Business-To-Business Performance of MobiTrends - Thesis Example

Business Plan: Option 2 Name: Lecturer: Course: Date: Executive Summary MobiTrends is a new businesses venture, specializing in new business-to-business (B2B) ecommerce. The technology company will supply turn-key innovative solutions based on internet-based applications and latest technology as well as consultancy services. The company’s mission is to offer business turnkey IT-related solutions anchored in the latest technology in the market, and which use internet-based applications and present customers with better-quality customer support to advance the company into the future. Based on this, the business plan proposes that the company’s key success factors will have to include strong technical expertise, better-quality service and customer support and effective team and management leadership. With plans to use high-tech hardware and software in its computing facility, MobiTrends will offer Webhosting, e-commerce solutions, web development, systems support and customer training. The targeted market segment include small-to-medium sized enterprises (SMEs), where it will target business employing between 50 and 100 employees, cconsolidating or merging companies that search for outsourcing and innovative ways of implementing internet-based applications, government agencies and lastly educational institutions. The company hopes for first round funding in excess of $500,000 for office expenses, purchase of hardware and software, staffing among other operational costs. MobiTrends further seeks second-round funding of $250,000 to develop its internet-based applications and to meet the cost of running the business for the first three years. The company hopes to increase its computing sales revenue through sales of computers. MoboTrends’ marketing strategy will rest on the premise that its product offering use value-added approach to interpret the intricacies of the ICT industry and markets. In implementing this strategy, the company will use paid-advertising banners on major strategic websites with the view of capitalizing on multimedia and search engine portal for advertising. Table of Contents Executive Summary 2 Table of Contents 3 Marketing Plan 5 Summary of the Market Analysis 5 Educational internet-based 5 Business-to-consumer (B2C) ecommerce 6 Pestle Analysis of ICT Industry 7 Political environment 7 Economic environment 7 Social environment 7 Technological environment 8 Legal background 8 Market segmentation 9 The company targets the following customer: 9 SMEs with 50 to 100 businesses 9 Target Market Segment Strategy 9 Strategy and Implementation 10 Marketing Strategy 11 Sales Strategy 12 Operation Strategy 12 Summary of the management 12 Quality Assurance Program 12 Personnel Plan 13 Financial Plan 13 Financial Assumptions 17 Sensitivity Analysis 17 Credit Risk 18 Implementation Plan 18 Conclusion 19 References 20 Introduction MobiTrends is a new businesses venture, specializing in new business-to-business (B2B) ecommerce. Set for launch in 1 April 2014, it will be based in Melbourne. The technology company will supply turn-key innovative solutions based on internet-based applications and latest technology as well as consultancy services. With plans to use high-tech hardware and software in its computing facility, MobiTrends will offer Webhosting, e-commerce solutions, web development, systems support and customer training. Basing on the economic prospects in the ICT industry, the company hopes to develop its own B2B internet-based applications (BI Intelligence 2013). Through an innovative think-tank as its development team, the company will further launch smaller products over a 12-month period, with its first product expected to be launched in July 2014. Its major product offering will however be a complete suite of educational internet-based programs that will be released in 2015. The educational technology will feature the latest Web, XML and multi-media technology. Additionally, it will use the latest neutral network programming and artificial intelligence programming expected to be marketed to educational institutions, businesses and government agencies. The company will have 15 members in the first years led by the founder and CEO John Paul. Through the use of high-tech equipment and relevant technology expertise, the company will bring to the market fresh perspectives in B2B technology consultancy. MobiTrends’ first product will be released in July 2014. Concerning B2B computing service, the company expects to provide small-to-medium sized (SME) businesses with internet-based computing solutions that use high-tech technology. In regards to sales from the internet, the company hopes to generate some $300,000 in internet sales from e-commerce, webhosting to SMEs. Concerning webhosting, the company will develop webhosting services to business, and expected to generate $200,000 from this venture. The company hopes to increase its computing sales revenue through sales of computers. MobiTrends’ marketing strategy will rest on the premise that its product offering use value-added approach in interpreting the intricacies of the ICT industry and markets. Marketing Plan Summary of the Market Analysis Educational internet-based Through an innovative think-tank as its development team, the company expects to launch smaller products over a 12-month period, with its first product expected to be launched on 1 June 2014. Its major product offering will however be a complete suite of educational internet-based programs and business-to-business ecommerce applications. The