Business Continuity Plan of Firefish-Inc Company - Case Study Example

Business Continuity Plan of Firefish-Inc Company Background It was integrated in Nevada on 29th of April in 2008 in the name Firefish-Inc. It resides in this office, where by it is chartered by means of an associate of Harshawardhan Shetty, without paying any rental fee.  In order to test certain possible Internet offerings, the company has established a website. The investors are strongly warned against any information emerging must not an element of the list, and judgment to buy its securities it should not be based on it. (Doughty, 2001) The Firefish Inc is a start up edification venture that is targeted to young, minor middle class inhabitants of India and it aims at building up a portal for online social networking through associated mobile device efficiency.  It formerly started by a Mechanical engineer based in India, to recommend social networking activities to engineering students in India by the current Sole Director, as well as, young engineering experts incisive of linking its network members through job placements, professional improvement resources and potential tutoring clients.  The Firefish Inc quickly discovered that job placement, social networking as well as tutoring for scientists were hardly scratching the neglected demographic surfaces located within India in requirement of services for social networking. However, it revealed requirements for ancillary offerings and services for social networking was much greater than merely being engineers and incorporated nearly everyone between 17 and 24 years old, minor and middle class demographic (Jake Kouns, 2011).  Though it is still assessing whether via its social networking portal it con include job placement and services for tutoring, it intends to be centered on developing a comprehensive, robust social networking podium for its core demographic due to the bulkiness of the revenue as well as the bulkiness of the web design. The purpose of the portal is to attract people through partnerships and the offer for education thus intending to develop with collages, institutions and Non-Governmental Organizations (NGOs).  Via their mobile devices, there will be an opportunity for clients to access social networking podiums’ powerful characteristics and practice pure English in a convincing social environment. Considering improvement of quality interaction of society with the portal clients, the company will develop proprietary expertise as well as enabling users to be attracted and delighted caused by expansion in world of social networking technologies.  It also intends to develop ancillary line of business, which can influence its client foundation and/or develop knowledge within the eyed market. The number of people neglected in India might have been engrossed by the good work offered by this company.  This is inclusive of younger engineering professionals, the huge call center of associates, (CPO) commerce process outsourcing community as well as engineering students in India (Jill Slay, 2006). There is an expectation of retrieval of returns from whatever is gained from adverts of internet websites and sponsorships, premium services fees where by its clients are paid and the revenue distributed for fees attained from mobile clients in social networking portal for telephone and mobile carriers. Social Background Firefish-Inc begun after the realization that social networking based on internet is an evolving and multifaceted industry.  Since this business is comparatively fresh, revenue sculpts keep on evolving and the description of what comprises a social network based Internet keeps on growing and changing over-time.   The principal source of revenue presently is advertising in the social networking sites. Under an archetypal social networking site, a user is able to build a profile and is able to look for and include acquaintances from the group of many others with profiles.  Firefish-Inc considered the fact that a number of sites usually keep attention on a particular type of link (for example, classmates.com keeps attention on connecting a group of persons attending school collectively) or may focus where its interest is in whereas; inclusive of Face book are general. The Well-liked thespians include Face book, Twitter, Google+, LinkedIn, and Foursquare make a social networking commonplace. Revenue from advertising on sites of social networking has gone from fundamentally nothing to more than $5 billion within 5 years. (Jill Slay, 2006)  Firefish-Inc realized that sites of social networking are predominantly the attractive areas for Internet advertising because clients post many personal aspects, letting advertising to be aimed at a carefully preferred demographic. Political Background Political effects involve things like even shifts in the controlling political party, the availability of government contracts, tax policies, and government-issued safety regulations. International act, for example tariffs and trade agreements, which may have an effect on the demand and supply chains and existing markets for several diverse companies as well. Firefish-inc has been affect politically especially due to the change of tariffs and trade agreements by the international act (Sadgrove, 2008). Economic Background Even if the proprietary technologies and website have been made and obtained successfully the market approval, whereby there is no any assurance, its presentation in future may greatly rely on the economic situations which will arise in India some years to come.  