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Business Plans Of Premiere Electric And Barnum Painters: Strengths, Weaknesses And Improvements
Introduction
Business plan includes the strategic approaches and functional approaches of the organizations to achieve the business goals and objectives. Further business plan discusses the financial feasibility and market attractiveness of the businesses in order to develop the strategic approaches to attain the business goals and objectives. The business plan covers two business areas such as electrical contractor (Premiere Electric) and painting contractor (Barnum Painters). The purpose of the report is to analyze and evaluate each company’s business plans according to several criteria including business profile, vision, mission, goals, marketing plan, products, and services.
The section 1 of the report will describe each company’s business plan including business profile, vision, mission, goals, marketing plan, products, and services. In section 2, the strongest component of each business plan will be discussed. In section 3, the weakest component of each business plan will be discussed. The section 4 will provide the suggestions of how the business plans could be improved. In section 5, Challenges and learnt lessons of working on this assignment will be discussed. The section 6 will describe the competencies I believe that I have demonstrated, and Section 7 will provide the summary of the report.
The descriptions of two business plans of two companies
Premiere Electric
Vision
Vision is to become the market leader in electrical service industry in Australia and deliver electric service related consultancy to other competitive firms in the market.
Mission
Mission statement aims to develop the loyalty customer base to the organization in order to ensure the business sustainability and achieve majority of market share in the industry.
Goals
Our primary goal of Premiere Electric is to ensure that business operations are integrate with overall corporate growth strategies and increase the level of customer satisfaction over the period of time. In addition to that we aim to integrate our business operations with modern technology to ensure the business effectiveness and efficiency over the period of time.
Marketing Plan
Our main marketing approach is online marketing. That means we use social media to reach larger number of customer base within limited period of time at lower cost. In addition to that we perform market feasibility test to identify the real requirements and expectations to target market customer base. Further our marketing plan aims to perform the direct marketing approaches to reach the specific clients in order to deliver our strengths and capabilities.
Products or Services
The main service is providing electrical installation and maintenance services to both corporate clients and individual clients. Further we expect to provide consultation services to corporates on electrical services in future.
Barnum Painters
Vision
Barnum Painter defines the vision statement of “delivering unique and differentiate service to corporate clients and individual clients in Australia”.
Mission
Mission statement emphasizes that in order to ensure the service uniqueness and differentiation, it is essential to understand and analyze the behaviors of social environmental changes and customer perception in target market.
Goals
We aim to match the customer requirements and expectations with the service features and specifications. Based on that we expect to maintain annual 20% revenue growth rate and 10% net profit growth rate per annum. In addition to that we target to keep employee turnover ratio below 5%.
Marketing Plan
In order attract the customers for Barnum Painters, it is used the combination of online marketing and offline marketing. Under offline marketing, it is expected to advertise the service details and specifications in business newspapers, publish on yellow pages, participate to industrial expos etc. Under online marketing approach, it is used the social media as primary method of online marketing.
Products or Services
Barnum Painters provides the services of industrial painting services for houses, buildings etc. In future we expect to sell the high quality paints to outside market to generate the other income sources.
Identified of three the strongest elements of each plan
Premiere Electric
It is mainly considered on trust and good services to the customers. For that purposes it is expected to ensure the high level of service quality assurance to the customers to ensure the customers satisfaction. Quality management strategies have been implemented to ensure that service features and specifications meet the quality standards to ensure trust and quality service.
The main critical factor of electrical service industry is safety and awareness. We have implemented safety standards and parameters to ensure that operational process in terms of delivering the service are occurring with respect to the safety and awareness assurance. Further we plan and conduct training and development programs to ensure that our employees are aware about safety assurance standards in delivering the services.
It is important to identify the market segments in order to develop the marketing strategies. In developing marketing strategies, we follow market segmentation, targeting and positioning. Psychological method is used to develop the identify the market segments. We have identified the right market segments in order to develop the market strategies and service features and specifications.
Barnum Painters
Most of the customers are expecting the uniqueness from our service. For that purpose, we are using service development strategies to find out the strategic approaches to deliver differentiated service to the customers. We perform market researches to identify the changes in people mind set in terms of painting and plan the service compositions based on those implications.
Creativity and innovative approach of service development is another strength of the business. We always come with new service designs to impress the customers and meet the market competition from competitive business firms. Our innovative management strategies focus on how to develop creative service packages and ensure the creativity.
Value of customer is important to build strong customer relationship management. We have implemented excellent after sales service process to gather customer feedbacks on our service. In addition to that customer relationship management process involves with managing the customer complaints within limited period of time.
Identified of three the weakest elements of each plan
Premiere Electric
Market competition is considered as one of the main weak point to increase the market share. That means there are larger number of competitive firms in the industry which are delivering similar kind of service to the market. In order to manage the adverse implications of market competition, it is essential to deliver innovative service to the market.
