This business plan for Barclays Bank includes aims, objectives, market overview, strategies for selling and marketing products, financial forecast, and more.
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Business plan for Barclays Bank
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Table of Contents INTRODUCTION...........................................................................................................................4 MAIN BODY..................................................................................................................................4 Outline of business......................................................................................................................4 Overview of market.....................................................................................................................5 Who is involved in business........................................................................................................5 Short term and long term objectives............................................................................................6 Resources and need for external funding.....................................................................................7 Strategies for selling product/ service..........................................................................................7 Strategies for marketing product/ service....................................................................................8 Financial forecast.........................................................................................................................9 CONCLUSION................................................................................................................................9 REFRENCES.................................................................................................................................10
Executive summary Business plan refers to a written document which includes, aims, objectives, mission and vision statement. It also includes, outline of business, market analysis, strategies which can be applied for selling product, financial forecast. The report examines, outline of business, its aims and objectives. Overview of market, people involved in business and plans for growth of business. Short term and long term objectives, need for external funding is discussed. Strategies for selling product or service like, prices are low, for promotion social networking site can be used. Strategies for marketing product or service and financial forecast is discussed.
INTRODUCTION A business plan refers to document which contain details about company’s business activities, their aims and objectives, strategies for achieving targets. It includes, marketing strategy, analysis and financial plan (Tipu, 2019). Barclays bank provides different services like, retail banking, commercial banking, investment, wholesale and private banking. Its headquarter is situated in London, England, UK. Business plan of Barclays bank is discussed which includes, aims and objectives of company, overview of market, short term and long term objectives. Resources and any external funding if required, strategies for selling product, marketing plan and financial plan. MAIN BODY Outline of business It is important to make plans and strategies of business according to aim & objective so that it becomes easy to accomplish targets. For survival and growth of business, managers make aim, objective, mission and vision statement. It helps employees to work properly and reduce confusion among workers. When aim and objectives are clearly defined then it is easy for all members to work and they are doing work according to instructions given. This helps in completing work on time and better plans can be made for future (McKenzie and Sansone, 2019). Managers are making aim and objectives of company so that employees can know what they have to achieve. It is essential to make aims and objectives, mission and vision statement in business plan because it helps in attracting people and creates a positive image in minds of customers as well as investors. Aim:To develop world class, satisfy needs of customers and clients by finding innovative solution of their problem. Objective- To create opportunities for growth of business and help people by providing them good services. Mission statement- To increase revenue by satisfying needs and wants of customers. Vision statement-To achieve good growth by increasing presence in markets and making plans for rapid growth.
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Overview of market Porter’s five force model is used for industry analysis which is Barclay’s Bank to understand the dynamics of industry (Bruijl, 2018). Porter’s Five Force Model is used and framed which is described below – Threats of New Entrants –New banks help in creating innovation, and different ways of doing things which helps in making and framing the scale through which Barclay’s Bank gets the reduced costs, provides new value proposition to the customers. Bargaining Power of Suppliers –Companies in the Foreign Money Centre Banks industry have their suppliers so that they are able to buy the raw material. Margins are decreased for the dominant position in Barclay’s so that they can earn the market. Bargaining Power of Buyers –The Barclay’s Bank wishes to buy the best offerings which are available in the market which helps them in paying the minimum price for the facilities of the Bank. The bargaining power of the customers is higher. Threats of Substitute Products or Services –The customer needs become different with the competition in the market and this helps in analysing the market competitors and their way through which all the purpose of producing the products and services are made in different manner. Rivalry among the Existing Competitors –Rivalry among the same industry type players is intense which decreases the profitability of the Barclay’s Bank as it operates in the similar industry (Grebenshchikova and Yakushev, 2017). Who is involved in business Barclay bank is providing good services to customers and their aim & objective is to satisfy needs of customers and clients. For accomplishing targets it is important to select best members who are having the ability to work efficiently and effectively. Managers should make teams and divide work accordingly so that there will be no issue while achieving goals and objectives of business. It is the responsibility of HR department to select best candidate for their company so that targets can be accomplished. Management team of Barclays bank includes, President, CEO, Managing director, managers of different department. All of them are highly qualified and having experience. They are knowing how to handle situation and make plans so that goals of business can be achieved.
