Question
Business Plan And Analaysis
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Module code and title: |
Business Plan and Analysis |
Module leader: |
Arvinder
Grewal (Ravi) |
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Assignment No. and type: |
Written
Report - Business Plan 2000 words Presentation
slides 500 words |
Assessment weighting: |
Written
report 80% Presentation
slides 20% |
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Submission time and date: |
Monday,
10th Oct 2022 at 23:59 |
Target feedback time and date: |
Three weeks from the date of final submission |
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Assignment task |
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The Summative Assessment will be on a Micro
business idea and converting this into a viable business plan. The rationale for
this assignment is the securing of funding for the business micro business idea
from a potential investor. You will need to make recommendations
on how to achieve funding, and do so based on demonstrating understanding,
analysis and evaluation of the key elements involved in the business plan. |
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This assignment has been designed to provide you with an opportunity
to demonstrate your achievement of the following module learning outcomes: |
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LO1 |
Evaluate a business idea and prepare a business strategy
and competitive analysis for your business |
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LO2 |
Analyse and prepare a financial strategy for your plan
taking into account the business risks you may encounter. |
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LO3 |
Critically review your
business plan in the role of a potential investor. |
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LO4 |
Propose recommendations that would strengthen your
business plan to achieve the future outcomes. |
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Task requirements |
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Description of the task – what you are being
asked to do: Business Plan: You are required to
make a pitch to a potential investor to secure funding for your micro
business idea. The scenarios below will align with Learning Outcomes 1, 2,3
& 4 maximum of 2500 words overall:
1 Your main task is to develop a business plan (word document) in
preparation to secure funding from an investor. Your business plan will be
based on your micro business idea, offering products or services in existing
or potential new markets. Your business plan will consist of a company overview,
competitive and market analysis, business and marketing strategy, operating plan,
and financial analysis, (1700 words). (LO1 & 2)
2 Along with completing your business plan, you will prepare a ten-minute
presentation (five PowerPoint slides max) to pitch your idea in front of a
potential investor. You will try to secure funding for your micro business
idea. The investor will critically analyse your micro business idea, looking
at the actual business idea, business strategy, competitor analysis, key
projected financials and how much investment is required and for what purpose.
After your completed presentation, your five PowerPoint slides will then be
attached in your business plan, within the Appendix section, (500 words). (LO3)
3 After your presentation pitch, you will receive feedback from the
investor regarding your business idea and how to improve your business plan. Based
on the feedback, you will be required, within your business plan, to make
recommendations that set out how you will improve your business idea in order
to secure funding. (300 words). (LO4)
You must demonstrate evidence of wider research, real world
application and reading of core textbooks, learning materials on Moodle and
academic scholarly work through Harvard referencing.
The word count excludes the cover page, table of contents, financials,
references, and appendix.
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Referencing and research requirements |
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Please reference your work according to the Harvard style; you can
access guidance on this here: https://libguides.uos.ac.uk/academic/referencing/Harvard
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How your work will be assessed |
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Your work will be assessed on the extent to which it demonstrates your
achievement of the stated learning outcomes for this assignment (see above)
and against other key criteria, as defined in the University’s grading descriptors. This assignment will be marked according to the grading descriptors
for Level 5 |
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Submission details |
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This assignment should be submitted electronically via Moodle (module
tutors will discuss this process with you during class time). •
Please ensure that your business plan has been
saved in an appropriate file format Microsoft Word only. Presentation slides
on PowerPoint but must be attached in your appendix at the end of your
business plan. Some financial accounts can be done on Excel but must be attached
in your word document. DO NOT upload your assignment in pages format. Your
file must also contain at least 20 words of text, consist of fewer than 400
pages and be less than 40MB in size. •
You can submit your work as many times as you
like before the submission date. If you do submit your work more than once,
your earlier submission will be replaced by the most recent version. •
Once you have submitted your work, you will
receive a digital receipt as proof of submission, which will be sent to your
forwarded e-mail address (provided you have set this up). Please keep this
receipt for future reference, along with the original electronic copy of your
assignment •
You are reminded of the University’s
regulations on academic misconduct, which can be viewed on the University
website: https://www.uos.ac.uk/sites/default/files/Academic-Misconduct-Policy.pdf. In |
Submitting
your assignment, you are acknowledging that you have read and understood these
regulations
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Submission date and time |
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This assignment should be submitted to Moodle before 11:59pm on Monday 10th October 2022. You should submit all work for summative assessments by the above
deadline. Work submitted up to three working days after the deadline will be
accepted and marked, but the mark will be capped at the pass mark (40%)
unless there is a valid reason for the late submission (i.e. having been
granted an extension to the deadline or a deferral under the terms of the
Extenuating Circumstances Policy). Work submitted more than
three working days after the deadline without a valid reason will not be
accepted and will be recorded as 0% RN (refer, no work submitted). For more information please refer to: http://studenthandbook.uos.ac.uk/index.php/studentguides/assessment-the-basics-undergraduate Feedback and marks for this assignment will be available in three
weeks from the deadline. |
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Core reading list |
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References 1. Andrew L. Friedman and Samantha Miles
(2006). Stakeholders : Theory and Practice. [online] EBSCOhost.