educational technology will feature the latest Web, XML and multi-media technology. Additionally, it will use the latest neutral network programming and artificial intelligence programming expected to be marketed to educational institutions, businesses and government agencies. Although the existing education portals, or E-portals, are enriched with loads or multimedia and information, they impart knowledge to students in a similar manner as has been for years. Today, a major drawback to educational programs is their tendency to teach in the same exact way. MobiTrends aims to capitalise on this weakness in coming up with innovative educational programs, as the company appreciates that each student has unique learning abilities. The company will design its innovative suite of educational programs through the use of high-tech artificial intelligence to teach each student based on individual student abilities. Marketing of the educational program will be with Educational Modules downloadable from the internet directing through MobiTrend’s hosting facility. Businesses looking to train their staffs will also be able to design own educational modules as well as possess own corporate e-portal through purchase of the core development kit and AI program. The revolutionary idea in education will be marketed across various industries, institutions, schools and businesses. Business-to-consumer (B2C) ecommerce Australian Bureau of Statistics estimates for 2013 show that some $258 billion was spent on retail, with 9 percent of the amount used online. Further statistics indicate that $285 was spent online per person ((Bainbridge 2013). This shows a thriving market for the company’s Business-to-consumer (B2C) ecommerce solutions. Internet use in Australia is prevalent with studies showing that it is fast approaching saturation point, even as small increases in the total expectations are expected (Hayward 2010). According to Internet World Stats, Australia is currently among the leading nations in terms of internet penetration, which is at 90 percent. According to Nielsen Online Ratings, some 81 percent of Australian aged from 16 years old and above, and a further 75 percent aged 2 years and above actively use the internet 2012 (Nielsen 2012). Given the high uptake of internet in Australia, it has become a valuable resource for with more retail activities and educational programs going online. Indeed, a similar trend has taken the globe with an estimated 30 percent of the population currently using internet, as of 2012 (Nielsen 2012). Based on this trends, there is a need to keep at pace with the increasingly complex internet activities (Clayton UZ 2013; Manpower 2009). Concerning, business-to-business (B2B) ecommerce, despite the fact that limited number of pure B2B ecommerce companies exist in Australia, the segment lags behind in the consumer sector. Businesses in Australia have gradually more adopted the internet as a research and communication tool, as well as a medium of business. Australia has witnessed a substantial growth in the number of B2B websites (Chan, C & Swatman 2004; Singh, M & Thomson 2002). Pestle Analysis of ICT Industry Political environment Australia has a liberal-capitalist democracy, where the state is substantially involved in economic activities. For instance, the parliament sets up importation taxes for technological goods to protect local innovations. This has a positive impact on the local technological goods, as they are protected from cheap competitive imports. Economic environment Australia’s economy has also slowed down due to the high Australian dollar that has affected export earnings. The country’s consumers have also been hit by the Australian dollar, affecting their purchasing power. Australia has also one of the largest numbers of shareholders and equity investors. The thriving share market has promoted growth of businesses as it promotes capital availability for small start-up companies. The service sector has showed positive growth, specifically in ICT, manufacturing, fishing, energy and construction. The service sector contributes significantly to the country’s economy. The country also has a large labour market promoted by the large number of immigrants in the country. The country is a major trading partner to New Zealand, China, United Kingdom, Japan and the United States. Social environment Australia is committed to racial and ethnic inclusive due to a large number of diverse cultures in the country. Most Australians preferred using technology due to the country’s geographic expanse, where people live at a distance to each other. This has promoted the sale of communication gadgets and high internet penetration by the young and old alike. Most Australians today prefer using the social media. Technological environment The advantages of ecommerce to the Australian economy include promoting high quality standards of goods, reduced costs of production, increased research and innovation and increased sale of goods and services both online and offline (Hayward 2010). Indeed, technology today supports the Australian economy significantly, with a recent survey showing that increased national output, real wages, consumption, employment and real investment is credited to technological development. Further, Australia’s is today one of the most connected countries, with estimated revenues from B2B ecommerce businesses at $2.3 billion. Regionally-based businesses have attributed their successes to using technologies such as the internet. Indeed, most of Australia’s high-budget businesses have depended