In order to successfully run a business and maintain the organizational growth, drafting a business plan is highly important. In addition to this, it is to be mentioned that an efficient business plan plays significant role in analyzing and deciding the products and services along with deciding effective strategies of leadership, financing and day to day operations. It has been monitored that an effective business plan is significantly helpful in identifying proper funding and financial investors (Scarborough, 2016, p. 33).
In addition to this, it has also been noticed that the business plan is required in order to analyze effective operations and equipment that are necessary for the business. In addition to this, it is also to be mentioned that a successful business plan is helpful in accessing the market and competition that is present. The present report hence will compare and analyze two business plans.
Overview
Blueprints Business Planning Pty Ltd is an organization that is aiming at providing effective business plans for the business manages of small business. In addition to this, it is to be mentioned that the organization is also aiming at providing business solutions in accost effective manner. In this regard, it is also to be mentioned that the organization is aiming at capturing the small scale industries that are emerging in the Sydney metropolitan area (Schaper et al., 2014 p. 198). In addition to this, the organization is also aiming at providing marketing and additional business solutions to the emerging organizations. In this regard, it is to be mentioned that the organization is aiming at heightening their growth by capturing the growing market in Sydney.
In comparison to Blueprints Business Planning Pty Ltd, Palms and Bond is another small scale venture that not only is aiming at providing the business plans to entrepreneurs, but it is also to be aiming at addressing the developmental needs of the organizations. To elaborate it furthermore it can be said that the organization will help entrepreneurs in building new businesses by providing detailed solutions of staffing, location, funding and employees. In addition to this, the organization will also take active initiatives in market analysis and existing competition.
Operations
It is to be monitored that in its initial stages, Blueprints Business Planning Pty Ltd is aiming at starting its operation with a single employee, Jessie Jones, who will also be acting as the managing director of the company as well. In this regard, it is to be monitored that in order to minimize the cost of a startup, the organization is aiming at being operative from an office that will be based at Jessie’s home (Zikmund et al., 2013 p. 31).
It can be said that the strategy of being operative from home, in order to reduce the expenses of establishment will be highly effective for the organization in its initial days. In this regard, it is also to be accessed that the organization and the shareholders of Blueprints Business Planning Pty Ltd are aiming at investing their own capital to support the initial expenses of establishment. It has also been noticed that the directors of the organization do not wish to opt for loans, unless a significant change or development is monitored.
In contrast to this, Palms and Bonds will be operating in collaboration with their partners. It can easily be understood that the strategy of involving partner companies in the business operations will be more effective rather than using personal funds. To explain it furthermore it can be said that by involving the partners, the organization can avail help in financial as well as marketing sections.
However, investing own capital is to be regarded as risk prone (Hair et al., p. 11). In addition to this, it is also to be mentioned that in order to build as well as implement effective marketing and advertising strategies as well. In addition to this, it is to be mentioned that the strategy of engaging only one employee who will handle and look after all responsibilities of Blueprints Business Planning Pty Ltd, can be considered as highly risk prone. In this regard, it is to be mentioned that managing the responsibilities of both a director and planner will be difficult. Moreover, Blueprints Business Planning Pty Ltd needs efficient employees to be engaged so that they can take up responsibilities of market analysis, advertising and finding investors for these small scale industries.
It has also been noticed that Blueprints Business Planning Pty Ltd is aiming at obtaining for a business license that will enable them to start their venture from the home setup only (Mollick, 2013, p. 26). In contrast to it, Palms and Bonds is aiming at receiving a business license that will enable them to be functional from an office setup. This will be more helpful for Palms and Bonds in the process of functioning as well as gaining the confidence of the potential clients in a more effective manner.
Financial Strategies
In order to analyze and compare the financial strategies that has been taken up by Blueprints Business Planning Pty Ltd and Palms and Bonds it can be said that Blueprints Business Planning Pty Ltd is aiming at utilizing only the investments that have been made by the three shareholders of the organization (Jansen, 2017, p. 27). In this regard, it can easily be understood that the organization hence needs to minimal resources in order to run the day to day functions of the company. In addition to this, the factors that are to be kept in mind in order to implement effective financial strategies the following aspects are to be analyzed.
While analyzing the financial strategies taken up by the Palms and Bonds, it can be understood that the organization is adopting the strategy of providing time for payment against their services. To explain it furthermore, it is to be mentioned that the organization is aiming at dealing with the medium and large scale industries (Wirtz et al., 2016, pp.36-54). Hence, they want to exhibit their value towards their major customers. In this regard, it is to be monitored that the managers of Palms and Bonds are not willing to push their clients for payments. Hence, it is easily understandable that a greater investment is required to maintain the organizational functioning.
In addition to the financial expenses and profits obtained from the business, another important factor that is to be kept in mind is the process of accessing the economy of these two organizations. It is to be monitored that Palms and Bonds is assuming a strong organizational economy. In this regard it is also to be mentioned that by analyzing the present scenario of the country it can be understood that Australia is emerging as one of the major markets for the growing entrepreneur ventures (Collis and Hussey, 2013, p. 37).
