Business plan is considered as the written document which mainly describes the nature of the business, the sales and the marketing strategy (Entrepreneur staff, n.d.). It also states the financial background which reflects he projected profit and loss. In other words, it is a road map which provides directions so a business can plan its future and get prepare to deals with the issues occurred on their way. Time spend by organization for making accurate business plan, and also keeping it up to date is considered as an investment that mainly pays big dividends in the long run. Business plan of the organization must include all the necessary components related to the organization (The balance, n.d.).
This report provides a detailed business plan for the company called GS-COMMS, this company is based in Leicester which provides VoIP (voice over internet protocol) services to the small and medium size organizations in the UK (Wimmrauter, 2010). This report includes all related content, such as principles and practice of strategic enterprise management and new venture entrepreneurship, difference between the finance and investment models which mainly analyze the relationship between finance, investment, and business models, topics related to entrepreneurial leadership, business planning, and entrepreneurial finance, planning related to this new venture and decision making, market impacts on the objectives of this new venture, and applicability of enterprise tools and theories related to business environment. Lastly, paper is concluded with brief conclusion.
G&S Business Communications is the entity which helps their clients to compete in the global market which mainly demands smarter thinking and purposeful innovation. By developing the strategic public relations and marketing communications programs, this organization builds strong relationships for other business organizations (their clients) and brands along with the complete value chain. They mainly help their clients in increase their sales and enhance reputations (G&S, n.d.).
This company is based in Leicester which provides VoIP (voice over internet protocol) services to the small and medium size organizations in the UK. Players of this industry provide voice over internet protocol (VoIP) services to their clients such as individuals, organizations, and government institutes. This is the technology which converts the signals of the voice to the digital data, and it is transmitted by using the internet platform. It must be noted that, system and group of technologies are used by the organization for the purpose of delivering the voice communications and sessions related to the multimedia over the Internet Protocol (IP) network. There are number of players in the value chain of this business who provide their services along with the facility of internet, cable operated VoIP, and operators that resell VoIP services.
This company is established with the purpose of maximizing its products and services in the VoIP industry. This organization fairly competes with the other leading voice over internet protocol (VoIP) companies in the United Kingdom, and because of this organization need to ensure competent team members and equipment that will surely meet the company’s objectives and also meet the expectations of the consumers.
G&S make sure that they establish their business not only in UK market but also across the globe. This organization provides services related to the Nomadic VoIP, Static VoIP, VoIP over the PSTN, and other voice over internet protocol (VoIP) related advisory and consultancy services.
This company’s vision is to establish high standard and world’s best voice over internet protocol (VoIP) company, and services and brands offered by this company is not only accepted in UK only but all over the world.
It must be noted that entrepreneurship and strategic management both are considered as dynamic process which are concerned with the performance of the company. Strategic management focuses on the need of establishment and also maintains competitive advantage in context of particular environmental factors. On the other hand, entrepreneurship promotes the search related to the competitive advantage be ensuring innovation in the products, processes and markets. In other words, organization while conducting any new venture aims to achieve market share through innovation in the product (Shahidifar, 2016).
The most general link between the entrepreneurship and strategic management are opportunities. Opportunities are considered as important part of both the concepts. In other words, organization can create the value for business by identifying different opportunities in their external environment, and also by developing the competitive advantages to exploit these opportunities (Kraus and Kauranen, 2009).
Various things are required for the purpose of expertise in the VoIP industry such as organization requires knowledge related to the delivery of standard services, it also matters how organization network with the important peoples, and decision makers who decide the beneficiary of the VoIP contract (Dorf & Beyers, 2008).
Without any doubt, it can be said that there are number of investors who invested in the VoIP industry, but one thing is certain that this industry has huge scope for both big and small VoIP organizations. It is important for G&S to understand that for the purpose of getting competitive advantage in this industry, organization has to deliver reliable and budgeted services to their clients. It is necessary for organization to meet the set targets, as no one hire the services from such company which is not even able to meet their date of completion related to the projects.
Competitive advantage of this organization is lie in their team strength, and workforce. G&S have a team which includes creative and highly proficient ICT experts related to the voice over internet protocol (VoIP) technology, and they also hire such team which has excellent qualifications and experience under different niche areas of this industry (VoIP anti blocking, 2009). Aside from the synergy that mainly exists in the workforce of the organization, we possess state of art server that will reduce the downtime of service and also guided by the best practice in the industry.
