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True North (LLP) Start-up Business Plan Assignment Help
Solution.pdfTrue North (LLP) Start-up Business Plan Assignment Help
Subject: Management Accounting
Topic: Management for Engineers
The UK produced 222.9 million tonnes of waste in 2016, and only 45.2% of household waste was collected for recycling. (Source: www.defra.gov.uk). Recycling is at the heart of all local governments’ environmental policy and the trend is to encourage households to sort and dispose of recyclable material in an environmentally sound manner. You want to play your part in encouraging recycling and you have designed a steel can crusher and a slim-line storage bin to store the steel cans safely and hygienically. You are planning to produce and market these items in the UK market.
You are required to prepare a business plan for your business. You are expected to:
- Identify the market; discuss pricing, promotion, market segmentation / niches and competitive position(25%)
- Cost the product and demonstrate that both breakeven and payback calculations have been taken into account. Provide a monthly cash flow forecast for the first two years of the business and a projected P&L account (25%)
- Identify the key quality risks, quantify these and suggest solutions (20%)
- Discuss any professional standards related to your product (e.g. Ethics, professional liability, social responsibility and copy rights) and steps you can take to ensure compliance.(20%)
The report presentation and completeness will be worth 10% of the overall module mark.
Your report must be aimed at a business investor and demonstrate the viability of the project.
- You are required to quantify and justify any investment you require.
- The business you propose may be of any size provided that the market you have identified justifies this.
- You should provide an executive summary of the proposal at the front of the document that summarises the proposal and specifies the financial backing that you require. The summary should also include the risks / rewards and how you intend to manage these.
- Your report should be around 20 pages of single sided A4 including any appendices.
Solution
True North (LLP) Start-up Business Plan Assignment Help
Management for Engineers 2
Executive summary
Mission statement
True North LLP has set out to come up with the solution to an issue faced by millions of people across the globe.People’s time is immeasurably valuable.
When it comes to working with small metal objects it can be easy to misplace or lose them which can be tedious and wastes valuable time.True North LLP eliminates these frustrations with a premium magnetic wristband.The True North wristband creates an easier day at work for workmen ensuring optimum efficiency without compromising style.
Vision Statement
We at True North LLP are passionate about efficiency, innovation and sustainability and aspire to be the leader in the magnetic wristband field. Maximising efficiency in the workplace directly leads to higher productivity - this is beneficial to both individual workmen, the business and the nation as a whole. Innovation is at the heart of every decision made at True North LLP – a desire to push boundaries is crucial for a leader in any field. It is paramount for any respectable business in today’s day in age to strive for a responsible stance regarding sustainability.
Start–up investment
Based on calculations it is estimated that the required initial invested will be: £40,000. Payback calculations indicate a period of 1.55 years for repayment. This investment will be used to set-up office and storage facilities, order the first batch of wristbands and to promote the product.
Target market
The True North magnetic wristband is an accessory that will be used by a variety of different people - from professional workmen to DIY enthusiasts. As of 2017, the number of workers employed in the construction industry alone, across the UK is 2.73 million. This number is set to rise to 2.77 million in 2022. For professionals working in this industry especially, having to handle a variety of tools and equipment, coupled with working in a challenging / awkward spaces can make even basic tasks tedious and time consuming. A product that can significantly improve efficiency of such tasks will be extremely desirable.
Product Summary
The True North band itself will consist of a magnetic material enclosed in a strengthened silicon strap, the fit will be adjusted with a buckle system.The band will primarily be used to keep screws, nails, bolts, nutsetc. to hand and prevent misplacement.
Competitive advantage
Similar products currently on the market are extremely large, cumbersome and are made from a cheap looking fabric and are adjusted with a Velcro strap.
The main distinction between the True North magnetic wristband and its competitors currently on the market will be its streamlined, less bulky design. It is common among workmen to buy accessories and equipment that are considered to be of higher quality than cheaper alternatives. This is an industry where image is very important and many people will pay a large amount of money to portray a sense of professionalism.
Financial summary
It is estimated the financial breakeven point relating to volume of sales will be: 499 units per month.
In the first year the company is projected to make a relatively small profit of £4,852.24 - followed by a more substantial profit of £47,625.79 the following year.
These figures are based on the assumption that 6,738 units will be sold in the first year and 10,979 units in the second year.
Contents
3.4. Profit and Loss Account. 13
4.1. Internal Quality risks. 15
4.2. External Quality Risks. 17
4.2.2. Transport companies. 18
4.2.3. Product safety quality risk. 18
5.3. Social responsibility. 20
1. Partnership start-up summary
True North is a LLP located in the Edinburgh area, it specialises in designing and developing productsto sell directly to customers in the UK via a website and Amazon. The partnership has decided to introduce a new brand of magnetic wristbands.
