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Special Issues Of Grieving The Death Of A Sibling
Special Issues Of Grieving The Death Of A Sibling
The loss of a sister or a brother is sometimes very much neglected and has not been discussed exhaustively. It is however a loss that most of people experience. This is because when it comes to the parents, every individual has one father and one mother and also one spouse. When it comes to brothers and sisters, people could have as many as possible. The social expectation in life is that the death of a sister or a brother is unlikely to disturb our lives. It is however noted that some people may not have had any contact with real brothers and sisters. People have really failed in appreciating the importance of siblings (Silverman et al, p1, 2001). This paper aims at highlighting the issues that arise with the process of grieving a sibling’s death.
Every family has a special history together with shared bonds on the history. Immediately a sibling dies the shattered bonds in the history of the family become shattered and there is a hole in the family history which is never again filled. As children grow, they possess certain talents and characteristics. Siblings will always have a tendency to compliment one another as they develop interest on various areas. The siblings who survive after the demise of one have to redefine certain roles due to absence of the person (Silverman et al, p1, 2001).
The moment a sibling dies, the special occasions change. The birthday celebrations, holidays and anniversaries will be forgotten. Phone calls to share best moments will also be no more.
When there is death of a sibling in a family, there could be increased concern on one’s own death. This is because the siblings have similar genetic traits. The brothers and sisters left could have implications on their own demise. This means they start seeing themselves as being the next, the time they will die among other things. This may lead to stress and suffering especially when one reaches the age of the sibling who died.
There is anger as the siblings left have to take up new roles such as taking care of the aging parents among others. Others take up the responsibility of raising the nephews who have been left behind. All these among others could lead to anger due to the loss of the sibling.
On the other hand, going with the relationship a person had with the sibling who has died and the manner in which the sibling died; grief could follow which may even lead to death. Some people even have experienced guilt. This is brought about by the sibling’s relationship and ambivalence as well as the feeling one has in reference to the understanding that one might have.
The adult siblings are also bound to expect survivor guilt which is normal. The brothers and sisters possess relationship in which they aim at protecting one another even if they are far from each other (Willis, p222, 2002). Guilt on the way the siblings maintained their relationship is also evident. The adult siblings change their relationship due to the various separate paths each follows. Even thought the relationship and communication was well maintained, the person left still feels that it could have been better.
In conclusion therefore, people mourning the death of a sibling require a lot of attention. Some of them will try to speak out what they feel with friends and family members. Some people offer them support which is very important (Hosley & Terrance, p126. 2006). When an individual comes across another person who has lost a sibling, this provides an opportunity for sharing which leads to healing.
Work Cited
Horsley, Heidi, and Terrance Patterson. “The Effects of a Parent Guidance Intervention on Communication among Adolescents Who Have Experienced the Sudden Death of a Sibling.” The American Journal of Family Therapy 34.2 (2006): 119-37. Print.
Silverman, Gabriel K, Jeffrey G Johnson, and Holly G Prigerson. “Preliminary Explorations of the Effects of Prior Trauma and Loss on Risk for Psychiatric Disorders in Recently Widowed People.” Israel Journal of Psychiatry and Related Sciences (2001). Print.
Willis, Clarissa A. “The Grieving Process in Children: Strategies for Understanding, Educating, and Reconciling Children’s Perceptions of Death.” Early Childhood Education Journal 29.4 (2002): 221-26. Print.
special interests and groups
Special Interests
An interest group is any association of persons or institutions often officially organized in such a way that with their either one or more common interests and concerns they try to influence the public policy in their advantage. They are usually formed by individuals or organizations that have the same aims and struggles and are aimed at sensitizing and coaxing the policy makers or legislators to make policies that best suit their members’ interest or the general public. In many cases, these interest groups have a common aim of influencing government policy to the advantage of themselves or whatever their goals are and to their members. Interest groups can have goals that re either aimed at the general public or those that are aimed to benefit individual members of the group. For instance, those aimed at the general public could be addressing issues like air pollution through poor energy resources, poor or inadequate government security, and improved usage of water. Interest groups try to achieve their goals through coaxing or putting extra pressure on the legislators so that the policies that are made are in their favor. CITATION Ron97 l 1033 (Hrebenar, 1997)Interest groups are usually formed by individuals or groups of people in a given line of action that exists in the society. For instance, teachers in the society can come up with a lobby group to address their issues to the policy makers such that the policies that will be made do not eventually affect them negatively.
