International Business & Marketing Strategy

This assignment delves into the complexities of international business and marketing. It requires an analysis of various strategic approaches for entering foreign markets, considering factors like cultural differences, market research, and competitive landscapes. Students must develop a comprehensive marketing plan for a fictional company aiming to expand globally, incorporating elements such as product adaptation, pricing strategies, distribution channels, and promotional campaigns. The assignment emphasizes the importance of understanding global economic trends and their influence on business decisions.

Running Head: Business Project Proposal
Business Project Proposal
Currency Consulting Company

Business Project Proposal 1
Executive Summary
Formation of new businesses is very important to every economy across the world. They help in
the growth of industry and provide a platform for innovation to foster. In this era of
Globalization, foreign trade is gaining ground. This has led to increasing fluctuations in the
currency market. The movement of GDP against the USD has been catastrophic and has been
deeply impacting exporters and importers across the nation.
This report is introducing a new business of a currency consulting firm. The idea is to make
clients aware of the movements in the currency market and help them to hedge their currency to
avoid risks and increase profits. The details of the target market, business models, competition
and industry analysis has been elaborated in the report. Formation of a business is a complicated
task and requires attention to minute details. We have attempted through this report to throw
light on those intricacies of the new business.

Business Project Proposal 2
Table of Contents
Executive Summary.........................................................................................................................1
Chapter 1: Introduction....................................................................................................................5
Rationale of the business opportunity..........................................................................................5
Scenario Chosen...........................................................................................................................5
The Mission..................................................................................................................................6
The Vision....................................................................................................................................6
The Aim.......................................................................................................................................6
The Objectives.............................................................................................................................7
Structure of the business..............................................................................................................7
Chapter 2: The Business Concept....................................................................................................8
Service Description......................................................................................................................8
1. Daily FX Advisory............................................................................................................8
2. Live screen........................................................................................................................8
3. Customized hedging strategy............................................................................................8
4. Portfolio management.......................................................................................................9
5. Research reports................................................................................................................9
Target Market...............................................................................................................................9
Positioning Strategy...................................................................................................................10
Value Added..............................................................................................................................10

Business Project Proposal 3
Who is involved.........................................................................................................................11
Window of Opportunity.............................................................................................................12
Chapter summary.......................................................................................................................12
Chapter 3: Literature Review.........................................................................................................13
Industry Feasibility Analysis.....................................................................................................13
Chapter Summary......................................................................................................................15
Chapter 4: Feasibility/ Methodology.............................................................................................17
Market Research........................................................................................................................17
Market Analysis.........................................................................................................................18
UK Consulting market............................................................................................................18
Size of the target market.........................................................................................................18
Major Competitors.................................................................................................................19
Product/Service Feasibility........................................................................................................20
Organizational Feasibility..........................................................................................................21
Organization Structure...........................................................................................................21
Organizational Culture...........................................................................................................22
Financial Feasibility...................................................................................................................24
Technical Feasibility..................................................................................................................24
Chapter Summary......................................................................................................................25
Chapter 5: Analysis of the Business Model...................................................................................27

Business Project Proposal 4
Strategic Analysis......................................................................................................................27
PEST.......................................................................................................................................27
SWOT.....................................................................................................................................27
Competitive Advantage..............................................................................................................28
Selection of Strategies................................................................................................................29
Business Model..........................................................................................................................32
Business Model Canvas.............................................................................................................33
Chapter Summary......................................................................................................................34
Chapter 6: Evaluation of the Business Plan...................................................................................35
Overall assessment of business plan..........................................................................................35
Business plan schedule...............................................................................................................35
Business Viability......................................................................................................................38
References:....................................................................................................................................40

Business Project Proposal 5
Chapter 1: Introduction
The entire procedure of launching a new business is referred to as entrepreneurship (Schaper,
2014). Starting a new business is accompanied by various challenges along the road. It requires
immense research before starting the business. A Clear understanding of target market, product
positioning, competitors, sources of finance, profit analysis and growth opportunities etc. is
imperative.
Entrepreneurship is an important aspect of any economy because it provides a platform for
innovative businesses to flourish eventually leading do the growth of an economy (Chell, 2014).
This report throws light on a new business ‘Currency consulting’. The business involves
tracking, critically analyzing and forecasting the movements of the currency markets and
providing consultancy about the same to concerned customers.
Rationale of the business opportunity
GBP is one of the G7 (group of seven) currencies which dominate the world. As we know, the
value of our currency GBP (Great Britain Pound) fluctuates against the USD (United States
Dollar) on a daily basis (Kenourgios, 2017). These currency movements do not directly impact
individuals on a day to day basis but there are lot of business which get directly impacted by the
movements in the currency markets. They predominantly include export and import businesses
(BBC News, 2017).
Scenario Chosen
In the current era of globalization, enough light has been thrown on the world being flat. This
implies that every country is connected to every country. Transfer of labor, goods or services
from one part of the world to another is an everyday occurrence (Hong, 2014). Hence, emerges
the need and the frequency of import and export transactions of the country. This process is
known as Trade of goods and services. These trade transactions take place in foreign currencies
and hence a detailed knowledge of currency movements becomes critical for efficient trade.

Business Project Proposal 6
The Mission
Over the last one year, GBP has touched a low of 1.2023 and a high of 1.3589 against USD (XE,
2017). There are various factors that affect the movement in the currency on a daily basis
(Boateng, 2014). Export and import businesses cannot solely analyze and forecast these
movements and hence they end up facing immense risk with respect to currency fluctuations.
Unlike local businesses, export and import businesses transact in foreign currency as a mode of
payment to and from their buyers and suppliers.
Mission of this report is to analyze the market by conducting a primary as well as secondary
research, understanding the need and preparing a business model of a consultancy specializing in
currency fluctuations affecting trade.
The mission of the firm involves critically analyzing the currency markets, understanding the
factors involved in currency movements, accurately forecasting the future of the currency against
USD and guiding importers and exporters in order to protect them from unwanted risks due to
currency fluctuations. The firm aims to bring profit to every client associated with it by reducing
risks caused due to unforeseen fluctuations in the pound.
The Vision
The company’s vision is to build a strong team with detailed FX knowledge and to become
market leaders in the currency consulting industry. The long term vision is to increase TOMA
(Top of mind awareness) that ensures that every time an individual or a company takes an FX
decision, they can think of no better option.
The Aim
The aim of the company is to ensure that no business in the United Kingdom faces any losses
due to fluctuating currency. Every exporter and importer of the country should have sufficient
knowledge on the movement of the currency market and should be able to increase its profit
margins by taking advantage of efficient forecasting of currency movements on a daily basis.

