Business Plan - Mirza Enterprises Ltd - Free Essay Example

Sample details Pages: 8 Words: 2502 Downloads: 1 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? Contents Executive Summary Company Mission Goals and Objectives Values Ownership and Location Services Expertise Market Research Consulting à ¢Ã¢â€š ¬Ã¢â‚¬Å" Background Business Market Statistics Competition What this means for MIRZA ENTERPRISES LTD Operational Strategies Finance Target Market Marketing Pricing Sales Management and Personnel . Don’t waste time! Our writers will create an original "Business Plan Mirza Enterprises Ltd" essay for you Create order Executive Summary MIRZA ENTERPRISES LTD has been set up to provide project management services to businesses around the UK. The Company was the idea of Mr Asmat Kamal and was incorporated on the 19th of June 2014. Companies House UK have allocated company number 9092523 to MIRZA ENTERPRISES LTD located at 79 SELBOURNE ROAD, LUTON, ENGLAND, LU4 8LR. The company aims to serve the smaller businesses in the UK to manage business contracts and projects in order to maximise their productivity and minimise loss and risks. The reason for choosing the SME sector is because they make up a considerable population of the private sector and they are the least targeted customer for this type of service. As larger businesses focus on making larger customers with larger contracts, MIRZA ENTERPRISES LTD will look to revel in providing its service to the niche SME market. MIRZA ENTERPRISES LTD is ideally located in Luton which is not quite in London but not too far. This means that the business is in an ideal l ocation to physically reach the majority of businesses located in London and the South East of England and can also access businesses further north. The Internet provides the ideal opportunity to provide remote services which MIRZA ENTERPRISES LTD will capitalise on and use to its benefit. The Company has a good opportunity to set up and flourish as a contract management consultancy in the UK. Company MIRZA ENTERPRISES LTD is registered in the UK as a private limited company with 100 shares in total, all owned by Mr Asmat Kamal of 79 Selbourne Road, Luton, LU4 8LR. Mission MIRZA ENTERPRISES LTD was set up with the following aims: To secure the financial future of Mr Asmat Kamal To make good use of the directorà ¢Ã¢â€š ¬Ã¢â€ž ¢s education and experience by providing high quality project management services to his customers. To be an integral part of the economy through the creation of business and jobs within the UK. Goals and Objectives The goals of the business are to: Be financially stable. Be a well-known service provider. Provide professional and quality services. Be a top employer. Have stable and solid business assets. Be an integral part of the community and economy. In order to achieve these goals, MIRZA ENTERPRISES LTD will aim to achieve the following objectives: Try and keep out of debt where possible and return any loans at the earliest. Invest into responsible advertising and diligent marketing. Insert quality control and effective KPIà ¢Ã¢â€š ¬Ã¢â€ž ¢s within the business Keep customers at top priority. Retain customers while making new ones. Employ after a thorough recruitment process. Provide a welcoming, motivating and inspiring work environment. Treat employees and customers fairly. Make financially sound decisions through thorough research. Save liquid assets and invest into solid long term profitable business assets. Do charitable work in the community Provide training opportunities for students and graduates to help the economy. Keep in line with legislation. Values MIRZA ENTERPRISES LTD aims to promote the following values: Ethics à ¢Ã¢â€š ¬Ã¢â‚¬Å" Respect à ¢Ã¢â€š ¬Ã¢â‚¬Å" Responsibility Integrity à ¢Ã¢â€š ¬Ã¢â‚¬Å" Trust à ¢Ã¢â€š ¬Ã¢â‚¬Å" Commitment Passion à ¢Ã¢â€š ¬Ã¢â‚¬Å" Teamwork à ¢Ã¢â€š ¬Ã¢â‚¬Å" Expertise Quality à ¢Ã¢â€š ¬Ã¢â‚¬Å" Value à ¢Ã¢â€š ¬Ã¢â‚¬Å" Customer Focus Innovation à ¢Ã¢â€š ¬Ã¢â‚¬Å" Sustainability à ¢Ã¢â€š ¬Ã¢â‚¬Å" Success Ownership and Location Mr Asmat Kamal set up the business after attaining the degree of Master of Sciences in Engineering Business Management from the University of Bedfordshire, as he wanted to provide his services to businesses in the UK while being financially stable and secure, and to assist the UK economy through the creation of business and jobs. Mr Kamal owns all of the 100 shares of the business and will be the sole director of the business. MIRZA ENTERPRISES LTD has been set up to begin operating from 79 SELBOURNE ROAD, LUTON, ENGLAND, LU4 8LR which is the home address of the director so as to save on finances until the need for a relocation to a bigger premise is realised. Until then, this location is perfect as the director will be working at different hours of the day to suit the business, and its will save him the time for journeys to and from work. When the company is more stable and office is running smoothly, business hours will be 9am to 5pm Monday to Friday. Some employees may be expected to work outside these hours to accommodate the needs of the business and its customers. Services MIRZA ENTERPRISES LTD will provide the following services to businesses: Understanding the outcome that the customer wants to achieve through consultation. Setting out a proposal incorporating time and resources required to complete the project. Agreeing a timescale and cost for the work on hand. Managing a team