Detailed Business Report: Currency Consultancy and Financial Planning

This report presents a detailed business plan for a currency consultancy, focusing on providing guidance to clients on foreign currency transactions. It explores the role of currency consulting in business, emphasizing the importance of understanding market needs and currency fluctuations. The report outlines the business revenue model, organizational structure, and investment sources, along with forecasted revenue and critical success factors. It delves into the marketing mix, including product offerings, pricing strategies, and promotional activities like event marketing and digital marketing. The report also includes financial statements such as cash flow and profit and loss projections, as well as a team charter, providing a comprehensive overview of the business's operations and strategies. The consultancy aims to help businesses, particularly importers and exporters, to manage currency risks and enhance profits through expert advice and real-time market information.

Running head: CURRENCY CONSULTANCY
CURRENCY CONSULTANCY
Name of the Student
Name of the University
Author Note

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Table of Contents
Introduction......................................................................................................................................3
Currency Consulting........................................................................................................................3
Role in Business..............................................................................................................................3
Benefits of Currency Consulting.....................................................................................................4
Enhanced Profits..........................................................................................................................4
Improved Knowledge..................................................................................................................4
Business Revenue Model.............................................................................................................4
Organizational Structure..................................................................................................................4
Investment Source...........................................................................................................................5
Forecasted revenue......................................................................................................................6
Critical success factors....................................................................................................................6
Marketing Mix.................................................................................................................................6
Product.........................................................................................................................................6
Place.............................................................................................................................................7
Price.............................................................................................................................................7
Promotion....................................................................................................................................8
Conclusion.......................................................................................................................................9
References......................................................................................................................................10
Appendix....................................................................................................................................12

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Cash Flow..................................................................................................................................12
Profit and Loss...........................................................................................................................14
Team Charter.............................................................................................................................15

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Introduction
Entrepreneurship is the process which are to be followed in the establishment of new
business ventures(Drucker, 2014). One of the important factor that has to be seen is that the
business may or may not profit focused for the founding individuals(Barringer, 2012). The
governmental role in the development of the entrepreneurs in a country plays an important role
as they provide them with necessary resources. The currency consultancy business needs to focus
on number of factors ranging from the governmental viability to the international foreign
exchange market to the trade relations for the success.
Currency Consulting
To establish any business in the market it is important that the need for the business in the
industry is to be understood(Baker, 2016). One of the most important factors to be heeded are the
stock market and stock trade currencies. The values of the currencies are liable to change with
the changes in the international trade market. There is a large base of the stakeholders in the
different operations whose busiesdepends on currency fluctuation and changes.
Role in Business
The defining of the target market in the initial stages of the business is extremely
important for the success of any business in the market. Target market is the set of consumer to
whom the different businesses wish to market their products(Armstrong et. al., 2015). This
makes the target market consulting include the different exporters and the importers as well as
the people who deal in the foreign goods as it makes them deal in the foreign currencies.
Australia is a major importer of the goods like coal, wool, alumina wheat and iron. The main

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imports include machinery, crude oil and electronic items(Economy Watch, 2010). The target
market of the business will include the exporters and importers who have an annual turnover
more than AUD 200000.
Benefits of Currency Consulting
Enhanced Profits
The main aim of the business is to increase the profits to improve revenues in the
organization. By decreasing the overall currency risk faced by the client, improved profits can be
achieved in addition to minimized risk.
Improved Knowledge
The provision of the daily consultancy to the clients will help in the improvement of the
different services in the country relating to the currency movement and the usual shifts in the
daily currency patterns.
Business Revenue Model
The different clients who will be served will be given two options to make payments for
the different services that are provided in the organization. The clientele can pay the full
consultancy fee in advance for the service provided or they can pay half the fee and share 5% of
the profit gained from the deal on which they asked for the consultancy services. The
maintenance of the portfolio sheet of the clients will help in the tracking of the different profit
and loses in the organization.
Organizational Structure
Department Number of employees

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Human resource management 3
Sales Team 12
Consultants 15
Finance and Accounts 2
Research 3
Marketing and PR 2
Investment Source
The business may not require huge expenses for their operation but there are certain initial
investments that are to be made for the proper operations of the business in the organizations.
Particulars Approximate expenses
Human resource expenses including recruitment
cost and salaries of employees
AUD 10000
Rent and office infrastructure AUD 30000
IT expenses – Bloomberg Terminal and live
screen
AUD 22000
Cost incurred by sales team AUD 2000
Promotions and Customer relationship
management
AUD 15000
Office overheads AUD 1500
Total AUD 80500

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Forecasted revenue
Year Expected Costs Expected Revenue
Year 1 AUD 70500 >AUD 46600
Year 2 AUD 50600 >AUD 68000
Year 3 AUD 45200 >AUD 82000
Critical success factors
The critical success factors in an organization include the number of clients that are new
gained, the number of clients who renew their agreements, the total generated revenue of the
venture and the overall brand positioning in the market. One of the important factors affecting
the development of the organization is the relative standpoint and the competitive advantage of
the organization.
Marketing Mix
Marketing mix are the set of tools that the organization uses to market its products to the
target audience and clients in the organization. They include a number of factors.
Product
The focus of the business will be on providing the guidance to the clients in their foreign
transactions in the different foreign currencies. A dedicated advisor is to be provided to every
client to maintain a portfolio of their overall market transactions. The reports are to be provided
to the client on a daily basis. The research teamconsisting of three people will be dedicated to