Business Project Proposal 7
The Objectives
1. To gain a detailed insight on currency movements specifically the GBP and USD.
2. To understand how this currency movement impacts various businesses and defining our
target market based on that analysis
3. To critically evaluate the pros and cons of this industry and learn how we can
differentiate our products.
4. To perform a competitive analysis and understand how to position the product in order to
gain competitive advantage against other players in the business.
5. To elaborate on the need and benefits of a currency consultant company.
6. To critically understand the feasibility of this product and how it can be launched in the
market
7. To define various processes and key resources involved in establishing this business.
8. To provide for a market plan and future performance of the business.
Structure of the business
This business will be based on a partnership model with two key partners involved. This business
model has been chosen because the firm requires at least two key personnel to lead the business.
Both the partners will be co-owners and will share the income and hold equal responsibility of
decision making (Galbraith, 2014). Both the partners will have their own areas of expertise in the
business. They would have divided and specific responsibilities and both will aim and work for
the longer term growth of the business. It is important the both the partners aim for the same goal
and work towards it efficiently. There must be complete transparency and shared responsibility
between the two (Hammerness, 2017).

Business Project Proposal 8
Objective 1: Understanding the Business Concept
Service Description
FX knowledge and efficient currency analysis is the domain upon which this currency consulting
firm is formed. The services offered by the currency consulting firm includes:
1. Daily FX Advisory: Every client would be advised about the fluctuations of the currency
market on a daily basis. A dedicated team of two advisors would be provided to every
client who would be available at all time to guide them on every detail of their FX
transactions. It would be the job of the advisor to ensure that the clients are aware of what
is happening in the currency markets across the globe. They should be provided guidance
on how the can hedge their currency in order to maximize profit.
2. Live screen: At present, most exporters and importers are either referring to new channels
or financial websites in order to get an idea about what is currently going on in the
currency market. These are lagged rates and the banks do not accept these rates. There
are only two terminals which show the exact rate accepted by the banks which are
provided by Reuter and Bloomberg. These terminals are expensive and hence most
businesses do not have them. We aim to buy a common terminal and provide a live
screen to all our clients which will show accurate exchange rates as compared to new
channels and hence will provide the clients with a tool to negotiate with the banks. Every
client would be given an ID and password to access this screen.
3. Customized hedging strategy: There are various tools used for currency hedging. The
idea of using these tools is to reduce the effects of the volatility in the currency market
and limiting the exposure to risk. There are three important techniques which are used by
exporters and importers which are as below:
a. Forwards – A Forward contract enables an exporter or importer to lock a currency rate
for a transaction to be made in the future by paying a premium. Forward contracts are
signed between banks and businesses (Jacobs, 2016).
b. Futures – Similar to a forward contract, a Futures contract is between the London stock
exchange and the business. Here again, the client locks a particular rate for a specific
time in the future by paying a premium to the LSE (Yin, 2016).

Business Project Proposal 9
c. Options – Options are complex and advanced hedging tools where the buyer of the
option has a right to buy/sell a particular currency at a specified rate by paying a
premium.
Most exporters and importers use plain vanilla forward contracts with the banks and hedge
their currency without a thorough understanding of the currency market. In this process,
firstly the banks charge a higher rate and there is an opportunity loss involved (Stein, 2015).
Our firm would have a team of experts who would make customized hedging strategies for
all the clients on a daily basis based on their upcoming FX transactions. These strategies
would be explained to clients over the phone and emailed to them in the form of a report.
4. Portfolio management: Every advisor allocated to the client will keep a proper track of
the client’s FX portfolio and help the client in increasing profits based on the same. Every
time the client makes an FX transaction, it would be recorded by the company and
advised upon the same. This would help solve two purposes. Firstly, both the parties
would have crisp and concrete knowledge on the client’s upcoming transactions and will
help in efficient data management (Michalsky, 2013). Secondly, it would be easy for the
company to track how much have the clients benefitted from their advice about the
markets.
5. Research reports: A dedicated research team would be working on gathering research
material all day. They would keep a track of all the G7 currencies and keep a tab on what
happens in the currency markets throughout the globe. There will be four research reports
released by the company every day and sent to all the clients. This would firstly give
clients detailed information about the currency market which they can read at their will
and secondly this would help to create a strong library of extensive reports which will be
beneficial in the long term for the firm.
Target Market
The process of target market involves profiling customers, understanding their needs and
specifically identifying the set of consumers that can be served by the firm. This is an important
process because no company can serve all the customers and it is more viable for the company to

Business Project Proposal 10
understand the needs of a particular target segment and aim to fulfil the same by their products
and services (Armstrong, 2014).
The target market of the currency consulting firm would predominantly include exporters and
importers all over the United Kingdom with an annual trade turnover of £20,000. Primary target
would be firms exporting oil, machinery, transport equipment and chemicals and companies
importing gems, medical, technical and optical apparatus.
Positioning Strategy
Positioning of any organization refers to the image that the company holds in the minds of its
consumers. Before starting any business it is important that the owners and founders define and
decide how they wish to position their product and service. This is important because then it
helps define the target market of the organization and also helps the firm organize their services
and deliver them in an efficient manner (Sair, 2014).
The currency consulting firm in the picture is positioned as a niche service provided to clients.
This is so because most of the currency brokers in the United Kingdom do not provide dedicated
research and advisory. The firm is positioned across UK with an agenda to overall increase the
industry wide knowledge of the currency movements.
Since the company is selling a knowledge service, it is important that the firm positions itself
differently from its competitors. The diversified services offered by the firm including daily
advisory, dedicated advisors, portfolio management, live screens and research reports are an
attempt to position the firm as a one stop shop for every FX need of the client.
Value Added
The value addition offered by any organization is what makes the organization worthwhile. This
value can be in terms of enhancing knowledge, increasing profits, reducing costs, saving time or
enhancing customer experience (Hubbard, 2014). The value added by the currency consulting
firm includes the following:
1. Increasing knowledge: This currency consulting firm aims to educate exporters and
importers of the country with respect to the currency markets and hedging strategies.

Business Project Proposal 11
2. Reducing risk: The continued advisory and hedging strategies of the firm help the clients
reduce risk faced by currency market volatilities.
3. Increasing profits: Once the clients gain an understanding of the currency markets, they
can work to increase profits by taking advantage of the forecast offered by the
consultants.
Who is involved
Stakeholders involve everyone that is associated with the business. This includes the
organizational team, partners, clients, customers, vendors, suppliers etc. (Lawrence, 2014).
Employees Every employee of the organization including
freelancers
Clients Exporters and importers
Partners Two key partners
Vendors Reuter and Bloomberg Vendors
Public Relations Media partners and new channels
Banks and Exchange Client’s banks and London stock exchange
Competitors All competitors like International foreign
exchange, central FX, New change FX, Clear
treasury etc.

