assignement 2

8

Business Plan

William Nagy

Strayer University

BUS599

Dr. Andrea Banto

01/25/2021

Business Plan

Company Name

TechIQ is the name of the proposed company. The name was chosen because it highlights the multi-level knowledge that the team will offer customers in the tech industry. These services will be delivered with multi-faceted intelligence, high-level thinking, and multi-versed responses.

Company description

For any individual or organization looking for tech solutions for their businesses, homes, or personal accounts, TechIQ is a mid to large-size company that accumulates the need of customers and provide a pool of services at a higher convenience. Unlike our competitors, we focus on complex technological needs by making our customers above everything. We will offer a range of services ranging from consultation to enterprise integration.

Mission statement

“A partnership isn’t just our business objective—it’s a significant part of our history. TechIQ provides advanced IT consulting and rapid-response support services for small to mid-size businesses. Supported by a team of certified IT professionals, we’re committed to building and implementing the most effective infrastructure for your businesses. Our goal is to provide precise equipment to your team with the access and tools they need to boost productivity and position your company as an industry leader.”

The rationale for the mission statement

A relationship built on reciprocal trust ensures mutual success. While other managed service providers troubleshoot systems, resolve problems and make decisions on our customer’s behalf behind closed doors, TechIQ believes in maintaining open, honest, and completely transparent communication. Our proactive, consultative approach and commitment to partnership assures that our technology solutions will continually exceed our customer’s expectations. Whether a business demands a fully managed IT solution, a project-based service, or simply an extra set of hands for network upgrade, our team is dedicated to bringing the industry expertise and insight to exceed our customer expectations every day.

Trends in the IT consulting industry

Recently, IT has become the core part of business transactions in the consulting segment. Many businesses are aspiring to acquire new technical capabilities to enable them to enter new innovative markets. In the United States, the consulting industry has experienced an average growth of 15.7% between 2015 and 2020 (Gond & Brès, 2020). The demand for IT consulting services has depended on the growth of business sentiment and corporate profit. More companies increase their expenditure on consulting services when corporate profits increase. Additionally, Canadian businesses are undergoing a significant shift towards mobile applications, cloud-based solutions, block chain, and other innovative software.

The IT consulting industrial base is projected to grow rapidly by 2025. According to Schaeffer and Sovie (2019), improving business conditions will catalyze IT consulting firms' industrial share growth. More enterprises are projected to harness the advantages of cloud-based solutions, which is removing the existing barriers between corporates and users, thereby enabling a far customized experience. More businesses are aggressively implementing Artificial Intelligence, particularly in the automotive, banking, and retail sectors. Cybersecurity is also escalating the adoption of block chain as businesses seek to strengthen the security of their systems. With these trends, new and innovative entrants such as TechIQ will likely have a large customer base, particularly in the Canadian markets.

Strategic positioning

Our company agenda is to help our customers become more successful. In our approach, we assume that the large IT consulting markets are not fully exploited. Strategically, TechIQ is well-positioned as a premium consulting company with the most innovative and skilled employees in the industry. Our human resource team is the most important resource, and they will be frequently engaged in training to stay at the forefront of innovations for our customers. Our position will help us to avoid competition because of our unique value proposition. Besides, our highly efficient workforce will allow TechIQ to charge premium prices in the industry to eliminate price wars and focus on technological innovations and efficiency. Our ability to offer a wide range of IT consulting services enable us to use the product diversification strategy. Our range of services includes the following: operations (design, production, and logistics), customer services (design and design implementation, post-sales, deployment), and applications / Hardware (Networking, telecom, automation, peripherals, web hosting, and cybersecurity). These will put us in a better position to work with corporates, governmental agencies, FMF, MSP/BPO, and Xaas. It will also help us to identify the customer segment and niche that is most profitable and promising for the future.

Our distribution channels

We can realize our revenue growth targets without increasing resource allocation by relying on the right distribution channels. We will prepare our customers for future business demands and initiate sustainable success by making long- and short-term adjustments. Our foremost activities include designing effective marketing strategies to make successful sales. To achieve these goals, we plan to develop alliances with our clients. We aim to provide on-site services such as spending time at our customers' business premises, interacting with employees, meeting leaders, examining policy guides, and observing how people interact. Afterward, we would review how our services can be of optimum benefits to our clients. Our team would document their findings and make recommendations to our clients to help them decide the way forward. Our team will also conduct virtual delivery of consulting services. They will develop interaction with our client through teleconferences, cloud-based software, online surveys, phone calls, and emails. In case the client needs a face-to-face interaction, one of the HR consultants can travel for the meeting and then proceed with the project off-site. Distributing our services online will enable us to serve a wider geographical area at more convenience. We will also be free to work with IT consulting agencies who conduct marketing and allow IT consultants to deliver the services on their behalf. Although these will mean revenue sharing with the agencies, they can help us market our services to various corporates around our location (Barrow et al., 2018).

SWOT matrix

Strengths

• Our workplace technology has been updated within the past year.

• We have a highly skilled and innovative IT team, CEO has 15 years as an industry leader in DOD / Medical / Banking and top 20 Fortune 500 corporations.

• Certified Microsoft an Apple Brand Identity, Innovative Products, Loyal Customer Base, Marketing and Advertising, Consumer Focus,

• Brand Value and Reputation. Smooth distribution chain.

Weaknesses

• Employees have to navigate between too many different workplace apps throughout the day to utilize troubleshooting / Connectivity and DB acceptances.

• We don’t have an easy way to manage Real-time Traffic and on-road instances.

• Dependency on other few products, Limited Distribution Network, Limited Dependence of sales on High-end market segments,

• Lack of marketing and promotions.

Opportunities

• Moving to cloud-based Virtual visit / Virtual consult/troubleshooting.

• Consolidating multiple applications into one to simplify our technology stack.

• Steady Customer Growth, Lack of Green Technology, Qualified Professionals, Promoting Artificial Intelligence (AI), Expand Distribution Network, Green Technology, and Electric Car, Collaboration, Expand Distribution Network, The use of smart technology such as watches, tablets, and smart glasses.

• Equipment supply on demand, Remote drop off, and remote off-site warehouses.

Threats

• New data security regulations could impact our IT department.

• Widespread use of Counterfeit Products makes it hard to troubleshoot, Rising Labor Costs in Other Countries, Increased Competition, Market Penetration, Certification validation.

• Changing regulatory environment.

• Online sales, Price match guarantee. We will offer drop-ship, Install on Demand feature, or FEDEX /UPS/USPS couriers.

• Weather is an issue being located in the NEPA portion of Pennsylvania.

References

Barrow, C., Barrow, P., & Brown, R. (2018). The Business Plan Workbook: A Step-By-Step Guide to Creating and Developing a Successful Business. Kogan Page Publishers.

Gond, J. P., & Brès, L. (2020). Designing the tools of the trade: How corporate social responsibility consultants and their tool-based practices created market shifts. Organization Studies, 41(5), 703-726.

Schaeffer, E., & Sovie, D. (2019). Reinventing the Product: How to Transform your Business and Create Value in the Digital Age. Kogan Page Publishers.