The partnership is made up of 40207184, 40221852, 40402920 and 40272399. It is going to be run by 40207184 and 40221852 on a daily basis and the other members will help when required.
Partnership start-up costs
The partnership is required to make investments before it can start trading, these are:
- Office space near Edinburgh, this will be rented.
- The office needs supplies. Laptops, desks, chairs and a printer need to be purchased (to save money these will be second hand)
- Internet and line rental are needed for the office
- Storage space to store the wristbands will also need to be rented.
- The website has to be designed and security protected.
- Public liability insurance has to be taken out.
- Promotion of the product.
Funding
The partnership will be funded solely by a £40,000 bank loan to cover these costs.
2. Marketing
2.1.Market Size
As of 2017, the number of workers employed in the construction industry alone, across the UK is 2.73 million. This number is set to rise to 2.77 million in 2022.
For the DIY market industry, themonthly DIY magazine ‘Build It’is read by an estimated 31,000 people, theirwebsite attracts 140,000 visitors per month (Uniquemagazines.co.uk, 2019), and this gives an indication of the DIY market size.
For thecrafts industry,the total number of people employed in UK in the craft industry is, as of 2015, 95,000 people, this includes the creative industries (Thecreativeindustries.co.uk, 2019).
2.2.Market segmentation
The market segmentation for the magnetic wristband is mainly based on specific demographics.This product appeals to a male customer as it is a male dominated industry, such as Electricians, Joiners and other laborious jobs that work with small metal objects. The demographic age which it is aimed at is between 18 and 35 years old. In this line of work there is also a customer behaviour/psychographic attitudethat underpins the market because it is common among workmen to buy accessories and equipment that are considered to be of higher quality than cheaper alternatives. This is an industry where image is very important and many people will pay a large amount of money to portray a sense of professionalism(Tutor2u.net, 2019).
The gender of the workforceof the arts and crafts industry is 80% male and a significant amount of them are over 50 years old. The remaining 20% are likely to be women and self-employed or part-time (Thecreativeindustries.co.uk, 2019). They are more likely to have completed an apprenticeship and to have a first or a second degree in craft, art or design. When self-employed the majority earns less than the UK national average (Thecreativeindustries.co.uk, 2019).
2.3.Marketing Mix
2.3.1. Product
The main distinction between the True North magnetic wristband and its competitors currently on the market will be its streamlined, less bulky design.
Similar products currently on the market are extremely large, cumbersome, are made from a cheap looking fabric and are adjusted with a Velcro strap.
The True North band itself will consist of a magnetic material enclosed in a strengthened silicone strap, the fit will be adjusted with a buckle system. The band will be smaller and more streamlined, sacrificing an element of practically for a more ergonomically appealing design - this will convey a sense of superior quality. It is made of sustainable materials.
The wristband will be available in different colours. Black being the primary unit, other colours will be sold to cover the personalities and tastes of customers. The other colours will be pink, blue, purple and grey.
2.3.2. Price
To calculate the price of the wristband the partnership has adopted a mixture of consumer based pricing and competition based pricing by:
- Looking at the closest competitor’s prices, these average around £12 on eBay and Amazon, however these products are made of cheaper materials so it is likely that the customer will be willing to pay slightly more.
- Conducting market research, it has been concluded that the maximum potential customers are likely to pay will be around £25.
Having adopted these two methods of pricing, the partnership deduced that a price of £20 would be the optimal price - a higher price would negatively affect volume of sales, a lower price would decrease revenue to an unsustainable level.
The True North wristband is a more premium and trendier product than the competitors on the market and therefore warrants a higher price.
2.3.3. Promotion
As there are different market segments for this product, the partnership has different promotion strategies depending on who the target customer is - this is differentiated targeting. From the market size and market segmentation it can be concluded that the future customers will be:
- Local Colleges and universities students in the sectors of civil construction, arts, crafts, design and apprenticeships.
- Sole traders in the sector of arts and crafts.
- Companies and sole traders in civil construction.
- Readers of the DIY magazines and other similar magazines.
Each promotion strategy needs to be applied to each individual target market.