Oxford: OUP Oxford. Available at: https://web.s.ebscohost.com/ehost/detail/detail?vid=1&sid=17716991-f071-4906-9247-15123d8e6423%40redis&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#AN=201128&db=e020mww 2. Carlson, E. and Koch, J. (2018) Building a
Successful Social Venture: A Guide for Social Entrepreneurs. Oakland:
Berrett-Koehler Publishers. https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=1811622&site=eds-live 3. Colwell, K. (2019) Starting a business
quickstart guide: the simplified beginner’s guide to launching a successful
small business, turning your vision into reality, and achieving your
entrepreneurial dream. Albany: ClydeBank Media LLC. https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=2176181&site=eds-live 4. Eklund, J.C. and Minor, M. J. (2021) ‘Keep
your eye on the ball or on the field? Exploring the performance implications
of executive strategic attention’, Academy of Management Journal, 64(6), pp.
1685–1713. 5. Estes, J. (2009) Smart Green: How to
Implement Sustainable Business Practices in Any Industry - and Make Money.
Hoboken: Wiley. https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=271570&site=eds-live 6. Griffin, M.P. (2015) how to write a
business plan: a step-by-step guide to creating a plan that gets results. 5th
edn. New York: American Management Association. https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=1520878&site=eds-live 7. Hove, N.V. and Regeer, H. (2021)
‘Integrated business planning: a new narrative for an old process’,
Foresight: The International Journal of Applied Forecasting, 63, pp. 46–52. 8. Jablonski, A. (2017) Business models :
strategies, impacts and challenges. New York: Nova Science Publishers, Inc. https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=1453423&site=eds-live 9. Matthews, B. (2018) Five P’s to a wow
business: an easy-to-understand, easy-to-implement, practical guide to
business success. Shippensburg: Sound
Wisdom. https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=1717325&site=eds-live 10. McKeever, M.P. (2018) How to write a
business plan. 14th edn. Berkeley: NOLO. https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=1840225&site=eds-live
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RUBRICS
FOR BUSINESS PLAN & ANALYSIS
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Criteria |
Scales |
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1st:
70%-100% |
2nd:
60%-69% |
2.2:
50%-59% |
3rd:
40%-49% |
35%-39% |
21%-34% |
≤20% |
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|
Max
Grade |
|||||||
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100.00 |
69.00 |
59.00 |
49.00 |
39.00 |
34.00 |
20.00 |
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Demonstrate
understanding of core elements within a business plan and be able to evaluate
and analyse key data, company overview, competitive, market analysis and
business strategy to progress the business plan forward. (Learning outcome 1) 25% |
Student
demonstrates a full and clear understanding of the key elements within the
business plan to an accurate level showcasing a body of evidence linked to
real world application with core theories applied. |
Student
demonstrates a solid understanding of the elements within the business plan
showcasing consistent and underlying concepts linked to real world
application and relevant theories applied. |
Student
demonstrates a relevant understanding of the business plan, some theories
applied. Some relevant understanding of key concepts and inconsistent links
to real world application with lacking depth evidence shown. |
Student
shows an adequate understanding of the business plan. Basic points have been
met with company overview, market analysis and business strategy in
descriptive form. Some elements are missing, or inaccurate but main points
are relevant to the business plan. |
Student
shows a basic understanding of the of the business plan. The nature of the
points are descriptive no development of criteria being met overall. Work in
part is inaccurate and shows very little understanding to the context of the
business plan. Main points are lacking appropriate information. |
Student
shows a deficient and flawed understanding of the business plan. Work is
incoherent, main points are weak, inconsistent, and not relevant to the
business plan. Mainly descriptive piece of work with significant amounts of
inaccuracies throughout the business plan. |
Student
shows no basic understanding and major gaps shown in the knowledge required
of the business plan. Work is highly unsatisfactory and has made no attempt
to address the main points required. No basic information, inaccuracies and
inconsistency with all points shown and displayed throughout the business
plan. |
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Critically
analyse the financial strategy that governs the business plan taking into
account the overall risks the business idea may encounter. (Learning outcome
2) 25% |
Student
has shown excellent clear analysis of the financial strategy on all accounts
and ratios. Making real world links to risks internal and externally.