Business Project Proposal 12
Window of Opportunity
Over a period of a short span also, it has been noted that the currency fluctuations have been
rather volatile. They directly impact the bottom line profits of exporters and importers. This is
where the window of opportunity lies. The market is still a niche and there are hardly 10 players
in the entire industry dominating the market whereas the number of exporters and importers is
consistently on a rise (Financial Times, 2017). This makes for a wonderful opportunity for a
currency consulting firm to establish itself in order to manage FX decisions across the country.
Chapter summary
This chapter details the business concept behind the currency consulting firm. In this chapter it
has been established that due to the increasing fluctuations in the currency market, exporters and
importers often face a huge risk which can lead to losses. These fluctuations can be studied,
analyzed and predicted for the future. The aim of this currency consulting firm is to provide
advisory to exporters and importers about the currency market and help them hedge their trade
transactions in a more efficient manner.
United Kingdom’s trade is increasing across borders and the recent data suggests that the
quantum of both imports and exports is on a growth trajectory. This is essentially beneficial for
the firm as the target market of this currency consulting firm would be importers and exporters
who face a currency risk in their business. The firm is providing a niche service as the level of
competition is much lesser at the moment. However, it is an attractive industry and slowly
gaining ground among business investors. This is why it is imperative that the firm continues to
work upon differentiating its products from the rest of the players in the industry.
The services offered by the firm would include daily advisory, formulation of customized
hedging strategies, research reports and live screen showcasing current live rates in the market.
These services are offered with the intention of increasing knowledge of the clients, helping
them reduce risk and in turn increasing their profits.

Business Project Proposal 13
Objective 3: Conducting market research
Industry Feasibility Analysis
Industry analysis is an extremely crucial aspect in the setting up of any new business. This is
important because it gives the founders of the business a clear picture of exactly what are they
getting into. This analysis helps them to gather understanding about who are the already existing
players in the market, amongst these players who would be a source of competition, exactly what
are they offering and how our products can be differentiated (Dobbs, 2014). This analysis also
helps to understand if the industry is a red ocean or a blue ocean, what kind of power do the
buyer’s hold, how much power do the suppliers have and how easy or difficult is it to enter this
industry with a new business (Rafique, 2015).
This analysis can be best performed with the help of Michel Porter’s five force analysis. It is
management strategy tool which is widely used across the globe and is considered to be one of
the most efficient ways to carry out an industry analysis. The industry analysis of the Currency
consulting firm using Michel Porter’s five force model is given as below:
1. Bargaining power of suppliers: The number of suppliers associated in the entire
consultancy process are very few. Human resource suppliers or recruitment agencies are
the biggest suppliers. They assist the firm with hiring the best candidates for the job.
They achieve this by approaching the top universities and also poaching clients from
already existing players in the market (Haucap, 2013). Since every consultancy firm
understands the importance of having competent consultants and sales leaders on board,
the bargaining power of suppliers is very high. They are known to charge sometimes over
20% of the candidates’ annual income which is a huge cost to the firm. Having an
efficient HR team that focuses on recruitment is the ideal way to avoid this cost.
2. Bargaining power of buyers: Due to increasing competition in the industry, the
bargaining power of the buyers is slowly increasing and expected to increase further.
However, once the client has come on board and shared the intricacies of his financial
transactions with one consultant, it is rare that he would switch to another consultant
easily. But due to signing the non-disclosure agreement and the consistently reducing

Business Project Proposal 14
costs of consultancy across the country, the client’s cost to move from one consultant to
another is much lower which makes his bargaining power relatively higher (Fabbri,
2016). Secondly as mentioned below, the system of gaining clients by referrals and the
strong community to which the exporters and importers belong are fiercely loyal. Which
indicates that if they work together as a group, their bargaining power becomes even
more. There are various trade organizations that work to establish, promote and provide
help to exporters and importers across the country. These organizations have a large
database of active members and they can use this as a strong negotiating tool.
3. Threat of substitutes: There is no substitute for knowledge and this is exactly why the
threat of substitution for a currency consulting firm is literally zero. There is no other
product or service that can substitute for the knowledge and the expert advice shared by
consultants (Porter, 2014). It is possible for the clients to check the live rates or see the
news on television but it is impossible for them to find the same level of advisory and
consultancy through any other source besides competent experts who have a strong
knowledge about the market.
4. Threat of new entrants: The currency consultancy is a high profit yielding firm with a
minimum investment. This is why the threat of new entrants is extremely high. There are
a lot of universities teaching courses on the currency market analysis. These students in
the future would eventually become competitors of the firm. The cost of starting this
business is relatively low as there is no requirement of inventory or stock. Human
resource is the most expensive and valued resource of the firm which can always be
hired. This ease of starting this business makes it extremely appealing to others who are
planning to start their own business and therefore the threat of new entrants is very high
(Kew, 2017).
5. Industry rivalry: Industry rivalry increases with the increase in competition. This rivalry
can be based on product or service offered, places where the service is being offered, how
the service is being promoted and what pricing strategies are used by the organization.
This industry rivalry is on a rise in the field of currency consultancy as there are various
players entering the market every quarter. And every player is trying their best to
differentiate themselves. Many industry players poach clients or employees from other
organizations leading to a rather dirty game in the business. The best way to deal with

Business Project Proposal 15
this rivalry is to differentiate the firm in either of the following ways (Tauman, 2015):
Product: Since the product or service is same for all the players in the market, companies
have now started differentiating themselves by offering expert advice on a particular
sector of exports or imports example oil, agriculture, food and beverage and minerals etc.
(Gabszevicz, 2014)
Price: Pricing strategy plays an important role as every customer focuses on receiving the
best service at the best available price (Nagle, 2016). Our firm would be adopting
Absorption pricing method as well as Market penetration. Absorption pricing will help to
cover costs while market penetration would help to attract more clients.
Place: Most of the financial currency consultants are based out of London. New change
FX, Clear Treasury, International foreign exchange are all currency consultants
headquartered in London. Opening branch offices in Edinburgh, Liverpool, Manchester
or Glasgow will help avoid industry rivalry.
Promotion: Industry rivalry is also often visible in terms of the promotions done by the
company. These promotions are a major source of making the customers aware about the
existence of the brand and positioning the brand as planned (foster, 2014).
Chapter Summary
Industry analysis is performed by marketers to gain an insight about the industry upon which the
organization is operating (Rothaermel, 2015). In this chapter, Michel porter’s five force model
has been used to understand the currency consulting industry better. This is one of the finest
tools used by strategic managers and the summary of the industry is as below:
1. Low bargaining power of suppliers as the only supplier concerning the currency
consulting company is its human resource. Therefore recruitment agencies are the only
suppliers that the firm has to deal with.
2. High bargaining power of buyer because the cost involved in shifting from one client to
another is negligible and the competition is consistently growing which is providing
options to consumers to choose from.
3. No threat of substitutes because there is no substitute to knowledge of the currency
consultant.

Business Project Proposal 16
4. Increasing threat of new entrants owing to the attractiveness of the industry and
increasing competition
5. Once the competition increases and more players join the industry, rivalry among them
becomes inevitable and hence it is crucial that the firm differentiated itself from its
competitors now (Kirzner, 2015).

