Question:
Discuss about the Empire Pty Ltd Business Plan Report for Roadmap.
A business plan is a roadmap for your organization and outlines your goals and how you plan to achieve them. (Grimm, 2011). Empire Pty Ltd is a registered training organization that has been in existence for the last 12 months. From its name, the organization stands out from other organizations. The name empire symbolizes a certain highly ranked class and this name carries a good reputation for the organization. A company’s name is the image of the company to its clients (Dees, 1998). The organization’s logo however does not stand out and it doesn’t show or give a clue of what the organization does. Empire Pty has been operating as a registered organization. This means that it is a legal organization and accepted and recognized by the relevant bodies in the country. This builds its reputation towards its clients.
Every single business must play a certain role in a given niche (Gumpert, 1997). In the purpose section of the business plan, the organization clearly states that its existence is for the benefit of its client. It aims at providing high quality and relevant training. This aim makes it to differ from other institutions, which according to this section of the business plan, the organization claims that the other institutions have low quality and irrelevant training or at least of lower value. Empire Pty aims also at providing development solutions which are thought to improve the client’s business productivity and performance. Lastly it aims at providing national recognition for those who are trained through the organization.
The organization’s vision statement can be termed as a selfish and self-centered view of the organization. It reads out that by providing excellent customer service, that it will expand its customer base allowing the business to maintain profitability. A good vision should be reliable and should have a target audience (Zimmerer, 2005). This vision can only be relevant to investors who would need to place their investments in the organization with the assurance of lots of returns. However, to the clients, this vision may be interpreted that the organization is there for their own interests and not the clients they serve. Use of words like excellent customer service however brings harmony of this vision towards the clients.
The mission statement is very unique and relevant in that it is divided into a short term and long term goal. The relevance of this mission statement however is only confined to investors who put their money towards making it a success. To the clients who would seek services from the organization the mission statement does not have any impact on their willingness to get the services. From the mission statement it can be vaguely concluded that when the business plan was starting the organization did not have enough money to start and so they had planned to ask support from interested parties.
The marketing slogan of the organization is training that makes a difference. This slogan is very relevant to its target market. Being a learning institution, the main target market are people who would enroll in various courses that they offer. Institutions are very many in the communities these days and Empire Pty would have to look for a way to outdo the others. This market slogan clearly exemplifies that it is their training only and not the rest that would make a difference in the client’s experience.
The objectives segment of the business plan is divided into two sections; the objective of the business plan and the objectives of the business. In simple terms; what the business plan document aims to achieve and what the organization aims to achieve within a certain time frame. The purpose of the business plan as it is written is to provide a written guide for the ongoing management and also to develop business. It forms a strategic framework for developing a comprehensive tactical marketing plan. The audience is owners of business and reps from state training authority.
A company’s objective need to be SMART-Simple, Measurable, attainable, Realistic and Time bound. (Tsim, 2002). The objectives are very simple and to the point. They are realistic and their outcome can be measured. For example, the organization aims to achieve a net profit of $100,000 in the next financial year and later a 25% increase in profit each succeeding year. This objective is attainable and specific. It is time bound to 1year and this is good because it can be reviewed annually to determine if it has been attained. This objective is the only evidence that the organization has enough potential and willingness to raise profits. Investors may use these objectives to assess the organizations willingness to grow in profits and thus entrust them with their investments. Profit and Growth as objectives focuses on how the organization will improve its standards and profits. Citizenship as an objective outlines the organization willingness to work with other groups and develop strong relations. It also signifies the need for corporate social responsibility within the organization which has become a prominent issue globally (Moreno, 2007).
Empire Pty ltd gives a list of keys to success. The purpose of this may be to motivate employees and also employers towards attaining the organizations objective and promoting the vision and mission of the organization. These keys of success from the company are directed towards clients, customers, students, investors and other business partners. They include, quality, consultation, marketing and networking, relationships, follow up and growth.
Three classes of competitors are identified in the business plan. Knowing your competitor gives you an opportunity to stand out and be unique so that you can compete effectively (Aspris, 2013). Being a private registered learning institution, other institutions like in house training departments and public training providers. Public training providers are relatively cheaper to learn but facilities are usually below standards and Empire can take advantage and provide quality facilities and learning. In terms of operations, public providers which are funded by the government will tend to have a lower cost of maintaining the institution. In house training facilities also exists.
In the business plan, Empire Pty identifies the risks and opportunities that would be involved in. Some of the notable risk would include; a new business which is unknown in the region, no references from former clients, limited resources, lack of funding and owner operated. Some opportunities identified include; flexibility and low start up course.
Empire Pty ltd is jointly owned by two people Michael Chapman and Elliot Berkley and would run its activities under two directors who would be in charge of the activities in the institution. The structure of an organization is a true reflection of how day to day activities will run smoothly (Sandy, 1990). The organization will initially operate from home office to minimize cost. Facilities of the organization include; Computer, telephone, mobile phone, projector, laptop, broadband.
Three types of qualification courses are offered in the organization; National recognized qualifications, Stand-alone (Fee for Service training) and Training needs analysis. This large scope of available courses improves the market worthiness of the organization.
The Market analysis strategy is based on identification of potential clients from a number of industries. Ideally an organization should rely on a broad spectrum industries for their market. (Aspiris, 2013). Empire Pty has been able to identify 4 who include; Industrial, manufacturing, retail and service provider. The organization will employ strategies in its marketing plan. Include; personal contact, cold calling, internet, yellow pages and networking. Marketing materials will include brochures, business cards and website.
The pricing strategy is properly designed such as to charge less for the services, while maintaining some equality of training and generating. Some of the determinants used to estimate the fees includes; market rates, government funding, cost of printing materials, one-off course vs. ongoing contract.
Finally, a review of the business plan is very important and it monitors the direction in which the organization is heading to (Grim, 2011). It is the intention of Empire Pty to review the business plan annually. The review will focus on; Effectiveness of marketing strategy: number of trainees registered, number of courses scheduled, number of client enquiries, and feedback on marketing materials/brochures; Financial management: expenses actual to projection income actual to projection adjustments to budget required; Strategy review: Are we targeting the correct market segment? Are we capitalizing on networking opportunities? Are we under/over-resourced (staff, equipment, etc.)? Is the business financially viable? Do we need to make any changes to our scope of registration in order to meet customer needs? Are we meeting our goals/mission (client and student feedback on training effectiveness)? What adjustments need to be made to the business to ensure success?
References:
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