Analysis is well balanced, highly logical, coherent, and further development
of main viewpoints are articulated in sound judgement. Strong awareness has
been shown backed by credible theories and real-world application. |
Student
demonstrates a well-rounded good analysis of the main points in the financial
strategy on all accounts. Some risks have been shown and linked to real world
application. Key concepts or evidence are backed by credible references and
some real-world application. Main points a generally logical and coherent,
with some balanced viewpoints. |
Student
demonstrates Adequate analysis of the financial strategy on cashflows,
breakeven and profit & Loss. Risks shown are basic with some examples
given. Although the work is largely logical, coherent, and some balanced
viewpoints shown. The work lacks depth in linking overall risks to the
financial strategy. Work has some credible theories and real-world
application applied. |
Student
demonstrates a limited understanding of the financial strategy required for a
business plan on mainly breakeven and cashflow. Some analysis has been
conducted but overall, just basic points have been met including linking some
risks. Some evidence has been shown but work shows inaccuracies and no real
depth to support certain analysis points. |
Student
demonstrates largely descriptive work, with limited effort made to understand
financial strategy linked with some elements of risk applied and breakeven.
The work shows very little awareness of analysis being applied in financial
outcomes. Work is incoherent and illogical throughout with no supportive
references or real-world application used. |
Student
demonstrates a poor analysis of the financial strategy required in the
business plan. Very little to no viewpoints on risks have been shown. Work is
largely descriptive with no supportive evidence used. Views expressed are
often illogical, invalid, or irrelevant. The works shows deficient awareness
and major gaps in understanding key financial concepts and risks associated. |
Student
Demonstrates no evidence of analysis on financial strategy and risks. No
financial key concepts have been used. Work is largely irrelevant or
inaccurate, characterised by descriptive text and unsubstantiated
generalisations. Complete lack of evidence to back up views. The works shows
no awareness of risks associated. |
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Critically
review and prepare presentation slides for a potential investor. Slides will consist of critical factors,
based on meeting expectations of the potential investor to facilitate funding
for the business idea. (Learning
outcome 3) 20% |
Student
Demonstrates excellent understanding with research-informed well-rounded
viewpoints. Clear and concise
information with developed supporting information for the purpose, benefit,
and uses of what the funding will bring to the actual business idea.
Importantly making the links with the potential investor and how achievable
future outcomes are achieved. |
Student
demonstrates a good understanding with research-informed viewpoints. Overall
clear understanding shown with sound supporting information used for the
purpose, benefit, and use of obtaining funding from the potential investor. A
clear rational and some expectations has been shown regarding future
outcomes. |
Student
demonstrates adequate understanding with some research-informed viewpoints. The
information in parts has some relevant supporting information for the
purpose, benefit, and uses of obtaining funding from the potential investor. |
Student
demonstrates some evidence of understanding with limited research-informed
viewpoints. The student was able to give adequate supporting information for
the purpose, benefit, and uses of obtaining funding from the potential
investor. |
Student
demonstrate poor understanding and heavily reliant solely on taught elements.
Basic information has been provided with limited supporting information for
the purpose, benefit, and uses of obtaining funding from the potential
investor. |
Student
demonstrates limited understanding and no engagement with taught elements.
Poor supporting information for the purpose, benefit, and uses of obtaining
funding from a potential investor has been provided. |
Student
demonstrates no evidence of understanding and no supporting information for
the purpose, benefit and uses of obtaining funding from a potential investor
provided. |
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Critically
evaluate in your recommendations that would strengthen your business plan to
secure funding and long-term growth.