Also, open air market traders in a given state or society can come together and form a group that will voice their troubles and tribulations to the government or the legislators so that they will be taken care of when the policies are being formulated.
Journalists can also come together to form a movement or group that will ensure that policies that will be made by the legislators are not going to limit their rights and activities as journalists. Some examples of interest groups in America include the National Abortion and Reproductive Rights League, the Planned Parenthood Federation of America, the National Organization for Women, the National Association for the Advancement of Colored People, the Americans United for the Separation of the Church and the State, the American Federation of Labor/Congress of Industrial Organizations just to mention but a few. Political parties are group of persons organized in such a way that they can get and exercise political power. These people usually have almost the same political goals and views on how position and authority are supposed to be exercised in a country or society.
They tend to influence the public policy or opinions by ensuring their favored candidate are voted into the assumed office.
Political parties act as a link between the government’s laid down organizations and institutions to the organizations in the society that champions the rights of the people [the interest groups]. They are the means through which the interest groups are able to reach the policy makers in the Senate, in the parliament and in the main government. CITATION Ste83 l 1033 (Miller, `1983)Political parties have their beliefs, views and ideas as we have seen earlier. Therefore, interest groups with similar views or beliefs will support this political party and have its members elected into enviable positions in the parliament. At parliament, the elected members are supposed to defend and uphold the beliefs and ideas of the political party that sponsored them to the parliament. Therefore, there is a special relationship between the political parties and the different interest groups. Though with this special relationship, political parties are different from this interest groups in that political parties are more likely to change their aims and beliefs over time unlike the interest groups that do not change their beliefs and goals unless they are achieved. Political parties can change according to international or national reforms and agendas depending on the needs and actions of that particular country at that time. But with interest groups, they do not change their pursuits and are consistent, always focused on the prize till it has been achieved. (Walker, 1991)
Political parties can change their stand to a given issue but yet still remain to be a political party. Also, its members continue to be members of the same group even when they disagree with all the ideas and views held by the mother political party. Although these members are partially supporting the ideologies of the party, they still continue as members of the same said party.
On the other hand, an interest group cannot change what it stands for and still remain in existence. Its existence is on the promises that it advocates for the interests or views that led to its formation for instance, a grouped formed to champion for the workers’ rights would be declared irrelevant if it starts to champion for the rights of the children which according to international standards are not workers. Also, members are to either fully agree or disagree towards the advancement of its cause. A member will only continue to be a member if they also have the same the group ideology as the group and also follows the rules and regulations of the said group.
Interest groups usually depend on the number of members for their support and existence. With a high membership, this interest group is likely to have a greater financial ability. These interest groups most likely depend on the members’ contribution and that is why large membership is of a greater advantage to the said interest group.
Political parties are not so much dependent on the number of their members. Usually, members’ count does not assure its eventual win. Rather, the party’s political strategy to get into the independent-minded individuals’ views and needs and being assured that they shall be able given services on demand can make it win.
The relationship between political parties and the interest groups is evident. They at some point share similar views and interests and probably often get involved in similar activities in search of political influence or gain. However, they differ in their plan and design. Political parties have greater freedom on what they hear and say hence flexible thus become more political-minded than the interest groups. CITATION All11 l 1033 (Cigler, 2011)Interest groups address a section of people in the society who have these needs or problems. They strongly champion individual rights or gains. An interest group that addresses the plight of workers appeals more to every concerned worker than that one that doesn’t since they hold similar ideologies and beliefs. An interest group that addresses abortion will be supported mainly by the clerics and church organizations in the society and would champion its cause. Also, an interest group that addresses environmental issues will be accommodated by the environmentalists and they will support its ideologies and opinions. Thus from the onset, interest groups have staunch followers and supporters who believe firmly in what the interest group advocates for.