Business Project Proposal 17
Objective 3: Performing feasibility analysis
Market Research
Before the business is established, market research helps the founders understand the current
status of the industry (Sekaran, 2016). Detailed research helps to gain an insight on the viability
of the business and throws light on following details:
1. Target market: The first step in market research involves a deep understanding of who
would be the target market of the business (Hair, 2015). These are the primary customers
targeted by the firm and detailed research about the target market would help the
organization to know who their potential customers are. This target market is done after
thorough analysis. Firstly, the market is divided in various segments like geography,
demography, psychographic or even socio-cultural. Once the market has been divided,
the firm must work on finding exactly what customers can be potential clients in those
different segments. These customers will be the target market (Van Niekerk, 2016).
2. Customer needs: Once the target market has been identified, efforts must be put in to gain
an insight upon the needs of these targeted consumers. Understanding their needs and
preferences in detail would help the firm know the required product or service offering
that is lacking in the market (Timoshenko, 2017). This research would the organization
design their product in an efficient manner.
3. Competitors’ knowledge: Upon understanding the needs of the customer, research must
be conducted to analyze which other company is focusing on fulfilling the same needs as
identified by us. These players then become the competitors of the organization. Specific
analysis about the offerings of these competitive firms would help us understand how our
product or service offering can be different from others (Daellenbach, 2014). The prices
at which the competitors are offering the service and the service quality maintained by
them are also crucial aspects of this study. This study would help the firm survive in the
longer run and ensure that the brand can be introduced in the market.
4. Market share and industry size: On a more technical front, research must be done to know
the size of the industry and the market share of major competitors. This would help in
understanding the details of the industry and exactly how much can be offered to clients

Business Project Proposal 18
and the scope of the business. Market share analysis would also throw light on the biggest
players in the industry (Rego, 2013). Upon this knowledge, the firm can set realistic
future target for itself and work to achieve the same.
5. Profitability analysis: Lastly, it is imperative that a business is profitable and helps the
founders generate revenue. Hence, a deep analysis must be done about the tentative costs
that would be incurred by the organization and in order to break even, how much revenue
would the firm need to generate (Legrand, 2017). Post which the sources of this revenue
generation must be identified and worked upon. This can be accomplished by doing
research about the tentative costs incurred and profits made by competitor firms (Fish,
2017). This is the most important aspect of market research. This helps the organization
understand the viability of the idea in financial terms.
Market Analysis
Market analysis is usually followed by market research. This is done to perform a qualitative as
well as quantitative assessment of the market. This is important as it gives a clear picture about
the market and sets the right expectation setting for the founders of a new business (Fleisher,
2015).
UK Consulting market
The UK consulting market is huge and has been on a consistent growth trajectory. Last year, the
consulting market was valued at £7,311 million which indicates a 7.5% rise since the previous
year. Currency consulting holds a small 18.3% of this market. This is a tremendous growth from
a mere 3.6% in the year 2012 and is expected to grow further (Source Global Research, 2017).
Size of the target market
Given that the targeted customers for the firm are exporters and importers, it is also important to
note that UK Exports have increased by 0.6% to reach GBP 50.15 billion in the month of August
2017 from GBP 49.84 billion. For the same month, imports by the country were valued at GBP
55.78 billion which is a 3.2% increase from previous month’s GBP 54.08 billion (Trading
economics, 2017). This goes on to show that the target market is also consistently rising
providing the firm with more opportunities to capture a larger market share (Amos, 2016).

Business Project Proposal 19
Major Competitors
Competitors are very important stakeholders in every business. Not only do they eat away from
the company’s market share but also ensure that the industry is on its toes all the time and the
customers are offered the best in the market (DC West, 2015). This also leads to industry growth
and continued innovation. Major competitors of the currency consulting firm would be already
existing consultants and various banks or brokers who are currently advising clients on their FX
exposure. Major consultancies functioning in the UK are as below:
1. Hexagon consulting Ltd.: Despite offering their services in the currency consulting
department, this organization predominantly is positioned to provide customs and duty
consultancy to exporters and importers (Hexagon Consultancy Ltd, 2017). They have a
loyal clientele and are slowly shifting focus towards specifically providing currency
consultancy to customers.
2. Validus risk management: Validus is a 360 degree financial health consultant which
ensures that risk is managed by the clients. They also provide hedging strategies and
daily advisory to clients and hence will be our direct competitors (Validus, 2017)
3. Clear Treasury: This is a relatively new firm established in 2010 and works as a broking
house for conducting trades. They also provide currency consultancy however they are
not entirely offering it as a distinct service. Interest rate advisory and bank negotiations
are their key focus areas (Clear Treasure, 2017)
4. International Foreign exchange is a direct competitor as it offers the exact same services
and has a positive brand name in the market. They are brokers as well as consultants and
one of the best in the business. Their customers are fiercely loyal and immensely satisfied
with their services offered (International Foreign exchange, 2017).
5. New change FX are a technologically advanced firm and what they offer is rather unique.
They manage client’s risks and their portfolios by the use of various technologies and
help the client understand about their standing in the market as compared to others
without disclosing any confidential information. They provide the client with a software
that helps them track their performance. They also provide currency consulting to clients
as and when it deems necessary. They are not brokers and do not provide any broking

Business Project Proposal 20
platform to conduct trades. Their NCFX tool helps clients get the most accurate currency
market rates (New Change FX, 2017).
6. Mesirow financial ltd.: This organization is based out of the United States but has
recently opened an office in London. Again, this firm provides exactly similar services
and hence an important competitor. Their level of advisory and portfolio management is
excellent. Their founders and CEO are well established names in the business whose
expert opinions are considered well across the country (Mesirow Financial Ltd, 2017).
Their massive existence in the US has built a level of trust even in the UK. Though their
business and clientele is relatively small in the country but their growth is fast paced and
their actions must be monitored.
Product/Service Feasibility
The service feasibility usually refers to what is the exact service that is being offered and what
are the chances that it will survive in the longer run. The exact service provided by the currency
consulting firm can be explained as below:
Primary service – Daily advisory and portfolio management services
Secondary service – Live screen and research reports
The product is feasible in the face of growing export and import market, fluctuating currency
movements, economic instability and shortage of currency experts available in the market.
Product safety is an important issue. Two things that majorly impact the feasibility are:
1. If the expert advice goes wrong, it can majorly impact the client’s business
2. Clients share confidential data with the company and it is very important that the data is
protected at all costs and not misused by any member of the company.
Pricing of the product also plays an important role in seeing the long term feasibility of the firm.
For our firm we will be adopting Absorption prices and penetration pricing strategy. Absorption
pricing simply refers to charging exactly or above the costs incurred by the company (Saito,
2016). This is done to ensure that the company does not face any losses and the cost incurred by