(Learning outcome 4) 20% |
Student
demonstrates excellent application of theory to practice, making full use of
the main points delivered earlier in the business plan. Clear critical
factors introduced to develop the business plan idea further which would
secure funding long term and future growth potential for the business idea.
Recommendations main points are well researched and supported by theories and
real-world application. |
Student
demonstrates a sound application of theory to practice with some points
linked backed to the business plan earlier. Clear, appropriate,
well-developed, and articulated links making recommendations between securing
funding and long-term growth potential points have been provided. |
Student
demonstrates some consistent and accurate application of theory to practice,
with some appropriate links making recommendations between securing funding
and understanding long term growth potential. |
Student
demonstrates some relevant theoretical knowledge and understanding applied in
practice, but not always making logical links in the recommendations between
securing funding and understanding long term growth potential. |
Student
demonstrates a limited understanding of the application of theory to
practice. Often not making appropriate links in the recommendations. The
thought process is illogical, incoherent in parts and not supported by
credible evidence. |
Student
demonstrates a weak understanding of the application of theory to practice.
No evidence in recommendations shown as information is generalised. |
Student
demonstrates very weak to no theoretical knowledge and understanding.
Recommendations has no links and is largely descriptive generalised work. |
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Academic
Writing skills 10% |
Highly
effective presentation of the business plan that is coherently structured and
clearly expressed throughout and very well organised. The document
demonstrates excellent Harvard formatting skills and real-world application
examples. |
Competent
presentation of the business plan in terms of structure and clarity of
expression. The document demonstrates sound Harvard formatting skills and
real-world application examples. |
Business
plan is structured in a largely coherent manner and is for the most part
clearly expressed. The document is fairly well organised. The document
demonstrates a good understanding of the basic elements of Harvard formatting |
Ordered
presentation of business plan which relevant ideas/concepts reasonably
expressed. The document is somewhat organised. The document demonstrates an
adequate understanding of the basic elements of Harvard formatting |
Business
plan is loosely, and at times incoherently, structured, with information and
ideas often poorly expressed. The document is unorganised but can be read.
The document demonstrates a weak level of Harvard criterion, but still
contains major deficiencies. |
Business
plan is poorly presented in a disjointed and incoherent manner. Information
and ideas are very poorly expressed, with weak English and/or inappropriate
style. The document shows very little Harvard criterion, and demonstrates
little sophistication, i.e., may not include such elements as in text
citations, reference page, headers, etc. |
The
business plan is difficult to be read due to errors or misspellings. The
document is unorganized to the point being virtually unreadable. The document
clearly does not comply with the basic requirements of Harvard format. |
Expert Solution
Cover Page
Assignment: Business Plan Analysis
Name: Student ID
Business Plan analysis on: BeClean!
Tutor: Mr A Grewal
1. Executive Summary
2. Company Overview
2.1 Legal structure
2.2 Business Description
2.3 Business Aims and Objectives / Funding requirements
3. Products and Service offerings
3.1 Types of product and service offerings
3.2 Core USPs
EXECUTIVE SUMMARY
BeClean! is a partnership business idea that I intend to start with my friends. Through BeClean!, the students living within and around the University environs will receive cleanliness services, from laundry services to carpet washing, to improve the cleanliness of students and residents in Suffolk while making a profit for the business. The idea is inspired by the cleaning services market gap within Suffolk since most well-known cleaning companies have been established and run by founders, not from Suffolk. Additionally, the business idea is relevant since university students always need cleanliness services. The microbusiness will compete with already established business ideas from companies such as GreenZone Cleaning Services and Domestic Cleaning Franchise, which offer a wide range of services, including cleaning carpets, cars and laundry. Assuming that the students’ population will be the targeted market for the company’s goals, the micro business will make profits that will allow for the expansion of operation in terms of the number of shops opened and machinery used in services such as car cleaning and carpet cleaning and hopefully, provide house cleaning services for residents around the university's environs.
herefore, considering the microbusiness idea and company goals, a market analysis will be necessary to evaluate the plan’s viability within the chosen location and estimated profits, to receive recommendations on marketing strategies necessary to boost customer loyalty and company sales
COMPANY OVERVIEW
2.1 Legal StructureBeClean! will be a partnership business idea, with three partners in the formation and capital sharing of the business. This business idea aims to pool capital, share the financial and physical responsibility of running the business and have three decision-makers to improve the quality of decisions made within the business for greater customer loyalty and increased sales. Additionally, a partnership will automatically imply unlimited liability, to a certain extent, depending on the level of ownership of the three partners in the business. The profits will also be shared among the three partners depending on the specification of sharing profits in the articles of association that specify the level of company ownership among the three partners. In addition, a partnership for a micro business ensures flexibility of business operations if an increase in the number of services provided is, at some point, a possible idea.