to complete the project. Negotiating contracts on behalf of customer for the procurement of related products and services. Ensuring effectiveness and time management of project. Constantly checking and controlling quality to ensure high standards. Managing the financial budget relating to the specific project. Updating managers and decision makers regarding progress or stagnation of the project. Ensuring the project is completed within the time frame and budget to the right quality and being available for support after project completion and hand-off. Expertise A companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s expertise comes from the expertise of its employees. Currently MIRZA ENTERPRISES LTD employs only Mr Kamal who is able to provide project management services in the following fields: Financial Analysis Information Systems Business Communication Data Analysis Risk and Quality management Marketing Engineering Operational Management People Management Market Research Since MIRZA ENTERPRISES LTD will be a B2B contract management consultancy firm, the company has put in a little research as to the back ground of consulting and where it is at today, as well as the business market statistics in the UK. Consulting à ¢Ã¢â€š ¬Ã¢â‚¬Å" Background Consultants are used for a variety of reasons of which the main ones are to: Gain specialist, one off advice and guidance Gain a trained, professional workforce to complete a specific project (or for a specific time frame) The idea of consulting grew when businesses realised that they did not need to train an employee to do a specific job when they could à ¢Ã¢â€š ¬Ã‹Å"rentà ¢Ã¢â€š ¬Ã¢â€ž ¢ the services of a trained professional to work for a period of time saving them the time, effort and cost of training and management. This idea spread far and wide and today; Plunkett Research estimates $431 billion revenue from the consulting industry around the globe in 2014. Consulting has come a long way since it first started in the 1890s in the US. Today consultants cover a range of different topics and assist customers in a vast amount of work. Where previously consultants were only à ¢Ã¢â€š ¬Ã‹Å"consultedà ¢Ã¢â€š ¬Ã¢â€ž ¢, now consultants work alongside the customer as part of their business for the duration of the project or contract. Consultants are now making between  £350 a day to  £5000 a day depending on their experience, are of expertise and the size of the firm that they work fo r. The Consulting industry seems to have bright prospects for the future as it continues to evolve with the times and the requirements of its vast number and type of customers. Although the global recession of 2008 saw many businesses and industries, decline, the consulting industry only saw the slowing down in growth, yet the industry continued to grow in the face of such adversity. In 2011, this industry grew by 5% and the major difference seen since the recession is that the ratio of fees charged between the public and private sectors, changed from 70:30 in favour of the public sector to 80:20 in favour of the private sector. This means that the consulting industry within the public sector has seen a steep decline whereas; the same in the private sector has seen a steep incline. Further reduction of the consulting industry in the public sector is expected, whereas the opposite is expected of the industry in the private sector. This leaves plenty of opportunity for new business es to fill up the void that the public sector consultancies will leave. The new trends that are affecting consultants are: The Internet à ¢Ã¢â€š ¬Ã¢â‚¬Å" consultants can now provide services further away from home, through the use of remote service provision and video conferencing that has been made possible by the Internet. Technology à ¢Ã¢â€š ¬Ã¢â‚¬Å" Consultants are now being expected to bring their own technology so as to minimise the time spent on learning the technology used by the customer business in order to get a job done. The consultant, bring their own technology, gets the job done, and if needs be gets the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s employees trained on his technology so that at the end of the day the customer has profited by having better trained employees. Business Market Statistics MIRZA ENTERPRISES LTD is a B2B service provision firm and in order to best assess the business prospects, the company needs to assess its prospective customers. The internet has provided a vast range of information with regards to business statistics in the UK. Some of these statistics that are relevant to MIRZA ENTERPRISES LTD are listed below. At the start of 2013: Over 4.9 million businesses made up the population of private sector businesses in the UK. This is a growth of 102,000 businesses since the same time in 2012. The highest growth had been noticed in the number of non-employing businesses, which had grown by 127, 000 since the beginning of 2012, whereas the number of employing businesses fell by 26,000 since 2012. 