Business Project Proposal 21
the company is at least recovered by its sales. Penetration pricing strategy involves pricing the
product low so as to attract customers initially and then slowly increasing the price of the product
(Spann, 2014). These both strategies carefully blended together will ensure the feasibility of the
firm in the longer run.
Organizational Feasibility
Organizational culture and its structure are major components that define the feasibility of the
organization (Schaffer, 2013). Both have been defined below in detail:
Organization Structure
The organizational structure followed is a clear hierarchy and aims to achieve specific goals by
departmentalization of every major activity involved in the firm. This hierarchy makes sure that
everyone is well aware whom they report to and whom they are responsible for (Zafeiris, 2015).
This makes roles and responsibilities absolutely clear and it is imperative that this is done due to
the criticality of the service offered.
Partners
Sales Head
Presales Sales
Consulting
head
Reseach
team
Advisory
team
HRM
Recruitment Admin
Marketing
MArketing
and events
Public
Relations

Business Project Proposal 22
Organizational Culture
Organizational culture is crucial to every business as it sets the trend for the business and defines
the intricacies of the office environment (Alvesson, 2015). It reflects upon how satisfied the
employees are working in the firm and is a combination of these five factors as given below:
1. Centralization and decentralization: the level of centralization or decentralization
focusses on how much authority is accumulated at the center of the organization. The
centralized organization indicates that one key person or group at the center takes all the
decisions and has the final authority on things (Schwandt, 2015). While in a decentralized
organization members of the team are allowed the ability and responsibility to take
decisions (Majumdar, 2015).
Our firm will have a strictly centralized structure of functioning. It is important that the
entire organization holds a single view on currency and all the clients are guided with the
same quality of service. All these decisions will come from the partners in the center. In
the case of a new firm, it is also important that the organization remains centralized given
the sensitivity and criticality of the industry.
2. Span of control: This refers to how many people will be reporting to a single person.
Initially the size of the organization would remain low and so will the span of control
(Ashkenas, 2015). This will eventually increase and also the sales head and the
consultation head explained in the organization structure above would have a larger span
of control than others in the organization.
However, it will be ensured that no advisor is handling more than 15 clients and no team
leader has over 8 people in the team.
3. Departmentalization: Departments would be decided on the basis of key activities that
would take place in the organization. This departmentalization provides a structure to the
organization and ensures that every activity is conducted in an efficient manner
(Destefano, 2013). This also helps in defining what are the major roles and
responsibilities of every department (Adeyoyin, 2015).
A. Sales department
B. Consultation department – Team of advisors
C. Research Department

Business Project Proposal 23
D. Accounts department
E. Human Resource department
D. Marketing department
E. Customer relationship management department.
4. Formalization: This is the extent to which the communication, business processes and
information sharing be formal or informal. Various companies prefer an informal
structure as it provides for a more relaxed environment (Lee, 2015).
However, for the currency consulting firm, the level of formalization would be extremely
high. Every communication must be written whether with clients or within team (Harris,
2016). All the meetings must take place in the structured format. Information sharing
would be minimum and business processes would be crisply defined.
5. Work specialization: This is an important component of organization’s culture and
defines how specialized the work is done by various employees. High degree of work
specialization indicates that every employee has specific roles that he or she specializes
in (Scott, 2015). Low degree of work specialization indicates everyone does everything in
the business and there is no clear case of specialization involved (Yang, 2015).
In our firm, level of work specialization would be high. Every department requires
specific set of skills and employees would be hired accordingly. The research team would
have expert knowledge about the core subject whereas the sales team would be an expert
at selling the product, doing one on one meetings and maintaining long term relationships
with clients. Even the marketing and PR team would have to make sure that the firm is
well branded and stakeholders are aware of its progress (Grunig, 2013). The company’s
views on the currency markets should be captured in the form of interviews by leading
news channels. This kind of work quality would require high level of work specialization.
6. Chain of command: As mentioned before, the chain of command would be a definite
hierarchy. Chain of command establishes accountability in the firm and also lays out
decision making power and authority (Sull, 2015). Every employee would be clearly
informed about who they report to and who reports to them. Also the chain of command
will not be very long initially owing to the small size of the firm. However, like every
other organization, as the size increases, the chain of command would also increase. This
is essential as the nature of work demands a high level of accountability (Wang, 2015).

Business Project Proposal 24
Financial Feasibility
Financially the firm is feasible as the cost involved in establishing this business is much lower as
compared to any other retail business (Liu, 2017). There is no requirement of inventory or
products that need to be stored. The biggest assets and expense is the human resource of the
organization and rest every other cost is negligible (Scott, 2017).
Fixed Cost incurred by the firm:
1. Land and building cost
2. Employee salaries
3. Bloomberg and Reuter terminals
4. Marketing and advertising costs as per budget
Variable costs incurred by the firm:
1. Electricity, office supplies and other maintenance costs.
2. Travelling costs incurred by sales team to target clients across the country.
3. Offered events sponsorships to various events.
Sources of revenue generation:
1. Fees taken from the clients in advance
2. Profits shared by the clients upon trade transactions.
3. Live screen terminals can be sold to individuals at a price.
Sources of initial investment:
1. Investors and fund managers.
2. Angel investors
3. Family or friends
Technical Feasibility
Technological advancements are extremely necessary in the face of changing technology. Over
80% of the individuals in the United Kingdom use a smartphone and more than 85% of them are

Business Project Proposal 25
comfortable with internet usage. UK is a developed country and adopts to changing technology
must faster as compared to African, Middle Eastern or Asian subcontinent (Ugur, 2017). Three
important factors involved in the technological aspect of the firm are as below:
1. Bloomberg and Reuter Terminal: As mentioned before, the firm would be offering live
screens to all its clients which would be linked to Bloomberg or Reuters. This is the first
of its kind screen. It would also include details of various cross currencies and the
London stock exchange performance.
2. Website and app are two other important features of an organization which hold technical
importance. Attractive website and easy to use mobile application can help the
organization market itself better and will be easier for customers to get accustomed to.
Chapter Summary
This chapter throws light on feasibility analysis of the business. This is usually the ideal way to
understand if the business will survive in the longer run (Rapp, 2017). In order to begin any
business the first and foremost task to be accomplished is to perform a market research where
target market is identified, their needs are understood in detail and competitor offerings are
studied in depth. This provides the management with an idea about the exact status of the
industry in general. Post which, a profitability analysis is conducted to determine how and if the
business is profitable in the longer run.
Once the market research has been conducted, the industry has been studied by extracting facts
and figures about the UK consulting business and the size of the target market. It has been
efficiently established that the UK consulting market is on a growth trajectory and the number of
exporters and importers in the country are also increasing consistently. This indicates that the
industry is attractive and has a bright future. Therefore it is a positive business idea that is viable
in the longer run.
Competitor analysis is an important aspect of feasibility study. Knowing the size of competitors,
their differentiation strategies and service offerings helps to gain an insight on how the firm can
stand out in terms of its offerings. The major competitors of the firm have been listed in the
chapter.

