Business Plan: Mate Consultants' Venture for MYER's Growth

This report presents a comprehensive business plan for Mate Consultants, a new company specializing in providing expertise in local business development, market identification, and marketing strategies for MYER. The plan focuses on creating online sales growth for MYER through tailored services, proactive market opportunity seeking, and market penetration strategies. It includes a mission statement, goals, and objectives, alongside a detailed market analysis, value proposition, and marketing plan. Key elements of the marketing plan include differentiation, competitive pricing, and building long-standing customer relationships. The report also features a PESTLE analysis, SWOT analysis, VRIO analysis, and a financial plan with startup costs, sales forecasts, cash flow forecasts, profit and loss forecasts, breakeven analysis, and a balance sheet, aimed at demonstrating the venture's viability and potential for growth. The plan also briefly mentions the possibility of extending the consultation to two additional companies.

Running head: ENTREPRENEURSHIP BUSINESS PLAN
Entrepreneurship Business Plan
Name of the Student
Name of the University
Authors Note
Course ID

1ENTREPRENEURSHIP BUSINESS PLAN
IDEA TITLE
Mate Consultants – Mate for Life

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Executive Summary:
The business plan is positioned to create the online sales for Myer in the rapidly growing
industry. The service of Mate Consultants would be positioned to tailor the needs of the
clients in order to enable them to undertake the correct decision of making the sales and
leading to growth of their sales revenue. The Mate Consultants would provide the service that
would enable the company to stay ahead of the other competing firms. Mate Consultants
would offer expertise that would be marketing oriented in creating opportunities for the
company for entering the new market as well as setting up the new branches that would
increase their customer base. The marketing strategy for Mate Consultants would mainly to
make sure that the customer needs and wants are fulfilled and providing the correct
information for right target customer. Mate Consultants intends to adopt the market
penetration strategy through reduced prices and differentiation in products by taking into the
consideration the picture and every aspects of the customer behaviour.

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Table of Contents
Mission Goals and Objectives:...................................................................................................5
General Description of Business:...........................................................................................5
Mission Statement:.................................................................................................................6
Goals and objectives:.............................................................................................................6
Background Information:...........................................................................................................7
Background Industry Information:.........................................................................................7
Analysis of Possible Market Opportunities:..........................................................................7
Value Proposition:......................................................................................................................8
Marketing Plan.........................................................................................................................10
Marketing and Channel Strategy:.............................................................................................10
Market Segmentations:.............................................................................................................11
Target Market Segmentation Strategy:....................................................................................12
Market Needs:..........................................................................................................................12
Service business Analysis:.......................................................................................................13
Competitive strategy and Positioning:.....................................................................................13
Positioning Statement:.........................................................................................................14
Promotional strategies..............................................................................................................14
Public Relations:..................................................................................................................14
Advertisement......................................................................................................................15
Strategy Implementation:.........................................................................................................15

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PESTLE Analysis:...................................................................................................................16
SWOT Analysis:......................................................................................................................17
VRIO Analysis:........................................................................................................................19
Financial Plan:..........................................................................................................................20
Start Up Costs:.....................................................................................................................20
Sales Forecast:......................................................................................................................21
Cash Flow Forecast:.............................................................................................................21
Profit and Loss forecast:.......................................................................................................22
Breakeven Analysis:.............................................................................................................23
Balance Sheet:..........................................................................................................................24
Financial Assumptions:............................................................................................................25
References:...............................................................................................................................26