For the students at Colleges, Universities and apprenticeships, as it is a younger audience the majority of promotion should be done online using social media. Viral content on social media platforms is one way to achieve this.It’s predicted that there are 32.7million people on Facebook in the UK (Emarketer.com, 2019) and the average person spends 35 minutes per day scrolling through their news feed. Therefore Facebook advertising is not cheap at around £0.78 every time someone clicks on the product.Instagram runs its adverts on a similar platform with its direct approach to its users.17.2million people in the UK use Instagram(Napoleoncat.com, 2019)with 90% of its users under the age of 35. Therefore Instagram will be used to direct our sales. Instagram adverts cost a similar amount to Facebook of around £0.76 per click.The fact that Facebook allows to direct the adverts at specific age ranges, genders and on the basis of their search cookies online is extremely beneficial.
For the sectors of arts and crafts and civil construction the strategy approach is different. Their addresses can be obtained from the yellow pages and a contact can be initiated.A personal visit can be considered to demonstrate the product, and adverts can besent by Royal mail. Another strategy can be done by attending local business conventions of the sector.
For the readers of DIY magazines, two strategies are possible, one is to advertise directly in magazines, another is to advertise on YouTubewhich allows the targeting of people specifically watching DIY videos. 79% of online adults use YouTube and an advert costs around £0.08 per view.
2.3.4. Place
The partnership will own a website where it will sell its products, it will also operate through Amazon. The distribution channel used by the partnership is royal mail delivery. If the customer is in Edinburgh or the surrounding areas then it will be delivered by True North staff.
2.4.Competitive position
2.4.1. SWOT
Strengths
Members of the partnership have prior experience selling products - both online and face to face, as well as business management.
Partnership has adopted a widely accepted code of ethics, this will positively affect reputation.
The product is differentiated from similar products that exist in the market by its sleek, stylish and less cumbersome design - the product will additionally offer greater comfort.
The product offers a high degree of safety, complying with European standards.
The materials used in the wristband are better suited to the intended working environment making it more durable than the competitors.
It is available in different colours to appeal to different groups of customers. The use of sustainable materials and manufacturing/shipping methods will convey a positive image to the customer.
These factors will give the product a much greater sense of value for money.
Weaknesses
The high investment to start a business.The variable costs to make and deliver the wristband is only £8.72 per unit but; because the business requires premises with an office and a storage area, a loan from the bank, its own website, advertising costs and, payments in advance to suppliers and manufacturers; all this costs increased the price to £20 per unit. It will be very difficult for the managerial team to increase the price of the wristband because it would reduce the volume of sales. Another weakness of the magnetic wristband is that it sacrifices practicality for a less cumbersome design.
Opportunities
The magnetic wristband isuniquecompared other products as it was designed to overcome problems that competitor products were posing. The high number of potential customers, can make mass production of the wristband a reality decreasing its price exponentially and increasing the profit.
The right advertising strategy will increase the brand reputation among the potential customers and that is reflected in an increase of the volume of sales. The partnership is aware that it needs to explore the opportunities of easy access to suppliers, manufacturers and transport companies because their rivalry can cut reduce the costs of manufacture and transport significantly.
Threats
The partnership can face a price war between the sellers of similar products. Research conducted on eBay concluded that other magnetic wristbands are being sold between £2 and £12 and there are 1216 sellers. On Amazon there are 256 sellers and 48 other brands, the biggest brands that the True North will be competing against are POWERGIANT and MYCARBON and they are sold for £10.
The future of UK market is uncertain, the value of the pound is volatile and, could increase the costs significantly.
3. Costing
Calculations can give a guide as to how the company will perform over the coming years and whether it will be profitable. The calculations used are a profit and loss account, a cash-flow forecast, a breakeven chart and payback.
The two partners who run the company are both paid £18,000 yearly salary to cover living expenses. The office requires two laptops, two desks, two chairs and a printer, it has been assumed that for these items there will be straight line depreciation over four years. There is also monthly budget of £50 for office supplies and maintenance.
As the product is mostly sold through amazon the company has to pay them both a monthly £25 membership fee and 15% of each unit sold through amazon. The bands will also be sold through a website as well this will cost £1,000 to design and setup and will have a monthly budget of £100 for maintenance. There is a budget of £1,000 for advertising in the first year this is increased to £2,000 in the second year once the company has generated enough money to be able to do that.
3.1.Breakeven Point
A breakeven chart will indicate how many units would have to be sold each month to make profit or loss. In order to produce a breakeven chart the costs for the product are broken down into the fixed costs per month and variable costs per unit. The fixed costs cover the costs that do not vary depending on the number of sales. Whereas the variable cost are the direct costs for each unit. These have been shown in figures 1 and 2.
Figure 1 Fixed Costs per Month
Figure 2 Variable Costs per Unit
As discussed in the pricing section each band will be sold at £20. The total fixed costs in figure 1 comes to £5,630 and the total variable costs in figure 2 comes to £8.72. Using the equation this information the breakeven point is 499 units per month. A graph of this is shown in figure 3.