2.Business Description
l! is a cleaning business that will offer basic cleaning services for university students and residents surrounding the University of Suffolk. The business will focus on laundry services and carpet cleaning, as the owners continually brainstorm on other services the business could offer, the sources of capital and the degree of business ownership. The leadership of the business will be the three partners whose business liability is shared and has influenced the business name. The microbusiness will have one employee, with the goal of expanding operation and the number of employees the company can employ. The business will be located within Suffolk. The partners will rent a business shop close to the university since the target population is the university students and the university environs’ residents. The business will run every day where, the employee will have a single off-day during the weekend, a day where the business owners will share the responsibility to run and manage the shop. The business schedule is highly dependent on the urgency and flexibility of cleaning services for students and the desire to maintain a consistent market presence that will enhance market popularity and increase sales and profits to expand business operations.
2.3 Business Aims and Objectives / Funding requirements
Clean!’s main aim is to provide easily accessible cleaning services to residents surrounding the university, create employment and increase customer loyalty within its region of operation. Therefore, the business's main goal is to improve its customers' cleanliness standards. Additionally, the business intends to create employment for one person as it expands to provide more services and open up more branches to create employment for more people. The business objectives include making profits, implying that revenue should be greater than all business expenses. Additionally, the business intends to create customer loyalty by ensuring the services provided are of great quality. Customer loyalty will also be a major marketing strategy since the intention is to create awareness among the student population partly through customer referrals. The microbusiness will encourage innovation and technology since washing, and dry cleaning machinery will be used for cleaning and drying customers' laundry and carpets. Therefore, by providing services as intended at the beginning of the operation, BeClean will provide cleaning services, create employment and increase customer loyalty.
3.
PRODUCT AND
SERVICE OFFERINGS
3.2 Core USP’sThe business owners intend to provide free delivery to customers who request cleaning services from the company. The current strategy is to use cycling services as the business makes a profit from an automobile that ensures faster delivery of laundry and carpets to clients. Additionally, every 2 percent of the profits will be donated to the region's best nongovernmental organization in charge of cleaning the environment. This is important and in sync with the company's goal, to provide cleaning services to the environment and its customer
MARKET AND COMPETITIVE ANALYSIS
4.1 Market SizeThe target market that will eventually determine the market size is mainly the University of Suffolk student population, estimated to be over 9,000 students. The students' population may not directly influence the business's number of customers since there is another dry cleaning business around the university. Additionally, the population willing to delegate their cleaning responsibilities to a cleaning company will determine the market size.
4.2 Market SegmentationThe market is segmented into university students and residents in the university's environs, divided into different social classes. These segments will influence the ways the business will appeal to them, including traditional and digital marketing methods to cater to the differences in customer preference. In addition, the shop's appearance will be neutral since the two population segments have different tastes; hence the appearance should appeal to the students and residents in different occupations and social classes.
4.3 SWOT / PESTEL analysisThe services offered by BeClean have been influenced by an analysis of the strengths and weaknesses of the business, and an analysis of the business environment to discover opportunities present for the business owners to explore (Tsangas et al., 2019). Some strengths of the business include a large market pool that guarantees the sales the business will make to a certain extent. Also, managing skills will be an advantage since the three business owners have business management skills, as acquired through learning institutions and previous experience from family businesses. The location of the business is also suitable since electrical power is available, and so are water services and technological adaptability. The presence of a commercial centre and strong business environment characterized by the availability of various social amenities' hubs also signify a strong market presence, the possibility of high profits and the competition that encourages consistent growth since the surrounding environment is always embracing technological advancements. The liberality of the Suffolk government for the ownership of a business is also relevant in ensuring that the cleaning business succeeds. The economy is suitable for the start and development of the business.
