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Business Plan for The Medical
Business Plan for The Medical Group of South Florida
Student’s name
Institution
Course
Tutor
Date
The legal name of the business
The Medical Group of South Florida
It was started in 2001 by Dr Steven H. Spangler, and the first location opened on Nebraska Avenue in Miami Beach. In 2011, they relocated to a new location directly across the street, at 6701 North Kendall Drive, Suite 1000, on the corner of Sunset Drive (The Medical Group of South Florida, 2022). The second location promises more convenience for patients who can now be treated in Fort Lauderdale than in Miami Beach.
Its ownership
Dr Joshua Smith is the owner of The Medical Group of South Florida. The Medical Group of South Florida has provided quality care to families for 50 years. It is the most extensive family practice, combining comprehensive primary care and specialty services. The main office is located on West Cypress Creek Road, with additional offices in Pembroke Pines.
Dr Joshua Smith graduated from Dartmouth College in 2000 and received his medical degree from Cornell University Medical College in 2004. Dr Smith completed his internship at Jackson Memorial Hospital and his residency in Family Medicine at Jackson Memorial Hospital. After completing his residency, he moved to Key West, Florida, where he practiced as a family and internal medicine physician until 2006.
The Medical Group of South Florida is the largest physician organization in Boca Raton, employed by over 7,000 patients and the second largest in Palm Beach County. The Medical Group of South Florida employs over 200 physicians with a wide range of specialties, including family practice, internal medicine, paediatrics, obstetrics/gynaecology and allergy testing (The Medical Group of South Florida, 2022).
Legal Structure
The Legal structure of The Medical Group of South Florida involves a membership club with two divisions; one is the Medical Group itself, and the other is the American Society of Consulting Ophthalmologists. The Medical Group of South Florida offers ophthalmology consultations. There are no requirements for its members in terms of age or qualifications. There is no fee for them to join. However, some prices are required to be paid by every member that joins once a year in return for their services and additional costs as required by different treatment clinics and hospitals within the company’s network, which falls under the American Society of Consulting Ophthalmologists division.
Board-certified physicians run this organization to ensure the highest standard of treatment in South Florida. The Medical Group of South Florida has set itself apart from others with this primary core value in mind. It has been recognized for it many times with awards like Most Trusted Provider in Miami-Dade County and Best Internal Medicine Practice for Surgeons in Miami-Dade County (Carrasquillo et al., 2018).
The company is a private medical company specializing in ophthalmology consulting and has offices all over the country. It is an independent service affiliate of the American Society of Consulting Ophthalmologists, a for-profit entity in Sarasota, Florida. The Medical Group sells its services to hospitals, clinics, doctors and other health care facilities.
They specialize in providing the best treatment options available from some of the best eye surgeons throughout their network to improve their patients’ quality of life through enhanced vision.
The Medical Group of South Florida members are not employees of the American Society of Consulting Ophthalmologists and, as such, can choose to work independently from the company after being accepted into its membership by paying an annual membership fee.
The American Society of Consulting Ophthalmologists was created in 1987 by Dr Robert M. Foreman, founder of the Medical Group and president emeritus of The Mayo Clinic, who recognized a need for a world-class second opinion facility for physicians seeking specialized medical care. Due to this lack, he founded a network system that connects eye surgeons throughout the United States and Canada with hospitals that perform complex eye surgeries.
Product or Service Being Offered
The main products or services being offered by The Medical Group of South Florida include a primary care team that can handle all of your basic general needs. Additionally, there’s an emergency and urgent care service and a variety of testing options. They also offer support for cancer services, weight loss assistance, and other offerings to promote positive health overall. It is possible that The Medical Group of South Florida will be able to provide other products and services in the near future. When it comes to referrals, The Medical Group of South Florida is able to offer patients with a variety of options. One of the most common and preferred methods is through medical networks (South Florida Business Journal, 2022). They can also provide referrals for other medical professionals who can help treat the patient in question. The Medical Group of South Florida does not recommend that every patient would need referral services from them, but they do encourage people to explore all avenues possible for treatment or help.
The Medical Group of South Florida does have a staff that has been trained and certified through the National Commission on Certification of Allied Health Professionals (NCCAHP). This means that doctors and other medical professionals are able to meet all state requirements for certification, including having continuing education regularly completed. Additionally, they do not provide services to minors and only treat adults. The Medical Group of South Florida also does not accept any form of insurance or payment plan.
The Proposed Market (Marketing Plan)
The primary proposed market for The Medical Group of South Florida is, as of now, the South Florida region. This proposed market will consist of the entire South Florida region and include all towns and cities situated in that region.
The Medical Group of South Florida has proposed a marketing plan to promote their organization in media outlets and by utilizing social media. The primary marketing strategy for their proposal is to reach out to current customers and target new ones who are interested or invested in similar organizations. The Medical Group of South Florida sees this as a strategy since they are competing with various other medical organizations within the same area, such as Kaiser Permanente, Novant Health System and Miami Children’s Health System (Mohl, 2021). The Medical Group of South Florida has found that this strategy provides the best results for their unique needs. The content on their website focuses on the following: what they do and why people should invest their time in them; patient satisfaction and reviews; and customer references.
Many people within the South Florida region see this proposed market as a great opportunity due to the rapid population growth. Many people are attracted to living in such a region with so many medical centres that are readily available, thus forming a greater chance of being able to obtain health care. Also, the South Florida region has a large elderly population that is continuously growing, thus increasing the need for medical care. South Florida is also known for being a leader in world health care, diagnostics, and genomic medicine.
The Medical Group of South Florida has already begun its marketing campaign by looking at demographics, competitors, and existing products. Currently, there is an overwhelming number of uninsured people within the South Florida region, resulting in adverse outcomes for patients. The Medical Group of South Florida has looked at this statistic and seen this as an opportunity to obtain potential customers by offering a free health screening to those who are uninsured or under-insured as part of their initial marketing strategy.
The marketing plan for The Medical Group of South Florida is not just a marketing plan. And it is a business plan. It is different from any other marketing plan because it has been designed to consider the board of directors and stakeholders of the company before creating any promotional materials. Therefore, the marketing plan for the Medical Group of South Florida serves as an integral part of its business strategy rather than just an essential piece of its sales strategy.
A well-thought-out and well-written marketing plan will save time (and money) for both you and your company by helping you meet your objectives faster to reallocate resources accordingly.