As a result, Palms and Bonds assumes a growing market and developing their business by becoming one of the leading organizations that come up with business solutions. In addition to this, it is also can be understood that as Palms and Bonds is aiming at engaging medium and large scale industries, the needs of training and developmental programs, financial analysis will always be present within these organizations. Hence, the directors of Palms and Bonds has forecasted a strong economy which will not be affected unless a major economic recession.
In contrast to this, the financial forecast of the Blueprints Business Planning Pty Ltd points out towards the lean seasons for the business (Massa and Tucci, 2013, pp.420-441). To explain it furthermore, it can be said that the organization will be providing service to the small scale industries and these organizations tend to reduce their business during the summer and Christmas holidays. This can affect the economy of Blueprints Business Planning Pty Ltd to a significant extent.
Marketing Strategy
It is to be monitored that in order to ensure steady growth of the organization, the directors of Blueprints Business Planning Pty Ltd have identified the small scale businesses and the managers. It is to be mentioned that by setting up the small business ventures as their target market, the organization will be able to work effectively and decide business as well as developmental needs of those organizations (Scarborough, 2016, p. 19). In the present scenario, Australia is developing and emerging as a market for numerous small scale industries.
Hence, it can easily be understood that the organization can be highly benefitted by the emerging small scale industries. In addition to this, it is also to be mentioned that due to the strategy of cost effectiveness that Blueprints Business Planning Pty Ltd has adopted, the organization will be able to provide business solutions to the small scale industries in a minimum expenses.
In addition to this it is to be monitored that the organization is aiming at reaching towards few medium scale industries in the next step of their business (Collis and Hussey, 2013, p. 29). In this regard, it is also to be monitored that the Blueprints Business Planning Pty Ltd is not only aiming at the medium and small scale industries, but it is also aiming at the medium scale industries that are well established and have been running for two or more years.
Moreover, it is also to be mentioned that Blueprints Business Planning Pty Ltd will also address the training and developmental needs of the organizations that are looking for achieving organizational development (Zikmund et al., 2013 p. 23). In this regard, it is to be mentioned that in order to achieve sustainable growth and gain competitive advantages over other organizations,
both small and medium scale industries need to opt for external helps. In addition to tis, it is to be mentioned that training and development play important role in achieving the organizational growth and success. Hence, it can be said that by adopting the strategy of addressing the training and developmental needs to their clients, Blueprints Business Planning Pty Ltd can monitor significant revenue generation.
In contrast to Blueprints Business Planning Pty Ltd, it can be monitored that the Palms and Bonds is primarily focusing on the medium scale industries. It is also to be mentioned that the business strategy of Palms and Blues include providing business planning, addressing training and developmental needs as well as preparing growth plans by analyzing the market (Schaper et al., 2014 p. 201). Hence, it can easily be understood that the organization also thrives towards providing financial planning and assistance to the clients.
In addition to this, it has been monitored that Palms and Bonds has implemented significant strategies in order to ensure better advertising for their client companies. As it has made several tie ups and partnerships with other organizations, it can easily be understood that Palms and Bonds will be effective and successful in reaching to the investors as well as stakeholders for their client companies.
Recommendation
By analyzing the different planning and strategies that has been taken up by Blueprints Business Planning Pty Ltd and Palms and Bonds, it can be said that Blueprints Business Planning Pty Ltd needs to adopt more efficient organizational strategies in order to increase its market presence and ensure long term sustenance.
Conclusion
To conclude, it can be said that by implementing efficient strategies, the organization will be able to ensure long term sustenance and growth. In addition to this a detailed knowledge about the rules and regulations as well as the taxation policies of the local and state government is also important.
Reference
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Collis, J. and Hussey, R., 2013. Business research: A practical guide for undergraduate and postgraduate students. Macmillan International Higher Education.
Hair Jr, J.F., Wolfinbarger, M., Money, A.H., Samouel, P. and Page, M.J., 2015. Essentials of business research methods. Routledge.
Jansen, W., 2017. New business models for the knowledge economy. Routledge.
Lebedeva, T.E., Egorov, E.E., Vakulenko, R.Y. and Stouhina, N.Y., 2014. Innovation aspects of managing bachelor training program in the context of Bologna Process in Russia. Life Science Journal, 11(10), p.1097.
Massa, L. and Tucci, C.L., 2013. Business model innovation. The Oxford handbook of innovation management, 20(18), pp.420-441.
Mollick, E.R., 2013. Swept away by the crowd? Crowdfunding, venture capital, and the selection of entrepreneurs.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management. Pearson.
Schaper, M,.Volery,T,.Weber,P,. & Gibson, B, 2014. Entrepreneurship and Small Business 4th ed.Cornwall: Wiley
Wirtz, B.W., Pistoia, A., Ullrich, S. and Göttel, V., 2016. Business models: Origin, development and future research perspectives. Long range planning, 49(1), pp.36-54.
Zikmund, W.G., Babin, B.J., Carr, J.C. and Griffin, M., 2013. Business research methods. Cengage Learning.
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