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Assignment Task - Prepare a Business Plan for Topic - Auto vision (180 degrees rear view mirror for the cars).

Answer - Business Plan

Business Plan Summary

The Business

Auto Vision is the name of a business which is dealing with the rearview car mirrors in Australia. The nature of this business is a privately held partnership dealing with the panoramic review 180-degree car mirror. This company was operating since 1991's (Linked In, 2018). The key partners of this Auto Vision Company are its suppliers and other business partners with an equal percentage of partnership. The owner of this company is technically skilled and capable o use the latest technology in the designing innovative car mirror that can rotate by 180 degrees (Tidd & Bessant, 2018). While the graphics, shop fronts, signwriting, vehicle wraps, frosting and tinting. The major products of this company are to provide a high quality feature and durable in use of panoramic rearview car mirror.

The Market

The target market of this company is mostly an upper middle class, upper high class and high class who is having their own cars. In the current era, there are many opportunities to attract a large number of car owners in Australia by advertising this car mirror related services in an attractive and innovative way by using direct and indirect marketing strategies (AutoVision, 2019). Like the focus on marketing mix in the strategies and by following upstream and downstream channels.

The Future

The vision of this company is to become the best mirror company in Australia. The major goal of this company is to provide a safe driving experience by reducing the risk of blind spots. So, in future, the major aim to attract and retain a large number of customers by providing high-quality services and earn a large amount of profit.

The Finance

In order to expend this company, there is a need for all-around AU$20,890,40 for the initial inventory management of the bank loan. While not only the financial, intellectual and physical resources will also be required to expend this business. I personally contribute AUD$80,000 in this business expansion.

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The Business

Business details

In Sydney, this Auto Vision Company is majorly focused on providing a unique and high-quality sign and window tinting related services to the customers. The product range is based on durable a high quality featured based items while the car is its major product of this company.

Registration details

As "Auto Vision" is the official name of this business which is based on privately held and registered itself as the partnership based business in the Australian market. In the 1990s, this company was officially registered. It's headquarter is located in Sydney, Australia. The ABN of Auto Vision Company is ABN 77007550091 (AutoVision, 2019).

Business Premises

This company is operating in Sydney while its headquarter is located in Perth, Western Australia. It is a medium size enterprise which is privately owned by the number of partners (Lappe & Dörrenbächer, 2017). This area is widely accepted for this business because it's an urban area, and there are more chances to expend the business activities. The process of these services and products based on considering the economic situation of an individual. As it is a retailer house who deals with both suppliers and customers, so it must be located at that place which is easily accessible to a large number of customers.

In this case, there is a need of a certain sum of money in order to expend the business related operating activities in other cities of Australia. There are many opportunities to increase the investment amount by getting some loan amount from banks, financial institutions or by selling the company's shares in the general public by issuing bonds.

Organization Chart

Figure 1 Organization Chart.jpg

Management & Ownership

The name of its owner is Richard Purbrick, who operate this business for a long time span.

As Richard Purbrick run this business, and his designation is as the CEO of this company and under his supervisor, there are all-around 10 employees currently working in this company. In my perspective, I want to actively participate in this business where I directly communicate with the customer, so I will prefer to become a marketing manager of this new project. Being a partner it is a major responsibility to equally participate in all the operating, investing and financing activities of this new Auto Vision Company related project. Each partner has a legal right to equal right to enjoy an equal amount of profit and bear the loss amount. I have an agreement with its management regarding my participation in the new product expansion related project.

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As Richard Purbrick is the owner of this company, who have full grip in the marketing sector. He got a degree in Art Education and also studied in Fine Art majoring in painting. In the beginning, he has worked as a sole operator and gained a large number of experiences in juggling the duties and other personal life. If I want to establish such business, then there is a need to learn from his vast experience like there is a major need to have a full grip on the arts and marketing related skills because this business is majorly based on these two factors. While in addition, a sign writer is an additional skill which is learning right now, which shows that I most focus on these factors.