A SWOT analysis includes five sections. Each section is broken down into four sub-sections, detailing the strengths and weaknesses of the organization on that specific point. The SWOT Analysis process also emphasizes opportunities and threats from external sources, specifically competitors in its market. The analysis can identify if any gaps in the company’s competitiveness must be addressed to succeed (Benzaghta et al., 2021).
To further help them get a picture of how profitable their business would be, the Medical Group of South Florida can do a Calculation Impact Analysis which provides them with an idea of how revenue increases or decreases by altering various pricing factors. By assessing strengths, weaknesses, opportunities and threats, your company is forced to take an honest look at the present state of its business (and, therefore, its goals). The assessment of strengths and weaknesses provides insight into what your company already has going for it and what it lacks; this creates a realistic starting point for creating a successful marketing plan (Benzaghta et al., 2021). The assessment of opportunities and threats will give your company a glimpse into what your competitors are doing in the marketplace and how your company can use that information.
After evaluating strengths, weaknesses, opportunities and threats, it is time to develop strategies. Each strategy should target one specific business area, such as marketing strategy or operations strategy. These strategies aim to identify ways to capitalize on your strengths while minimizing any potential pitfalls that stand in achieving your objectives.
In conjunction with the development of each strategy, you will need to create action plans associated with each system you have made. Action plans are concise and straightforward steps that will allow you to monitor and measure your progress in the short term. At this point, the marketing plan for The Medical Group of South Florida is complete. Once completed, it can be used to keep its strategy on track.
The marketing plan works hand in hand with strategic planning, where it will give an executive committee a vision of what the company should be doing and how they will measure success. The actions described thus far will provide a starting point for strategic planning. Still, it is not until you have created goals that strategy has any bearing on whether or not you are achieving those goals that the creation of the marketing plan becomes relevant (Nick Hernandez, 2018).
A Financial Plan
The financial plan for The Medical Group of South Florida includes projections that illustrate how the organization will grow over time, set goals for increased profitability, and determine appropriate investment levels. The plan also includes a forecast of projected future cash flows (Myers, 2021).
The Medical Group of South Florida is preparing for potential changes in the health care marketplace that could affect their growth. This plan provides a way to expand their current business model by increasing market share and managing risk factors associated with hurricane season. By assessing new market opportunities, this financial plan can provide more excellent value to both the Medical Group of South Florida employees and investors as they look forward to continued success in the evolving health care marketplace.
The Medical Group of South Florida is a corporation with over 700 licensed medical providers. Founded in 1973, the company has committed to providing high-quality medical care across South Florida and the Caribbean. Currently, their facilities include ten hospitals, one rehabilitation center, and all have emergency rooms open 24/7. They employ more than 8300 employees at their hospitals in the US and overseas. All facilities located in Florida are accredited by the Joint Commission on Accreditation of Healthcare Organizations (JCAHO), while the appropriate local agencies accredit those located outside of Florida.
References
(2022). Retrieved 1 April 2022, from https://partners.bizjournals.com/providing-the-edge/south-florida-leads-the-pack-in-transforming-health-care-an-executive-discussion/
Benzaghta, M. A., Elwalda, A., Mousa, M. M., Erkan, I., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), 55-73.
Carrasquillo, O., Seay, J., Amofah, A., Pierre, L., Alonzo, Y., McCann, S., … & Kobetz, E. (2018). HPV self-sampling for cervical cancer screening among ethnic minority women in South Florida: a randomized trial. Journal of general internal medicine, 33(7), 1077-1083.
Home | The Medical Group of South Florida. (2022). Retrieved 1 April 2022, from https://mgsfl.com/
Lab and Diagnostics | The Medical Group of South Florida. (2022). Retrieved 1 April 2022, from https://mgsfl.com/lab-and-diagnostics/
Mohl, R. A. (2021). 3 MIAMI: THE ETHNIC CAULDRON. In Sunbelt cities (pp. 58-99). University of Texas Press.
Myers, K. (2021). Healthcare Risk Lessons for Financial Managers. The Journal of Government Financial Management, 70(3), 34-39.
Nick Hernandez, M. B. A. (2018). Strategic Planning for the Medical Group. The Journal of Medical Practice Management: MPM, 34(1), 6-9.
Academic Structure in a Seismic Zone
Academic Structure in a Seismic Zone
Name:
Institution:
Academic Structure in a Seismic Zone
Summary
For many years, the environment has been a thorny issue, especially when it comes to construction of large institutional structure in a seismic environment (Lundberg, 2011). For quite a long time, there have been problems when it comes to the development of robust measures to mitigate against the potential impact the environment rules (Akgun et al, 2012). This article covers the ways of minimizing the consumption of natural resources in the environment as well as energy during the construction phase and throughout the life of the project in a seismic environment. It covers the systems in place in minimizing and protecting the immediate and surrounding man-made and natural environment, ways of control wastes emitted during the construction process and site waste management plan.
It is prudent to put in place the environmentally friendly design for the water drainage system, consider the cultural heritage of the environment where construction is to be established (Oliveira et al, 2013). In addition, the current environmental strategies are vital to the project in accordance with the civil engineer’s contribution and obligations to society (Akgun et al, 2012). Therefore, before the commencement of the project, the above issues are worth putting into consideration as far as the seismic environment is concerned (Rosowsky, 2011).
Impact of environmental assessment
An engineering project should involve environmental impact assessment, this because it is a vital aspect in establishment of any large scale planning applications (Butler & McGovern, 2012). This process helps the planners in understanding the potential environmental effect of major development proposals to be undertaken in a seismic zone (Oliveira et al, 2013). Even though, the environmental process may sometimes be complex and confusing, leaving local communities uncertain of how a large construction might affect them in the long-run. It is prudent for the constructors to obtain material regulations circulars and guidance that are specifically formulated to assist individuals in understanding , what environmental impact assessment is and under which situations should it be applied in construction (Garrett & Saur, 2012).
The construction layout should give guidance on how to explain and to prepare a land survey and landscape assessment. The main aim of this is to encourage local communities where the project is constructed, to engage in the process (Garrett & Saur, 2012). This is because ignoring local knowledge may have a disastrous consequence, particularly those people living near development sites (Lundberg, 2011). The construction engineer’s concern environmental assessment with gathering the project carried out and other department involve in the entire project in a particular area. For example, the seismic environment should enable the local authority to understand the environmental impact of the project before they give an authorization for its commencement (Oliveira et al., 2013).
