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Business Plan of the Trade Name: AutoPoint - Case Study Example

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The paper "Business Plan of the Trade Name: AutoPoint" is a good example of a case study on business. This business focuses on enhancing the coffee experience by having an auto coffee machine that is controlled by a computer with a strong processing system. The coffee machine will thus have different kinds of coffee beans, milk, and syrups…
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Extract of sample "Business Plan of the Trade Name: AutoPoint"

Running Header: Business plan Your name: Course name: Professors’ name: Date Business plan summary The Business The business name is Autocoffee while the trade name is AutoPoint. The domain is AutoCoffee.com.au. The business structure is partnership with Certification of Domestic infant industry. The business aims at focusing on customer needs through a computer system that stores their information. The Market The company focuses on selling coffee specialty products to the customer base which is includes all ages but special focus on demographics of adults above the age of 40 because they are the leading coffee consumers in Australia. The Finances The finances will be generated from partners’ contributions, friends and bank loan. The speculated profit is about $1 million per year. Table of Contents Running Header: Business plan 1 Your name: 1 Course name: 1 Professors’ name: 1 Date 1 Business plan summary 2 Table of Contents 3 The Business 5 Business details 5 Registration details 5 Organisation chart 6 Management & ownership 7 Risk management 7 Legal considerations 8 Sustainability 9 Environmental/resource impacts 9 Community impact & engagement 9 Risks/constraints 9 Strategies 9 Action plan 10 The Market 10 Market research 10 Market targets 11 Environmental/Industry analysis 11 Customer 13 Customer demographics 13 Key Customers 13 Customer management 14 S.W.O.T analysis 14 Competitors 15 Advertising & sales 18 Advertising & promotional strategy 18 Sales & marketing objectives 19 Unique selling position 20 The Future 20 Vision statement 20 Mission statement 20 Goals/objectives 20 Short term goals 20 Long term goals 21 Action plan 21 The Finances 21 Key objectives & financial review 21 Finance required 21 Assumptions 22 Start-up cost for the year 22 Balance sheet forecast 23 Profit and loss forecast 24 References 25 The Business Business details This business focuses on enhancing coffee experience by having an auto coffee machine that is controlled by a computer with a strong processing system. The coffee machine will thus have different kinds of coffee beans, milk and syrups. The machine connected to a computer will allow the customer to scan their cards; these cards will store customer’s information. The information stored will include customers name, their favourite coffee type as well as their birthday. When the customer scans their cards in the counter, he/she will use less time and make their coffee right away, this will ensure that the service is quick and saves time. This product aims at enhancing the experience of coffee taking which is different from the traditional ways of ordering coffee. Registration details Business name: The proposed name of the business is AutoCoffee. Trading name(s): AutoPoint. Date registered: The business will be registered by 1st May 2013 Location(s) registered: Adelaide Business structure: Partnership ABN: To be provided ACN: To be provided GST: To be povided Domain names: AutoCoffee.com.au Licences & permits: Certification of Domestic infant industry Business premises Business location: The location of our proposed business is in busy streets of Adelaide, the space of occupations will be 1,300 square feet. Our location will have a few traditional coffee shops; staying close to them will be an advantage because customers will came to try new coffee experience. Buy/lease: The business location will be leased; the arrangements will consider the monthly payments, the required registration as well as the cost of the facilities required. Organisation chart Figure 1: Organisation chart Management & ownership Names of owners: The owners of the partnership will be three people. Details of management & ownership: A Chief executive officer will be appointed to run the business on the behalf of the partners. Our involvement as partners will be to monitor the progress of the business. The proposed percentage share is 50% each for the three partners; the role of every partner will be equal. A formal partnership agreement/contract will be put in place. Experience: All of the partners have experience in SME, about 2 years in average. The three partners