on this technology (Hayward 2010). Most schools, colleges and universities have today integrated online educational programs, even as computerisation has taken shape in most government offices, as well as banks and retail stores. Ecommerce and the internet have both promoted the global competiveness of the country’s businesses. Most businesses in Australia have today also adopted the use of internet to expand to new frontiers globally since it requires relatively low outflow and initial capital overlay. Legal background Businesses operating in Australia have to comply with the law enforcement, legal frameworks and payments of taxes to operate. The country has an effective and practical framework or financial regulations as well as institutions that offer certainty for businesses. The country is therefore operates an open field for investment with unnecessary delay. This has attracted foreign and local investors in the country as it makes them more comfortable. In addition, the country has a transparent governance system as well as a business-oriented insolvency regimes and regulation. Statistda20ics from the World Bank shows that businesses can be established in the country in two days compared to other country that average at 20 days. Market segmentation The company targets the following customer: SMEs with 50 to 100 businesses Consolidating or merging companies Educational institutions Government agencies Target Market Segment Strategy Small-to-medium sized businesses The company will target business employing between 50 and 100 employees. Such companies are ideal target for sales of MobiTrends’ line of products such as ecommerce, website and data networks. With this regard, the new feeder businesses operating in the semi-conductor, accounting, manufacturing and medical industry will be the key targets. Consolidating or merging companies Most consolidating or merging companies that search for outsourcing and innovative ways of implementing internet-based applications, e-markets, and intranet hosting are the key targets. Government agencies MobiTrends will sell its products to government agencies and contractors across Australia. Educational institutions The company also targets educational institutions with its innovative products. Strategy and Implementation MobiTrends plans to develop marketing alliances with leaders in the ICT industry. It also hopes to engage in the sale of computing solutions (Todeva & Knoke 2005). The company will make use of its innovative IT applications to expand into new markets. With regard to marketing, MobiTrends will use advertising banners on strategic websites frequented by its market segment. The company expects to use a range of promotions to attract customers to its offering (Glynn & Woodside 2009). In terms of sales, the process will involve engaging in a range of procedures such as building relationships, product presentation, demo, customer needs and implementation. The basis of this strategy is since the company’s product offering is anticipated to be more effective than competitors’ targeting similar marketing segment (Hunt & Arnett 2004; Roy 2000). Competitive Edge The competitive edge will include delivery of cost-effective Web development services that deliver results. The company will also engage in delivery of B2B internet-based applications targeted at capturing unexploited industries through expansion of learning potentials of individuals using its educational program. Marketing Strategy MobiTrends marketing strategy is built on the premise that its product offering will represent value-added approach to understanding the intricacies of the ICT industry. In order to implement the strategy, MobiTrends hopes to place its paid ad banners on competitive websites in Australia. The company also hopes to use search-engine portal (Sujan & Sujan1988). Using the strategies, clients will gain access to information on the company along with its product offering through the company’s website. Through this the customers will get to access MobiTrends’ advertiser driver browser that the company hopes to link the customers to the company’s priority product offering, and to other companies that MobiTrends has strategic alliances with established marketing firms (Rasoava & Russell 2003). Sales Strategy MobiTrends will use a range of direct sales team, internet marketing and direct marketing to reach the market segments. The channels are relevant since they use the fastest path and time, ensures lessened capital requirements in addition to quick access to already established distribution channels. The company will boost its sales through having strategic alliances and partnerships with established companies. In regards to position and building reputation, the company will communicate to the investor community in addition to the company’s unique combination of capabilities, competencies and product offering (Pulendran, Speed & Widing 2003; Bass, Tigert & Lonsdale 1968). Operation Strategy Summary of the management MobiTrends’ organizational structure is shown below. CEO, John Paul CIO, Joseph Smith Technical director (To be determined) Research director (To be determined) Marketing director (To be determined) Web development manager (To be determined) Business development manager (To be determined) HR manager (To be determined) Accounts officer (To be determined) Quality Assurance Program The foundation of the company’s management and the cornerstone to customer satisfaction is quality excellence. Based on these, the company’s policy is to provide services that can meet customer needs and to