The project developers are to consider that there is the effective and efficient use of the local available resources (Alexopoulos et al., 2012). In addition, the local people should know the impact of the development to be done in a particular environment. There are laws that govern the environmental impact assessment like, the European law basis is directive 85/337, the UK legislation through the town and country planning regulations1999 among others (Lion et al, 2013). The environmental assessment is procedurally done, including identifying the alternatives of the project, scoping and investigation, the baseline on the construction, consultation and publicity (Butler & McGovern, 2012). It also entails the physical appearance of the construction, the site layout, the materials to be used, which should be environmentally friendly, and the means of accessing the materials (Lundberg, 2011).
Another important issue in environmental impact assessment is what the construction will influence the environment in terms of potential impacts like, noise and disturbance, disruption to other users (Akgun et al., 2012). E.g. sea fishing, emissions to air, the management of waste offshore, the aspect of contamination of soil and ground water and marine pollution as a result of discharges to sea.
Minimizing the consumption of natural resources and energy
The focus of the construction project is sustainability, which is one of the key drivers in the overall process of decision making (Lion et al., 2013). For this to be met, the natural resources were to be used economically for their sustainability. For instance, the selective use of materials for construction i.e. the use of recycled materials and reusability of items for construction (Puettmann & Lippke, 2013). These materials should have energy conservation feature, low emitting features and reduce the construction waste. On the side of energy, the engineers are to ensure the use of energy conserving techniques through orientation and position on site where there is solar supply (Lundberg, 2011). In addition, optimizing of structure, envelope, by utilizing natural climate features in cooling, and the integration of daylight and artificial lighting systems (Alexopoulos et al., 2012). This reduces carbon (IV) oxide emissions.
The aim should always be to follow the hierarchy of providing ventilation and cooling to structure by natural or passive means before considering active management (Franky et al., 2012). The construction of the project in the seismic zone requires the consideration of energy efficient appliances, for example, high efficiency condensing boilers and application of energy efficient lighting, which allow low energy lamps, timed, movement, or light detecting shut-off devices in its operation (Butler & McGovern, 2012).
The engineers should consider use of energy sources that emit zero carbon energy to the environment, or using cooling, bio fuel systems (Rosowsky, 2011). In addition, considering renewable and integrated energy sources is not only economical to the project development, but also environmentally friendly. Observation of all techniques that minimises overdependence on the natural resources is important thus design, quantity, production, transport, product life are of great essence during the project process (Lion et al., 2013). Further more lean construction and prefabrication of materials during the construction is worth including in design and manufacturing, this is by ensuring utilization of local materials and suppliers and avoidance of carbon (iv) oxide intensive components(Garrett & Saur, 2012).
Waste management plan and control
Waste management is an important aspect of the construction of a structure in a seismic environment, considering the marine life and the prevention of soil pollution (Oliveira et al, 2013). The use of environmental friendly materials during the construction for instance, the focus should be on the reduction in the amount of wastes that are produced through the design and development of a project waste management plan (Rosowsky, 2011). This is possible through the reuse and recycling methods and promoting the procurement of non-toxic, energy efficient products containing recycled materials and identifying a sustainable waste management strategy and management guidance (Chiarini, 2013). The engineers should consider and identify different waste streams, including general, catering, hazardous, radioactive, that will be emitted when the structure is operational.
Suitability of sufficient safe storage capacity should be put in place to deal with wastes (Alexopoulos et al, 2012). This should include safe and easy access for staff taking the waste out of the building and the project team (Lion et al., 2013) should install equipment that will be used in collecting the waste the equipment that reduces the amount of waste produced. The use of steel materials in construction is essential as steel materials can easily be recycled without degradation of the environment and is therefore environmentally friendly. The waste control should be geared towards enhancing and protecting existing ecological features in the environment like wildlife, trees, hedges, and water courses (Akgun et al., 2012).
Water and drainage system
The drainage system is a crucial aspect as far as construction in seismic environment is concerned. The designers and engineers should consider and ensure that water conservation measures are incorporated in the project to minimize the wastage and the pollution water through emission of production effluence (Obonyo, 2011). Water should be reserved using water saving devices, such as spray taps and rainwater harvesting and water recycling (Lion et al, 2013). The installation of water conserving equipment, to minimize the use of water cooling, and provision of chilled water and installing recirculation systems.
During construction, the major drainage system should be designed to effectively take care of overland flows because of heavy rainfall (Rosowsky, 2011). There should be reserve for roadways and drainage channels, establishment of a pipeline to be added to serve as a drainage line. The level of the surface of the allotments adjacent to the overland flow path along the construction is recommended to be at least 300mm above the flood level (Chiarini, 2013). Moreover, the project should include major systems of drainage design for heavy flows (Lion et al., 2013). A roadway, a waste divert in a save, a pipeline or a consolidation of the above may go about as a seepage line. The design of the project should be extended across any road passing near the construction or proposed road widening that is adjacent to the development. It ensures that any proposed services within the road reserves are known and that the proposed drainage works can cross these services (Oliveira et al., 2013).
Generally, natural watercourse alignment, drains should be designed to follow reserves that are intended for drainage purposes. Great consideration should be given to the construction of drainage system as it should run parallel to a sewer system to avoid contamination. The project should incorporate this aspect at the early of stage design to enable the most economical solution to be adopted (Govender, 2013).
. The drainage system should be constructed in accordance with regulations in the particular area of construction, for instance, a diameter of 825 millimeter or more with less than a clearance of 500 millimeter (Franky et al., 2012). In addition, there should be a special base for the sewer built into a concrete make-up section.
Carbon accounting
The project developers should put into consideration, the proper way of controlling carbon emissions from the materials and the equipment used during the construction process. (Oliveira et al., 2013). A procedure for carbon assessment of civil infrastructure construction should not only be restricted to the requirements for quantifying carbon emissions for project option appraisals but also should identify a framework for use in managing these carbon emissions (Franky et al., 2012). This will enable validation of early life assumptions and post-implementation to inform future project appraisals.
The priority should be given to the use of materials that do not emit a lot of carbon dioxide to the environment because this cause air pollution and environmental degradation (Govender, 2013). Any modification that is to be made during the asset life, perhaps resulting from technological advancement and adaptation patterns should be well established (Alexopoulos et al., 2012). Reason for this is to help in facilitating the actions to control and reduce emissions of carbon, as waste products. It is, therefore, important for the It follows that the protocol used should be capable of being used in an audit mode in ensuring that carbon emissions outcomes match planned project expectations.
