product. As technology advances, there is no denying the fact that this move would result in competitive advantage. On the weaknesses of the business plan, it can be said that the business plan is too dependent on third party companies and organizations. Though the business plan states that the company will put measures in place to win over total possession of the company in the long run, it would be have more prudent if the company stated with a higher level of self dependence and switched to third parties in the future. The writer argues in this direction because once the company starts by depending on its own resources, it will gain the trust of other investors on the reliability of the company. On the strengths and weaknesses of the financial strategies of the company, there can be a general consensus that the company is on track. This is said because the company has planned on how much it wishes to invest at the beginning and knows exactly how much it is going to get out of that investment. The plan states clearly the how much the company expects in the nest one year, three years and six years. These represent short term, medium term and long term plan for the company. The weakness of the financial plan is similar to the one discussed above in the sense that the company should depend more on its internally generated funds rather than depending on lending, “private equity, corporate partnerships and federal grants to” (Vusion Inc, 1998). Appendix Business Plan used by the Writer The Vision Vusion is developing a chemical analyzer and Sensor Cartridge, based upon the Electronic Tongue TM technology, which can instantly analyze complex chemical solutions. This major breakthrough in analyzer technology enables fine chemical manufacturers to: Significantly improve product quality; Increase manufacturing efficiency, and; Rapidly respond to processing problems. These benefits will save millions of dollars annually by reducing downtime and improving plant utilization. In addition, numerous medical applications need real-time, on-the-spot, easy-to-use chemical analysis, which can save lives and reduce expensive hospital laboratory costs. The Gap in the Market Many liquid processing industries do not have the technology available for real-time measurement of product quality. The current approach is to remove a sample from the manufacturing process and perform a laboratory test. The time delay in this approach could result in high volumes of product currently in production being rejected, thrown away, or reprocessed. These inefficiencies can have a significant impact on a companys bottom line. Product costs can account for 40% of sales revenues. The on-line analyzers currently available are very expensive, have limited applications and accuracy, require skilled operators and generate delays in providing results. Meeting the Markets Needs Vusions analyzer and Sensor Cartridge will enable economical, real-time analysis of many complex chemical solutions, instantly identifying the presence and quantity of multiple chemicals within a mixture. The results can be fed directly into a process control computer, allowing customers to consistently produce high quality products on time, every time. Implementation Marketing & Distribution Strategy The initial market niche for Vusions Analyzer within the U.S. is estimated to be worth greater than $500 million with annual sales of its Sensor Cartridge worth close to $130 million (see Primary Market).Vusion intends to enter this market by partnering with large process control original equipment manufacturers (OEM) that supply instrumentation to fine chemical manufacturers, pharmaceutical companies, and biotechnological companies. Vusions goal is to design, develop, and beta-test analyzers through industrial collaborations and then sub-license the analyzer design to its OEM partner who will manufacture, market, and distribute the analyzers. Vusion will ramp up its Sensor Cartridge manufacturing and act as a sole supplier of Sensor Cartridges to the customers of its OEM partners. Other potential markets include but are not limited to Food and Beverage processing, Medical Diagnostics, and Environmental Testing. Manufacturing Strategy The analyzer consists of a customized housing into which the Sensor Cartridge can be placed and exposed to liquid chemicals within a process plant. The Sensor Cartridge contains a small silicon chip that holds chemically adapted beads housed in a disposable plastic cartridge. These beads react by producing a color pattern when exposed to different chemicals. Vusion will design and produce the chemical receptors to be placed on the beads and purchase the remaining components for the Sensor Cartridge from sub-contractors. Vusion will NOT assemble the final analyzer instrument but will sub-license to a larger OEM partner. Vusion will not incur the capital costs of developing a manufacturing facility for the instrumentation nor the expense of marketing or distributing the analyzer. However, the design, development and manufacture of the bead chemistry that makes up the added value provided by the Sensor Cartridge will remain proprietary to Vusion. Financial Strategy Vusion is seeking seed capital of $1,500,000 for initial company operations to: Secure the license for the Electronic Tongue TM from The University of Texas at Austin; Hire a seasoned CEO and management team; Develop a pre-manufacturing prototype from its proven analyzer technology; Continue negotiations with potential industrial partners and customers; Begin alpha-testing with select corporate collaborators, and; Fund continuous development of the Electronic Tongue TM within the inventors labs. Formal operations will begin in the second half of 1999. Approximately one year later, Vusion will raise an additional $8 million in private equity, corporate partnerships and federal grants to: Begin full-scale product development (designing novel chemical receptors); Commence receptor bead production, and; Identify outside vendors and contract the design and manufacture of the Sensor Cartridge; Develop corporate partnership efforts. Vusion intends to raise another $12 million in follow-on investment in the third year of operations to scale-up its chemistry development and new product development efforts. Vusion projects $57 million in revenue with $11 million in net income by Year 6. The initial investor will receive an equity stake in the company and preferential rights to invest in subsequent equity rounds. Management Vusion was founded by four graduate students from The University of Texas Graduate School of Business. Its current President & Chief Executive Officer, Jason D. Levin, has over 6 years experience in both academic research and industrial drug development. Jason spent 4 years as a Scientist in a start-up gene therapy company. More recently, he worked in business development at a functional genomics company alongside the DNA microchip product development team. He is currently completing his MBA at The University of Texas at Austin. Vusions Vice President & Chief Financial Officer, Kent Bradshaw, is a registered CPA with 5 years of public accounting experience. Kent spent 3 years as a Senior Consultant at Price Waterhouse then joined KPMG Peat Marwick as a Supervising Senior before returning to Texas to pursue his MBA at The University of Texas at Austin. While completing his degree he has been working for Imperial Bank, a venture banking firm. Two of Vusions founders are fulfilling advisory roles. Richard Burgess is a chemical engineer with a decade of experience in operations and marketing high tech products is consulting Vusion as a Strategy Consultant. Dr. Paul Kunko has spent the last 8 years performing pharmacology research and is consulting Vusion as a Market Analyst. Vusion is further strengthened by its collaboration with the 4 researchers that invented the Electronic Tongue TM at The University of Texas at Austin. These partners are Drs. Eric Anslyn, an Associate Professor of Chemistry & Biochemistry, John McDevitt, an Associate Professor of Chemistry, Dean Neikirk, a Professor of Electrical Engineering, and Jason Shear, an Assistant Professor of Chemistry & Biochemistry. Each inventor is an active member of Vusions Scientific Advisory Board. 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