Therefore, congress members have to from time to time hear the interest group’s point of view during the formulation of policies. But the leaders of interest groups and the members of the congress usually have differing opinions depending on the intentions of the either two. For instance, the congress members may feel that the leaders of these interest groups only want to ensure that the legislative process is influenced by their interests and on the other hand, the interest groups might feel that the congress, being the only body that can make laws or policies, overlooks their concerns. (Walker, 1991)
The congress has to move out of their way and act fast after careful considerations of the ideologies of either parties and reach to a consensus. Therefore, this shows that the congress hence gave the interest groups an opportunity to provide accurate and relevant information that will enable it to pass policies that are acceptable to all. Thus, interest groups are involved in the whole process of decision making from the first process of thinking it over to the introduction of the written copy to the congress then through the hearing of the congress committees defend their ideologies. This hence shows that interest groups have a big influence on the congress during the formulation of policies that are accommodative of many different interest groups and congress member’s views. At the formulation of bills, there is a lot of coaxing required. An idea has to be pushed harder in the congress for it to gain an afterthought. At this stage, there is greater need to rally infinite members towards your point of view for the bill to be passed into law or else you lose terribly. The interest groups show their involvement at the inception to the legislators as well as to other groups by advertising mainly on the mainstream media houses as a way of informing the congress members, the public and other groups that they have a great portion in this issue and it should be addressed. (Wright, 2003)
During the committee hearings, interest groups are required for intense lobbying of the formulated bill. Interest groups are called upon to give testimonies at the committee hearings. These testimonies are aimed at influencing the decision that will be reached by that congress committee. These groups can testify by either sending a representative of the group or by giving a written detailed account of their beliefs and observations. Interest groups prefer to testify in person since this gives them a chance to voice their views and opinions as well as defend them unlike a written account where the message at hand is not questioned extensively. At the congress committee hearings, the members are educated about the problems or concerns of either options and the consequences of each option if likely passed into law. . (Wright, 2003)
Also at the floor of the congress, controversial issues might lead to division of votes during the vetting of the bills. Thus, interest groups can create swing votes for a particular side so that the bill is either voted in or out in their favor. The President has to assent to a bill before it can be legally enforced. Interest group may seek a way to let the President know of their existence and its cause providing su7fficient reasons why the said bill should be or not be assented to become a law. (Bayes, 1982)
Interest groups play an important role in America for a number of reasons. Business interest groups are usually held accountable for the performance of the American economy. Therefore, the elected officials to this interest group work round the clock to ensure that the economic policies formulated are for the better gain or improvement of the American economy and population. Individual organizations and establishments lobby or influence legislators during formulation of policies at the congress. Information is one of the main reasons why some interest groups play important roles during the decision-making by the Congress or Senate. Groups get information from the policy makers easily and they involve their technical staff to analyze and evaluate each option. They can also share the same information from the executive as well as the legislature. Interest groups also share information among its members and the rest of the public and even other interest groups that can assist or have adequate knowledge of the bill or subject in context. Interest groups do better because of the wide nature of resources, both financial and material due large membership of the American society. CITATION Fra01 l 1033 (Baugmartner & Leech, 2001)Citations
Wright, J. R. (2003). Interest groups and Congress: Lobbying, contributions, and influence/ John R. Wright. New York: Longman.
Baumgartner, F. R., & Leech, B. L. (2001). Basic Interests: The Importance of Groups in Politics and in Political Science. Princeton: Princeton University Press
Miller, S. (1983). Special interest groups in American politics. New Brunswick u.a: Transaction Books.