The weaknesses of the business include
mandatory tax regulations for startup ventures and competition from larger
ventures. Mandatory tax regulations limit the profit businesses make, and
considering this is a small business, and the profits may not be enough to
make the tax cuts for the business. Additionally, market entry may be hard
since there is a license requirement to verify and approve business operations
within Suffolk (Corporate and business tax
Ipswich: Suffolk Tax Accountants Ltd, 2022). Finally, the business may
face stiff competition from cleaning ventures which have been in operation for
a long period and have established bigger cleaning shops. These include The
Cleaning Company in Suffolk and Maids2hire, which fully employs cleaning
personnel in the place of using technological innovations for cleaning
purposes (Maid2Clean Suffolk | Reliable And
Professional Domestic Cleaners, 2022).
4.4 Competitor AnalysisPorter's five forces of competitor analysis outline factors of rivalry, substitute products, entry into the market, and bargaining power of suppliers and customers to identify opportunities in a particular business field (Bruijl and Gerard, 2018). For this micro business, the rivalry of cleaning companies ranges from medium to high. There are various cleaning companies, including those that hire maids for cleaning, but the competition is fairly stiff since there is appropriate market distribution.Secondly, the bargaining power of the suppliers is high since the micro business does not represent high sales made by the suppliers. The business will need limitedsupplies at the start since there are few customers to attend to and limited scope of operation, which defines how many expenses the business could have. The bargaining power of customers will also be high since BeClean provides cleaning services! will not differ greatly from those offered by other cleaning companies. Considering the ease of entry into the market, there is a high threat of entry into the cleaning industry. However, a low threat of substitute products since cleaning is fundamental in people's lives and irreplaceabl
BUSINESS STRATEGY / MARKETING AND SALES PLAN
5.1 Marketing Mix A larger market pool can be created for more efficient operations using location, promotion, price and type of services provided (Thabit and Raewf, 2018). Firstly, the business location is central for easy market access to the cleaning services. The market price is fixed but will come with additional benefits of free delivery, which will act as advertisements and promotions for the services offered. Cleaning services, which are a necessity, will also be relevant in marketing the microbusiness's significance.
5.2 Growth strategies Some growth strategies that the business will have include market penetration, improvement of the quality of services and creation of relevant partnerships and employment opportunities (Mutalimov et al., 2021). Enhanced market penetration will be necessary to encourage business growth through client referrals and personal promotion by business owners through posters. Additionally, the business intends to improve the quality of services offered to the clients by providing discounts, improving the technology used for cleaning, using mobile apps with lower transactional fees and improving customer relations based on the company's feedback. Additionally, this business plan will act as a tool to attract investors, including forming financial relationships to increase the financial pool of the business.
OPERATING PLAN
6.1 Physical locationThe business will be located in Downtown Boston, where most students on campus reside. The Alban Retail Park is a busy business area with available rental stalls that could be customized to fit the design of the business.
6.2 Physical resources requiredThe physical resources required include a physical location as described above. Additionally, the business will require a wide range of cleaning chemicals to suit differences customers may have, cleaning sponges and laundry baskets for sorting laundry. Hangers and cleaning gloves will also be necessary for hanging and protective cleaning, respectively. Two washing machines will also be necessary to start up the business.
6.3 Supplier / Direct Materials required.Supplies such as washing detergents and chemicals will be necessary at the start and progression of the business. In addition, cleaning gloves are also needed continuously during the operation of the business. Additionally, sorting bins and tags are important supplies that will be continually refilled in the business.
6.4 Breakeven analysis
7.1 Projected Income statement
(attached in the appendix)
7.2 Projected Balance sheet
7.3 Projected Cashflow Statemen
7.4 Ratio Analysis
RECOMMENDATIONS
8.1 Conclusion
BeClean! is a business opportunity that aims to promote cleanliness for residents surrounding the University of Suffolk. Though it is a micro business facing competition from established firms, the three business partners have the business skills necessary for running and managing the business. The large market is a major strength for the establishment and running of the business. The estimated annual profits should attract more investors to this venture to improve business operations, create more branches and offer more employment opportunities.
8.2 Critical Review / Risk analysiCThe major risk that BeClean! would face a decrease in market share after its establishment since the threat of new entrants into the market is high. Also, already established firms and preferences for labour cleaning compared to technology may be a major business risk. However, this can be mitigated since cleaning services are a basic human need implying the necessity for laundry and carpet cleaning services irrespective of the service provider. An economic downturn would affect the business but is highly unexpected since there has been economic growth and stability in the country in recent years. Past factors, including the COVID-19 outbreak, increased the need for cleaning services, though affecting other market sectors. The assumption, therefore, is that new threats to the economy may favour the business and cause increased sales and larger market share.