Consideration of cultural heritage
It is imperative to consider the cultural heritage if the zone before commencing the construction project (Chiarini, 2013). Place of heritage may be a specific site or a vast area such as a whole region or landscape which the local people consider valuable for its natural and cultural heritage significance in the region. The poor survey may lead to disagreement between the contractors and the community because of high value on the significance that the site holds. Furthermore, the community expects it to be protected by the government and any person that utilizes its utility in terms of natural and cultural heritage (Govender, 2013).
Therefore, it is prudent for the construction company to ensure that all elements of significance are protected (Butler & McGovern, 2012). In addition, the design, drainage to be constructed should always consider the impact of cultural and heritage assets. In general, the company to ascertain the presence of any assets and ensure the design of the water drainage preserves and promotes cultural and heritage assets (Chiarini, 2013) should undertake necessary investigations.
Compliance with current environmental strategies
Before the beginning of the construction, it is important for the project developers to adhere to the current environmental guidelines in laying their strategies (Malalgoda et al., 2013). This will ensure that all the risks associated with the environment is fully assessed, controlled and properly managed to minimize the effect of a new structure in a seismic environment (Scandizzo & Knudsen, 2012). It also ensures that best practices for sustainable designs are adopted to reduce the cost of new refurbishment projects and maintain the construction strategy (Kozich & Halvorsen, 2012). The main concern for the compliance with the environment is to ensure that environmental laws at construction sites are observed in terms of the methodology used. The developers must liaise with the government and proper negotiations be conducted before the project commences (Wright et al., 2013).
They should ensure that environmental constraints and the standards are maintained, for instance the cost of the project incurred should be relative to the returns expected (Lundberg, 2011). Furthermore, the environmental risks should not be under or overstated in the design process and the laws are designed to tackle only the specific cost associated (Kozich & Halvorsen, 2012). The environmental laws regarding property development is to be followed, for example, the town planning ordinance, the building ordinance, and the environmental assessment ordinance among others (Wright et al., 2013). However, the environmental compliance varies from one country to another, depending on the prevailing environmental constraints.
Civil Engineer’s contribution and obligations to society
The civil engineers play an important role in the society, safety, workforce, and public (Chang et al, 2012). In most cases, they are the main reason behind the construction of structures that are not only presentable but also long lasting. In the institutions, students are taught civil engineering and ways of creating new methods of making make the lifestyles of people in the society more comfortable (Wernham, 2011). This is achieved by constructing of comfortable houses and renovation according to the specification of the people in the society. This enhances the development of the society and the world at large (Lundberg, 2011). In addition, the civil engineers creating job opportunities in the public as they come up with different construction projects and employing the people in various departments within their companies (Lodhia, 2012).
On the part of the environment, the civil engineering has contributed to the environmental preservation by the ensuring the use of Energy conservation technology such as utilization of solar energy and use of water conservation features that ensures that the marine life is not destroyed (Lenton & Ciscar, 2013). Moreover, the adoption of biodegradable materials that ensures soil nutrients are improved as opposed to soil erosion. The application of low energy emitting material during the construction helps in minimizing air pollution and global warming.
Mitigation measures
After a critical environmental assessment different way of cubing the impact of construction of large academic structure in a seismic environment were identified. One of the ways is by avoiding the use of design techniques that brings a negative impact on the environment (Akgun et al, 2012). The other solution is by reducing the characteristics that impact on the environment. This is achieved through lowering alignment of the project to reduce the visual impact of the structure on the environment.
Furthermore, the process of abating the project on site before completion is important. This entails noise impediments and screening of the projects (Lodhia, 2012). In addition, there should be an attempt of restoring the resources that were once destroyed during the construction process. This helps in addressing the impacts that were temporarily caused by construction. Finally, there should be measures in place to compensate for the damages caused during the construction (Oliveira et al, 2013). In case the vegetation was destroyed, more plants should be planted if not, monetary compensation to ensure that there is restoration.
Appendices
Appendix A. The illustration showing how the developers should utilize the techniques and matrials in relation to environmental safety.
Passive Solar strategies Glazing size and location Siting and orientation Strategies contribute to a passive and solar responsive academic structure
Efficient energy for materials
Building of high effient windows with adequate ventilations using bricks and interior finish products.
fficient a for energy
ficient a for energy
Advance technology
Advance energy control and thermostats, energy saving appliance and efficient heating and cooling systems. Photovoltaic and solar water heating systems.
Appendix B. An illustration of construction strategy that ensures the project conforms to the environmental issues
Environmental consideration Sustainable design
features Waste management plan Water and drainage systems Ways of reducing impact and issues
1. Energy use
global warming and clinical change
2.Resources waste and recycling 3.Pollution and hazardous substances
4. Internal environment and Planning, land use and conservation.
1.Energy conservation
2.Solar energy utilization
3.Water conservation
4.Incorporation of recycled materials
5.Low emitting material
6.Reduced construction waste
7.Less environmentally destructive site development
1.Reduce design out waste
2.Re-use of materials on site
landfill reduces transport movements.
3.Recycle i.e. look for opportunities
4.Energy recovery
5.Disposal mechanisms
1.Use of water saving devices
2.Sub-metering
3.Leak detection
4.Opportunities for grey water recycling and use
5.Rainwater collection
6.Use of sustainable drainage systems. 1.Lean construction
2.Refubrication
3.Avoidance of CO2 intensive items
4.Biodiversity
5.Minimize energy use
6.Avoiding pollution
7.Minimizing design
References
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Alexopoulos, I., Kounetas, K., & Tzelepis, D. (2012). Environmental performance and technical efficiency, is there a link? International Journal of Productivity and Performance Management, 61(1), 6-23. doi:http://dx.doi.org/10.1108/17410401211187480
Butler, T., & McGovern, D. (2012). A conceptual model and IS framework for the design and adoption of environmental compliance management systems. Information Systems Frontiers, 14(2), 221-235. doi:http://dx.doi.org/10.1007/s10796-009-9197-5
Chang, Y., Wilkinson, S., Potangaroa, R., & Seville, E. (2012). Resourcing for post-disaster reconstruction: A comparative study of Indonesia and China. Disaster Prevention and Management, 21(1), 7-21. doi:http://dx.doi.org/10.1108/09653561211202674
Chiarini, A. (2013). Designing an environmental sustainable supply chain through ISO 14001 standard. Management of Environmental Quality, 24(1), 16-33. doi:http://dx.doi.org/10.1108/14777831311291113.