Hrebenar, R. J. (1997). Interest group politics in America. Armonk, NY [u.a.: Sharpe.
Cigler, A. J. (2011). Interest group politics. Washington, DC: CQ Press.
Bayes, J. H. (1982). Ideologies and interest-group politics: The United States as a special-interest state in the global economy. Novato, Calif: Chandler & Sharp Publishers.
Walker, J. L. (1991). Mobilizing interest groups in America: Patrons, professions, and social movements. Ann Arbor: University of Michigan Press.
SPECIAL EVENTS COMPANY BUSINESS PLAN
SPECIAL EVENTS COMPANY BUSINESS PLAN
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INSERT AFFLIATION/COLLEGE NAME HERE
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EXECUTIVE SUMMARY
“Special Events Company” will be offering event planning services to individuals, groups and corporations in located in West Palm Beach, Florida. In order to launch the operations of this business successfully, the founders estimates that they will require a total of $119,250. The pioneers will invest $19,250 in the project and seek additional funding amounting to $100,000 from Grand Bank & Trust of Florida.
Marketing Plan
The marketing plan for Special Events Company confirms that the marketing strategy of the proposed business will be successful. The elements of the organization’s marketing strategy include advertisement of our products and services through various types of media, offering sales discounts and giving promotions to our clients.
1.4 Financial Projections
The business projects $500,000 and $144,000 revenue and gross margin during the first year respectively, which are expected to achieve a positive growth during the next three years of operation. These figures are expected to give an annual gross profit of $57,485 and a positive cash flow of $57,485.
TABLE OF CONTENTS
1. MARKETING PLAN
1.1 target market
The target market for Special Events Company can be divided into two: Corporate market and social market. Corporate events include events such as tradeshows, corporate parties, charity fundraisers, athletic competitions, galas and conventions. The market for corporate events is quite large since corporations place high value of planning events that will be remembered and discussed for a long time. Allen (2007), recommended that those starting new event planning companies should start by planning social events in order to gain experience and clientele. Considering the nature of Special Events Company, it can be projected that majority of clients will initially come from individuals rather than corporations. Examples of social events include individual parties, birthdays, reunions and weddings. Statistics collected by Allen (2009), showed that most individuals who seek the services of event planners for social events tend to reside in the middle- to upper-income levels and they have some disposable income but have limited time to plan for events. The statistics collected by United State department of Commerce (2010) showed that this group of individuals in West Palm Beach has income of at least $50,000.
While Special Events Company will focus on these two categories of target markets, the audience for this company may prove to vary slightly from these norms. For example, the target customers will be those who desire the advantages of an event planner but perhaps they lack disposable income that will enable them to hire one. In short, the company expects to serve more social than corporate customers in the initial phase of the business. However, is the company grows, it is expected that more corporations will turn to its services to plan their business events.
Pricing
In order for Special Events Company to gain and maintain competitive edge in the target market, the company will initially take a “low cost provider” marketing strategy. In other words, the pricing objective for Special Events Company will be to maximize the quantity of units of sales and reduce costs as much as possible in order to enjoy long-term profits. The company will offer various types of discounts including seasonal discount, cash discount, trade discounts and promotional discounts. The rates of the discounts to be offered will be determined by the member team after the company launches its operations. However, discounts will not count for instances in which reverse auction bid might occur. As the client base for Special Events Company grows, the network of vendors for this company is expected to compete for customer businesses. The system of operations for this company will allow reverse auctions to occur between vendors and clients at these times. This will help to drive down the price and give the company a competitive edge over other event planners. In order to ensure that the company will benefit from these transactions, the vendors will be required to pay 10% of total costs to the company.