Business Project Proposal 26
After, market analysis, industry analysis and competitor analysis, the organization’s feasibility
analysis is performed. This predominantly includes four components including service
feasibility, organizational feasibility, financial feasibility and technical feasibility.
Services provided by the firm are feasible in the long run if the firm continues to differentiate
itself and offers efficient service at a competitive price. Organizational culture and structure is
defined clearly and explicitly. The firm will establish a culture of clear hierarchy, low span of
control, closed communication, extreme work specialization, high departmentalization and
centralized decision making.
Financially, the fixed and variable costs incurred by the firm are employee salaries, land and
building expense, amount paid for technology (Reuter and Bloomberg terminal), event sponsored
by the firm, travel expenses of sales team and other miscellaneous expenses. On the other hand,
if the revenue generated from clients in terms of fixed fee and profits shared is more than these
cots, the organization is financially viable. Technically the advancement of technology in the
United Kingdom and the ease and reach of internet usage makes the firm technologically viable.
This analysis has thrown light on the chances of survival of the firm in the longer run and efforts
that the firm must put in for a sustainable future.

Business Project Proposal 27
Objective 4: Analyzing the Business Model
Strategic Analysis
PEST
PEST analysis is a macro environmental analysis done by the managers to gain a deeper
understanding of the industry before starting a new business (Gupta, 2013). Similarly for a
currency consulting firm starting base in the United Kingdom, the PESTLE analysis is as below:
1. Political: The United Kingdom is a constitutional monarchy that functions under a
parliamentary system. It is considered a fair, stable country with immense ease of doing
business and a land of brilliant business opportunities. Many organizations used UK as an
entry to the Europe market however after Brexit, the attractiveness of UK has
considerably reduced.
2. Economic: Economically, The United Kingdom is exceptionally well performing. The
country has one of the highest GDP growths in the world. It has various opportunities of
business due to large population and the reign of free market. The country is an attractive
destination for foreign direct investment and hence it would be easier to fetch investors
(Ward, 2014).
3. Socio-Cultural: It is a densely populated country with over 64.1 million inhabitants which
means a higher target market. The standard of living and average income of households is
much higher as compared to the European Union or the Asian subcontinent which
provides for brilliant business opportunities.
4. Technological: Technologically, the United Kingdom is advanced and well aware and
nurtures the use of technology. Over 80% of the UK citizens own a smartphone and are
well versed with the internet. These are better statistics than most countries across the
globe. The intellectual property rights are also stern and strictly catered to.
SWOT
SWOT analysis is a marketing tool that helps organizations understand their internal and external
environments better (Santos, 2015). Strengths and weaknesses are analyzed for the internal

Business Project Proposal 28
functioning of the organization whereas opportunities and threats give managers a clear idea
about the macro environment or the industry within which the organization is working (Grant,
2016).
For the currency consulting firm the SWOT analysis is as below:
Strengths: When we are referring to a currency consulting firm, the idea is to sell knowledge and
hence this would be the biggest strength of the organization. The firm would be offering expert
advices given by experienced researchers with a strong expertise in the currency markets.
Secondly, efficiency of service and impeccable service quality including experts available 24
hours for the clients and regular feedbacks would also be a major strength of the company.
Weaknesses: As compared to already established firms, our database and network of clients
would be relatively low and efforts have to be put in to build this database over time. This is the
issue faced by every new business and hence it is imperative that efforts are put in to create,
maintain and consistently work on enlarging this network.
Opportunities: Most of the currency consulting firms are headquartered in London. This
company can be opened with its headquarters in London but branch offices in Glasgow,
Edinburgh, Manchester, or Liverpool. This way the clients (exporters and importers) in these
region can be targeted effectively. Secondly, there are various individual investors who trade on
the currency market. They can be approached and offered consultancy services on a profit
sharing model.
Threats: The high number of increasing competitors is a major threat. The currency consulting
business will soon be a red ocean market and it will be increasingly difficult to differentiate the
products offered by one firm from another. This threat must be addressed wisely and hence
efforts must be put in to consistently innovate and offer customers something different than its
competition.
Competitive Advantage
Competitive advantages of any firm include factors that differentiate the organization’s products
or services from its competitors (Wagner, 2014). These competitive advantages are exclusive to

Business Project Proposal 29
the firm and lead to intense customer loyalty. Every firm must work extensively in understanding
what differentiates them from the competition and promote these advantages to the target market
(Hatch, 2015). The competitive advantage for the currency consulting firm is as below:
1. Dedicated advisors: Every client that associates with the firm will be allocated a two
advisor team. One will the primary advisor and the other would be a backup advisor.
These advisors would be experts of their field and the best in the business. They will be
hired from the best colleges and poached from senior positions of top currency consulting
firms. Their experience and expertise in the area will provide the firm with a major
competitive advantage as this is the primary selling point of the firm.
2. Wide network: the consultancy will strive to cater to clients from all over the United
Kingdom by establishing remote offices and employees who would be willing to travel to
various locations to meet with prospective clients and promote the brand. The sales
team’s KRA (Key result areas) would also include the number of geographical locations
that they acquire clients from.
3. Quality research: The currency consulting business runs on research. If the level of
research conducted by the experts is better than its competitors then by default the client
would be appealed to associate. Therefore, the quality and correctness of the research is
very crucial to the organization (Flick, 2014). This is why the members of the research
team will be will be evaluated and rewarded based on their accuracy of their forecast.
Selection of Strategies
Every new business model requires immense research and decision making on a strategic level in
order for the business to succeed and the brand to establish itself. These strategies need to
designed and implemented for every department of the organization including sales, HR, market
entry, promotion, advertising, branding, product differentiation and establishing a competitive
advantage etc. These are the following strategies that need to be applied:
1. Pricing strategy: Pricing strategies are a must in the entire procedure of a new business. If
priced too high, it would be difficult for the sales team to acquire clients and if priced too
low then it would be difficult for the organization to recover costs and reach a break-even
point (Baker, 2017). This is why it is vital for every business to use the right pricing

Business Project Proposal 30
strategy to reach out to its customers. The pricing strategy used by the currency
consulting firm would be absorption pricing to recover the costs as well as penetrating
pricing to attract the customers. Both the prices are explained as below:
a. Absorption pricing: This is simply done with an aim to recover costs. A thorough
analysis of all fixed as well as variable costs is made and based on that analysis the
products are priced (Yenipazarli, 2015). This makes sure that firstly the clients are
charged appropriately and secondly the firms aims to ensure that it makes no loses while
serving clients.
b. Penetration pricing: This pricing methodology is usually used by a new business or by
an existing business while introducing a new product or in a new market. This strategy
refers to keeping the prices very low as compared to competitors in order to attract
customers (Zhang, 2014). Once the customers have been appealed by low price and
acquired by the firm, then the firm can slowly and gradually increase the prices. The idea
of this strategy is simply to gain a customer base and not to make profits.
2. Marketing and promotional strategy: A business would be nothing if not promoted in the
right manner to the right people and at the right time (Parry, 2015). Business promotions
are done to make more people aware about the existence of the business and establishing
a brand name. This is a primary focus for all new businesses. This is a crucial activity as
these initial promotions leave a long lasting impression in the minds of the consumers
(Chari, 2014). This is why organizations invest heavily on their promotions. The currency
consulting firm would be adopting the following channels of promoting their service to
the target market:
a. Social Media: In today’s era of digitalization, social media is a very powerful tool to
spread the word about a new business and attract customers (Tuten, 2014). Geo targeting
is performed by various social media websites where the individual’s cookies are stored
on the cloud and based on that analysis, the product is automatically promoted only to the
target market (Silnov, 2016). This is a rather clever technology as the social media usage
by individuals as well as corporates in consistently on a rise which makes it an attractive
platform for business promotions and brand building (Kaur, 2016).
b. Trade associations: There are various trade associations in the United Kingdom whose
aim is to identify, support, promote and nurture export and import businesses. There are