Key personnel

Current Staff

In the current era, there are approximately ten employees are working in this company while some of the main body is given below;

Table 1: Company's employees

Job Title

Name

Expected Staff Turnover

Skill or Strengths

CEO of new Auto Vision

Julie Rego

(12-18 months)

She has a vast experience of working in different sectors like First Hawaiian Bank as a financial advisor, CDM Media as an account manager and Tropical Car Sales Inc. as an SVP/ CMO. She has a 20-year experience in her professional life, and she got her education from the University of Hawaii at Manoa.

Chairman

Che Wei Chang

(12-18 months)

He is a highly technically skilled person of this company who got his PhD degree in marketing from Ohio State University. He is having a vast experience in the arts and marketing related sector.

Perito em sinistros

Aderito Nascimento Da Silva

(12-18 months)

He is a technically skilled person of this company who handles all the technical work regarding the car maintenance related services.

Sign Writer

Mal Kininmonth

(12-18 months)

He has a vast experience regarding sign writing by working in Auto vision and Parnell Signs. He got his education from a different educational institute like he got a certificate of sign writing from PolyTech West, a Thorn; i.e. Campus, La Salle College while got certificate IV in conservation and Land Management from Midland campus

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Required Staff

Table 2: Expected employees

Job Title

Quality

Expected Staff Turnover

Skills necessary

Date required

Marketing Manager

High

(2-3 years)

Relevant qualification in Marketing and at least 2 years' experience

1/ 10/ 2019

Operation Manager

High

(2-3 years)

Relevant qualification in workplace management and at least 2 years' experience

1/ 10/ 2019

Event Coordinator

High

(2-3 years)

Relevant qualification in Event Management and at least 2 years' experience

1/ 10/ 2019

Receptionist

High

(2-3 years)

Relevant qualification in customer dealing and at least 2 years' experience

1/ 10/ 2019

Operation Supervisor

High

(2-3 years)

Relevant qualification in operation management and at least 2 years' experience

1/ 10/ 2019

Salesperson

High

(2-3 years)

Relevant qualification in Sales and Marketing and at least 2 years' experience

1/ 10/ 2019

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Recruitment options

In this business expansion project, there is a need to hire such employees who are technically skilled regarding how to prepare the 180-degree car rearview mirror within a short time span. So, there is a need to train the existing working by hiring the middle management workers who are technically skilled and having some experience (Kerzner & Kerzner, 2017). It will be effective to advertisement its services through local and online advertising channels

Training programs

In the case of training, there is a need to hire professionals who are technically skilled and have a higher designation in this new project. In this way, the communication barrier between the middle and lower management can be overcome (Tidd & Bessant, 2018).

Product/services

Table 3: Company's product

Product services

Description

Price

180-degree panoramic rearview car mirror

This mirror is used in all types of cars.

Premium quality based chrome is used in its production,

AUD$ 9.30 - AUD$ 11.50

This innovative car mirror fulfils the need of the Australian market while its competitors are minimum in the market. As its expense is higher, but there is a chance to achieve a long term profit. If this product is differently introduced in the market that how the number of accidents will be reduced by using such 180 degrees based car mirror, there is an anticipation that the demand rate of this product will increase in the Australian Market (Barbu, 2016). The prices of this company made on the basis of upper-middle-income level. In the beginning years, its growth will relatively low, but it will move at a moderate rate.

Innovation

There is a need for proper R& D activities regarding the importance of the car mirror in the car driving and makes an effective way to overcome these factors (Ansoff, et al., 2018). There will be approximately $50,000 required for it. Our intellectual property regarding this 180-degree rearview car mirror can be secured by setting the proper license from the government of Australia like by getting patent of our operating activities

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Insurance

The workers related compensation would be based on their health insurance related issues, promotion related strategies, flexible timing of working, bonuses and other such related factors (DeCenzo, et al., 2016). I case of public health; our company is liable to give a warranty of 1 year against our innovative car mirror based product. In the case of professional indemnity insurance, our company will be liable to cover all the personal injury, financial loss and other property related damages resulting from the negligence act on behalf of the company. I have already got the insurance of this business plan against its operating activities like if there are any loss, damages and other related disasters occur then the company is not much affected.