Service Guarantee
In order to ensure client satisfaction and build and retain relationships, Special Events Company will be offering certain types of guarantees. In a client is inconvenienced by any vendor chosen, it will be a standard policy that they will be reimbursed up to 40% of the costs of that particular vendor. This percentage may be adjusting upwards or downwards depending on specific circumstances. Other actions might be taken depending on severity of the issue that led to customer dissatisfaction. For instance, the vendor may be required to make complete refunds, their rating could be lowered on the company’s list or they may even be removed from list of vendors completely. This strategy will help the company to protect dissatisfied clients, though it will be important to create good relationship with vendors in order to give them incentive to perform well.
Sales Tactics
Special Events Company will not only market itself to target customers only, but to suppliers and vendors as well. While promotion, advertising and public relations will help the company to gain majority of customers, especially individual holding social events, different strategies will be needed to promote the company to the suppliers and vendors. It will be quite important to build long-term relationships with these partners in order to retain their services on the company’s list as competition increases. The member team for this company plans to use personal selling and relationship building techniques so as to obtain and retain the businesses of these large accounts. To achieve this, the company will adopt “Value-in-Use Assessment”, one of the most effective marketing tools. This market tool involves conducting research, analysis, surveys, field assessments and interviews in order to gain understanding of the needs, wants and positioning (Roncevich & Primm, 2009). This makes it possible to determine the specific business elements and factors that the clients believe to be of high value. As Kimball (2011) explained, these assessments are costly and time consuming but their benefits outweigh cost if the account succeeds. More importantly, this marketing tool is long-lasting and highly profitable in the long-term.
In the market for event planning services, it is expected that most clients will consider price to be the most important factor. Some might place high importance on collaborative relationships with open exchange of industry knowledge. After the value assessment is completed a “value word equation” will be created for each element that the clients place high value on. This will present numerous benefits for Special Events Company. For examp0le, by identifying the best alternatives among different services offered by different vendors, this company will be able to create equations to show clients exactly what their savings would be by choosing this company or a specific supplier or vendor on the company’s list. The company will also be able to create an equation that will enable a potential supplier or vendor to realize about the savings that they will make through partnership by eliminating some of the costs, effort and time used to attempt to tap into new markets, advertise or find new clients.
After winning a contract with any client, the staff of Special Events Company will always focus on maintaining close and continuous relationship and open lines of communication. The aforementioned assessment will be conducted at least once per year and value equations and other information will be updated as substitutes and competition continue to emerge.
Promotion strategies
Special Events Company will adopt various advertising strategies as discussed below:
Sales Promotion
During the first year of operations, Special Events Company will hold a grand opening where it will organize and sponsor athletic events such as mountain bike race, 5 kilometres and 10 kilometres run and off-road triathlon. Various kinds of prizes will be provided and all team members will be interacting with people to promote the company’s products and service. In addition, promotions will be held throughout the year showcasing the different kinds of events and suppliers featuring on the company’s list. These promotions will be meant for attracting new clientele as well as giving the existing customers time and incentive to evaluate the different service and vendor options in order to make more informed decisions in the future.
Social Media
After successfully launching its operations, Special Events Company expects to network and promote its services through the use of social media platforms such as Facebook and Twitter. The company will also develop a website and create a blog that will be updated weekly to publish useful tips on planning and offer general advice on this issue. These updates will be posted regularly on the company’s Facebook and Twitter accounts. The users will be able to make comments through forums. They will also be able to post pictures of various events, give advice and tips and rate vendors. The main advantage of this strategy is that it is has minimal total cost.
Other advertisement tools
Special Events Company will also be promoted in various types of media including televisions, newspapers, radios, magazines and calendars. This company will be registering and keeping a list of potential clients. Research has determined that individuals who purchase event planning services in West Palm Beach read magazines and use calendars in their home. Thus, this company will mainly use magazines and calendars to communicate with our clients.