Business Project Proposal 31
various organizations for export or import of different products. The currency consulting
firm can tie up with these associations. This will be a win-win situation for both the
association as well as the consultant. These trade associations can help to provide the
consultant firm with enormous data of various exporters and importers spread across the
country. On the other hand, they can also promote the organization in their newsletters
and on their website as a way to promoting the betterment of trade in the United
Kingdom.
c. Event sponsorships: These trade organizations and various other export or import
businesses often organize events for the purpose of information sharing, news reporting
or simply recreation and mutual support of the trade in general. Our firm can sponsor
these events partially and offer to deliver sessions on the currency (Zarantonello, 2013).
d. Television advertisements: Television today has reached a position that it is considered
one of the best tools for marketing a product. Earlier, it was a medium to promote every
day products like groceries, beverages, food items etc. but today, it is a medium to
promote niche services like financial consultancy, mutual funds and even trading houses
(Boyland, 2013). Therefore, the currency consulting firm will hire a specific PR team to
work on television advertisements and manage their reach to targeted audience.
e. Billboards, newspapers and other print media: Most of the financial firms as well as
export import business are gathered in the same area. Billboards in those specific area can
be a brilliant marketing and promotional tool (Fortenberry, 2015). Also, Ads can be given
in prominent newspapers like The Financial Times, The Guardian and magazines like
The Economist for the ad to reach the right audience.
3. Client acquisition strategy: Once the business set up in in place, client acquisition is the
first task that needs to be accomplished. Without the targeted clients, there is no business
which is why it is imperative that the firm hires an efficient sales team. This sales team
can strategize ways to target maximum number of customers for the company. Few of the
strategies to reach out to potential clients are as below. They are strategies to make the
first contact with the client:
a. Cold Calling: This is an age old strategy used by every sales team. Calling up
exporters and importers in a given area and personally informing them about the
existence and the benefit of the brand is the first stage of sales (Sabnis, 2013). This is

Business Project Proposal 32
the most common strategy followed by every organization in order to gain clients.
The firm would hire people to call potential clients and fix meetings with them for the
sales team.
b. Events: As mentioned before, various trade organizations and groups of exporters and
importers get together and organize events. The sales team can tie up with these
organization and buy slots to deliver the company presentation. This strategy would
help them address many people under a single roof. Also many queries can be
addressed from the audience and feedbacks can be taken (Wu, 2016). This is benefit
the firm in improvising their services.
c. Referrals: This is one of the best ways to get business for the organization. When the
firm is established enough and has a good clientele, referrals are a fine way to expand
business and increase customer base. Every time a client like the service delivered, he
can be requested to refer his acquaintances in the business. This is work of mouth
publicity and one of the easiest way to get clients as there is a predetermined trust
involved (Grierson, 2017).
Business Model
Business simply involves offering a product or a service to clients and making money in return.
Every organization works on a different business model. It is a plan for the successful operation
of the business which clarifies exactly what services would be offered by the firm and at what
price (DaSilva, 2014). It involves details about the intended customer base, sources of revenue,
products or services offered and details of financing. The currency consultancy firm would be
working on two separate models as below:
A. Fixed price: As the name indicates, the fixed price model would offer the consultancy
services to the clients at a fixed annual fee. This fee will vary from client to client
depending upon their annual trade turnover. One half of this fee would be charged in
advance and the other half would be charged after initial six months of service. This
model has three predominant advantages:
1. The advance fee collected would help cover the cost of client acquisition and include a
small revenue made by the firm (Yoshida, 2014).

Business Project Proposal 33
2. The second half of the fee paid in advance would develop a certain amount of trust in
the clients as they would have already received six months on service.
3. This model is unique as no other financial consultancy is following and hence gives us
a competitive advantage over other players in the market.
B. Profit sharing: The second model is the profit sharing model where the clients do not
have to pay any fees in advance (Poole, 2017). However, they would be given regular
service and over every trade transaction done with the advice of the firm’s expert, the
client would be asked to share the profit generated. This percentage of the profit shared
would again depend upon the trade turnover or the volume of the transaction conducted.
A daily portfolio sheet would be maintained by the experts which would clearly indicate
the value added by the expert upon every trade transaction.
Business Model Canvas
Business model canvas is a brilliant marketing tool that places the details of the firm over a
single table. This table helps in identifying the business better and is extremely useful for the top
management. The business model canvas was first introduced by Alexander Osterwalder in 2008
and since then it is widely used by every leading organization in the world (Dudin, 2015).

Business Project Proposal 34
Key Partners Key activities Value Proposition Customer relations Customer segments
Two partners of the
firm.
Head of sales
Head of consulting
Customer
relationship
management
Research
Selling
Marketing and PR
After sale and pre
sale service
Awareness of
currency markets
Reduced risk due to
currency movement
Rise in profit margin
Every Day advisory
and market update
Fortnightly meetings
Dedicated CRM
personnel to every
client
Customer portfolio
managers
Export businesses
Import businesses
Banks
Financial institutes
Institutional investors
Day traders
Key Resources Channels
Financial analysts
Bloomberg/ Reuters
terminal
Library of Research
reports
Data team
Human resources
Events
One on one meetings
Cold calling by data
team
References by existing
clients
Marketing and PR
Activities
Cost Structure Revenue Structure
Fixed cost
Employee salaries
Land and building expenses – lease payments
and rent
Bloomberg/ Reuters terminal
Variable Cost:
Consultation fees paid by clients
Monthly fees for live screen
Bonuses shared on profits made by clients

Business Project Proposal 35
Office utilities and travelling expense
Chapter Summary
Business model analysis is a way of knowing the efficiency of the business model in picture.
This is achieved by first performing a PEST analysis to gain an understanding of the industry
within which the business will be operated. This includes political, economic, social and
technological aspects of the business.
Politically UK is a constitutional monarchy and has a stable government. Even though the
attractiveness of UK has reduced post brexit, it still continues to be a land of many opportunities.
UK’s high GDP growth rate and reign of free market help the cause of starting a new business.
This land of opportunities is also socio-culturally active due dense population and high average
income. Technologically as well UK is more advanced than most countries of the world.
The business model focuses on creating a competitive advantage for the firm via product
differentiation, pricing or promotional strategies or geographical expansions. For the ease of
consumers, the firm offers two business models. One involves a fixed fee and the other includes
a profit sharing model for the clients.