have run electronic shops and single coffee outlets among others. The major achievements so far includes earning profits within the first year of business and getting awards of recognition as entrepreneurs at different levels Insurance The following insurance plans will be provided in order for the business to commence its operations. Workers compensation, Public liability insurance, Professional indemnity, Product liability, Business assets, Business revenues, the details of will be provided once insured (Vixie Gettys, & Nichols, Allman 2011). Risk management Risk Likelihood Impact Strategy Financial constrain risk Highly Likely High, Ensuring strong capital base and government support through domestic infant protection, less taxes. Machine damage risk Likely High Ensure constant maintenance and monitoring of the coffee machine. Growth risk Sensitivity risk Likely Medium Creating platforms for monitoring the external environment and be proactive in response Structural risk Highly Likely High Continuous improvement of product & service differentiation Legal considerations The following legal requirements will be considered. i. Fire and Rescue Service Act 1990 ii. Food Act 2006 iii. Local Government Act 2009 iv. Retail Shop Leases Act 1994 v. Sale of Goods Act 1896 vi. Work Health and Safety Act 2011 vii. Vocational Education, Training and Employment Act 2000 viii. Water Supply (Safety and Reliability) Act 2008 Sustainability Environmental/resource impacts Coffee shops have a direct impact on the environment because of the waste generated in packaging, detergent polluted water and waste food. All these wastes could pollute the environment. Community impact & engagement The waste generated affects the environment in the sense that it pollutes it; some packaging materials are not biodegradable and hence not decaying after disposal. In order to mitigate the wastage, I will engage the community through using disposable and recyclable packaging materials. The water will also be disinfected and recycled for reuse (Trump Unversity 2008). Risks/constraints The major risk in this is environment pollution which can attract germs and hence leading to disease outbreak, animals can also consume the packaging materials that are not biodegradable and hence harming them (Toor, TPS& Dhir 2011, p.275). Waste water and food attract large amounts of fungi and bacteria; this directly harms the environment and hence leading to human disease. Strategies In order to ensure that there is minimal environment harm, first the packaging materials will be made of disposable and recyclable materials hence preventing the effects of non-biodegradable packaging materials like polythene. Detergent polluted water will be cleaned and reused in the coffee shop, while the waste foods will be disposed carefully in the required places in order to avoid their negative effect on the environment (Zippel-Schultz & Schultz 2011). Environmental audit will be conducted in order to check the success of the strategies adapted to ensure minimal or no harm on the environment. An effective environmental management system will also be developed once the business starts operations. Action plan Sustainability milestone Target Target date Ensure recycling of detergent water 70 % reduction in waster waste Annually Use of environmental friendly packaging materials Ensure 90 % reduction of wasteful materials in the environment Annually Reduction of waste food 95 % reduction Annually The Market Market research Secondary market research was done in order to establish the coffee trend in Australia; the key findings of the research are as identified. There is a general growth in the coffee market in Australia as evident in 2012 research findings. This is particularly in major city centres, customers are evidently dedicated to on-trade coffee, the popular coffee styles in Australia includes cappuccino, the local specialty, latter, flat which mainly incorporates microfoam steamed milk in a single or even double ristretto espresso shot. On-trade coffee sales have seen an increase over the past year as a result of the customers increasing appetite to take continuously more premium beverages as further elaborated by the plethora of organic , sustainable, fair trade, micro-roasted artisanal coffee types available , single-source and carbon-neutral. Despite evident decline in levels of consumer confidence, barista-prepared on-trade-coffee is perceived as permissible indulgence (Ross, Alexander Gritsyuk, Morrin & Tan 2011, p. 23). The success in the industry can be largely attributed to the nation’s love for quality gourmet coffee which is integrated into the daily routine of a large portion of the Australian population. Based on the customer behaviour, Australians