Distribution strategy
Distribution for all marketing and promotional materials will focus the whole of Australia. Personal attention and consultation details will begin with initial in-office consultations. Personal meetings will also be conducted in other places chosen by clients. With time, personal attention details will also be distributed through the company’s website. The pioneers predict that the company’s high-end, large, strategic customers are most likely going to take advantage of the physical services that this company will be offering
SWOT analysis
The following is the summary of Special Events Company’s strengths, weaknesses, opportunities, and threats. From our analysis our strengths and opportunities outweigh our weaknesses.
StrengthsEducated and Knowledgeable founder of the business
Majority of the team members have prior experience in event planning business.
The business will be located in one of the wealthiest and the most populous cities in Florida and thus, will be able to cater event planning services to a huge number of corporate and private clients
Excellent working team who are devoted to their responsibilities
Ability to make quick decisions for the customers
The company is planning to utilize new technology and internet to market its services in ways that other event planners in West Palm Beach have not done. This will enable the company to reach a greater market.
WeaknessesSpecial Events Company will be a new business venture and thus, it lacks client base. This will be solved by working hard to build and maintain customer relationships.
Opportunities
There is an unfulfilled customer need for event planning services in West Palm Beach.
availability of effective marketing media, especially the internet
projected improvement in national economic conditions that will event support planning industry
The population of the target market has been increasing rapidly.
Lenient government rules and regulations on event planning industry.
Threats
Special Events Company’s expects to face high completion from the existing, well established event planners. This will be solved through research and development as well as applying innovative and effective marketing strategies for our services.
Special Events Company expects other planners to offer similar services after it gains notoriety.
There is likelihood that Special Events Company is going compete with major event planning businesses for vendors and suppliers.
FORECASTING
Revenues Forecasts
This section provides details about Special Events Company’s financial plan. Preliminary estimates indicate that Special Events Company will achieve positive growth from the first year of operation, irrespective of the fact that it is a start-up business. This prediction is based on anticipated high levels of revenues which will be generated though provision of quality and reliable event planning services. The forecast is also based on the market analysis which has established that there is a high demand for event planning services. Innovative and effective marketing strategies which will be adopted will play a vital role in facilitating the demand and increase average sales. The business also anticipates a positive growth in gross margin over time. Special Events Company has sufficient cash to enable it to endure situations of negative cash flow that it may encounter during start-up and even in the future. Therefore, this section presents realistic depiction of Special Events Company financial position, though a bit conservative.
Key assumptions
The market growth projections for the event planning industry Florida, United States, are accurate
The national economic conditions in US, which are currently favourable to the event planning industry, will not decline significantly in the next three years.
Detailed financial information is depicted below.
5.2 Break-even Analysis
Beak-even analysis is based on constant monthly revenues of $41,667 and variable costs of $29,667 during the first year of operation. Monthly fixed costs amount to $6,850. The break-even calculations assume a 28.8% gross margin. The calculations are as follows:
Monthly projected sales: $41,667
Less:
Monthly variable costs:$29,667
Gross margin:$12,000
% Gross margin28.8%
Break even point sales= Monthly fixed costs/%Gross margin
=6,850/28.8%=$23,785
Therefore, assuming constant monthly revenues and variable costs our sales will break even during the first month of operation and after making sales of $23,785.
