Business Plan Case Study - Product Of Honda Automobiles in Queensland

Question: Describe the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement of the business name My Car who authorized to sell the product of Honda Automobiles in Queensland? Answer: Company Overview The company is actually a franchisee business of selling Honda Automobiles products and services. The company name is thought to be My Car and will provide world class quality service in the premises. The various car models ranging from low to high will be displayed in the showroom. A connected garage will be used to keep inventory. Further another linked garage will be used for servicing the cars at regular intervals. Actually me and my friends want to invest in the franchisee business of Honda Automobiles with a deal that we will open showrooms at different places in Queensland. Therefore the investment will be made at different locations under one business name My Car. There are two stakeholders of the business who will open the same franchisee showrooms in different cities in Queensland. The stakeholders of the company will be customers who will be offered with a variety of car models and services to select for purchase. The investors in my business will be offered good returns a t the end. And I will try to establish a sound business with full hard work, commitment and determination. Business Description The business model that the company will follow is a franchisee business. The Honda Automobiles franchisee will be purchased for selling its quality products and services at Brisbane, Cairns and other four locations in Queensland. The profit will be earned through the commission by selling of cars. Also the after sales service and repairs will guarantee regular earnings from other sources other than just car selling. The target customers will be the people living in Brisbane, Queensland. There will be offer for everyone. The range of Honda Automobiles will start from low to high thus every person will be able to select his model of car as per personal budget. The Product or Service The product that my company will sell will be great variety of Honda cars and bikes. This will be the greatest thing since the iPod as the people will get to buy a high quality product and service. The latest attractive models and innovations will be tested by bought by people who will certainly add to their confidence, respect and social status. The brand name itself has magnetism for attracting people which will help the car lovers and Honda dreamers to buy their favorite product from the franchisee. Moreover the world class after sales service will assure quality output and gains to the customers. Company History About My Car: My Car is the name that I will give to my franchisee business. It will provide quality products and service through the franchisee business. I expect to sell Honda Automobiles cars and bikes through the showroom display. Along with that the service center and inventory will also be adjoining business premises. The company will start with my personal initiation and support of my parents, friends and professor who will guide me in setting up plan. About Honda Automobiles: Honda Automobiles came into being in year 1946 in Japan. The company at present is one of the largest automobiles makers. The company manufactures cars, bikes, generators, robotics, jet aircraft and various other associated things. The company is well known for making quality products and services from decades. Technological innovations and upgrades are part of the regular process of companys manufacturing system(World.Honda, 2014). The Industry The industry that my business will be operating is the automotive business. There are already various automobile company showrooms in Brisbane, Cairns and other four locations in Queensland. Due to this reason there is an already established competitors market. Due to the economic slowdown the competition has become more steep and aggressive. There also exist monopolistic characteristics as customer trend is towards purchase of Audi and Jaguar car models. Thus a tight competitive structure where the competitors sell identical goods is present in Brisbane, Queensland.However there exist ease of entry due to regular changing customer taste. Therefore my business which will offer fresh models and quality products will certainly get the attraction of the customers. The demand and supply will also come to an intersection point as the customer demand for quality automobiles will be fulfilled with the introduction of my franchisee business in the area(Aseisdefimedia, 2011). Competitor Analysis Competitor analysis stands for the analysis of the external business environment. The process used for competitor analysis can be depicted as below. The competitors of my business are the other franchisee business of other companies. These includes franchises of Audi, Hyundai, General Motors, Datsun and others. The perceived strengths and weaknesses of other franchises are as follows. Strength: Well established business from years that has earned customer faith and loyalty. A well-known brand franchisee that attracts customers from different regions. Expert and experienced staff members who are able to help in achieving of target goals and objectives. Skilled laborers who offer quality service. Customer relations and contacts that helps in increasing business sales. Weakness: Inability to foster needs of excessive customers at one time. Inability to offer variety of products that the brand actually has to display. Not so good after sales service leading to increasing customer dissatisfaction. Customer trend and