are naturally curious and they are willing to try out new ventures, this is a positive indicator as our product will attract them due to its uniqueness and the potential to enhance their experience. Market targets The target sales will be analysed on a quarterly basis, starting from the first month, we expect to sale at least 10 litres of coffee to 20 litres a day, this translates to 300 to 600 litres a month, this is also expected to grow as the business attracts more customers and average at 1500-2000 litres a month by the end of the fourth month (Thomassen 2012, p.565). Environmental/Industry analysis The coffee industry is on the growth according to the recent statistics, the industry revenue is about $5billion with an annual growth of 2.2%, the employment levels averages at 83,719 and about 6,488 businesses as a result of the industry status. The increase in the number of new cafes as well as coffee shops in the country is a strong indicator of the current growth in the life cycle; enterprises as well as new establishments are expected to increase by 2.0% to 2.4 % respectively over the next period of 10 years (Holmes 2012). More so, the growing life cycle phase can be determined by considering a faster rate of growth for industry value added (IVA) which essentially measures the industry’s contribution to the overall economy. It is anticipated that over the next 10 years, the IVA for the industry will grow at 4.2 % annual rate as compared to the GDP annualised growth rate of 2.4%. The statistics clearly shows a positive trend in the industry and hence the need to take advantage of the situation (PRwed 2012). Australia is one of the largest world economies with a Gross Domestic Product (GDP) of US$1.57 trillion. The estimated GDP growth rate is 3.3%. The country has a very stable economic base; in fact it was not affected by the recent global financial crisis on 2008-2009. Notably, other sectors such as: hospitality, transport (air transport), restaurant and catering were affected by the global financial crisis while the coffee industry grew in revenues. This could be attributed to Australians love quality gourmet coffee and it is entrenched into the country’s daily routine (Rose 2010,). According to PRwed (2012) the IBISWorld industry analysis reveals that the industry success is basically based on the price, quality of respective coffee brand, customer service and how well a coffee cup is prepared. The report also reveals that the industry annualised growth rate is expected to reach 2.6 % in the next five years totalling to about $4.96 billion. According to Rose (2010) the industry is also expected to have sustained growth up to 2016-2018, this is with respect to the expected economic growth and hence earnings. Some notable variables that may impact on the coffee industry include: health consciousness, increase in consumer ethical spending and sales bolster. More so, according to Tiffen & Gittins (2004, p.34) the presence of international players as well as coffee shop franchises is likely to swell, the prevalence of small specialty operators coupled with increasing competition fuelled by the nation’s enshrined coffee culture is expected to be the underpinning tenets of the industry’s vibrancy and success. Notably, the industry experienced a large staff turnover; the industry largely depends on casual workers who work as they study. The low earnings as well as lack of well-defined career paths in the sector are hindering workers from considering the industry as a sustainable and long-term employment opportunity ( Megalakaki, Sotiriou, Savas, & Manoussakis 2012, p.423). As evident, the market size is potentially large with room for new entrance based on the recent industry trends. In essence, the growth potential offers a good opportunity for our business to start up and acquire a significant customer base as a result of its uniqueness. It is expected that customers will change to a more customized approach to their appetite instead of regularly ordering coffee with specifications in the counter. Our uniqueness is our strength when making the market entrance (Zippel-Schultz & Schultz 2011). Customer Customer demographics The general target market is genders, age between 18-70 years, still schooling and already schooled individuals with high appetite to unique coffee. Key Customers In Australia, 55+ of adults account for more than 30 % of hot drinks consumption, about 35 % of this take coffee. More so, urban consumers are the largest consumers of coffee and other hot drinks in Australia with a record of 93.4% (Euromonitor 2013). Based on these statistics, the key target demographics are adults of both genders aged from 40-70 years, with more than average income. This target group also lives