Founder– John Freame and Thomas Gould who were doing business in Lombard street, London. CEO- Matt Hammerstein President– Paul Compton Therearemanagersofdifferentdepartmentandemployeesworkingaccordingto instructions given by their seniors. In Barclay bank, organisational structure is applied which helps in completing work on time. Divisional structure is followed in Barclay bank in which roles and responsibilities of every person is clearly defined and goals and objectives is also mentioned. This helps in avoiding confusion and employees are knowing what they have to do. It is important to apply organisational structure so that members can know their roles and responsibilities; this also helps in reducing chances of duplicate work and employees can work efficiently. Short term and long term objectives Short term objectives refer to plans which are made to be accomplished within short period of time. It is the responsibility of managers to make plans or strategies for success of business and identify weak points which should not be repeated next time. Generally, short term plans are made by managers so that business can run smoothly and it helps in building good image in minds of customers. Short term goals and objectives are of short period like, two weeks, four weeks, not more than two months. It is easy for managers to make plans so that aim & objective of business can be accomplished and there will be no issue (Wheelen and et.al., 2017). Short term objective of Barclay plan is to satisfy needs of customers and build good image in minds of customers. Managers of Barclay bank want to create unique identity in market by providing good services to customers. The main aim of Barclay bank is to satisfy needs of clients and try to give their best. For achieving targets, managers have to identify market situation and according to that plans or strategies are made. It is important to focus on needs of clients because if they are satisfied then business will run smoothly. Long term objectives refer to goals which are to be achieved in future. Managers are making plans which is to be accomplished within three months, four months or one year. It is essential to make long term objectives so that employees can work accordingly and task can be completed on time. When short term objectives are not achieved then managers try to achieve long term goals for survival and growth of business. For every company, it is essential to make
plans or strategies for development of company (Gošnik and Kavčič, 2021). Barclay bank want to earn revenue by satisfying need of client and aims to generate sustainable value. They want to build positive image in minds of customers and provide them good facilities so that clients are satisfied. Resources and need for external funding There are different type of resources which is required in Barclay bank for survival and smooth running of business. It is important to arrange material and resources which is required so that work can be completed on time. for starting business, funds are required and company can take help from outsiders to run business smoothly. There are many external sources from which funds can be taken and it helps in achieving targets. There are several external funding sources such as, family and friends, venture capitalist, business angels, new partners, leasing, government grants (Syafrida, Aminah and Awaludin, 2020). These are some sources from which funds can be taken for running business and better plans can be made. Barclay bank is taking funds from customers and clients like, individuals, small and medium sized business, large corporates and multi-national companies. These are some sources from where bank is arranging funds and it helps in achieving goals and objectives. They are also taking fund from financial institutions, investors, funds, sovereign institutions and government. Banks can take money from other banks, government, crowdfunding etc. So, there are many options available for Barclay bank to arrange funds and they can choose any option which is appropriate for them. Strategies for selling product/ service There are some strategies for selling product/ service to customers. It is the responsibility of managers to identify market situation and needs of customers so that plans can be made accordingly. To increase revenue of company, it is important to attract customers and increase sales of company. Some strategies for selling product/ service to customers are, clearly define customer, develop competitive advantage, use social media platform for attracting people, price of product should be kept reasonable so that people can afford it. Effective presentations should be prepared so that people can get relevant information and it helps in attracting them. Barclay bank should focus on satisfying needs of customers and provide them good services (Arori and Rugami, 2020). These are some strategies which can be applied by Barclay bank to increase sales of company and attract more people.