The revenue break-even point can also be calculated in a similar way by multiplying the unit breakeven point by the revenue per unit, this came to £9,981.83 per month.
Figure 3 Breakeven Chart
3.2.Payback
An investment of £40,000 is required to cover the costs of setting up the business. It has been calculated that £40,000 will be enough to cover all possible outcomes. Payback is calculated to give a rough idea of how good an investment this will be by indicating how long it will take recover it. The average annual cash flow (figure 4) came to £25,738.52. Using the formula the payback is 1.55 years. This is quite a short time which would indicate this is a sensible investment.
This £40,000 will be taken out as a bank loan to be repaid over 2 years with an interest rate of 8.9%. The total interest paid will be £3,813.31, this would require paying back £1,825.55 per month.
Figure 4 Average Annual Cash Flow
3.3.Cash Flow Forecast
A cash flow forecast assesses the sustainability of the business by calculating how much money the company has each month and what the net cash flow is as well as showing all income and expenditure each month. The costs are split into fixed costs and direct sales costs. The forecasts for the first year is in appendix A and the second in appendix B.
Stock will be ordered every six months. This is due to shipping costing less when the quantity is higher and manufacturing costing less for big batches. Due to the time it takes for the bands to be manufactured and shipped from china, nothing will be sold in the first month of business.
The revenue is based on realistic projected sales, these are quite a bit higher in the second year due to the increased budget for marketing.
The cash flow forecasts for the two years indicates that the partnership will not have any problems with cash flow as the closing balance is never negative or very low, this means that the partnership always has a reserve of cash.
3.4.Profit and Loss Account
The profit and loss account compares the expenditure against the revenue to give an idea how much profit or loss the company can make each year. The gross profit is calculated by subtracting the total sales cost from the total revenue, then the net profit is calculated by taking the total expenditure away from the gross profit. A table of this for years 1 and 2 is shown in figure 5.
In the first year the company is projected to make a relatively small profit of £4,852.24 when compared to £47,625.79 in the second year. The costs of setting up the office and website, not being able to sell in the first month of business,and the increased sales in the second year explain this difference. A graph of the profit and loss accounts for the first two years is shown in figure 6.
Figure 5 Profit/Loss account for years 1 and 2
Figure 6 Profit/Loss account graph years 1 and 2
4. Quality
The partnership adopted the Total Quality Management system, as a business of this type is a dynamic process that requires manufacturers, transportation to its storage base and, transportation of the product to the customers.
Different key quality systems and quantification measures must be adopted during this process of designing, manufacturing, transporting and selling the product to the customer.
The partnership department of quality is run by 40221852 and is committed to implement systems and processes that guarantee and continually improve quality of its products. This member needs to review the standards every month and address changes when required. It is likely that the procedures and policies will be changed as the partnership grows because new issues will be detected and an answer to those issues needs to be addressed.
The partnership has agreed to create two sets of procedures and or policies. One that is used internally and another that demands to its suppliers and manufacturers.
4.1.Internal Quality risks
The partnership has a set of procedures and policies in place for its workers. Every worker needs to read and sign the procedures and policies every month, because the policies and procedures will be updated on a monthly basis.
The design of products key quality risk policy
The policy of the partnership when designing a product is to have safety as a priority. Detailed documents with the product specifications will be given to the manufacturers and copies will be kept in the archive for future reference and correction of mistakes.
The quality risks raised in the premises
The premises of the partnership are divided into two sections, the office and the storage area.
The office area requires specific rules these will cover areas such as:
- Health and Safety
- Code of Conduct
- Dress Code
The office will be open as a reception for deliveries and collection of orders from suppliers and customers. Therefore the office needs to be organised in a way that documents and materials or equipment are not misplaced making it impossible to find the right documents at the right time (i.e. misplaced documents related to customer orders).
In the storage area there will be a policy and procedure to safeguard the safe handling and storage of the wristbands to avoid being damaged or tampered (i.e. not smoking in the premises). At the arrival of the wristband to the storage area, a visual inspection to the packages is required to ensure that the wristband was not damaged during travel.
Quality issues raised by customers
A customer can make a formal complaint, it is a statutory right.
The right order must go to the right customer. There must be a procedure that each worker must follow to avoid mistakes. These could occur while labelling, packaging or sending the product to the customer. A way of measuring this, is to create a ratio that measures the number of phone calls or emails stating that they have received the wrong number of items or products, to the total number of orders sent.
This percentage must be close to zero.