in urban areas, Adelaide to be specific and educated. Customers will be targeted mainly through strategic placement of the product, in busy streets of Adelaide (Honig, & Samuelsson 2011, p.10). Customer management In order to attract and maintain customers, good customer relationship will be enhanced. As an example, taking customer details such as their preferred type of coffee and even some personal details such as their birthday will be a good basis of enhancing customer relationship. These customer service standards will ensure that repeat customers increase over time. The business code of practice is to ensure sustained and customised quality coffee to customers (Beckett 2012, p.289). S.W.O.T analysis Strengths Weaknesses I. Our product is unique in the sense that it considers personal aspects of the consumer and stores their information in order to retrieve them later when the customer visits. II. The new innovation saves time and hence increasing customer experience. III. Customer focused approach to the market, demographically. IV. Good internal management. I. Product pricing II. Financial constrains for maintaining the business before breaking even. III. Legal requirements fees and other unexpected start-up fees. IV. Fighting the existing major market brands such as Starbucks (Jolliffe 2010). Opportunities Threats I. The coffee industry is on the growth and hence easy market entrance and sustainability to our business. II. Brand image growth potential as a result of its uniqueness (Kleinknecht & Klandt 2011). III. Increased growth in the GDP will increase customer purchasing power. IV. I. Employment issues as most workers don’t view the industry as a sustainable career path. II. Low wages is likely to affect the industry III. Competition in the industry as it is full of existing and new entrants to the market (Brinckmann Grichnik & Kapsa 2010). IV. Coffee price volatility in supplying countries, especially developing countries V. Consumer trends towards a healthy approach and avoiding caffeine. VI. Possible market saturation as a result of many entrants (Shavelson 2012,p.77). Competitors The major competitors in the market are well organized, customer focused and also have the advantage of size because most of them operates franchises and also have many shops throughout the country (Marsden 2010, p345). Based on the current analysis of competitors, AutoCoffee has a significantly large potential. This is mainly its unique product which focuses on the customer by storing their important information such as the customer name, preferred type of coffee and other additional details such as birthday. The different in this case with what competitors offer is enhanced focus on customer needs that aims at prompting repeat customers through customer value. In essence the auto coffee machine reduced the time it takes to make coffee since once the customer inputs details, the details are saved and used when the customer visits the shop again to make her preferred coffee. The customers experience is enhance in this way, way better than what the industry offers at this time (Chwolka, & Raith 2012 p.385). Competitor Established date Size Market share Value to customers Strengths Weaknesses  McDonald's McCafe, Launched in Melbourne in 1993. 85,000 employees and 780 coffee shops in Australia More than 60% Enhanced services alternative healthy foods offering. Global recognized brand name Their services are not focused to meet customer needs. Many customer complaints over the past years. Starbucks Coffee Opened first store in July 2000 at Hyde Park in Sydney, NSW 87 stores in Australia 2% of the market share Offers quality coffee to customers Globally recognized brand name and world largest buyer of Fair Trade Certified Coffees Performance in Australia below expectations as a result of poor customer focus (Ciletti 2010).  Gloria Jean's Coffees Opened in 1996 in Australia Miranda, Sydney, and then in Eastgarden It has 320 Franchise Partners, operating 500 stores, with an average of 7 million guest per month About 38 % market share Customer focused and the most popular specialty coffee retailer in Australia. The largest specialty coffee retailer serving a wide range of espresso coffee drinks. Innovative market support system. Its partnership with Mercy Ministries and charity organizations caused decline of sales especially from the gay and lesbian communities in Australia. Advertising & sales Advertising & promotional strategy Planned promotion/ Advertising type Expected business improvement Cost ($) Target date Print media advertising Focused to improve business success by targeting the older people (Baby boomers) who prefer offline media means of getting information such as magazines, newspapers and other