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Mission Goals and Objectives:
General Description of Business:
Mate Consultants is a comparatively new company that would be providing higher
level of expertise in the local development of business for Myer, market identification and
development, development of channel, strategies of distribution and marketing strategies for
Myer.
Melbourne has a highly competitive business environment and provides the ease of
doing business that supports profitability as well as taxability. There are world’s top
performing companies situated in Melbourne (Scarborough, 2016). Melbourne provides a
stable taxable environment for businesses and allows them to expand through government
funding. Mate Consultations would offer Myer with the central source of information.
Mate Consultations provides expertise in proactive oriented and market opportunity
seeking company that is required to develop and enter in the distribution of the new product
as well as new market segments in new market. Mate Consultations intends to offer its
customers with number of necessary services for the business community and to the public as
well. These can be summed up under two main divisions namely the business and training
services (Schaper et al., 2014). The business services include market research, preparing
research report, project based consultation, business and marketing plans for MYER. Mate
Consultations would be maintaining the membership files for specialized advisors in the
neighbouring areas by listing the chain of retail services and expertise offered. From the
perspective of consultant’s, the need for network and communication is clearly evident.
Mate Consultations is in the stage of development, however once the company is
stable, there is a wide scope for expansion. The services of networking might be offered to
the consultants that are outside Melbourne and would expand into the surrounding regions

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which would demonstrates the entrepreneurship of Melbourne city (Burns & Dewhurst,
2016). Upon standardizing the system of contact and follow-up Mate Consultations may
expand to all regions with the operations left in the hands of executive directors.
Mission Statement:
Mate Consultations is the full service consulting company that would specialize itself
in facilitating the relationships between the small businesses that seeks professional, quality
services and professional consultants that are seeking new clients (McKenzie, 2015). Mate
Consultations aims to offer personalized service, by exhibiting genuine concerns for all the
customers and reflect ethical behaviour advancing the business success as well as the success
of the clients.
Goals and objectives:
Mate Consultations is in the development stage. Mate Consultations has numerous
goals associated to growth, quality and survival. These goals are as follows;
a. To provide selected set of consultancy with proactive approach in seeking market
opportunity, developing new products and entering in the distribution of new products
and new market segments in the new market (Burns, 2016).
b. The goal is to suggest MYER to bring into more branches with lower price and
increasing more number of customers that would help in increasing more customer by
translating the demand to income.
c. Obtain profit within 12 months of business operations.
d. To perform the feasibility study in every regions of eighteen months in advance of
entering into the market.

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Background Information:
Background Industry Information:
Mate Consultations is in the breaking ground as the industry that has presented a
higher amount of growth and success inside the last twenty years. The business of
consultancy has developed because of the corporate downsizing, development in technology
and outsourcing of commercial purposes (Robson, 2015). The industry has experienced a
growing demand for professionals consulting services which has originated from the small
and medium businesses to outsource the independent contractors as the measure of saving
money. Through the help of outsourcing, business avoid costs related to employee benefit
and taxes which is quite attractive for the small business as they may not need the service of
profession service for full time basis (Hill, 2017). The consulting business can be a large
team of professionals or the one-person office. Size is regarded as irrelevant to the quality of
service and promotes the start-ups which further encourages the growth of consulting
business.
Analysis of Possible Market Opportunities:
As the consultancy market continues to expand there may be an in situation when the
market becomes saturated. Adelaide is regarded as the excellent place of business to perform
the consultancy business since it has good number of small to medium size firms. However,
any similar industry, given the supply of services goes past the demand the industry would
present the signs of change (Hill et al., 2014). Consultants might reduce their fees or may
look for work out of the instant areas and simultaneously forcing the less successful
consultants to move out of the business.
Presently, profit margins in the consultancy industry is relatively higher. The
operational and the start-up expenditure is less and therefore based on the fee a consultancy
business can attain higher level of profit margins (Hitt & Duane, 2017). The profit margin is