Franky W.H. Wong, Edwin H.W. Chan, & Patrick T.I. Lam. (2012). Compliance concerns of environmental laws at building design stage. Property Management, 30(2), 157-175. doi:http://dx.doi.org/10.1108/02637471211213406
Garrett, P. R. D., & Saur-Amaral, I. (2012).CRM system as a support tool for international sales team management: case of industrial firm linked to civil construction. Revista Portuguesa De Marketing, 15(28), 48-77. Retrieved from http://search.proquest.com/docview/1285254763?accountid=45049
Govender, R. (2013). Assessing continual improvement of South African meat safety systems. TQM Journal, 25(3), 259-275. doi:http://dx.doi.org/10.1108/17542731311307447
Heywood, D. (2013). NEPA and indirect effects of foreign activity: Limiting principles from the presumption against extraterritoriality and transnational lawmaking. Brigham Young University Law Review, 2013(3), 691-725. Retrieved from http://search.proquest.com/docview/1506883633?accountid=45049
Kozich, A. T., & Halvorsen, K. E. (2012). Compliance with wetland mitigation standards in the upper peninsula of michigan, USA. Environmental Management, 50(1), 97-105. doi:http://dx.doi.org/10.1007/s00267-012-9861-2
Lenton, T. M., & Ciscar, J. (2013). Integrating tipping points into climate impact assessments. Climatic Change, 117(3), 585-597. doi:http://dx.doi.org/10.1007/s10584-012-0572-8
Lion, H., Donovan, J. D., & Bedggood, R. E. (2013). Environmental impact assessments from a business perspective: Extending knowledge and guiding business practice. Journal of Business Ethics, 117(4), 789-805. doi:http://dx.doi.org/10.1007/s10551-013-1721-3
Lodhia, S. V. (2012). Risk and management of climate induced disasters in coastal gujarat in india. Management of Environmental Quality, 23(1), 82-100. doi:http://dx.doi.org/10.1108/14777831211191610
Lundberg, K. (2011). A systems thinking approach to environmental follow-up in a swedish central public authority: Hindrances and possibilities for learning from experience. Environmental Management, 48(1), 123-33. doi:http://dx.doi.org/10.1007/s00267-010-9600-5
Malalgoda, C., Amaratunga, D., & Haigh, R. (2013). Creating a disaster resilient built environment in urban cities. International Journal of Disaster Resilience in the Built Environment, 4(1), 72-94. doi:http://dx.doi.org/10.1108/17595901311299017
Obonyo, E. A. (2011). An agent-based intelligent virtual learning environment for construction management. Construction Innovation, 11(2), 142-160. doi:http://dx.doi.org/10.1108/14714171111124130
Oliveira, I.,Silva Dutra, Montaño, M., & de Souza, M. P. (2013). Strategic environmental assessment to improve infrastructure impact assessments in brazil. Journal of Environmental Protection, 4(10), 1189-1196. Retrieved from http://search.proquest.com/docview/1460572304?accountid=45049
Puettmann, M. E., & Lippke, B. (2013). Using life-cycle assessments to demonstrate the impact of using wood waste as a renewable fuel in urban settings for district heating. Forest Products Journal, 63(1), 24-27. Retrieved from http://search.proquest.com/docview/1464748206?accountid=45049
Rosowsky, D. V. (2011). Recovery: Rebuilding a resilient housing stock. International Journal of Disaster Resilience in the Built Environment, 2(2), 139-147. doi:http://dx.doi.org/10.1108/17595901111149132
Scandizzo, P. L., & Knudsen, O. K. (2012). Risk management and regulation compliance with tradable permits under dynamic uncertainty. European Journal of Law and Economics, 33(1), 127-157. doi:http://dx.doi.org/10.1007/s10657-010-9140-8
Wernham, A. (2011). Health impact assessments are needed in decision making about environmental and land-use policy. Health Affairs, 30(5), 947-56. Retrieved from http://search.proquest.com/docview/868915479?accountid=45049
Wright, A. J., Dolman, S. J., Jasny, M., Parsons, E. C. M., Schiedek, D., & Young, S. B. (2013). Myth and momentum: A critique of environmental impact assessments. Journal of Environmental Protection, 4(8), 72-77. Retrieved from http://search.proquest.com/docview/1445185730?accountid=45049.
Business Plan for a Startup Business
Business Plan for a Startup BusinessThe business plan consists of a narrative and several financial worksheets. The narrative template is the body of the business plan. It contains more than 150 questions divided into several sections. Work through the sections in any order that you want, except for the Executive Summary, which should be done last. Skip any questions that do not apply to your type of business. When you are finished writing your first draft, you’ll have a collection of small essays on the various topics of the business plan. Then you’ll want to edit them into a smooth-flowing narrative.
The real value of creating a business plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later.
This business plan is a generic model suitable for all types of businesses. However, you should modify it to suit your particular circumstances. Before you begin, review the section titled Refining the Plan, found at the end. It suggests emphasizing certain areas depending upon your type of business (manufacturing, retail, service, etc.). It also has tips for fine-tuning your plan to make an effective presentation to investors or bankers. If this is why you’re creating your plan, pay particular attention to your writing style. You will be judged by the quality and appearance of your work as well as by your ideas.
It typically takes several weeks to complete a good plan. Most of that time is spent in research and re-thinking your ideas and assumptions. But then, that’s the value of the process. So make time to do the job properly.Thosewho do never regret the effort.And finally, be sure to keep detailed notes on your sources of information and on the assumptions underlying your financial data.
Business PlanLaMeka Wright-Potter, Julius Potter, & Audrey WrightCate’s TLB LLC
Street Address
1515 Overton Crossing
Memphis, Tennessee 38120
800-210-1200
800-210-0200
catesbeveragesllc@gmail.com
Table of Contents TOC h z t “Heading 3,1” I.Table of Contents PAGEREF _Toc52620470 h 3II.Executive Summary PAGEREF _Toc52620471 h 4III.General Company Description PAGEREF _Toc52620472 h 5IV.Products and Services PAGEREF _Toc52620473 h 6V.Marketing Plan PAGEREF _Toc52620474 h 7VI.Operational Plan PAGEREF _Toc52620475 h 15VII.Management and Organization PAGEREF _Toc52620476 h 19VIII.Personal Financial Statement PAGEREF _Toc52620477 h 20IX.Startup Expenses and Capitalization PAGEREF _Toc52620478 h 21X.Financial Plan PAGEREF _Toc52620479 h 22XI.Appendices PAGEREF _Toc52620480 h 25XII.Refining he Plan PAGEREF _Toc52620481 h 26Executive SummaryWrite this section last.