5.3 Pro Forma profit and loss account
Year 1 Year 2 Year 3
Sales $500,000 $600,000 $700,000
Direct costs of sales (vendor pricing) $356,000 $400,200 $441,450
Others $0 $0 $0
Total cost of sales $356,000 $400,200 $441,450
Gross margin $144,000 $199,800 $258550
Gross margin % 28.8% 33.3% 36.93%
Expenses Cost of hosting clients 8,000 10,000 12,000
Cost of customer support 7,000 9,000 11,000
Payroll $42,000 $55,000 $61,000
Sales and marketing expenses $20,700 $32,900 $63,100
Depreciation $0 $0 $0
Utilities $955 $1125 $1580
Insurance $800 $1200 $1200
Rent $2600 $3500 3500
15% Interest expense on long-term loan $150 $75 $0
Total operating expenses $82,205 $112,800 $153,380
Profit before taxes $61,795 $87,000 $105,170
Taxes incurred $3089.75 $4,350 $5,258.5
Net Profit $58,705.25 $82,650 $99,911.5
5.5 Pro forma Cash Flow Statement
The following data represents the projected cash flow for Special Events Company
Year 1 Year 2 Year 3
Cash received Cash received from operations Cash sales $500,000 $600,000 $700,000
Total of cash from operations $500,000 $600,000 $700,000
Other cash receipts Sales Tax received $0 $0 $0
Short-term loan $0 $0 $0
Long-term loan $0 $0 $0
Sales of current assets $0 $0 $0
Sales of non-current assets $0 $0 $0
Receipts from investments $0 $0 $0
Total cash received $500,000 $600,000 $700,000
Cash payments Expenditure from operations Cash spending $22,300 $55,000 $125,000
Bill payments $370,215 $415,218 $499,850
Total cash payments from operations $392,515 $470,218 $624,850
Other cash payments Sales Tax, Vat $0 $0 $0
payment of short-term loan $0 $0 $0
Repayment of long-term loan $50,000 $50,000 $0
Other liabilities $0 $0 $0
Purchase of current assets $0 $0 $0
Purchase of non-current assets $0 $0 $0
Dividends paid $0 $0 $0
Total cash payments $442515 $520,218 $624850
Net cash flow $57,485 $79,782 $75,150
Cash balance $97,485 $177,267 $252,417
5.6 Pro Forma balance sheet
Year 1 Year 2 Year 3
Assets Current Assets Cash $97,485 $177,267 $252,417
Accounts receivable 34,540 36,750 38,260
Other current assets $18,500 $18,500 $18,500
Total current assets $150,525 $232,517 $309,177
Fixed assets Fixed assets $36,200 $36,200 $36,200
Accumulated depreciation $0 $0 $0
Total fixed assets $36,200 $36,200 $36,200
Total assets $186,725 $268,717 $345,377
Liabilities and Capital Current liabilities Accounts payable $53,319.75 $36.461.75 $69,410.25
Other current liabilities $0 $0 $0
Total current liabilities Long-term liabilities $80,000 $60,000 $40,000
Total liabilities $53,319.75 $36.461.75 $69,410.25
paid-in Capital $19,250 $19,250 $19,250
Retained Earnings ($24,550) $34,155.25 116,805.25
Earnings $58,705.25 $82,650 $99,911.5
Total capital $53,405.25 $136,055.25 $235,966.75
Total liabilities and capital $186,725 $232,517 $345,377
Net worth $53,405.25 $136,055.25 $235,966.75
Growth Plan
Special Events Company will initially focus on becoming a major competitor in West Palm Beach city. After realizing this objective, the growth plan for this company is to expand and to provide its services to individuals, groups and organizations in the whole state of Florida. During that time, press releases will be written about this company and distributed to the major press distribution sites such as BusinessWire, PRWeb and PR.com. These sites are advantageous in that is possible to choose specific geographical areas of distribution. From these, press and media in Florida will have access to the company’s information and there will be no worry of wasting costs of distributing information in unintended areas. This will be one of the most effective distribution tools as press in all towns in Florida, even small one, will be able to pick up the information and write opinions and articles on Special Events Company. This will be helpful in reaching geographical areas with low population where people may not be accessing event planning services.
On top of this, extensive focus will be placed on advertising through magazines, newsletters and websites. This type of advertising is quite effective since the reader or visitor is actively looking for the services that are provided by this company. For instance, bridal websites, event planning magazines, and local Florida sites and publications will be the most effective targets in the initial growth phase of this company. The company will also open small offices in various towns in Florida in order to tap potential clients. Special Events Company hopes to gain a respectable portion of market share for event planning services in Florida, marked by increased size and revenue.
