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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

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

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Required Staff

Table 2: Expected employees

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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

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

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

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Inventory

Table 6: Inventory based cost

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

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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

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Competitors

Table 9: Competitor's based Analysis

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

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

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

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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

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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

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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

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