We suggest that you make it two pages or fewer.
Include everything that you would cover in a five-minute interview.
Explain the fundamentals of the proposed business: What will your product be? Who will your customers be? Who are the owners? What do you think the future holds for your business and your industry?
Make it enthusiastic, professional, complete, and concise.
If applying for a loan, state clearly how much you want, precisely how you are going to use it, and how the money will make your business more profitable, thereby ensuring repayment.
General Company DescriptionCompany Name: Cate’s Tea Lemonade Beverage (TLB) LLC
Significance: The significance of Cate’s Tea and Lemonade Beverage is to be able to be consumed as a nutritious andenergy replacement. It will contain a required daily consumption amount of proteins, calcium, vitamins and other essential elements including B-12. The drink will be sold in retail stores, fairs, and restaurants. It does not have to be refrigerated and tastes great hot or cold. This is a good source of energy for people on the go who do not drink coffee or use energy drinks.
Mission Statement
Cate’s TLB provides our customers with high quality beverages, made with simple ingredients, at competitive prices. We produce our beverages with a professional quality team environment built on accountability, compassion, and respect.
Cates organization goal is linked to the company’s mission statement. Cate’s goal is to sell the highest quality of natural and organic tea and lemonade products. Cates objective is to offer a satisfying and delighting taste to customers. Consumers are high on the list of importance at Cates.
Cate’s target audience will be middle-class citizens and live in the Suburban areas.
There are various trends in the non-alcoholic beverage (NAB) surrounding the tea and lemonade industry. The diversity amongst tea and lemonade is one of the key trends regarding the industry. In the past manufacturers offered concentrate and power formula that the consumer had to add water and sweetener to make. Today the process is much simpler; you can purchase tea and lemonade ready for consumption. The tea and lemonade industry offer a variety of flavors. The industry offers some organic while other is concentrated or artificially flavored. The NAB industry is constantly growing since customers are demanding more natural and healthy on the go drinks. This demand has been heavily influenced by the raise in obesity and diseases.
Cate’s TLB LLC SWOT Analysis
Cate’s TLB faces various risks. These risks fall into two broad categories. These include labor risks and unforeseen risks. Regarding labor costs, the company faces loss of employees to competitor firms because competitor firms offer employee benefits. To mitigate this risk, the company wishes to implement better employee benefit packages that will attract top talent in the industry. There are also management issues facing the company. Recently, there was embezzlement of funds by the firm’s marketing department. To mitigate this risk, it has implemented electronic payment mode such that employees can also get their payments through the banks as well as various departments to carry out their transaction through the use of non-cash money transfers. Semiannual auditing has also been implemented to trace any instances of fraud. The unforeseen risks that the company faces include destruction of products by natural disasters such as flooding and earthquakes as well as a change of customers’ taste and preferences.
Unforeseen risksLabor
-Loss of owner -Can’t find employees
-Demand low/ high -Management Issues
-Competition
-Natural Disasters
Strengths Weaknesses
– High-quality product-Market Share/Sz (100m.)
– Capital-Needs Investors
– Culture- Growing Pains
– Legal/Regulatory/Ins
Opportunities Threats
– 35 Billion in Market share available – Competition
– Geographic expansion- Legal/Regulatory
– Workface expansion – No investors
– Product portfolio expansion – Cash flow shortages
Strengths
•High-quality product
Cate’s TLB is known leader in the manufacturing of high-quality lemonade beverage. As a result, most consumers prefer to buy their lemonade from this company. The well-established brand name has also helped it in retaining its customers hence making high volumes of sales that translate to high-profit margins.
•Culture
The company has a very efficient company culture that enables it to carry out its functions efficiently and smoothly. The high levels of understanding among the different levels of management keep the stakeholders united a factor that promotes productivity. The management holds and treats each and every employee with respect. They feel appreciated as part of the company hence boosting their work morale.
•Capital
The company has a sound financial background that enables it to carry out all its activities efficiently. For instance, Cate’s TLB is can carry out all its marketing activities since it can finance hence increasing its visibility in the market and industry.
Weaknesses
•Small market share
Due to its few years of operation in the market, Cate’s TLB has not acquired a significant market share. Its current market share is only 100 miles. This has limited its ability of growth compared to closest competitors who have large market share.
•Growing pains
The company has experienced various issues that have in one way or another affected its rate of growth. For instance, embezzlement of funds by part of the management team has led to lagging behind of the company in fast growth in newly established regions.
Opportunities
•Expansion
Cate’s has the opportunity to expand into other geographical areas. Currently, it only operates with a 100 miles radius of the home area. The expansion will increase its consumer and revenue based on more sales. Granting the opportunity to hire more employeesand will allow Cates to meet production function more efficiently.
•Growth of market share
Cates currently have limited market share being it is just a starting up. Cates tend to improve its finances by encouraging investors to finance operations.
Threats
•Stiff competition
Cate’s TLB faces stiff competition from its closest competitors. Price competition is one of the aspects. The competitor firms offer their products at relatively lower prices. Some of the competitors include PepsiCo, Tyson Foods Inc. among others.
•Lack of investors
The company does not have investors since it is a start-up. This is a significant threat because the competitors can expand their operations globally with ease because they have capital.
Products and ServicesI believe quality positioning is the best strategic position for Cates TLB. Quality positioning may be defined a method of product positioning in which a company chooses to manufacture high-quality products compared to its closest competitors. The customers, therefore, choose the company’s drinks because they are of better quality compared to those produced by rival firms. Cate’s TLB wishes to be the world best leader in natural non-alcoholic beverages. Distribution channels are the paths of which goods and services follow from vendors to consumers through payments by customers to suppliers. The product can have a small distribution as from vendors to consumers while others may include several intermediaries such as agents, distributors, wholesalers, etc. Where intermediaries are involved, one broker receives the product at a particular pricing point and then moves it to the next higher pricing point till the product reaches its final consumer. Our distribution channel involves retailer, agents, wholesalers, and direct sales through catalogs, mail orders and web services. Our sales force contributes most towards our sales within this region including our online marketing team who markets our products within the region and outside world as a whole(Food & Drink – October 2003 : Bacon, Flavored Alcoholic Beverages, non sweet biscuits, pre packed and dressed salads, sweet biscuits., 2012). Contract bids also take part where we make contracts to supply our products to big firms and organizations including institutions of learning. All people from young to old including children consume our products, and many people come to our products daily leading to the high returns currently experienced by the business (Reve, 2015).