8.3 Recommendations
Interventions that could be applied to improve business operations include mentorship programs for business managers. Mentorship programs will be necessary for leadership skills development and increasing knowledge for the possibility of future business ventures. Additionally, financial support that will be compensated after an equal division of profit would be recommended to increase the capital base of the business, increase the machinery used and create more employment opportunities for residents living in Suffolk. The financial support would also be necessary to increase promotional measures offered by the business.
REFERENCES
Bruijl, D. and Gerard, H.T., 2018. The relevance of Porter's five
forces in today's innovative and changing business environment. Available
at SSRN 3192207. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3192207.
Ipswich Cleaners. Cleaning Service for Suffolk. 2022. Maid2Clean
Suffolk | Reliable And Professional Domestic Cleaners. [online] Available
at: https://www.maid2cleansuffolk.co.uk/.
Mutalimov, V., Kovaleva, I., Mikhaylov, A. and Stepanova, D., 2021.
Assessing regional growth of small business in Russia. Entrepreneurial
Business and Economics Review, 9(3), pp.119-133. https://www.researchgate.net/profile/Alexey-Mikhaylov/publication/352556288_Assessing_regional_growth_of_small_business_in_Russia/links/60d5fdc9458515d6fbda841c/Assessing-regional-growth-of-small-business-in-Russia.pdf.
Suffolk. tax. 2022. Corporate and business tax Ipswich: Suffolk
Tax Accountants Ltd. [online] Available at: https://www.suffolk.tax/factsheets/corporate-and-business-tax.
Thabit, T. and Raewf, M., 2018. The evaluation of marketing mix
elements: A case study. International Journal of Social Sciences &
Educational Studies, 4(4). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3173274.
Tsangas, M., Jeguirim, M., Limousy, L. and Zorpas, A., 2019. The
application of the analytical hierarchy process in combination with
PESTEL-SWOT analysis to assess the hydrocarbons sector in Cyprus. Energies, 12(5),
p.791. https://doi.org/10.3390/en12050791.
10.
APPENDIX
Appendix 1 – Business Idea / USP
Appendix 2 – Business strategy / Marketing
mix
Appendix 3 – Competitor analysis
Appendix 4 – Key Projected Financials
|
Name |
|
|
|
Time
Period 2023 |
|
|
|
Sales
Revenue |
|
|
|
Sales Revenue |
||
|
Cost
of Goods Sold |
|
|
|
Opening Inventory |
0 |
|
|
Purchases |
10500 |
|
|
(Opening
inventory + Purchase) |
|
|
|
Closing Inventory |
0 |
|
|
|
|
|
|
COST OF GOODS SOLD |
||
|
|
|
|
|
GROSS PROFIT |
|
|
|
Expenses |
|
|
|
Advertising |
55 |
|
|
Amortization |
0 |
|
|
Rates |
0 |
|
|
Bank Charges |
20 |
|
|
Utilities |
100 |
|
|
Commissions |
0 |
|
|
Salary |
500 |
|
|
Depreciation |
0 |
|
|
Dues and Subscriptions |
0 |
|
|
Vehicle Expenses |
0 |
|
|
Insurance |
100 |
|
|
Interest |
0 |
|
|
Legal and Professional Fees |
12 |
|
|
Licenses and Fees |
12 |
|
|
Miscellaneous |
35 |
|
|
Office Expense |
0 |
|
|
Wages |
0 |
|
|
Postage |
|
|
|
Rent |
1000 |
|
|
Repairs and Maintenance |
200 |
|
|
Supplies |
1000 |
|
|
Telephone |
150 |
|
|
Travel |
0 |
|
|
|
|
|
|
TOTAL EXPENSES |
||
|
|
|
|
|
NET PROFIT BEFORE TAX |
|
|
|
|
|
|
|
CORPORATION TAX (19%) |
||
|
|
|
|
|
NET INCOME AFTER TAX |
||
|
|
|
|
|
|
|
|
Appendix 5 – How much investment is needed
and why?
Appendix 6 – Individual Feedback Form attached here.
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