articles. $4000 Effect within 5 months Online Advertising This focuses on the entire target demographic; it is a relatively cheap means of getting large audience within a short period of time (Finch 2006, p.45). $700 Targets within 1 month Social media campaign This will focus on the entire customer base, special offers, stores/shops location update. This means will improve the business by ensuring that the target customers have more knowledge about the location of the shop and new offers. $800 Within 2 months period Sales & marketing objectives The AutoCoffee sales team will compose of experienced individuals with vast experience on customer behaviour as well as understanding of the local market and ability to employ different sales and marketing techniques to get customers coming. The sales team will employ online and offline marketing techniques to sell the AutoCoffee product. The team will thus take advantage of the online platforms tools to market and also ensure that the offline options such as media print is optimized. The team will target to increase sales by a factor of two every month (Arnold & Lurie 2009, p.34). Unique selling position Our unique advantage over our competitors is basically our approach to the coffee specialty industry. We offer unique and customized option by using a computer managed machine which produced different kinds of coffee by using varying coffee beans, syrups and milks. The machine connected to a computer with stores the database will be able to store customers information such as their names, favourite coffee type and additionally, their birthday, yes their birthday in order to enhance their experience (Pinson 2001). When the customer visits the shop, they will only present their cards and the coffee will be automatically made and hence saving time, additionally, it is it is customer’s birthday, the machine will acknowledge it. This will ensure that our product succeed where others have failed. The Future Vision statement To improve coffee taking experience through enhanced customer focus strategy with the goal of becoming market leader. Mission statement Customer experience will be our main focus, taking advantage of technology to enhance customer experience. Goals/objectives Short term goals i. To establish the product in the market within the shortest time possible ii. To break even within the first year iii. To continually grow through enhanced marketing strategies. Long term goals i. To become market leader in the coffee specialty sector ii. To generate constructively towards Corporate Social Responsibility and Climate change Action plan Milestone Date of expected completion Personal responsible Getting 1% market share within 6 months The entire team, partners as well as employees including the CEO. Ensuring quality products Continuous The employees Getting to 50% market share Within one year six months Al the stakeholders. The Finances Key objectives & financial review The main financial objectives of AutoCoffee are to generate at least $2million net profit within the first year and a sales turnover worth more than $4 million within the same period. AutoCoffee will also aim at reducing cost by encouraging recycling and taking advantage of any positive alternative that can save cost (Griffin, Ebert & Starke 2005). Finance required At least $140,000 will be required to set up the business; the funds will be obtained from friends, partners and bank loans as follows. Contributors Amount partner 1 20000 partner 2 20000 partner 3 20000 Bank loan 40000 Friends 20000 Investors 20000 Total 140000 Assumptions The financial assumptions made in this case include; The bank interest rates will be constant and hence allowing us to pay the expected principle and interests There will be no global financial crisis The rate of GDP growth will remain constant or increase to above 3% rate. Start-up cost for the year Start-up Requirements   Start-up expenses Amount($) legal 1300 stationary etc 500 Brochures 3580 Consultants 3000 Insurance 2400 Rent 4400 Remodeling 10000 Other 2500 Total Start-up Expenses 27680 Cash Required 67000 Start-up invetory 16000 Other current assets 1000 Long term-assets 40000 Total Assets 124000 Total requirements 151680 Balance sheet forecast Balance sheet Year 1 ($) Year 2 ($) Year 3 ($) Current Assets       Cash 6700 8000 9500 petty Cash 4000 6000 8000 Inventory 5000 7000 8000 Pre-paid expense 3000 4500 6500 Total Current assets 18700 25500 32000 Fixed assets       leasehold 14400 14400 14400 Furniture & fitout 6000 4000 2000 Computer equipment 10000 8000 7000 Eqipment/tools 8000 4000 4000 Others 1000 8000 8000 Total fixed assets 39400 38400 35400 Total assets 58100 63900 67400 Short-term liabilities       Credit card payable 1200 1300 1400 