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Assignment on Business Venture Proposal

   

Added on  2020-07-23

29 Pages6762 Words218 Views
Business Venture Proposal

Table of ContentsOUTLINE OF THE BUSINESS PLAN..........................................................................................1Background of the proposed business.........................................................................................2Vision...........................................................................................................................................3Mission........................................................................................................................................3Business goals..............................................................................................................................3Core value....................................................................................................................................4Market segmentation for the target market selection..................................................................4Customer analysis........................................................................................................................5Business environment..................................................................................................................5Market research...........................................................................................................................5Canvas business model................................................................................................................6Market and competitor analysis...................................................................................................6Management of the business and employees...............................................................................7Distribution and supply chain management................................................................................8Promotional plan..........................................................................................................................8PESTLE analysis.........................................................................................................................9SWOT analysis..........................................................................................................................10Marketing strategy.....................................................................................................................13Marketing plan...........................................................................................................................14Implementation plan..................................................................................................................14Anticipation on the problem and risk and way to overcome from it.........................................15Financial projection...................................................................................................................15Cash flow...................................................................................................................................17Profit and loss statement............................................................................................................17

Funding requirement..................................................................................................................18Break-even point........................................................................................................................18CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20APPENDIX....................................................................................................................................23Canvas business model..............................................................................................................23Appendix 1: Cash flow analysis................................................................................................23Appendix 2: Profit and loss statement.......................................................................................24Appendix 3: personnel budget...................................................................................................25

Index of figuresFigure 1 Core values of Business Innovation Technologies...........................................................4Figure 2 Porter's 5 forces model......................................................................................................6Figure 3 Pestle framework for external analysis.............................................................................9

OUTLINE OF THE BUSINESS PLANCompany Name: (BIT) Business Innovation Technologies Inc. (BIT)Business Idea:Providing internet-based cloud business intelligence and big data analyticsservices to small and medium scale businesses in the UK.In today’s era, IT industry undertook major changes in the corporate world throughdifferent means such as digitalization, cloud computing, artificial intelligence, data security,analytical software and others. Such IT meta-trends, more importantly, new software andtechnologies gain high demand in the global market as companies use different businessanalytics software for the data mining, analysis, performance evaluation, prediction andcomputerized management of their regular operations. Evidencing from the current statistics, inEurope, UK became the leading nation in digitalized and technological investment whichcontributed £97bn to the economic GDP.Therefore, the proposed business plan will develop a unique digitalized platform and willdeliver cloud computing services to the consumers.BIT aims at using cloud computing servicesthat will be offered to small sized companies like hoteliers and Bed and breakfast companies(B&B) with cloud ERP, cloud hosting technologies and Management Information Technologies(MIS) as well. The reason behind this is due to lack of adequate funds, Small sized businesseslike small hoteliers are unable to integrate their all the business functions through MIS as it isavailable at high cost; hence, they prefer manual system. Two of the main reasons as to whycompanies are increasing their use of Business Intelligence in the cloud services sector include;cost and flexibility. Other reasons are the decreased software/hardware maintenance, theimplementation speed, speed of deployment and reduced administration costs as well.Furthermore, the company will provide a wide array of IT solutions which will revolve aroundvarious areas such as cloud services, security, manufacturing, distribution, systems integration,business continuity and so on. However, initially, the prospective business will specifically targetbed and breakfast (B&B) or small sized hotels so as to build trust, integrity and resilience. It isnecessary because the proposed business will be going to host confidential and highly importantdata on the behalf of other companies therefore; entity can only attract more and more consumersthrough building integrity and trust among them. It will focus on satisfying the user’s needs andoperations such as inventory management, automated manufacturing, room booking, check-in1

and check-out, rent per room, total sales, costs, profitability, merchandising, hotel booking onweb, on consumer visiting, through mobile app and other areas of business. Thus, the systemfunctioning will be designed keeping into account their business requirement. All the small sizedhoteliers and Bed & Breakfast (B&B) founded in UK will be the target audiences of theproposed business. For the funding purpose, it will collect required capital from different sourcessuch as personal savings and bank borrowings.Background of the proposed businessBusiness Innovation Technologies (BIT) will be a collective group of various application,technological platform, infrastructure, hardware and software and various business practices thatwill enable the entity to analyse the big database to optimize prudent policy formulation andsound decisions. Thus, its data analytics software i.e. cloud ERP, MIS and others will provideservices of information collection, analysis and sound decisions so as to maximize businessperformance of small sized UK hotels and B&B businesses. (Source: Gevorgyan, Krob and Spencer, 2016)It will provide them various data analytics software like cloud ERP, MIS and other alongwith the personalized consultation services so that small sized businesses will not need to spenda lot of money to purchase the software just by outsourcing the data base integration &management system to the experienced professionals (Barringer, 2012). Reasons to choose BITOutperforming competitors in the hospitality industry Prudent and sound decision-making through historical performance evaluation and futureforecastingReaching industrial benchmark positionBusiness growth, progress and long-run sustainability 2

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