Employee job satisfaction is also one of the biggest competitive advantages, as organization takes care of their employees and packages of employees must be best in the UK market of this industry. It helps the organization in building strong business and also helps in delivering our set goals by achieving all decided targets (Shane & Delmar, 2004).
This section of the report reflects the strengths, weakness, opportunities, and threats related to the organization (Gregory, 2018):
Strength: G&S manage to hire and retain best marketing experts for the purpose of handling the sales and marketing strategy. Sales and marketing team of the organization will be recruited by the organization on the basis of their vast experience in this industry, and these experts also get training on continuous basis so as to be well equipped for the purpose of meeting the targets as well as overall goals of the business (Wallsten, 2003). Organization also chooses such art server which reduces the downtime related to the services provided by the organization, and services of the organization are guided by the practices in the UK.
Weakness: as stated above, competition in this industry is very high and big players of this industry already hold big share of market. Organization might take some time to break the market and gain acknowledgement and acceptance in the organization, and this happen especially in case of top profile clients which are already taken services from high profile and already established organizations. This can be considered as biggest weakness of this industry. There is one more weakness of the organization that is lack of working capital. In other words, sufficient funds are not present in the organization for the purpose of promoting the business the way we want to.
Opportunities: this industry consist large number of opportunities for both small and medium size business organizations because there are number of individuals and business organizations who are adopting these services and operations of some business organizations are directly depend on the services of the voice over internet protocol (VoIP) companies. Therefore, it can be said that there are number of opportunities which are available in this industry, and as an organization it is necessary for G&S to take advantage of these opportunities by adopting these opportunities on time (Hannick, 2002).
Threat: similarly like other corporate organizations, G&S is also facing the threat related to the economic downturn. It is well known fact downturn in the economy of the UK also affect the purchasing and spending power of both organization and individuals. Another serious threat elated to the organization is the entering of new companies in this industry and in the similar location in which target market of the G&S is established. Those new entrants are also considered as biggest threat who wants to adopt the same business model as the G&S adopted (Thompson & Strickland, 2003).
Relationship between finance, investment, and business model is strong as all three components have direct impact on each other. Business model is a wide concept which includes all the decisions related to the new venture such as financial decisions, investment decisions, sale forecast, etc (EFRAG, 2013). This section of the report states forecasted financial and investment requirements of this business:
Amount or cost of set up of new venture clearly depends on the approach and scale that organizations wants to consider. If organization wants to set up a business at big scale then there is requirement of large amount of capital and if organization wants to start their business at low scale then less amount of capital is required (George & Bock, 2011).
However, it must be noted that material and equipment that will be used are generally cost same at every scale of business, and any difference occurred in the price are minimum. After conducting the deep market research and feasibility studies, it is estimated that G&S required almost three hundred and fifty thousand (200,000) Euros are required for the purpose of establishing a successful medium scale but standard voice over internet protocol (VoIP) company firm in the United Kingdom (Amit & Zott, 2001).
This organization is established for the purpose of maximizing the profits in the VoIP industry and for this purpose they take all the necessary actions for meeting the objectives of the organization and expectations of the customers. There are number of ways through which organization can generate income by offering services in this industry, and some of these ways are nomadic VoIP, static VoIP, VoIP over the PSTN, and other voice over internet protocol (VoIP) related advisory and consultancy services.
For conducting any successful business, it is necessary to arrange adequate finance for that business, because if adequate funds are not present then such business might not become a reality. Finance is considered as important factor before starting any business. Arrangement of start-up capital for VoIP business is a costly procedure, but it is a task that an entrepreneur must go through.
G&S is considered as sole financier of the business, and following means can be adopted by the organization for the purpose of generating start-up capital; organization can use their market resources for the purpose off generating funds and organization can also generate start-up capital from the bank as loan.
While arranging the business loan, it is necessary for organization to consider different factors and compare them such as interest rate, security, time of payment, etc. (Morris, n.d.; Grant, 2009).
This section of the report defines the market trends and target market of the UK in context of VoIP industry:
Because of the minimum cost and less maintenance requirement by the voice over internet protocol VoIP services providers, and there are number of organizations which are now increasing the services provided by them. This is considered as good choice for the organizations which are converting the transactions of the organization from traditional business transactions to technological transactions. Enterprises which are small and medium always prefer those cloud services which are externally managed and delivered (Cision, 2017).
Another big reason for the adoption of VoIP services over the PSTN services is that it built on IP technology instead of circuit switching. It simply shows that the VoIP services are more flexible in nature and it better suited to the business workflows.