Risk management

Table 4: Risk Management

Risk

Likelihood

Impact

Strategy

Market Fluctuation

Likely

High

Use effective marketing strategies to overcome it

Loss related risk

Highly Likely

High

Use cost-cutting strategy by fulfilling the need of the customers (McNeil, et al., 2015)

Higher Competition Level

Likely

Medium

Due to lower competitors, this factor can be overcome

Operational Risk

Highly Likely

High

Use high-quality product features (Sadgrove, 2016)

Legal consideration

The partnership agreement based legislation will be applied to this business (Dür & Lechner, 2015).

Operations

In order to manufacture the 180-degree rearview car mirror, there is a need of a proper structure and material of a rear-view mirror like holder structure and material, mounting manner of body, bracket shape and structure and the other related reflection surface.

The major supplier of this company bellows to the car manufacturing warehouses. Their good relationship will be maintained by making all the transactions with the agreed prices and timings.

Table 5: Equipment based cost

Equipment

Purchase Date

Purchase Price

Running Cost

Holder structure

1/ 7/2019

AUD$ 5000

$100 per month

Mounting Manner of body

1/ 7/2019

AUD$ 6000

$100 per month

Bracket Shape and Structure

1/ 7/2019

AUD$ 8000

$100 per month

Other related items

1/ 7/2019

AUD$ 10,000

$100 per month

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Inventory

Table 6: Inventory based cost

Inventory

Unit Price

Quantity in Stock

Total Cost

Panoramic Rearview Car Mirror

$50

100

$5000

The latest technology will be used in this manufacturing process of this 180-degree rearview car mirror like this mirror designs is such a way that the driver can easily see all the surroundings behind him. The major aim is to give some relaxation to the driver. The trading hour of this business will be from 9am to 2pm and its trading based on the customers' needs and desires towards the product. While in winter, its timing will become change according to the market demand.

The direct communication will become more preferable in this case like through mailing, telephone or other social media channels. In case of payment, a credit and cheaque based transaction will be made. While the credit facility will also make for the customer in case of their billing of the products and services. While in the case of bonds and shares, the direct link with the customer is made. The one year warranty will be made after selling this product. While the quality is not compromised in this case. As this is an independent business, so there is no legal affiliation with any organization until now.

Sustainability plan

The sustainability plan of this company is to make an effective product that saves the environment from any adverse action. Like through this, the accident rate will be reduced. This factor positively impacts the local community. Like the bad weather condition and external factor impact on this factor. In this case, the effective backup plan plays an important part to overcome the environment related risk factor.

Action Plan

Table 7: Action Plan

Sustainability milestones

Target

Target Date

Reduce the confusion in driving a car

20%

15 September 2019

Reduce the accident rate

40%

20 October 2019

Reduce the accidental death rate

40%

31 December 2019

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The Market

Market research

In the Australian Market, different surveys are conducted where the people opinion regarding the company's products are critically considered. According to this survey, most of the area of the accident occurred due to the inappropriate working of Rearview car mirror. All the research is based on observation and statistical data.

Market targets

In the market, our major goal is to hit the car user customers by providing high quality based services and products to the users. The target market is the automobile using class. The geographical area of New South Wales is our target market.

Environment/ industry analysis

In Australia, where the majority of individuals are jobholders and face different types of issues in the road, so this new product will save that life from an accident and disaster by providing a conveniently based car mirror to them. It is a favorable approach to the environmental perspective. This new approach will change the businessman thought in the market.