Consequently, the results of operations in the business, its condition in terms of finance, as well as prospects that focus on the economic, legal, regulatory and political developments and conditions. A delay on decisions made by potential clients to finally purchase or evaluate its products may be caused by any reject in the financial systems of India or worry about an imminent reject. Its business would be spoiled by any delays in or diminution of expenditures. Poor improvements may have an unfavorable effect in the Indian marketplaces taking place on the figure of the operations results of the company and subscribers, thus resulting to fabric result on its trade (Blyth, 2009). Competitive Background Many corporations worldwide are devoted to ancillary services linked to social networking and the social networking. Firefish Inc looks forward to more Organizations to enter both businesses. In competition, there is always deference in the two competing companies in either the sizes, that is small corporations or very large corporations that have different prevailing dividends or considerable money resources.  Firefish-inc contends with these corporations and others. A greater number it is competing with are importantly developed, financially and marketing resources than it has. Due to that, it may be unable to dedicate enough resources to acquire, develop or authorize new technology, commence wide-ranging marketing operations, adopt belligerent pricing strategies or adequately reimburse their builder to the identical scale as of some of its contestants. Its current competitors may contend more productively as the business turn out to be full-grown since the ancillary and communal systems industries where majority of its recommended markets are rapidly evolving and relatively new. Particularly, any of our challengers may offer services and products that contain considerable creativity, price, performance and other benefits over our technologies and website (Sadgrove, 2008).   These services and outputs of the competing companies may majorly influence the order for its services, with assumption of success in building up our website. Additionally, any of its future or current contestants may be obtained by, take delivery of assets from or get into additional deliberate relationships with better-financed, larger and longer-established companies and as a result achieve momentously greater marketing, technology licensing and financial and improvement resources than we Possess. If Firefish Inc is not able to contend successfully in its financial condition, its business, principal markets and results of business could be farcically and unfavorably affected (Doughty, 2001). The legal framework the company Firefish-inc is a private company. Zoma Law Group (LLC) has approved the security validity being given by this prospectus. Stakeholders of the company The stakeholders of Firefish-inc comprise of the directors governing the company, which are:- Directors: Harshawardhan Shetty is the all-time Sole Officer as well as the sole Director since the beginning of this company. He holds many qualifications among which are bachelor’s degrees. Masters in of Engineering attained in Maryland University and received his MBA as a student in a School of Business. He is the one responsible with all the proceedings of Fishfire-inc and carries out all managerial issues of this company (Doughty, 2001). Statutory duties of the company Firefish has urbanized a platform for online-social networking. Its previous target demographic comprised of college students and graduates, members (who are career oriented) of the desiring minor to average set who are between 18 and 30 years old. It was capable to employ prior customers for our social networking policy via corporations with educational institutions, non-governmental organizations (NGOs), and other units. The Firefish recommend all of the customary features of communal networking, with supplementary features that are inclusive of the capability of communicating widely with the platform over cell phone and the capability to converse with others in lots of languages (Fulmer, 2004). In addition, it have urbanized two ancillary offers to monetize its services on social networking promoting services for dealers to send short/text message, advertising messages to our database. For its movable marketing services to traders, they have brought up the online platform. This platform allows sellers to access their account, choose a segment for a consumer to send its promoting message to selecting income levels, age, location and gender, create the marketing message to send, privatize the message through addressing the user by name, and program the message to deliver later. Traders can also disburse online. Moreover, traders can also request Firefish to completely manage its promotion campaign. While the Firefish database of customers on the mobile endorsement platform was kernelled by its customer from social networking services, it has notably developed the size of its database through consumer achievement events and database acquisitions (Perry, 2003). Its competition/ certification/ English language training services consist of the annual English competency program, English Olympiad and rivalry for young students with the assessment being carried on in January and February yearly. Company’s activity classification according to importance and necessity 1. Advertising revenue. 