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curating the research on a daily basis to every client. The current market transaction rates of the
different currencies around the world will be provided to the different clients on a real time basis.
Service Type Service Description
Basic Service Daily consultancy + Research reports
Advanced Service Daily Consultancy + Research reports + Currency
live screen and mobile application to track
currency rates + monthly trainings on currency
concepts
Place
The business will operate from Canberra as its head of operations but will target the
different clients dealing in the import and export business from around the country.
Price
A premium skimming strategy is to be adopted by the business to provide the best
services an attract clients. The services will be provided at a higher cost at first by the
organization according to the price skimming strategy to recover the investment that has been
done in the business (Zhang et. al., 2014).The price skimming strategy also helps in the premium
brand positioning of the different products in the organizations (Spann et. al., 2014). In the due
course of the operation the cost of the services will be reduced to provide the better service to the
clients so that they can target the clients of the lower income group running small operations in
the country.

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Promotion
The promotion of a product or service include the ways in which the products or the
services can be made to reach the different target customers in the organizationsegment
(Lovelock, 2011). The promotional strategies to be used in the marketing of the product include:
Event marketing:A seminar can be arranged on a large scale where a number of different
exporters and importers can be invited. Event management based marketing of one of the best
and most proficient strategies that can be implemented in the overall success of the marketing
strategies as a number of different consumers are collected under one roof(Daniel et. al., 2012).
Tie ups with associations: Considering that the import and export is the risky business there are
a number of associations that operate on national and international levels helping the overall
development of the trade. The tie up with these associations will be conducive doe the success of
the business taking into account the other critical success factors such as the acquisition of the
clients.
Digital Marketing:the process of marketing the different products in the market using the
different digital platforms such as the search engine and the different social media platforms.
Digital marketing is helpful as when presented in the right and the able format it has a wide reach
and can reach out to the different consumers globally. It helps in the formation of the brand
awareness and the brand recall value amongst its different consumers(Ryan, 2016).
Television ads on finance news channels:Television ads may not be the oldest form of
advertising but has a wide array of approach in the modern society considering the market reach
of the different products and services. The marketing of the business on the financial news
channels will help in the achieving of the new business and improving the business as the

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majority of the people who work in this sector tend to keep themselves updated using the news
channels. Moreover the people who are not technologically adept in running the social media can
also be reached out using the television advertising.
Relationship marketing: The relationship marketing focusses on the development of a better
relationship with the consumers by improving the different consumer engagement methodologies
that can be implemented(Agariya& Singh, 2011). The word of mouth publicity has an important
role in the improvement of the business strategies in the different organizations. The consumer
relationship has an important role to play in the consumer retention and the client relationship is
also imperative in the maintenance of positive market image(Kumar &Reinartz, 2012). The
business should therefore focus on the consumer relationship management for its overall success
in the market.
Conclusion
Therefore it is seen in this report that the starting up of a new business is large process
which has to focus on a number of intricate details for its effective implementation in the market.
The business in the report is the currency consulting business which focusses ion the proving
consultancy and support in the transaction to the different businesses which operate in the export
and import sector dealing in the foreign currencies. The volatile environment and dependence of
the import and export business on the international foreign exchange market has led to the need
to such services being available in the market. To achieve success in the business along with the
business acumen the employees should have a natural linking of the analysis and forecasting of
the currency operation in the country. The proper marketing mix and the promotional strategies
will help in the success of the organization.

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References
Agariya, A. K., & Singh, D. (2011). What really defines relationship marketing? A review of
definitions and general and sector-specific defining constructs. Journal of Relationship
Marketing, 10(4), 203-237.
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction.
Pearson Education. India.
Baker, M. J. (2016). What is marketing? In The Marketing Book (pp. 25-42). Routledge. United
Kingdom.
Barringer, B. (2012). Entrepreneurship: Successfully Launching New Ventures, (2012). BELK.
Daniel, M., Bogdan, G., & Daniel, Z. (2012). The use of event marketing management
strategies. Procedia-Social and Behavioral Sciences, 46, 5409-5413.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge. United Kingdom.
Economy Watch, (2010), ‘Australia exports imports and trade’, Available at
http://www.economywatch.com/world_economy/australia/export-import.html, Retrieved
on 30 April, 2018.
Kumar, V., &Reinartz, W. (2012). Customer relationship management: Concept, strategy, and
tools. Springer Science & Business Media.
Lovelock, C. (2011). Services marketing: People, technology, strategy. Pearson Education India.

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Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital
generation. Kogan Page Publishers. United Kingdom.
Spann, M., Fischer, M., &Tellis, G. J. (2014). Skimming or penetration? Strategic dynamic
pricing for new products. Marketing Science, 34(2), 235-249.
Zhang, J., Chiang, W. Y. K., & Liang, L. (2014). Strategic pricing with reference effects in a
competitive supply chain. Omega, 44, 126-135.