Customers

In this project, mostly those customers are targeted who belongs to an upper higher class, upper middle class and high class who are very conscious regarding the quality of the services. Our major focus to attract and retain those customers who are the native of Australia and are frequently purchase new branded cars. This product is also used as a passenger car for commercial purposes. The relationship with the customer will generate in the form if effective marketing, advertising and selling strategies like by answering all the customer query about the new producer. By making an online delivery to the customer.

SWOT analysis

Table 8: SWOT Analysis

Strength

Weakness

Good Quality

Covers a wider area

Micro SD card is supported

Anti-glare and Splinter less

Its installation is quite complicated

A little bit expensive in the market

Opportunities

Threats

Expand business in other cities

Increasing the demand for new car mirror

Can provide warranties to gain the market share

Increase the market share through acquisition or merger

More specs can be introduced in the market

The increased competition level of the same product in the market.

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Competitors

Table 9: Competitor's based Analysis

Competitor

Established Date

Size

Market Share (%)

Value to Customers

Strength

Weakness

Samvardhrana Mothoerson Group (SMG)

1975

11-25 employees

More than 26000

High

Their strength is their regular acquisition with other companies (Samvardhana Motherson, 2019).

Material weakness

SMR Automotive Australia

1935

10,0001 + employees

90,000

High

Exterior mirror, camera-based driver and other technology-based equipment's (SMR Automotive Australia, 2018).

Management does not expect any future

Navman GPS

1986

More than 500 staff

900000

High

High technological based advanced product (ABOUT NAVMAN, 2019)

Weak Communication

Advertising & sales

In case of promoting the innovative products and services in the Australian market, there is a need to consider the following strategies;

Table 10: Sales and advertising

Planned promotion/ Advertising type

Expected Business Improvement

Cost ($)

Target Date

Personal selling

This activity will create awareness of the company in the market

$3,000

30/ 7/ 2019

Advertisement

It creates an attractive awareness in the customer's market.

$5000

30/ 7/ 2019

Public Relation

Creates good relation with customers

$3000

30/ 7/ 2019

Sales Promotion

Creates long term benefits of the company

$5000

30/ 7/ 2019

The major objective of these marketing strategies is to attract and retain a large number of customers by direct targeting their needs and wants. In the current era, online selling is the best approach to direct gets all the target customers within a short period of time. By effectively using the cost-cutting strategies in the marketing plan, it will become quite effective to achieve a large amount of profit. As this product is innovative in the market instead of any competitor that will increase the profit margin of this company.

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Sales & distribution channels

Table 11: Sales and Distribution Channel

Channel Type

Products/ Services

Percentage of Sales (%)

Advantages

Disadvantages

E-commerce

Panoramic Rearview Car Mirror

60%

It is an attractive one because, through this, a large number of customers can directly purchase the product from the company.

Sometimes, fraud cases like lack of proper address of purchaser faced by the company's management

Retailing

Panoramic Rearview Car Mirror

30%

It is the traditional way to sell the goods in a proper way where there is no uncertainty level.

Sometimes robbery related threats exit in this factor.

Personal Selling

Panoramic Rearview Car Mirror

10%

It is effective to make direct dealing with users.

It is less preferable in the customer's market.

The Future

Vision statement

"Our vision is to become the best mirror company in Australia."

Mission statement

"Our mission is to attract and retain a large number of customers by providing a high-quality mirror and become the best company in Australia."

Goals/ objectives

"Our goal is to provide a safe driving experience to the users and reduce the risk of blind spots."

Action plan

Table 12: Action Plan

Milestone

Date of Expected Completion

Person Responsible

Conduct a market survey

15 June 2019

R&D Manager

Established a company in a new place

1 July 2019

Project Manager

Manufacture the new mirror

1 August 2019

Operation Manager

Marketing the new product

15 August 2019

Marketing Manager

Sell the product in the market

31 August 2019

Sales Manager

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The Finance

Key objective & financial review

The financial objective of this project is to earn more profit by making the expansion of its business services in other cities in Australia. While its major objective is also to attract a large number of investors in the market and makes a safe investment based new project in the market. Our financial goal is to make a long term profit with a good reputation in the market. So, in order to achieve this financial goal, there is a need of all-around AUD$ 20,89040 in the form of initial investment to make this project.