taste changing towards purchase of latest new model car and bikes. Lack of management and control over staff. (Brett, 2006) Industry Trends The industry trend is towards the customer benefit, but the present economic conditions are not letting the customers to avail those benefits. It consists of following methods. The industry trends in our case can be expected as below. This above diagram states that the followings discussions. Rising supply of goods and service and decreasing demand. Changing foreign exchange rate allowing the imports dearer. New technology and innovations appearing on quarterly basis. Economic slowdown affecting sales as people want to save more for the unforeseen contingencies of life. Falling prices of raw material resulting in declining prices of the products itself. Decrease in output due to decrease in demand. Falling sales volume and profits margins. Increasing number of companies trying to enter the Brisbane markets. (Carroll, 2009) Competitive Advantage There are a number of competitive advantages that my business has compared to other businesses. These can be depicted as follows. The competitive advantage that is expected can be displayed as below. Thus people should do business with my company than my competitors as I offer following competitive advantages. 1. Quality products on sales.2. Quality service to the customers.3. Commitment towards customer satisfaction.4. High variety of automobiles products to select from.5. Easy payment and monthly installments methods available for purchasing automobiles.6. New innovations are brought at the door steps.7. Latest car and bikes models with variety colors are offered for sale at regular intervals.8. Offering other associated assistance to customers during purchase.9. Selling of old automobiles of customers through employeesassistance at good price is offered so that the customer can easily move towards the purchase process.10. Offering huge discounts and offers to the customers.11. Fairly pricing the products so that the customers find it cost effective to purchase from the my business premises.12. Offering associated benefits and promotional schemes so that the buyer can have a memorable experience of purchase and refer my franchisee products and service to others. (Pfeffer, 2010) Market Plan A Market plan is actually a plan of action that can help in making a good customer base, deploying sound pricing strategy and accessing the market conditions such that the company objectives and targets can be achieved easily. This way a market plan intends to analyze the environment and apply such marketing strategies that could help in gaining more market share, deal with the competitors and earn good profits for the company. This can be depicted as follows. Customer Base The customer base will include all the people living in the Brisbane, Queensland area. Thus my franchisee will offer variety of products and service of Honda Automobiles in different range so that there is something for everyone available in my showroom. The plan to attract customers from market is through advertisements on the local news channel along with hoardings on the main streets. Also the promotional schemes and discounts will offered and conveyed through local newspaper so that the message reaches every person in the area even while sitting at home. This will help in attracting the potential customers towards the franchisee showroom of my business. Its actually a retail business therefore the potential customers are required to be identified and attracted through the use of various promotional schemes and offers(Begg Ward, 2003). Pricing Strategy The pricing strategy helps in defining the prices of various goods and services. It includes the following features. The pricing strategy of my franchisee business will be fair. The customers will be given the most competitive prices. There will be not excess costs or charges that will be levied on the customers. Proper analysis of the market will be done at regular intervals and the pricing policy will be structured such that the competitors pricing can be easily be challenged. Various promotions like huge discount offers and associated benefits will be offered to the customers so that they can easily decide upon the maximum benefit they earn by buying my franchisee products and services. The location of the business will also be kept in the market where the maximum number of franchisee business has already established their brand name. This way the customers will get an additional option from business to select the Honda Automobile products and services(Carroll, 2009). Market Research Market research is a method of understanding the market trend through various methods. Various methods used for market research are as follows. A proper market research will be made before buying Honda Automobile franchisee. This will help in figuring out the level of interest of the people in buying Honda Automobile products. The market research will be done through pilot survey and questionnaires that will be filled by the respondents. These respondents will be mainly the people who are coming to the displays at automobile shows. Thus I will be able to recognize the customer preference and thoughts about the Honda Automobiles. The method used for market research will on the following preference basis. Later market research will be made at regular intervals to figure out the thoughts and expectations of the customers from my franchisee business of Honda Automobiles. This may include following expectations. The above stated can be described as follows. Low price automobiles. High performance automobiles. Additional