pursue quality through the use of programs that can enable employees to perform their duties in a way that could ensure quality assurance (Manghani 2011). With this regard, the company will have a quality assurance program consisting of training new employees and implementing a certification training program. The quality assurance checks will be conducted on ongoing basis and finished to ensure that there is quality workmanship in the company (Niehs n.d.). At MobiTrends, customers will come first. Hence, putting the customers first will involve learning about their ever-changing preferences and diversifying its product offering (Trembley & Trembley 1996). This will require training employees on how to establish relationships with customers. Personnel Plan Company executive The company will target having a highly qualified and experienced management team. The key management team will include John Denis as the company CEO and Joseph Smith, as the CIO. Table 1: Personnel financial plan Personnel Plan FY 2014 FY2015 FY2016 All departments $450,000 $600,000 $800,000 Other $0 $0 $0 Total people $15 35 60 Total payroll $450,000 $600,000 $800,000 Financial Plan The business seeks to raise $900,000 from a bank loan. The loan agreement and the interest are to be discussed the negotiation of the loan. The business assumes that it will receive a three-yea equity loan with a 9 percent fixed interest rate. The financing will be used for development of the company's officers, financing the first two years of operation and capital to purchase cost of hiring workers and office supplies (Table 1; Table 2). The company will seek its first round funding of $900,000 for staffing needs, purchase of office equipment and software and hardware. The company will also seek a second funding of $2 million for developing its educational application program and B2B internet-based applications. The personnel to be recruited include 15 full-time personnel, in the first year. The staff will be hired after the HR department conducts thorough background checks and follow up interviews. The company will rent a business office in the first year. In the second year, expenses will be expected to rise, as more staff will be hired, including new marketers and web developers. MobiTrends hopes to generate additional cash after its lean year operation, which is expected to finance its office space. A three-year equity loan will also be used to finance the company’s recruitment of new employees and to rent the office space in the second and the third year. The company’s future growth will be financed by revenue from its core business activities. While the company’s founders are expected to provide the start-up fund using a three-year equity loan, angel investors are expected to provide additional funding to meet the cost, and will be allocated 47 percent share of the business. Projected Profit and Loss MobiTrends assumes that the ICT industry will experience a surge in the industry analysis in the three subsequent year following launch. The company’s projected income statement for 2014-2016 are indicated below (Fig 1). Figure 1: Monthly Gross margin Figure 2: Gross margin monthly Table 2: Financial forecast for the first three years 1st year 2nd year 3rd year Expenditure 1,000,000 750,000 950,000 Revenue 1,200,000 1,500,000 1,800,000 Net profit 150,000 750,000 850,000 Revenues from sales of educational programs, B2B internet-based applications and other computer solutions are expected to reach 1,200,000 in the first year for the company to make a net profit of $200,000. In the first year, the expenditure is expected to be high since the business will engage in recruiting new personnel, paying salaries and wages, advertisement, training staff, renting and officer, buying officer equipment as well as purchase of software and hardware. This means the company will need to hire space for training. Further additional expenses will include those of registering and incorporating the company. The expenditure in the first year is therefore estimated at $1,000,000. The revenue of sales is however expected to rise in the second year to $1,500,000 as the business shall have extended its customer base to surpass that of the first year (Table 2). The company will however engaged in further hiring of sales staff to meet its sales targets. In which case, additional expenses will include costs for purchasing office supplies and furniture, purchase of extra computers, and purchase of communication gadgets (Table 2). Table 3: Expenses Start-up expenses 2014 Initial Lease Payments and Deposits $90,000 Working Capital $100,000 FF&E $70,000 Leasehold Improvement $8,000 Security Deposit $8,000 Insurance expenses $3,000 Company Vehicles $50,000 Marketing expenses $13,000 Unforeseen and Miscellaneous Costs $8,000 Total 350,000 Other extra costs will include the costs of advertisement on paid on strategic websites, creating brochures and direct mail campaigns and the cost of hiring sales people. Training will also require the use of a larger space. Therefore, renting additional space along with other utilities will increase the training costs in the second year (Table 3: Fig 3). The expenses in the second year are therefore estimated to reduce to 750,000, since the company shall have hired staff, engaged in marketing, incorporated itself and purchased the required equipment and operating stock. Additionally, the cost of training shall have reduced significantly as the company shall have rented an office, large enough to accommodate workers for training. The revenue from sales is estimated to reach $1,500,000 for the company to make realistic profits. The company hopes that the net profit for the second year will be $750,000. This will be higher than the first year as the business shall have engaged in more contracts, increased its customer base and made more sales in compliance with its expansion plans. The higher profits will further be justified by reduction in expenses. The company expected to make a net profit of $850,000 and revenues of $1,800,000 in the third year, as the business shall have scaled up hence able to cover additional costs accruing from operating the business. The business shall also have increased its revenue base, as it shall have secured more contracts. Figure 3: Expenses Financial Assumptions The company seeks investor equity from angel investors, and would therefore own 53 percent of the shares. MobiTrends has based its pro-forma financial statement on several assumptions. That the company will have an annual growth of 25 percent each year, that the business will acquire business funding and angel investment of $900,000 to meet the cost of running the business for three years and that the loan will have a three-year term. Sensitivity Analysis The revenues of the company will be relatively sensitive to the economic changes in the ICT industry. As more businesses become online, they will need websites to establish their presence in the cyberspace. As more educational institutions incorporate online learning in Australia, they will need educational programs (Empowerment Enterprise Africa 2009). In addition, the margin revenues that business will generate are expected to ensure that the company remains highly profitable in spite of any downside in the top line income. Credit Risk Credit risk refers to the potential loss resulting from the failure of a borrower to repay loan. MobiTrends’ risk prevention strategy will be manager internal auditor, who in this case will be the accounts officer. EH will be put in charge of implementing a risk management plan system to ensure that the company does not default in paying its creditors (Empowerment Enterprise Africa 2009). Implementation Plan The company’s business plan provides the way to planning the resources and time to enable essential tasks to be carried out within a specified time scale. The following include a list of the significant program milestones, dates, the departments and people in charge and the budgets for each schedule. The milestone schedule shows that the company places emphasis on planning for implementation. Milestone Start date End date Budget Management Dept Website design 1/ 2/ 2014 14/ 2/ 2012 $300 Web development manager Web development Website implementation 20/ 2/ 2014 30/ 2 / 2012 $300 Web development manager Web development Move to the office space 22/ 2/ 2014 22/ 2/ 2014 $500 CIO Operations management Obtain operating licence and permits 25/ 2/ 2014 22/ 2/ 2014 $2000 CEO Executive management Staff Recruitment 15/ 2/ 2014 27/ 2/ 2014 $1000 HR manager HR dept Hiring marketers 15/ 2/ 2014 27/ 2/ 2014 $300 HR manager HR dept Sales contacts and networking 5/ 3 / 2014 20/ 3/ 2014 $300 Marketing manager Marketing dept Marketing communication (initial) 22/ 3/ 2014 25/ 3/2014 $400 Marketing manager Marketing dept Bank loan 20/ 2/ 2014 20/ 1/ 2014 0$ Founder/ CEO Executive management Form marketing alliances 28/ 3/ 2014 $500 Marketing manager Marketing dept Staff training 1/ 3/2014 14/ 3/2014 Company launch 1/ 4 /2014 1/ 4 /2014 $2000 CIO Operations management The major thrust of the strategy is to establish the company’s presence into the ICT industry (Ataman, Heerde & Mela 2009). The focus of implementation will therefore focus on recruitment of competent workers and marketing the company. MobiTrends understand its underlying priorities in satisfying the needs of the customers. All the initial start-up plans activities have to be done before the company’s launch on 1/ 4/ 2014. The activities must be accomplished for the company to attain its objectives. Further, each task manager has been prescribed a task to ensure that their role in planning is defined and that they are accountable. Conclusion MobiTrends is a new business venture in the Australian industry seeking to supply turn-key innovative solutions based on internet-based applications and latest technology as well as consultancy services. The company hopes for first round funding in excess of $914,900 for office expenses, purchase of hardware and software, staffing among other operational costs. MobiTrends further seeks second-round funding of $3 million to develop its internet-based applications. With plans to use high-tech hardware and software in its computing facility, MobiTrends will offer Webhosting, e-commerce solutions, web development, systems support and customer training. Basing on the economic prospects in the ICT industry, the company hopes to develop its own B2B internet-based applications. It targets SMEs, educational institutions and government agencies. MoboTrends’ marketing strategy will rest on the premise that its product offering use value-added approach to interpreting the intricacies of the ICT industry and markets. In implementing this strategy, the company will use paid-advertising banners on major strategic websites with the view of capitalizing on multimedia and search engine portal for advertising. This business plan proposes that the company’s key success factors will include strong technical expertise, better-quality service and customer support and effective team and management leadership. 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