Account payable 3000 4000 5000 Interest payable 2000 1000 14000 Accrued wages 3000 4000 5000 Income tax 2000 2300 3200 Total short term liabilities 11200 12600 28600 Long term liabilities       Bank loan 40000 30000 20000 Total Liabilities 62400 55200 77200 Profit and loss forecast Balance sheet Year 1 ($) Year 2 ($) Year 3 ($) Current Assets       Cash 6700 8000 9500 petty Cash 4000 6000 8000 Inventory 5000 7000 8000 Pre-paid expense 3000 4500 6500 Total Current assets 18700 25500 32000 Fixed assets       leasehold 14400 14400 14400 Furniture & fitout 6000 4000 2000 Computer equipment 10000 8000 7000 Eqipment/tools 8000 4000 4000 Others 1000 8000 8000 Total fixed assets 39400 38400 35400 Total assets 58100 63900 67400 Short-term liabilities       Credit card payable 1200 1300 1400 Account payable 3000 4000 5000 Interest payable 2000 1000 14000 Accrued wages 3000 4000 5000 Income tax 2000 2300 3200 Total short term liabilities 11200 12600 28600 Long term liabilities       Bank loan 40000 30000 20000 Total Liabilities 62400 55200 77200 References Arnold, J & Lurie, I 2009, Web Marketing All-in-One Desk Reference For Dummies, John Wiley & Sons, Sydney.pp.34-45. Beckett, S. (2012). Business planning. Journal of Business Continuity & Emergency Planning, vol.5, no.4.p 289. Brinckmann, J, Grichnik, D & Kapsa, D 2010, Should entrepreneurs plan or just storm the castle? A meta-analysis on contextual factors impacting the business planning–performance relationship in small firms. Journal of Business Venturing, vol.25, no.1.pp. 24-40. Chwolka, A, & Raith, MG 2012, The value of business planning before start-up—A decision-theoretical perspective, Journal of Business Venturing, vol.27, no.3, pp. 385-399. Ciletti, D 2010, Marketing Yourself, Cengage Learning, Melbourne. pp.211-231. Euromonitor 2013, Coffee in Australia, Country report, Accessed from http://www.euromonitor.com/coffee-in-australia/report Finch, B 2006, How to write a Business Plan, Kogan Page, Philadelphia.pp.45-56. Griffin, RiW, Ebert JR & Starke AF 2005, Business, Peearson Custom Publishing, Boston. Holmes, H 2012, Coffee shop, SBDCNet, Accessed from http://www.sbdcnet.org/small-business-research-reports/coffee-shop Honig, B & Samuelsson, M 2011, Do good plans lead to good performance? a six year longitudinal examination of business planning, Frontiers of Entrepreneurship Research, vol.31, no.4, p 10. Jolliffe, L 2010, Coffee culture, destinations and tourism, Channel View Publications, New York. Pp.45-56. Kleinknecht, S & Klandt, H 2011, Business planning: Driving or preventing entrepreneurial activity? Frontiers of Entrepreneurship Research, vol.31, no.21, p. 2. Marsden, SJ 2010, Australian Master Bookkeepers Guide, CCH Australia Limited, Sydney.pp.345-356. Megalakaki, O, Sotiriou, S, Savas, S & Manoussakis, Y 2012, Problem-based educational environments: a case study in e-commerce and business planning., Electronic Journal of Research in Educational Psychology, vol.10, no.1.pp. 423-446. Pinson, P 2001, Anatomy of a Business Plan, Dearborn Trade Publishing ,Chicago. PRwed 2012, Cafes and Coffee Shops in Australia Industry Market Research Report now updated by IBISWorld, IBISWorld, Accessed from http://www.prweb.com/releases/2012/5/prweb9545122.htm Rose D 2010, Australia a nation of coffee drinkers, The Sunday Morning Herald, 5 March. Accessed from http://news.smh.com.au/breaking-news-business/australia-a-nation-of-coffee-drinkers-20100305-pnbb.html Ross, C, Alexander, K, Gritsyuk, R, Morrin, A & Tan, J 2011, An interprofessional approach to business planning: a model of collaboration, College Quarterly, vol.14,no.2.pp.23-34. Shavelson, RJ 2012, Assessing business-planning competence using the Collegiate Learning Assessment as a prototype, Empirical Research in Vocational Education and Training, vol.4, no.1.pp. 77-90. Thomassen, H 2012, The implications of business planning for economic stability in the United States, The Journal of Finance, vol. 13, no.4.pp. 565-566. Tiffen, R & Gittins, R 2004, How Australia Compares, Cambridge University Press, Cambridge.pp.34-45. Toor, TPS, & Dhir, T 2011, Benefits of integrated business planning, forecasting, and process management. Business Strategy Series, vol.12,no.6.pp. 275-288. Trump Unversity 2008, Newslatter: How to Write a Business Plan. 4 June 2008. http://www.trumpuniversity.com/programs/sba/en001.cfm. Vixie, P,Gettys, J & Nichols, K, Allman 2011, Arrogance in business planning. Communications of the ACM, vol.54, no.9.pp.24-43. Zippel-Schultz, B, & Schultz, C 2011, Mediated and moderated effects of business and project planning on innovation projects in hospitals, Creativity and Innovation Management, vol. 20, no.4.pp. 296-310. Read More
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