discounts. Associated schemes and benefits. Easy monthly installment offers for payments. Employee assistance to the customers during the purchase. Thus after the research I will make appropriate arrangements so that the customers gets the required service and up to expectation outcome from my franchisee business. Also efforts will be made through regular review and control over the business place so that the customer satisfaction is ascertained and appropriate outcome is achieved for the business(Harter, Schmidt, Hayes, 2002). Operations Plan Operation plan actually defines the plan of action that has to be followed to achieve the desired outcome. It consists of following ingredients. The business will be done at Brisbane, Queensland area. The operation plan will be to set up a business establishment that offers variety of products and services on sale to the customers through proper display at the premises. Also the connected inventory and service area is planned to be established along with the showroom so that the other activities related can also be facilitated. Production The business will start selling through the purchase of franchisee from Honda Automobiles itself. This way the company will make appropriate arrangements for display of different car and bike models. All the products of the franchisee business will be outsourced from Japan where the company has its headquarters. Facilities The physical plant that my business will need is the showroom with connected warehouse and inventory. The showroom will help in display of Honda Automobile products. The connected inventory will help in keeping arrangements of company products so as to meet customer requirements quickly. Finally a warehouse will help in giving service to the company products after sales. Geographic Location The geographical location for my franchisee business will be at Brisbane, Queensland for the start. Later I will open showrooms at various other locations in different parts of Queensland. This way the one time bought franchisee business will help me earn good profits from various locations. Control Systems The quality assurance program will be as per the guidelines of the Honda Automobiles itself. Actually the company has decades of experience in setting up new businesses around the globe. Therefore the quality assurance program can be fairly be established by the company. Thus my franchisee business will expect the company assistance in controlling the business system and following of the quality assurance standards so that the customers get the high quality output and gains. This will include use of genuine parts and display of company products in a safe manner to avoid from any damage or depreciation. Labor Force I will need technically upgraded staff members. I suppose Queensland has a lot of technical staff already present. There is lack of tapping of the human resources with the required capabilities. Thus my business will offer them chance to prove their abilities and achieve high success for my business. Staffing I will recruit the staff all through personal interviews. I will make advertisements of requirements through all popular medium like newspaper and hoardings. This way I will try to fetch the best talent in the industry. Head hunting will be done for the higher management so that the technical team of fresh candidates can learn from the experienced staff. Training The staff after getting recruitment will be giving training during the probation period to test the abilities and knowledge of the new recruit. Later after the successful completion of the probation test, the employees will give technical upgrade training at every months so that they can learn about new technology and give quality output and gains through their services. Financial Plan Financial plans actually consist of all the requirements of money related requirements of the business. The financial plan consist of start up costs, profitability, cash reserves, project income and profit estimation and methods of exit. The financial plan actually helps in accessing the pre-requisites in terms of finance that the business requires during its establishment and running. Thus the owner can easily make arrangements to deal with the requirements. The financial process actually consists of the following steps. Start-up Costs The start-up cost that we will need is 10 million dollars each. I have access to 5 million dollars as I will bet my house for the sake of establishing new franchisee business. Furthermore my family, friends are ready to offer me 2 million dollars. The rest of 3 million I expect to arrange from the financial institution. The land required will be bought on rent so that if the business does not do well than winding become easier. On the other hand if the business does well than that land will be bought or the business will be shifted to new place on self-owned land. Profitability The profitability of the business will depend on the customer response. I expect that the business will make huge profits. However the profit margins will be kept low in the start as the main motive will be to attract customers and gain their loyalty. After one year time span, the profit margins will be increased and so will be the investments so that the customer satisfaction is assured. Cash Reserves Cash reserves are expected to increase after months. These cash reserves will be kept up to a definite level and the rest will be re-invested so that more variety models and gains can be displayed for the customers. This way the operating expenses which were higher than cash reserves will soon recede and the cash reserve will exceed