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Before making any plan managers should market survey so that better plans can be made and it helps in identifying factors that may affect working of company. There are two types of environmental factor i.e., micro and macro environment. Managers should identify these factors so that business can run smoothly and there will be no issue. Micro environment refers to factors which are present within the company and it may affect working of firm. Macro environment refer to factors which are present outside the company but it has negative impact on working of firm and affect performance of employees. It is important to determine these factors and conduct market research so that goals and objectives can be accomplished. For survival and growth of company, market survey should be conducted to determine positive and negative points and better plans can be made for accomplishing targets. SWOT analysis should be done for identifying strengths, weakness, opportunity and threat. It helps managers in determining strengths of their company which helps in attracting people. Weakness means to determine negative points or some qualities that competitors are having better. It should be improving by managers to gain competitive advantage in market and to satisfy needs of clients (GURL, 2017). Before making any plan, managers should identify choice of customers so that better services can be provided to them. Opportunities should be identified so that plans can be made accordingly and more revenue can be generated. Threats means to identify strategy which is used by competitors and make better plans to accomplish goals and objectives. Strategies for marketing product/ service The marketing plan consist of the plan which is being framed for knowing what is the scale through which the components of market are varied and this helps in creating the Barclay’s Bank at large scale (Yasa and et.al., 2020). The marketing plan consists of 4P’s which are described as follows – Product –The products which the Barclay’s Bank uses are providing credit card facilities to the customers, Barclay card along with personal and premier banking is provided by the Bank. Price –The pricing strategy which Barclay’s follow is dependent upon the competitors offering, customers demand and the regular offerings on the products and services. Place –The foreign business has been expanded over the years where the Barclay’s has been delivering the products and services to the branches through the stores at large scale.
Promotion –Barclay’s focuses ad follows the 360-degree marketing and promotional strategy which helps in the marketing plan to reach to the customers effectively and efficiently. Financial forecast This is financial forecast of Barclay bank in which they are investing£10,000and estimation of expenses is being done. Bank is raising fund from outside so that business can run smoothly and to avoid problems. Initial investment£10,000 Less: expenses Sales and marketing£1000 Administrative expenses£2000 General expenses£1500 Net income£5500 Fund raising£4000 CONCLUSION From the above discussion it can be concluded that, business plan plays a crucial role in achieving goals and objectives of company. Aim, objective, mission and vision statement has been discussed. Porter’s five forces, management team, short term and long term objective has been described. Strategies for selling product or service like, identify choice of customer, to do market survey, keep low prices, social networking sites can be used for promotion has been discussed. Financial forecast has been described which includes, initial investment, expenses and fund raising.
REFRENCES Books and Journals Arori, A. M. and Rugami, J. M., 2020. Personal Selling Strategies and Customer Loyalty among Insurance Companies in Malindi Town, Kilifi County, Kenya.International Journal of Business Management, Entrepreneurship and Innovation.2(1). pp.36-51. Bruijl, G. H. T., 2018. The relevance of Porter's five forces in today's innovative and changing business environment.Available at SSRN 3192207. Gošnik, D. and Kavčič, K., 2021. Analysis of Selected Aspects of an Organisation: The Organisation as an Instrument, an Interest Group and as a Process.Managing Global Transitions.19(2). Grebenshchikova, L. S. and Yakushev, N. M., 2017. Definition of Competitiveness of the EnterpriseUsingtheFiveForcesofM.Porter.VestnikIzhGTUimeniMT Kalashnikova.20(3). pp.51-53. GURL, E., 2017. SWOT analysis: A theoretical review. McKenzie, D. and Sansone, D., 2019. Predicting entrepreneurial success is hard: Evidence from abusinessplancompetitioninNigeria.JournalofDevelopmentEconomics.141. p.102369. Syafrida, I., Aminah, I. and Awaludin, T., 2020. Securities Issuance Considerations As an External Funding Source for Sharia Commercial Banks.Economica: Jurnal Ekonomi Islam.11(2). pp.211-233. Tipu, S. A. A., 2019. Business plan competitions in developed and emerging economies: What do we still need to know?.Journal of entrepreneurship in emerging economies. Wheelen, T. L., and et.al., 2017.Strategic management and business policy(Vol. 55). Boston, MA: pearson. Yasa, N., and et.al., 2020. The role of competitive advantage in mediating the effect of promotional strategy on marketing performance.Management Science Letters.10(12). pp.2845-2848.