2. On-line social networking services. 3. Developing ancillary businesses to the core services in social networking. 4. Online tutoring. 5. Web development. 6. Job placement. 7. Sponsorships. The activity that has most impact on the company in the shortest period is advertising revenue. Though the company indents to decrease its dependence through trying to make businesses its core services in networking, it expects advertising revenue to be a significant supply of revenue in the near future. Through means of notice, advertisement of contracts is repeatedly of short term and easily dropped down by the promoter (Finance, 2007). Therefore, it has no assurance that it will be capable of obtaining, and retaining the contracts of the advertisements. Creating advertisement revenue ability for the organization, may, besides the successful conclusion of its website inclusive of knowledge on proprietary, rely on a number of aspects involving the following. An advertising medium that is a continued development of the Internet. Offering a price charged when advertising on other Internet sites. Amount charged on traffic. When a new product is being launched, delays on pricing and pressures. Their aptitude of demonstration, achievement and maintenance of attractive client. Company’s capability to retain or develop sales force in skilled advertisement. Risk assessment 1. Firefish-inc there is significance of risks due to lack of its prior history of the company. The services and products which it intends to develop and market if developed, has not yet generated any revenue. From marketing, it is expected to generate revenue and create supplementary service offerings, on-line social system services, supports and advertizing.  Consequently, Company’s evaluation together with its predictions cannot be majored since in implementation, there is no operating history model and it is difficult for prediction on future results of operations of the company (Fulmer, 2004). The prospects of a new business enterprise, which is in its early stages, have to be put into consideration of the difficulties, risks and frequent expenses encountered in the organizations particularly those highly competitive markets. There is high competition since the company objective is common to other competing companies’ in the field communal system market. The business encounters specific business risks, for example the related ones to successful development of the net work and victoriously marketing the internet site and proprietary knowledge, importance of running the available growing operations, the ongoing are required to fund raise, reliance and requirement to get permanent employees, and improve the requirement for spending to sufficiently promote its communal system operations (Jake Kouns, 2011). To address to the Firefish-inc dangers, there must be a response from contesting growth, carry on attracting, retaining and motivating competent persons, and go on upgrading its technologies. Fishfire-inc cannot offer any guarantee that it will be victorious in dealing with such dangers. The organization’s inability to achieve that will lead to a possible fabric outcome to its business source of income or prospects and thus causing shareholders lose their total investments (Finance, 2007). 2. Firefish-inc decisions are reliant to major persons hence have the capability to attract competent employees to become victorious So that victoriously build up websites, the Organization is always reliant to. A defeated person possibly will have a fabric consequence on the Organization’s business views, moreover forbid the corporation to victoriously achieve its objectives. Fishfire-inc persists on success to rely on a major level on its capacity to employ, prepare, draw their attention, categorize and hold on to managerial personnel, technical, inventive, professional and qualified one. Opposition for such employees is powerful and it cannot guarantee that, it appears unbeaten for attraction, employing, identifying, teaching and maintaining that kind of workers. High demand for persons who are creative such that they can develop web and also deal with the technical information’s lead to strong competition. In case it is not capable to hire, retain and assimilate such competent employees, lack of ability could lead to fabric result of its industry. (Finance, 2007). The corporation may rely on third party freelancer and other associates in order to expand its proprietary or website knowledge in addition to improvements made and originally urbanized. However, no guarantee that will be victorious in either retaining or attracting competent workers and forming arrangements with third parties. Malfunction to successes in these attempts ought to fabric outcome on the corporation and its capability to achieve its company tactics (Doughty, 2001). 