operating expenses. Cash reserves will therefore grow with increase in sales and market conditions as the business will be available with high liquidity and more income that will be used as reserve to meet unforeseen contingencies. However efforts will be made to make re-investments for increasing business. Projected Income The total revenue that will be expected at the yearend will be $114,992,000. This will be quite a good amount expected from a new business. The cost of revenue is expected in year 2015 will be 85,071,000. Thus the gross profit will be $29,921,000 in year 2015. The similar trend is expected to be followed in coming years. That is total revenue will be $104,889,000 in year 2016, 96,581,000 in year 2017 and finally $107,829,000 in year 2018. The gross profit will follow the similar trend of being at $26,894,000 in year 2016, $24,649,000 in year 2017 and $29,440,000 in year 2018. Heavy investment will be made in research and development so that the new ideas and innovations can be brought in the franchisee business. That is the new products and services of Honda Automobiles will be bought so that the customers expectations and satisfaction can be met. The staff will be paid handsome salaries so that they work hard to achieve the target goals. An approximate of 16,478,000 will be disbursed as salaries to the sales and administration. Special efforts will be made to control over any non-recurring expenditures. Projected Cash Flow The projected net income for year 2015 will be $5,575,000 that is expected to increase every year. Due to cash reserves and re-investments, I can expect the net income to be $3,899,000 in year 2016 and 2,570,000 in year 2017. However after the completion of third year I will not be making any more re-investment and since I have to repay debts I will add no other expenditure and expect to make a net income of $6,444,000 in year 2018. This way I have a four year plan in which the first three years income will be re-invested for further expansion of the business and after the end of third year, the net income will be secured to repay debts. In the early phase of business the account receivable will also be kept higher at $900,000. This trend will continue in the next year also at $961,000. But till the end of third years things will be brought under control and the account receivable will be brought down to $431,000 in year 2017 and $467,000 in year 2018. The level of inventory will also be raised year on year basis. That is in year the inventory will be kept at $28,000 in year 2015, followed by $793,000 in year 2016, $1.874.000 in year 2017. However the inventory will be brought to a limit from year 2018 to $406,000 so that the customer trend is set and learn and only the required products that are in demand are kept in inventory. Exit or Harvest Strategies The exit strategy will be sale of the franchisee to the other party interested. Also the sale of the automobile products at heavy discounts will help in harvesting the investment easily. Finally the sale of land can help in paying back the lenders and bringing us back to the start. Thus the complete investment of 1 million by each friend will be regained by applying the harvest strategies. Critical Risks and Assumptions The risk is that the people may not prefer or like Honda Automobile products. However we can try to sell the same products with new promotional ideas such as heavy discounts, easy monthly installments and applying various other methods in action. The organization critically depends on its employees. Therefore proper care in selection and later administration will be made so that the employees achieve the target goal of sales and sustenance for the company. If one of the sites of business establishment are not performing well than that will be closed down after making appropriate efforts. This way the friend who needs help will be brought in our well to do businesses and we will safeguard interest of each other. However I assume that a good business backed with commitment and hard work will always pay. Therefore I hope their nothing to worry about and the business will give huge returns on investment. Also I assume that the customers will find the Honda Automobile products better in quality and low in price as compared to other company products. Therefore the business set up will itself attract automobile lovers to visit the showroom and decide on purchase of their favorite product. Conclusion In the end, I expect to establish a well to do business by selling Honda Automobile products and services. Along with that I will back my friend financially and support them in further administration and establishment. A market plan will help in placing the right marketing strategy into action. The financial plans will help in accessing the amount of finance that we need to deploy to start the new business. Finally the operation plan will help in deciding on the best course of action that can help in easy and successful establishment of business enterprises. Appendix A: Resumes and Biographies of Key Personnel Name Dave Address 00000000000 Phone number 00000000000 Qualification MBA Experience 10 years plus experience. Stream Management, Economics, English and Mathematics. Achievements Topper in graduation and first year of post-graduation. Interest Reading and working. Other achievements Computer literate. Name John Address 000000000 Phone number 000000000 Qualification Mechanical Engineer Experience 2 years experience. Stream Engineering. Achievements First grade graduate. Interest Making new machines and learning new. Other achievements Computer literate. Appendix B: Financial Statements