Contingency Plan
As with any other kind of business, one major difficulty that Special Events Company might face is that not every client can be pleased with the services offered in this company. This kind of business has an elevated risk since the company is promoting itself as “one-stop-shop” for everyone’s event planning needs. It is possible that some clients will not be satisfied by the options offered in the list and database of this company. However, some strategic planning can help to minimize this risk. The company plans to network and contract with multiple suppliers in each category of services offered. This will help to provide potential clients with the greatest number of options to choose from.
Secondly, Special Events Company may experience difficulty if clients start complaining about pricing strategies. The company will focus on building relationships with customers who will help in documenting their behaviors, likes, dislikes and other important elements. Understanding what to emphasize for each client can help to reduce the risk associated with pricing dissatisfactions. It is also expected that this company will encounter difficulty in trying to convince potential clients to use web interface to buy access to a virtual database and its event planning tools. The business can overcome this after gaining notoriety and positive image. As technology advances, Special Events Company will need to upgrade its equipments, software and equipment. These changes are associated with some risks. This calls for training and in many instances leads to customer dissatisfaction with having to learn a new system. Finally, this business is exposed to the risk of loosing suppliers and vendors on various grounds. The company can reduce this risk by placing emphasis on creating and maintaining good customer and supplier relationships.
Harvest plan
The founders of Special Events Company will exit this endeavor after creating a successful business that could be sold for a substantial profit or as a franchise that could provide its event planning services throughout the state of Florida. The owners intend to run this business until they are ready to retire or after selling it and starting another one. In case the proposed plan will not be successful, the founders will implement necessary measures to exit the venture with minimal damage to the founders and investors. All facilities owned by the company will be sold to cover any outstanding debts. Additional debts will be paid by the founders in form of monthly payments until all debts are cleared. The partnership agreement designed by the member team of this company defines “when the business will be termed as successful” and timelines for achieving milestones.
The success of this business will be monitored monthly during the first year and quarterly in the following years. The founders clearly understand that it usually takes three years for a business organization to turning profit and there is possibility that a business can operate at a loss during that period. The owners will always be mindful of this when evaluating the performance or state of the company and when need be, they will make adjustments to keep this business running with a positive cash flow. This plan has determined that this business is likely going to earn profits during the first year of operation. However, if things turn contrary to this projection and the runs at substantial losses, the founders will begin the process of closing this business and paying back the debt.
Timeline Launch
This is the timeline schedule of this business plan for Special Events Company up to start-up
Timeline Schedule
9-12 Months Prior to Start-upComplete Business PlanRegister Business Entity Determine time required to obtain state and local business permits.Visiting of consultants
6-9 Months Prior to Start-up Determine office Apply for Business Loan4-6 Months Prior to Start-up
Completing all business filings and license applications are complete Acquiring Retail and Selling Licenses Arranging for telephone service installation in officeOpen checking accountsArranging for business announcement ads in local papers3 Months Prior to Start-up Ordering Cash Register / Merchant Account
2 Months Prior To Start-up1 Month Prior to Opening
REFERENCES
Allen, J. (2002), The Business of Event Planning: Behind-the-Scenes Secrets of Successful
Special Events, London: John Wiley & Sons
Allen, J. (2007), The Executive’s Guide to Corporate Events and Business Entertaining: How to
Chooseand Use Corporate Functions to Increase Brand Awareness, Develop New Business, Nurture Customer Loyalty and Drive Growth, London: John Wiley & Sons
Allen, J., (2009), Event Planning: The Ultimate Guide To Successful Meetings, Corporate
Events, Fundraising Galas, Conferences, Conventions, Incentives and Other Special Events, London: John Wiley and Sons
Kimball, K., (2011), Start Your Own Event Planning Business 3/E: Your Step-by-Step Guide to
Success, California: Entrepreneur Press
United State department of Commerce (2010), State & County QuickFacts, Retrieved
September 24, 2012 from http://quickfacts.census.gov/qfd/states/12/1276600.html