Module 05 Business Plan Project - Financial Plan

Business Finance - Operations Management

Goals in first year and their relevancy

Access Point Consultancy is a firm that has set goals that it plans to achieve in the first year of its operations. The goals are minimizing costs of start-ups aged not more than five years of their operations to their customers. Providing goods and services through the discounted costs approach will lead to fewer costs incurred being second goal. The third goal is to offer valued and trustworthy socio-economic statistical data and information to its customers within first year of operation.

The goals are important for they will help to reduce costs of operations which will be involved by start-ups aged not more than five years hence increasing their profits. The importance of these goals is that there will be high standards of services offered that help organizations and institutes make evidence-based decisions.

Goals of next 3 to 5 years and their relevancy:

In the next 3 to 5 years, Access Point Consultancy will achieve goals like capitalizing on interacting through addressing various service breaks across all businesses dealing with statistics and also it will attain quality services offering like data collection, analysis and interpretations effectively to its clients (Cody, Hopkins, Perlman & Kalteux, 2007).These goals are important for the business will prove to the rest of the world that the company is competitive for it has been in a position to achieve its objectives.

SWOT Analysis

Internal strengths:

Internal strengths for Access Point Consultancy include;

· Penetration pricing strategy where clients will be priced depending on the requirements and their financial wellbeing

· Effective sales and promotion strategies like using social media platforms and television which help to reach out to most customers

· Production and sales of quality products

My business Access Point Consultancy has its stronghold being the use of considerate pricing strategy where customers are charged according to their requirements and also after considering their financial abilities (Bernan, 2008). This has been very helpful for the customers express themselves where they are dealt with accordingly meaning we cover huge market for whichever price is acceptable and one enjoys our products. This strategy has helped our business to be prosperous as opposed to our competitors which have fixed price slushing low income customers.

Internal weakness:

This firm has got its weaknesses like;

· Rapid transformation of the firm

Rapid transformation is one of the internal weaknesses of the company since due to swift change the company a slight mistake will make the company take a bad turn hence affecting all its undertakings. This can be combated through having a thorough process which should be followed before any change is implemented in the company to avoid changes which bring negative impacts to the firm.

· Poor marketing plan

Access Point Consultancy lacks proper structured and managed marketing plan. As a result of this weakness there will be reduced market coverage resulting to decreased coverage hence low sales. This weakness can be combated by coming up with a good marketing plan which will aid increasing sales.

· Lack of partnership

Access Point does not have other partners which it carries out business with and this forms its weak point. In case of slight mistake or mismanagement, this weakness may render the business non profitable. Access Point needs to form partnerships with other forms so that in case of its failure it will be revived.

Opportunities for the product or service:

Opportunities for this business include;

· Having company who sell similar products but at higher price like Price Water House Coopers (PwC), Ipsos, Synovate and Deloitte Consulting who offer their products at higher prices. This is an opportunity for the firm will make increased number of sales compared to competitors due to lowered prices of their commodities.

· There is increased use of social media platforms in marketing. This will help in promotions and marketing of the products to create more awareness and maintaining customers.

· The customers of Access Point Consultancy in the market are loyal. This is an opportunity for it maintains higher number of sales for longer periods of time.

Threats:

Threats are those factors which are likely to hut the business. They include

· Having stiff competitors who are Price Water House Coopers (PwC), Ipsos, Synovate and Deloitte Consulting. This is a threat for it makes the firm to make fewer sales for the opponents cover larger market with sales (Brand Guide, 2008). This can be minimized through coming up with better ways for sales and promoting firms company so as to increase market coverage.

· Competitor (PwC) has established their market having repeat clients and product diversification. This threat makes most customer to visit competitors for they are loyal hence Access Point Consultancy will lack people to sell for their products. This can be minimized through producing quality products and selling them at considerable lower prices so as to win clients.

· The expenses of running media advertisements especially on television. These costs incurred are threats for business is continuously losing money. This effect can be reduced through running cheaper ads through social media like in Facebook and twitter.

Raw materials:

Real firms, internet supply, websites for companies, computers, calculators, data resource, human personnel, means of transport, research materials, data collection, recording and analyzing material (Galal, 2014). 

After collecting data and researching information from reliable sources, we will be studying the data, interpreting it and later giving results which we can print and give to owners as hard copy or send via soft copy. We will be operating 24 hours in a day and 7 days in a week since you can research and compute data any time of the day.

Management Team:

The management team of Access Point Consultancy which is a limited liability business consists of various parties. There are two parties which will be used for management Member-Managed LLCs and Manager-Managed LLCs

Member-Managed LLCs are managers formed by law who are members of the company. Since these are owners of the company, they will make sound decisions which will make firm prosperous.

Manager-Managed LLCs are managers who are outside members of the business who manage from on behalf of its owners. Their success to the business is because they make major decisions which affects business positively making it successful.

References