Projected Profit and Loss Statement Period Ending: 3/31/2015 3/31/2016 3/31/2017 3/31/2018 Total Revenue $114,992,000 $104,889,000 $96,581,000 $107,829,000 Cost of Revenue $85,071,000 $77,995,000 $71,932,000 $78,389,000 Gross Profit $29,921,000 $26,894,000 $24,649,000 $29,440,000 Operating Expenses Research and Development $6,157,000 $5,949,000 $6,317,000 $5,883,000 Sales, General and Admin. $16,478,000 $15,160,000 $15,521,000 $16,683,000 Non-Recurring Items $0 $0 $0 $0 Other Operating Items $0 $0 $0 $0 Operating Income $7,285,000 $5,785,000 $2,811,000 $6,875,000 Add'l income/expense items ($84,000) ($465,000) $443,000 $835,000 Earnings Before Interest and Tax $7,201,000 $5,320,000 $3,254,000 $7,710,000 Interest Expense $123,000 $129,000 $126,000 $102,000 Earnings Before Tax $7,078,000 $5,191,000 $3,128,000 $7,608,000 Income Tax $2,453,000 $1,900,000 $1,649,000 $2,495,000 Minority Interest ($336,000) ($271,000) ($129,000) ($355,000) Equity Earnings/Loss Unconsolidated Subsidiary $1,286,000 $878,000 $1,220,000 $1,686,000 Net Income-Cont. Operations $5,575,000 $3,899,000 $2,570,000 $6,444,000 Net Income $5,575,000 $3,899,000 $2,570,000 $6,444,000 Net Income Applicable to Common Shareholders $5,575,000 $3,899,000 $2,570,000 $6,444,000 Projected Cash Flow Statement Period Ending: 3/31/2015 3/31/2016 3/31/2017 3/31/2018 Net Income $5,575,000 $3,899,000 $2,570,000 $6,444,000 Cash Flows-Operating Activities Depreciation $7,717,000 $6,270,000 $6,742,000 $7,112,000 Net Income Adjustments ($51,000) $1,116,000 $835,000 $810,000 Changes in Operating Activities Accounts Receivable ($900,000) ($961,000) ($431,000) $467,000 Changes in Inventories ($28,000) ($793,000) ($1,874,000) ($406,000) Other Operating Activities ($1,583,000) ($976,000) ($933,000) ($854,000) Liabilities $870,000 ($322,000) $2,216,000 ($696,000) Net Cash Flow-Operating $11,936,000 $8,503,000 $9,254,000 $13,231,000 Cash Flows-Investing Activities Capital Expenditures ($7,516,000) ($6,657,000) ($4,827,000) ($3,843,000) Investments ($4,457,000) ($1,329,000) $39,000 ($572,000) Other Investing Activities ($4,620,000) ($3,373,000) ($3,390,000) ($4,409,000) Net Cash Flows-Investing ($16,592,000) ($11,359,000) ($8,179,000) ($8,825,000) Cash Flows-Financing Activities Sale and Purchase of Stock $0 $0 $0 ($420,000) Net Borrowings $5,291,000 $3,021,000 $970,000 $516,000 Other Financing Activities ($216,000) ($307,000) ($293,000) ($311,000) Net Cash Flows-Financing $3,598,000 $1,270,000 ($829,000) ($1,523,000) Effect of Exchange Rate $697,000 $1,152,000 ($634,000) ($964,000) Net Cash Flow ($361,000) ($435,000) ($388,000) $1,920,000 Projected Balance Sheet Period Ending: 3/31/2015 3/31/2016 3/31/2017 3/31/2018 Current Assets Cash and Cash Equivalents $11,350,000 $12,807,000 $15,154,000 $15,432,000 Short-Term Investments $0 $0 $0 $0 Net Receivables $27,432,000 $26,367,000 $25,307,000 $25,592,000 Inventory $12,651,000 $12,906,000 $12,586,000 $10,857,000 Other Current Assets $4,607,000 $4,443,000 $4,539,000 $4,708,000 Total Current Assets $56,040,000 $56,523,000 $57,587,000 $56,588,000 Long-Term Assets Long-Term Investments $40,156,000 $36,708,000 $36,309,000 $36,062,000 Fixed Assets $49,086,000 $45,050,000 $41,876,000 $39,781,000 Goodwill $0 $0 $0 $0 Intangible Assets $0 $0 $0 $0 Other Assets $6,410,000 $6,506,000 $7,465,000 $7,179,000 Deferred Asset Charges $0 $0 $0 $0 Total Assets $151,692,000 $144,787,000 $143,236,000 $139,610,000 Current Liabilities Accounts Payable $16,903,000 $16,976,000 $17,688,000 $15,071,000 Short-Term Debt / Current Portion of Long-Term Debt $25,745,000 $23,517,000 $23,121,000 $25,126,000 Other Current Liabilities $3,100,000 $2,927,000 $2,690,000 $2,857,000 Total Current Liabilities $45,748,000 $43,419,000 $43,499,000 $43,053,000 Long-Term Debt $31,403,000 $28,785,000 $27,158,000 $24,653,000 Other Liabilities $15,179,000 $17,309,000 $17,680,000 $16,609,000 Deferred Liability Charges $0 $0 $0 $0 Misc. Stocks $0 $0 $0 $0 Minority Interest $1,888,000 $1,719,000 $1,527,000 $1,604,000 Total Liabilities $94,218,000 $91,233,000 $89,864,000 $85,918,000 Stock Holders Equity Common Stocks $836,000 $914,000 $1,046,000 $1,038,000 Capital Surplus $1,662,000 $1,817,000 $2,096,000 $2,082,000 Retained Earnings $62,453,000 $63,729,000 $69,976,000 $68,370,000 Treasury Stock ($254,000) ($277,000) ($317,000) ($315,000) Other Equity ($7,222,000) ($12,628,000) ($19,429,000) ($17,484,000) Total Equity $57,474,000 $53,555,000 $53,372,000 $53,692,000 Total Liabilities Equity $151,692,000 $144,788,000 $143,236,000 $139,610,000 Appendix C: Copy of Franchisee Agreement: Head of Department, Honda Automobiles, Japan. Subject: (Deal of franchisee). Respected Sir, This is to confirm that the business name MY CAR is authorized to sell the products of HONDA AUTOMOBILES in QUEENSLAND. This letter confirms that the business is a franchisee of company product and services.Regards, _____________________ Date- _____________________ Appendix D: Timeline Appendix D: Timeline Estimate outcome Timeline Renting land December 2014 Making Franchisee deal December 2014 Making financial arrangements January 2015 Hiring employees March 2015 Preparing the showroom, inventory and warehouse March 2015 Set up of new business formally. April 2015 Appendix E: Partnership Agreement. This is to certify that Mr. _______ , son of Mr._______ has entered into a partnership agreement with Mr. ____, son of Mr. ______ for the business set up named My Car which is established as per the incorporation laws of Australian government. The two parties have entered into a mutual agreement for a fifty-fifty percent partnership. 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