The non-alcoholic beverage industry is a rapidly competitive and a dynamic segment. Several innovations as well as the increasing focus on consumers on their health and wellness have driven this growth with an evolving competitive landscape. This business encompasses a broad range of liquid refreshment beverage categories such as energy drinks, carbonated soft drinks, juices, enhanced and bottled water, RTD coffee, and tea, sports drinks as well as probiotics. Several of these subcategories have experienced growth driven by both the companies’ abilities to deliver products that are compelling as well as the customers rising demand for healthier and functional beverages. Although there is no stiff competition currently, with time, there may be considerable competition from these similar firms offering the same product or relatively similar goods and services (Food & Drink – October 2003: Bacon, Flavored Alcoholic Beverages, non-sweet biscuits, prepacked and dressed salads, sweet biscuits., 2012).
Three classes of marketing vehicles will be used to market the product. The social vehicles will include population density which enables sharing with less friction, mindset sustainability as well as trends in lifestyle among the youths. The economic drivers will involve increased world population, economic disparities including sustainable resources. Technological drivers will include mobile technologies, social networking technologies as well as payment systems. Our competitors have been using mobile technologies of late and mindset sustainability and hence possible competition in recent years to come (Gregoriou & Ali, 2016).Describe in depth your products or services (technical specifications, drawings, photos, sales brochures, and other bulky items belong in Appendices).
Marketing PlanMarket research – Why?
No matter how good your product and your service, the venture cannot succeed without effective marketing. And this begins with careful, systematic research. It is very dangerous to assume that you already know about your intended market. You need to do market research to make sure you’re on track. Use the business planning process as your opportunity to uncover data and to question your marketing efforts. Your time will be well spent.
Market research – How?
There are two kinds of market research: primary and secondary.
Secondary research means using published information such as industry profiles, trade journals, newspapers, magazines, census data, and demographic profiles. This type of information is available in public libraries, industry associations, chambers of commerce, from vendors who sell to your industry, and from government agencies.
Start with your local library. Most librarians are pleased to guide you through their business data collection. You will be amazed at what is there. There are more online sources than you could possibly use. Your chamber of commerce has good information on the local area. Trade associations and trade publications often have excellent industry-specific data.
Primary research means gathering your own data. For example, you could do your own traffic count at a proposed location, use the yellow pages to identify competitors, and do surveys or focus-group interviews to learn about consumer preferences. Professional market research can be very costly, but there are many books that show small business owners how to do effective research themselves.
In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all-important sales projection.
Economics
Facts about your industry:
What is the total size of your market?
What percent share of the market will you have? (This is important only if you think you will be a major factor in the market.)
Current demand in target market.
Trends in target market—growth trends, trends in consumer preferences, and trends in product development.
Growth potential and opportunity for a business of your size.
What barriers to entry do you face in entering this market with your new company? Some typical barriers are:
High capital costs
High production costs
High marketing costs
Consumer acceptance and brand recognition
Training and skills
Unique technology and patents
Unions
Shipping costs
Tariff barriers and quotas
And of course, how will you overcome the barriers?
How could the following affect your company?
Change in technology
Change in government regulations
Change in the economy
Change in your industry
Product
In the Products and Services section, you described your products and services as you see them. Now describe them from your customers’ point of view.
Features and Benefits
List all of your major products or services.
For each product or service:
Describe the most important features. What is special about it?
Describe thebenefits. That is, what will the product do for the customer?
Note the difference between features and benefits, and think about them. For example, a house that gives shelter and lasts a long time is made with certain materials and to a certain design; those are its features. Its benefits include pride of ownership, financial security, providing for the family, and inclusion in a neighborhood. You build features into your product so that you can sell the benefits.
What after-sale services will you give? Some examples are delivery, warranty, service contracts, support, follow-up, and refund policy.
Customers
Identify your targeted customers, their characteristics, and their geographic locations, otherwise known as their demographics.
The description will be completely different depending on whether you plan to sell to other businesses or directly to consumers. If you sell a consumer product, but sell it through a channel of distributors, wholesalers, and retailers, you must carefully analyze both the end consumer and the middleman businesses to which you sell.
You may have more than one customer group. Identify the most important groups. Then, for each customer group, construct what is called a demographic profile:
Age
Gender
Location
Income level
Social class and occupation
Education
Other (specific to your industry)
Other (specific to your industry)
For business customers, the demographic factors might be:
Industry (or portion of an industry)
Location
Size of firm
Quality, technology, and price preferences
Other (specific to your industry)
Other (specific to your industry)
Competition
What products and companies will compete with you?
List your major competitors:
(Names and addresses)
Will they compete with you across the board, or just for certain products, certain customers, or in certain locations?
Will you have important indirect competitors? (For example, video rental stores compete with theaters, although they are different types of businesses.)
How will your products or services compare with the competition?
Use the Competitive Analysistable below to compare your company with your two most important competitors. In the first column are key competitive factors. Since these vary from one industry to another, you may want to customize the list of factors.
In the column labeled Me, state how you honestly think you will stack up in customers’ minds. Then check whether you think this factor will be a strength or a weakness for you. Sometimes it is hard to analyze our own weaknesses. Try to be very honest here. Better yet, get some disinterested strangers to assess you. This can be a real eye-opener. And remember that you cannot be all things to all people. In fact, trying to be causes many business failures because efforts become scattered and diluted. You want an honest assessment of your firm’s strong and weak points.
Now analyze each major competitor. In a few words, state how you think they compare.
In the final column, estimate the importance of each competitive factor to the customer. 1 = critical; 5 = not very important.
Table SEQ Table * ARABIC 1: Competitive Analysis
FACTOR Me Strength Weakness Competitor A Competitor B Importance to Customer
Products Price Quality Selection Service Reliability Stability Expertise Company Reputation Location Appearance Sales Method Credit Policies Advertising Image Now, write a short paragraph stating your competitive advantages and disadvantages.
Niche
Now that you have systematically analyzed your industry, your product, your customers, and the competition, you should have a clear picture of where your company fits into the world.
In one short paragraph, define your niche, your unique corner of the market.
Strategy
Now outline a marketing strategy that is consistent with your niche.
Promotion
How will you get the word out to customers?
Advertising: What media, why, and how often? Why this mix and not some other?
Have you identified low-cost methods to get the most out of your promotional budget?