Another important trend related to the VoIP services is the technological gains related to the videoconferencing, it becomes easy for organizations to replace the physical meetings from the e-meetings even though participants of the meetings are scattered across the 7 continents of the world (Coen, 2018).
There are number of areas which can be targeted by the G&S while conducting their VoIP services such as they can target both corporate organizations and individual clients who might be not successfully run their business without the services offered by the VoIP organizations. Organization created various strategies which help the organization to reach out various corporate organizations and individual clients who cannot perform their functions in proper manner without our services.
On the basis of market evaluation, G&S can approach different peoples and organizations such as Website designers and IT specialists, etc.
It must be noted that this industry include high competition and this makes’ it more difficult for the organizations to hire and retain the best experts of the organization. Still, G&S manage to hire and retain best marketing experts for the purpose of handling the sales and marketing strategy.
Sales and marketing team of the organization will be recruited by the organization on the basis of their vast experience in this industry, and these experts also get training on continuous basis so as to be well equipped for the purpose of meeting the targets as well as overall goals of the business.
The main aim of our organization is to become one of the top most service providers in VoIP industry in UK and because of this we frame our strategy that will help us in taking the advantage of the available market and also grow to become the major force across the globe. For this purpose organization is adopting following marketing and sales strategies in UK; Organization can send introductory letters along with their brochures to their clients for the purpose of introducing their company, organization can also bid in the government projects and corporate organizations, organization must advertise their business in reliable magazines, newspapers, TV stations, and radio stations. They can also list their business on the yellow pages ads. Lastly, they can attend relevant international and local exposures, seminars and business fairs.
Conclusion:
After considering the above facts, it can be said that above sated business plan cover all the necessary requirements stated company required for setting new business in VoIP industry in UK. As defined, business plan is the written paper which is framed after valuating all the necessary components of entrepreneurship such as finance, planning, production, marketing, etc. In other words, it can be said as a road map which provides directions so a business can plan its future and get prepare to deals with the issues occurred on their way.
There are number of investors who invested in the VoIP industry, but one thing is certain that this industry has huge scope for both big and small VoIP organizations. It is important for G&S to understand every aspect of this industry for the purpose of getting competitive advantage in this industry.
References:
Amit, R. and Zott, C. (2001) “Value creation in E-Business”, Strategic Management Journal, Vol. 22, No. 6, pp. 493-520.
Cision, (2017). Global Hosted PBX Market – Industry Forecast to 2025 – Trend Toward VoIP Service Continues. Available at: https://www.prnewswire.com/news-releases/global-hosted-pbx-market—industry-forecast-to-2025—trend-toward-voip-service-continues-300512904.html. Accessed on 23rd March 2017.
Coen, M. (2018). 5 Must Watch Trends for Enterprise VoIP in 2018. Available at: https://www.westuc.com/en-us/blog/hosted-voice-networks/5-must-watch-trends-enterprise-voip-2018. Accessed on 23rd March 2017.
Dorf, R., Beyers, T., (2008) Technology ventures: From idea to Enterprise, New York, McGraw-Hill.
EFRAG, (2013). The role of the business model in financial statements. Available at: https://www.efrag.org/Assets/Download?assetUrl=%2Fsites%2Fwebpublishing%2FSiteAssets%2FBusiness%2520Model%2520Research%2520Paper.pdf&AspxAutoDetectCookieSupport=1. Accessed on 23rd March 2017.
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G&S, (n.d.). About us. Available at: https://www.gscommunications.com/about-us/. Accessed on 23rd March 2017.
George, G. and Bock, A. (2011) “The business model in practice and its implications for entrepreneurship research”, Entrepreneurship Theory and Practice, Vol. 35, No. 1, pp. 83-111.
Grant, R.M. (2009). Contemporary Strategy Analysis. 7th – Ed., Malden: Blackwell Publishing.
Gregory, A. (2018). How to Conduct a SWOT Analysis for Your Small Business. Available at: https://www.thebalance.com/swot-analysis-for-small-business-2951706. Accessed on 23rd March 2017.
Hannick, L.I. (2002). Information Technology Strategy: Interlinked Value Chains, Integrating E systems: Technology, Strategy, And Organizational Factors. Spring 2002 Lecture Notes, MIT Open Course Ware, Sloan School of Management.
Kraus, A. & Kuranen, D. (2009). Strategic management and entrepreneurship: Friends or foes?. Available at: https://www.business-and-management.org/library/2009/4_1–37-50-Kraus,Kauranen.pdf. Accessed on 23rd March 2017.
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