99.9% of private sector businesses were SMEs, out of which 62.6% were sole proprietorships and 8.9% were simple partnerships. SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s accounted for 59.3% of private sector employment and 48.1% of private sector turnover. Of 4.88million SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s only 30,685 employed between 50-249 employees, whereas over 3.68 million businesses only employed their director(s)/owner(s) The largest numbers of businesses in the UK are registered in London followed by the South East of England. *SMEs are defined as those businesses with less than 250 employees. Competition A quick search on yell.com shows that there are approximately 30 other registered project management service providers within a 12 mile radius of MIRZA ENTERPRISES LTD. The following are some of these other businesses. The above businesses are not classed as direct competitors as they all provide different expertise, have different amount of available resources and target different customers to MIRZA ENTERPRISES LTD. After seeing the magnitude of businesses in the UK and the size of the unserved customer, this number of possible competitors in the market should not affect the growth of MIRZA ENTERPRISES LTD, or the potential customer that it can attract. What this means for MIRZA ENTERPRISES LTD MIRZA ENTERPRISES LTD is affected by the above statistics as follows: MIRZA ENTERPRISES LTD is in a well growing industry (The SME Consulting industry) The company has a good opportunity to target the growing private sector especially the majority SME businesses. A major focus on businesses employing less than 50 employees will provide MIRZA ENTERPRISES LTD with the majority of SME business market who are the least targeted by consultancies as they have so far been seen as the most elusive customers. A low number of competitors means that MIRZA ENTERPRISES LTD has a higher chance of success. Operational Strategies The following are some of the start-up strategies used by the business. As is the norm, these strategies are likely to change as per the requirements of the business at the time. Finance The director has arranged for a sum of  £50,000 which will be used as start-up funds or capital to assist the business set-up. These funds will be used diligently so as to allow the business to be financially independent and stable as soon as possible. Finances will then be invested into fixed company assets after advice has been sought and the company has researched the pros and cons of every investment. Target Market MIRZA ENTERPRISES LTD will target the SME industry within the private sector, particularly focusing on businesses that have 0-49 employees as this is the least targeted sector and makes up the majority of the SME industry within the private sector. This niche target market will give the company an edge over its competitors. Marketing MIRZA ENTERPRISES LTD will gain visibility through the following channels: Company Website Registering with business directories Registering on online classified websites Putting out posters and flyers Setting up business accounts on social media Spreading the word through WOM advertising starting with personal, social and professional contacts of the director. Other ongoing marketing strategies will include: Registering with Trade Bodies Using merchandise to promote the business Personal selling at business events Using online marketing tools such as SEO to generate web traffic Putting adverts on other high traffic websites (pay per click) Using billboard and other in-transit advertising Pricing MIRZA ENTERPRISES LTD will adopt an economic pricing strategy that will ensure that the company can attract the smaller businesses that it is wishing to target. If need be, a penetrative pricing strategy can be used to gain a good initial customer base so as to help the business off to a good start. The price of services will depend on the type of service, they length of service and the amount of manpower and other resources needed to provide the service. Since services will be tailored to the needs of the customers, so will the price of services. MIRZA ENTERPRISES LTD will accept different payment methods so as to eliminate this being a barrier to gaining customers. The company will aim to initially accept cheques and direct credits into the company business account, and will then set up online payment options with companies such as PayPal so as to be able to accept a wider variety of payment methods such as debit and credit card payments. Payments such as direct debits will also be arranged through the business bank. Sales MIRZA ENTERPRISES LTD aims to gain enough sales so as to keep the company from making a loss within the first 2 years, after which the business will test its sales so as to maximise on the potential of the business and maximise profits. In so saying, the company will initially not take risks lightly and will look to eliminate risk as much as possible. Sales targets will be set in the near future, in collaboration with the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial advisor so as to better be able to achieve the goal of a second year profit. Management and Personnel In order to achieve sales, the company needs manpower. Currently MIRZA ENTERPRISES LTD employs only Mr Kamal who is the sole director of the business. Mr Kamal will be managing all aspects of the business including, service provision, sales, administration and the recruitment of other employees, until he has found other competent professionals to do the work. Mr Kamal is an experienced contract manager himself, and will be providing his services on behalf of the Company alongside other employees when they are recruited. MIRZA ENTERPRISES LTD aims to have recruited a sales person, a service person and an administrator within the first year of business.