Will you use methods other than paid advertising, such as trade shows, catalogs, dealer incentives, word of mouth (how will you stimulate it?), and network of friends or professionals?
What image do you want to project? How do you want customers to see you?
In addition to advertising, what plans do you have for graphic image support? This includes things like logo design, cards and letterhead, brochures, signage, and interior design (if customers come to your place of business).
Should you have a system to identify repeat customers and then systematically contact them?
Promotional Budget
How much will you spend on the items listed above?
Before startup? (These numbers will go into your startup budget.)
Ongoing?(These numbers will go into your operating plan budget.)
Pricing
Explain your method or methods of setting prices. For most small businesses, having the lowest price is not a good policy. It robs you of needed profit margin; customers may not care as much about price as you think; and large competitors can underprice you anyway. Usually you will do better to have average prices and compete on quality and service.
Does your pricing strategy fit with what was revealed in your competitive analysis?
Compare your prices with those of the competition. Are they higher, lower, the same? Why?
How important is price as a competitive factor? Do your intended customers really make their purchase decisions mostly on price?
What will be your customer service and credit policies?
Proposed Location
Probably you do not have a precise location picked out yet. This is the time to think about what you want and need in a location. Many startups run successfully from home for a while.
You will describe your physical needs later, in the OperationalPlansection. Here, analyze your location criteria as they will affect your customers.
Is your location important to your customers? If yes, how?
If customers come to your place of business:
Is it convenient? Parking? Interior spaces?Not out of the way?
Is it consistent with your image?
Is it what customers want and expect?
Where is the competition located? Is it better for you to be near them (like car dealers or fast-food restaurants) or distant (like convenience-food stores)?
Distribution Channels
How do you sell your products or services?
Retail
Direct (mail order, Web, catalog)
Wholesale
Your own sales force
Agents
Independent representatives
Bid on contracts
Sales Forecast
Now that you have described your products, services, customers, markets, and marketing plans in detail, it’s time to attach some numbers to your plan. Use a sales forecast spreadsheet to prepare a month-by-month projection. The forecast should be based on your historical sales, the marketing strategies that you have just described, your market research, and industry data, if available.
You may want to do two forecasts: 1) a “best guess”, which is what you really expect, and 2) a “worst case” low estimate that you are confident you can reach no matter what happens.
Remember to keep notes on your research and your assumptions as you build this sales forecast and all subsequent spreadsheets in the plan. This is critical if you are going to present it to funding sources.
Operational PlanExplain the daily operation of the business, its location, equipment, people, processes, and surrounding environment.
Production
How and where are your products or services produced?
Explain your methods of:
Production techniques and costs
Quality control
Customer service
Inventory control
Product development
Location
What qualities do you need in a location? Describe the type of location you’ll have.
Physical requirements:
Amount of space
Type of building
Zoning
Power and other utilities
Access:
Is it important that your location be convenient to transportation or to suppliers?
Do you need easy walk-in access?
What are your requirements for parking and proximity to freeway, airports, railroads, and shipping centers?
Include a drawing or layout of your proposed facility if it is important, as it might be for a manufacturer.
Construction? Most new companies should not sink capital into construction, but if you are planning to build, costs and specifications will be a big part of your plan.
Cost: Estimate your occupation expenses, including rent, but also including maintenance, utilities, insurance, and initial remodeling costs to make the space suit your needs. These numbers will become part of your financial plan.
What will be your business hours?
Legal Environment
Describe the following:
Licensing and bonding requirements
Permits
Health, workplace, or environmental regulations
Special regulations covering your industry or profession
Zoning or building code requirements
Insurance coverage
Trademarks, copyrights, or patents (pending, existing, or purchased)
Personnel
Number of employees
Type of labor (skilled, unskilled, and professional)
Where and how will you find the right employees?
Quality of existing staff
Pay structure
Training methods and requirements
Who does which tasks?
Do you have schedules and written procedures prepared?
Have you drafted job descriptions for employees? If not, take time to write some. They really help internal communications with employees.
For certain functions, will you use contract workers in addition to employees?
Inventory
What kind of inventory will you keep: raw materials, supplies, finished goods?
Average value in stock (i.e., what is your inventory investment)?
Rate of turnover and how this compares to the industry averages?
Seasonal buildups?
Lead-time for ordering?
Suppliers
Identify key suppliers:
Names and addresses
Type and amount of inventory furnished
Credit and delivery policies
History and reliability
Should you have more than one supplier for critical items (as a backup)?
Do you expect shortages or short-term delivery problems?
Are supply costs steady or fluctuating? If fluctuating, how would you deal with changing costs?
Credit Policies
Do you plan to sell on credit?
Do you really need to sell on credit? Is it customary in your industry and expected by your clientele?
If yes, what policies will you have about who gets credit and how much?
How will you check the creditworthiness of new applicants?
What terms will you offer your customers; that is, how much credit and when is payment due?
Will you offer prompt payment discounts? (Hint: Do this only if it is usual and customary in your industry.)
Do you know what it will cost you to extend credit? Have you built the costs into your prices?
Managing Your Accounts Receivable
If you do extend credit, you should do an aging at least monthly to track how much of your money is tied up in credit given to customers and to alert you to slow payment problems. A receivables aging looks like the following table:
Total Current 30 Days 60 Days 90 Days Over 90 Days
Accounts Receivable Aging You will need a policy for dealing with slow-paying customers:
When do you make a phone call?
When do you send a letter?
When do you get your attorney to threaten?
Managing Your Accounts Payable
You should also age your accounts payable, what you owe to your suppliers. This helps you plan whom to pay and when. Paying too early depletes your cash, but paying late can cost you valuable discounts and can damage your credit. (Hint: If you know you will be late making a payment, call the creditor before the due date.)
Do your proposed vendors offer prompt payment discounts?
A payables aging looks like the following table.
Total Current 30 Days 60 Days 90 Days Over 90 Days
Accounts Payable Aging Management and OrganizationWho will manage the business on a day-to-day basis? What experience does that person bring to the business? What special or distinctive competencies? Is there a plan for continuation of the business if this person is lost or incapacitated?
If you’ll have more than 10 employees, create an organizational chart showing the management hierarchy and who is responsible for key functions.
Include position descriptions for key employees. If you are seeking loans or investors, include resumes of owners and key employees.
Professional and Advisory Support
List the following:
Board of directors
Management advisory board
Attorney
Accountant
Insurance agent
Banker
Consultant or consultants
Mentors and key advisors
Personal Financial StatementInclude personal financial statements for each owne