Assumptions

Start-up cost for three consecutive years

Table 13: Start-up cost for three consecutive years

Start-Up Cost

Cost ($)

Equipment/ Capital Costs

Cost ($)

Registration

84

Franchise fees

5000

Business name

36

Business purchase price

500

License

80

Start-up capital

741,000

Trade makes/ Design/ Patent

6000

Plant & equipment

 

Membership fees

55

Computer equipment

5000

Accountant fees

134.77

Phones

500

Phone connection

100

Fax machine

500

Internet connection

79

Vehicles

10,000

Training

2600

More

4000

Wages

1500

Security system

116

Stock/ raw material

5000

Office equipment

 

Rental lease cost

2000

Shop fit out

20,000

Vehicle registration

125.33

Furniture

40,000

Insurance

5000

More

0

Building

100,000



Vehicle

600

 

 

Public Liability

800

 

 

Professional Liability

600

 

 

Business asset

20,000

 

 

Printing

5000

 

 

Stationary & office supplies

7629

 

 

Marketing & advertising

1000

 

 

More

11,00,000

 

 

Total Start-up cost

1253424

Total equipment's/ Capital costs

835616

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Forecasted balance sheet

In order to forecasting the upcoming three financial year performance, the asset of this company is lower in the first year but with the passage of time, its value become increase up to $16589000 in the second year and $16400300 in the third year. With the passage of time, not only the asset is increased, the liability of the company is also become increases with the expansion pf business. The net asset value at the end of 2019, the company will bear loss due to its large amount of startup cost and other related expenses. But in the year 2020, the company will earn a profit of $16073428 and in 2021, the company will generate all-around $16075928 amount of profit which shows that there are more opportunities in front of this company to expend its operating activities and earn more profit.

Forecasted profit and loss statement

Table 14: Forecasted Profit and Loss Statement

Profit & Loss Forecast

Year 1

Year 2

Year3

Sales

1899030

16589000

16400300

Less: Cost of goods sold

9030

20050

30000

Gross profit

1890000

16568950

16370300

Expense




Accountant fees

134.77

134.77

134.77

Advertising & marketing

5000

55000

6000

Telephone

1200

1200

1200

Lease loan payment

50000

55000

60000

Motor vehicle expense

10000

15000

20000

Credit card fees

19000

20000

20000

Bank interest

5500

5500

5500

Wages

18000

1500

1500

income tax

20000

20000

20000

Repair and maintained

2000

2500

3000

Stationary and maintenance

40,000

50,000

50,000

Utilities

999.33

1000.33

100.33

More

5500000

550000

5500000

Total expenses

5671834

776835.1

737435.1

Net profit

-3781834

15792115

15632865

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Expected cash flow

The expected cash value per month shows that total incoming cash revenue will be $2250 in June, $2260 in July, $2870 in August, $2980 in September, $3530 in October, $4130 in November, $1130 in December, $4735 in January, $5680 in February, $5340 in March, $5790 in April and $5950 in May of 2020. These increasing values shows that this company will grow in an ascending order in this case. There are many opportunities in front of this company to earn more profit in the Australian market. In the beginning of the financial year, the closing balance is only$135 but alter end of the financial year of 2020, the closing balance is increased up to $13795.

Breakeven analysis

Table 15: Breakeven analysis

Timeframe


The average price of each product

AUD$ 1899030

Average Cost of each product and service sold

AUD$ 9030

Fixed cost for the month/ year

AUD$ 5671834.1



loss of price that is profit

AUD$ -3781834

Total sales needed to breakeven

AUD$ 1882804

Number of units sold needed to breakeven

AUD$ 1000

Figure 2 Breakeven Chart.jpg

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