3. Firefish-inc faces the risk of changing industry and consumer uncertainty and preferences of market approval of its website and services. Its ancillary and services of social networking are evolving concepts and new. The level of market acceptance and demand of social networking, online teaching and job positions generally, and specific websites particularly focus to a sky-scraping level of not being sure. While industry or consumer first choices and tendencies grow, a greater level of not being sure about client’s decision on continuing with judgment, part of the key characteristics which it intends to integrate into the internet (Perry, 2003). The malfunctioning of the market place to believe its characteristics attractive might dishearten the consumption of its web site thus reduces the capability Firefish-inc has to create revenues. Additionally, tutoring and placement of job from other sources, counting phone tutoring and employing recruiters could erode the expansion of the online training and job placement companies.  Additionally, it is unclear if the marketplace will allow a website, which mixes tutoring, and placement of job services as this mode has never been tried to the fullest of the company’s knowledge.  A reject in the reputation of job placement as well as a lack of market-place recognition of its representation will probable include a considerably influence on its prospects and company (Sadgrove, 2008). 4. The business might be in danger of destruction due to computer virus attacks sudden network disruptions or security breaches. Having successful development of the on-net sites and proprietary knowledge, there will be necessity for the organization to grow and keep an extensive infrastructure for internet network. It may happen that, significant harm may be caused by disappointment in sustaining contentment presentation, dependability, safety or accessibility of such network communications, be it kept at high standards by the organization or other businesses. The major risks that relate such on coming network communications include: In case of failures or system malfunction occurring from natural disasters, loss of power and failure in telecommunications, thus causing constant shutdown of the entire material segment in its workers. Trough computer viruses transmission, hacking thus no security, data loss or breakdowns of most essential parts in a computerized system or a computer itself. Due to that foregoing factors there could be reduction of future users’ contentment, Destroy its business and bad status, its finance condition and operational result hence leading to the loss of the whole investment for a subscriber who ends up being adversely affected (Blyth, 2009).   5. Firefish-inc business may be adversely affected due to lack of patent or copyright cover and any unlawful use of the website or proprietary knowledge by third parties. The Company’s internet organized proprietary knowledge and organized outputs are government granted file free. The present intention by the company is to rely on its employee’s, customer’s, business partner’s confidentiality agreements and others to guard its intellectual rights for property. There may be possibility that, third parties can acquire and use the scholarly property without endorsement despite that certain precautions are taken by it. There may be an increase in this risk. There will be substantial costs incurred if there will be any misappropriated proprietary rights or it is obliged to guard its rational rights for property. Extensive costs or diversion of its materials, and diverting the senior management time and effort could be caused by such litigation and could interfere with its business through an adverse effect on it. (Fulmer, 2004). Appropriation of application for exclusive rights protection for the company is determined by management will frequently. There is no guarantee from company that, the company will get business cover from the sponsoring company whether it gets field or not granted applications or, awarded. Additionally, the organization may be granted any of the patent or copyrights which may lead it to being under custody for disobeying the rational privileges of property hence expose the company towards damages (Fulmer, 2004). References Blyth, M., 2009. Business Continuity Management: Building an Effective Incident Management Plan. UK: John Wiley & Sons. Doughty, K., 2001. Business Continuity Planning: Protecting Your Organization's Life. Ohio: Auerbach. Finance, I. I. o. B. &., 2007. Technology, risk management and supervision in co-operative banks. India: Macmillan India. Fulmer, K. L., 2004. Business Continuity Planning: A Step by Step Guide with Planning Forms. Brookfield: Rothstein Associates Inc. Jake Kouns, D. M., 2011. Information Technology Risk Management in Enterprise Environments: A Review of Industry Practices and a Practical Guide to Risk Management Teams. New Jersey: John Wiley & Sons. Jill Slay, A. K., 2006. Information technology security & risk management. New York: Wiley. Khatta, R. S., 2008. Risk Management. Delhi: Global India Publications. Perry, P., 2003. Risk Assessments Questions and Answers: A Practical Approach. London: Thomas Telford. Sadgrove, K., 2008. The Complete Guide To Business Risk Management. United Kingdom: Gower Publishing, Ltd. Read More