Financial plan consists of two aspects such as working capital management and long term capital management. We do not have proper working capital management plan to increase the retained earnings of the business. As a result of that growth of the business will be limited due to lack of adequate financial resources for reinvestments. Further budgeting strategies need to be implemented for each functional area of the business.
Further we have to invest huge startup cost at the initial stage. We cannot rely only on debt financing at the initial stage due to it increases the financial risk position of the organization. Due to lack of adequate initial capital requirements, it is essential to implement the business development plan step by step.
Barnum Painters
In order to ensure the uniqueness of painting services, it is essential to have competent and skillful human resource. The problem is there is a labor shortage for skillful human resource in painting service industry. As a result of that there is a potential risk of increasing the labor turnover of the business.
Market fluctuations in painting industry will be affected to the business operations in different perspective. That means people perceptions and tastes towards painting industrial services are rapidly changed. As a result of that there should be an excellent service development mechanism to match with the customer requirements and expectations. Further due to the changes in economic environmental variables, prices of services should be changed to match with the purchasing power of target market customers.
Requirement of administration plan is essential to manage the overall functional activities to achieve the common goals and objectives of the business. Current administration plan of the business should be restructured to compatible with the external environmental forces.
Suggestions for improvements
It is essential to plan the service components based on the external environmental implications. That means service packages and components based on the economic environmental implications. For example; increases of economy inflation rate should be considered in determining the pricing packages. Further financial management strategies should be planned based on the budgeting techniques. Forecasting techniques involve with predicting the future scenario based on the historical data.
Most of the manufacturing business organizations use forecasting techniques to predict the material requirements, human resource requirements etc. to meet the production targets and achieve the production goals and objectives. For example; human resource budget involves with forecasting the future human resource requirements to compatible with the production requirements. Budgeting technique is considered as one of the best forecasting technique. It involves with formulating the expectations and parameters of forecasting process to compatible with internal and external business environmental factors. Budgeting technique can be used only for the quantitative data analysis.
Business level strategies of the organization should be planned considering the financial and non-financial capacity of the business. Capacity management is a process which coordinates the all the sub process from starting point to end point of the operation process. Capacity management discusses the capacity time scheduling, capacity resource scheduling, achieving the operational objectives, determine the capacity direction and guidance etc. Further capacity management involves with linking the all the processes of the operation process into one chain in order to attain the operational objectives of the organization.
Further supply chain management strategies should be structured to acquire high quality raw materials to deliver the unique and quality service. Supply chain management strategies involves with implementing the integrated supply management practices in the organization through proper combination of forward supply chain process and backward supply chain process. Supply chain management process discusses the both supplying processes of forward supply chain and backward supply chain. Forward supply chain discusses the how organization should distribute its products and services to the end customers of the organization. Backward supply chain process discusses about how organization should get the required resources for the production process of the organization.
Challenges and learnt lessons
The main challenge is rapid changes in internal business environment and external business environment. As a result of that business level strategies and corporate level strategies of the organization need to be changed in order to survive in the market. Further it is learnt that competitiveness among existing firms in the industry limits the development and growth of each business firm. For that purchase it is required to promote innovative business culture to deliver differentiated product to the market. In addition to that financial limitations create barriers to achieve the future growth related goals and objectives. Further human resource management is essential to ensure the business sustainability. That means having competent and skillful human resource is an asset to the business organization. However, there is a huge labor turnover in labor market.
Customer service management is considered as one of the critical success factors for long term customer retention. That means there is a positive relationship between proper customer service management and customer retention. That means when organization has an excellent customer service management framework, it is help to retain the customers for longer period of time. The main importance of customer service management is business organization can ensure the longer period of customer retention and it will help to ensure the business sustainability in financial and non-financial perspective.
Demonstrated competencies
Founders of business have excellent educational qualifications and practical experience in electrical services and painting services. It is an internal environmental strength to the organization in order to face the market competition. Further our human resource has adequate skills and experience to ensure innovation and unique service delivering organization culture within the organization. Further we have knowledge sharing organization culture to promote on job training and development within the organization. Further current marketing management process has segmented the whole market properly in order to identify the right customer base. Further financial performance forecast for next three years’ period shows that net profitability of two business segments is increasing over the period of time.
Conclusion
Both electrical service industry and painting service industry are very competitive industries. In order to meet the market competition, it is required to ensure the effectiveness and efficiency innovative service development mechanism. Further there should be an integration among functional management process of the organization. In addition to that marketing management strategies of the business organization should be updated frequently with respect to the changes in business environmental forces and changes in customer perceptions to retain the existing customers and attract the new customers towards the business. The main challenge is customers’ behaviors and perceptions are changing frequently. As a result of that business organizations have to change the customer relationship management framework frequently. In addition to that lack of business readiness to respond to the changes in business environmental forces and update the customer relationship management process in real time basis. Customer relationship management strategies should be integrated with technology. It will help to identify the changes in customers’ behaviors and responses in real time basis.
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