Business Project Proposal 36
Objective 5: Evaluation of the Business Plan
Overall assessment of business plan
Every business plan needs assessment before actual work can begin on the said project. The
business can be assessed on the following factors:
1. Level of innovation (Is this a new idea): The idea of a currency consulting firm is not
entirely a new idea as there are various firms which are already existing in the market.
However, given the increasing number of exporter and importers in the country, the idea
is surely growing and this would be the best time to start a currency consulting firm.
Currently, the market is not entirely Red Ocean and hence entering the industry would
not be as difficult as forecasted for 10 years later.
2. Focus of detail: The plan explained above is absolutely detailed. The plan is crisp and
clear about various processes of the business, business models offered to clients,
organizational culture adopted and the structure that the business would hold. The
detailing is extremely important as this helps the partners to find out any loopholes in the
planning stage only.
Business plan schedule
Before beginning a new project it is important that there is a schedule in place. Scheduling of a
new business involves listing down and elaborating important tasks included in the formation of
the business and defining tentative deadlines for the convenience of the founders (McKeever,
2016). This business schedule helps in preparing the team by organizing the tasks in an efficient
manner. No doubt, when the process commences, there are chances that the tasks would not be
exactly as per schedule but the whole idea is to get a basic tentative schedule in hand. For the
currency consulting firm, the business plan schedule would be as below:
1. Developing the business plan: This is the foremost task that needs to be completed. In
order to achieve a business plan the founder need to sit together and critically evaluate
exactly what is it that they are expecting out of this business. This would involve the
following:

Business Project Proposal 37
a. Key activities: Firstly, the key activities need to be identified in the business. Research,
sales, customer relationship management, marketing, PR and human resource functions
are the major activities that would be involved in this business.
b. Key person: Besides the two partners, Sales team, HR team, Marketing team, Research
team and Accounts team would have team leaders who would be responsible for their
own departments.
c. Business model: Two models as explained above (Fixed price and profit sharing)
would be the two business models used by the firm.
d. Organization structure: The proper structure of the entire organization must be clear in
the minds of the founders as this would help them in recruiting accordingly.
e. Organizational culture: This is a very important aspect of the business plan
development. The founders must predetermine what would the culture of the organization
look like. Will it be decentralized or centralized? Will the communication be open or
closed? Will the office follow departmentalization of employees or will it follow an open
plan? What is the level of formalization in the process? Will the span of control by wide
or narrow? All these questions will answer to the organization culture that is expected out
of this business (Dasgupta, 2015).
In order to finalize this business plan, the founders must brainstorm on these details and if
required hire external help to gain an insight on the same.
Time duration: Three weeks to one months
2. Gaining market knowledge: Once the business plan is in place, the founders will have to
gain market knowledge and ensure that they are competent in the currency market
analysis, human resource management, accounting management, promotional marketing
and other aspects of the business. This is important because the founders are leaders who
build the organization from the scratch (Ozkaya, 2015). And this makes it imperative that
they hire the right people, target the right clients and offer the right solution. This is only
possible when their domain knowledge is strong. This is why both the partners must

Business Project Proposal 38
consistently strive to take courses and learn the intricacies of the currency market before
beginning the business.
This is also important as if they lack knowledge about the core of their business then it
would be easier for others to take advantage of this fact while if they are absolutely
competent and unbeatable in their domain knowledge then they can make sure that the
business is profitable. This is why the founders must have sufficient knowledge about
every functional department of their firm.
Time duration: It is important to understand that this is a continuous process and will
continue even after the business is fully established
3. Finding investors: Once the entire business plan has been formulated, investors will have
to be identified and convinced to invest in the business. The founders can approach angel
investors and deliver the presentation of their products to them. They can also identify if
their friends or family members would be interested in investing in their business and
lastly, they can work towards getting an approved loan from the bank.
Time duration: By the end of three months, they should have the money for their business
through either of the sources.
4. Recruiting a small team: Once they have the necessary money to start the business, the
partners should now begin to work on formulating a small team. This team would
specifically require two currency experts, two salesmen, one accountant and one HR
personnel. Of course the founders would also have to perform the ground work in the
initial years of the business. This is important because this will give them a better idea
about what to expect from their team. This small team would eventually grow but to
begin with these six founding members and two partners will form the basis of the
business.
Time duration: One month from receiving investment, the team should be hired.

Business Project Proposal 39
5. Client acquisition and research: After the team has been established the core functions of
the business which are sales and research would begin in a full-fledged manner. These
are the main operations of the business and once they have the first client on board, it
would be safe to assume that the business has rolled out in the market.
Time Duration: The team should be given the target to hire first 5 clients in the first two
months of the business.
Business Viability
Business viability simply refers to how viable or practically possible the business is. The entire
idea to start a business is to generate profit. Therefore, the profitability of the business is the
most important aspect in judging if the business model is viable or not (Rolleri, 2016). The
viability analysis of any business throws light on it chances of survival in the longer run in the
face of various macro environmental scenarios. The following factors must be kept in mind in
order to make sure that this currency consulting firm is viable in the longer run:
1. Product expertise: The first and foremost aspect in this industry is to make sure that the
firm has absolute expertise in the product that it is offering. In this case, it refers to the
strategies and advices given to clients. This is why the firm must make sure that they hire
experts from the field who have a strong domain knowledge and can guide the clients in
the right manner. This is exceptionally important in this field is because every advice
given by the consultant can lead to a very high amount of profit or loss for the client.
2. Product differentiation: In the era and industry of increasing competition, product
differentiation is the only thing that can help the firm survive the competition. If every
player in the industry offers the exact same product then by default customers will go to
consultants offering the lowest price. This will eventually lead to price war and losses for
the consultants. This is why it is imperative that every consultant offers a different
product than others (Davoudi, 2017). Certain consultancy firms are not focusing on
targeting specific industry of export or import clients like oil exporters, gold importers,
agricultural exporters etc.

Business Project Proposal 40
3. Competitive prices: Again, in order to survive in the industry, the firm will have to offer
equivalent or lower prices than its competitors. Every business runs on money and price
is still one of the most sensitive subjects for the consumers of the country. Therefore the
firm must ensure that the prices offered to clients are competitive. However, business
profit is also equally or even more important. No business can survive by offering low
prices and making losses. Therefore it is important to find the right balance between the
prices offered and profit made (Hinterhuber, 2014).
4. Continued innovation: Like every other business, continued growth and innovation is
crucial for the success of the firm. In this case, innovative services like treasury audit,
bank negotiations, interest rate consultations etc. can be provided to clients in due course
of time. This level of innovation is essential for the firm to survive the face of strong
competition.
These are the four extremely important factors that will ensure that the business is viable in
the longer run and survives even in the land of extreme competition. All these plans must be
prepared by the founders while the formation of the business. As long as the firm has a strong
hold on its core product, offers a differentiated product at a competitive price and continues
to grow innovatively and offer more services which leads to business expansion, the firm is
most definitely viable.

Business Project Proposal 41
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