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obtained by assuming that the setting up a consultancy proves a lucrative business and this
serves up the fact that there is an ample amount of incentives for start-up which encourages
continuity of growth.
The present drive and focus placed by the government on the diversification of the
industrial base away from the mineral sector offers an opportunity to Mate Consultations in
making a valuable contribution towards attaining such goals. This would lead to application
of modern marketing research tools and transferring of knowledge (Wheelen et al., 2017). By
undertaking a detailed and inclusive research of market it is understood that there is need for
specific market research and business development firm that emphasis on research reports
custom-made to meet the needs of the clients. Even though there are business consulting
firms presently available in the market some of the firms are in existence for a very long time
period.
The industry is presently experiencing a strong growth in the unsurpassed economy.
With the relaxation of overseas exchange policies and macro-economic policies are directed
towards attaining overseas investment in the country (Meyer et al., 2017). For Mate
Consultants the business fits well in the industry of business development consultancy
because of the increased in quantity of consultants that are available in the market and the
quantity of small and medium enterprise business that chose to locate or expand in Adelaide.
Value Proposition:
Value proposition can be defined as the business or statement of marketing that is
used by the company to summarize why the customers should purchase and use the service.
The value proposition statement provides the consumers that a particular product or services
would add high value or may solve the problems than any other identical offerings will
(Rothaermel, 2015). The value proposition for Mate Consultants is stated below;

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a. Customer focus and cooperation: Mate Consultants aims to offer customers with
the integrated and holistic designs business solutions that results in optimal technical
and economic results. Mate Consultants designs is not performed in isolations. Mate
Consultants believes in maintaining a close collaboration with Myer.
b. Engineering Excellence: Mate Consultants services would be engineered in better
understanding of the multiple design discipline and believes in vitality of working
closely with all the team members on a project (Goworek et al., 2015). This enables
both the customers and the business consultant to completely understand each other’s
requirement and optimizing the business results.
c. On time delivery: Mate Consultants would employ consultants with working
experience on large scale business projects and have witnessed how fast the project
scopes and costs can rise due to the unforeseen complexity (Malhotra & Peterson,
2014). Similarly, the consultancy services would be so designed that the objectives of
business is attained.
d. Cost effectiveness: Mate Consultants believes in delivering excellent value for
money to its customers. Under the competitive nevertheless challenging industry,
Mate Consultants believes that its business consultancy expertise and customer
service provide its clients with true value for money service. The company believes
that it is willing to walk an extra mile wherever and wherever required by its clients.

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Figure 1: Figure showing Value Proposition
(Source: As created by Author)
Marketing Plan
Marketing and Channel Strategy:
One of the core elements of Mate Consultants strategy would be differentiation from
its competitors. Based on marketing strategy, Mate Consultants aims to sell its company as
the separated strategic ally and not simply its services. In terms of price the company aims at
offering reasonable and competitive prices in comparison to its competition and Mate
Consultant’s need for sustaining that. Mate Consultants would look employ the market
penetration through the lower prices and where required it would also implement premium
pricing in situation of higher quality services primarily targeted for upper level of market
(Chernev, 2018). Serving and creating long standing relationship with customers would form
vital to its future service marketing. Mate Consultants primarily aims in selling its
relationships more than the service.
Customer
focus and
cooperation
Engineering
Excellence:
On time
delivery
Cost
effectiveness

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The service marketing of Mate Consultants would place an emphasis on the benefits
of carrying out sufficient planning and appropriate use of quality information to identify the
window of opportunity. Mate Consultants aims to sell access to quality and market
knowledge. This would emerge in its advertisement, delivery and business cards (Philip et al.,
2017). For Mate Consultants the consultancy marketing would be challenging as the business
may face the problem of both being accepted and appreciated in the market as the business
development consultancy provider in the areas of new venture development, marketing and
accounting. The business not only intends to meet the client’s anticipations but to surpass
them as well.
Market Segmentations:
Mate Consultants would be placing focus on the local businesses. This would consist
of the small, medium and companies of large size that are looking for a complete service and
quality of work.
Especially in the rapidly growing market segment looks to offer Myer with business
and marketing plans to enter in the new or current markets (Weinstein & Pohlman, 2015).
Mate Consultants would be offering attractive alternative to the company that is facing the
problems of management constraints and are unable to meet the opportunities in the new
market as well as the segments of new market.
Melbourne is increasingly competitive and are turning out to be very much cautious in the
market when these small firms seek to enter and create a new marketing opportunities.
Henceforth, the most likely services that Myer are very much likely to use the service of
Mate Consultants is stated below;
a. Content Marketing that would appeal the target audience with the objective of
attractive visitors to the website