Despite of all policies and procedures of trying to detect a product error, the customer can still receive a product that does comply with what they has paid for. This can be caused by transport, by the manufacturer, or by misuse of equipment in the premises of the partnership. It can be determined when the customer sends an email or phones to the partnership. To solve this problem it is required the best performances from manufacturers, transports and from the worker of the partnership.
The same formula can be used:
This percentage should be close to zero.
The time that takes from the order placed by the customer until the moment the customer wishes to receive it could be a cause of complaint. Any deviation from the scheduled time is a measurement of efficiency. The solution to this problem can be internal or external. Internally it could be measured how long it took to dispatch the order. Externally how long it took for the transportation company to deliver the good. To solve the problem:
- Employ more workers
- Change the transportation company
4.2.External Quality Risks
4.2.1. Manufacturers
The partnership policy requires that the manufacturers of its products must meet the designed specifications. This includes the use of non-toxic products. Therefore a sample of the raw materials to be used in the manufacture of the product must have been tested prior to manufacture. At the end of the manufacture process a sample from each batch must be tested, to ensure that the customer gets a wristband that has paid for.
This tests include:
- Visual inspection, to make sure that it is the right size, the holes are punctured in the right places.
- Stress tests to the materials- tensile testing, this test is required to see when the material breaks down. It will be subjected to forces of stress and strain, shear stress and shear strain.
- Magnetic aptitude. Does it do what is meant to do, if it holds the materials that it was designed to hold.
The partnership requires to see the test results- keeping the reports to ensure compliance with safety standards.
Documents of the test results will be provided to the partnership and will be held in the archive.
All the manufacturers must have rules and regulations in place to avoid tampering with the product. The cost of these quality tests must be solely the responsibility of the manufacturer.
4.2.2. Transport companies
The magnetic wristband is going to be transported from China to Edinburgh. It is a requirement that the transport does not damage the wristband and it arrives when scheduled. The transport company must have policies and procedures that ensures to its customers the safe handling and storage of the magnetic wristband (Becha, 2016).The transport company must have insurance to compensate the partnership in the event of wrongdoing.
4.2.3. Product safety quality risk
This product falls under the General product safety regulations (GPRS) - DIY tools. Despite all efforts and precautions to ensure from the design process till selling the wristband that all wristbands are a quality product there might be situations where the wristband might not perform in the way it was designed to. Therefore, the customer needs to know how to use the product and needs to be alerted for potential risks (GOV.UK, 2019).
The risks identified that the product can cause are:
- Accidents in the workplace while wearing the magnetic band. The magnetic band was designed to break under a certain tensile stress, there might be situations when the wristband does not break. This situation can cause a severe loss for the partnership in terms of image and money. Therefore a Product liability insurance must be taken to cover legal costs and to cover settlements in case of injury.
- It is recognised that some people might suffer from allergies to silicone, therefore a warning and effective labelling of what products were used in the process of manufacture is of valuable importance. This information must be visible to the customers.
- Safety Warning about packaging it is important and a requirement by law, children should not play with plastic bags because it can cause asphyxiation.
- The Trading Standards Office might recall a product if it is deemed unsafe.
The magnetic wristband is not harmonised by EU directives and regulations (GOV.UK, 2019).The CE marking can be done by self-declaration and does not require any independent testing. It requires the partnership statement that it believes the product meets the safety, environmental and health requirements (GOV.UK, 2019). Therefore, it is the partnership responsibility to carry out the conformity assessment and set up the technical file- risk assessments and test reports- to issue the CE mark (GOV.UK, 2019).The CE marking will help with the free movement of goods in the EU (GOV.UK, 2019).
5. Professional standards
The partnership has adopted a professional standards model so that it can be valued by the society in general. To achieve a good reputation the partnership has developed procedures of which it must abide by. These procedures are based on what is expected by customers, workers, suppliers and manufacturers.
5.1.Ethics
The partnership has policies and procedures regarding ethics embedded in its culture. This means that the partnership acknowledges and developed a ‘code of conduct’ which is of great importance to True North LTD. Good ethical practice can provide long term benefits for the company by increasing consumer confidence and building customer loyalty. This code must include the following points:
- The partnership aim is to be transparent for its partners and for its customers by being accountable and keeping its promises.
- As it is an organisation that trades at international level, it is obliged to know the rights of the workers,suppliers and manufacturers. The disrespect for human rights would not be a good foundation for trust and reputation.
- The partnership aims to be honest to customers and suppliers. The use of unethical financial strategies like fraud or billing more than once customers. For this, all invoices must state clearly the amounts paid and received. A disclosure will be met when the relevant authorities require them.
- In order to be transparent, the partnership has adopted codes of corporate governance, by stating openly who the owners are, their roles and their wages.
- The partnership acknowledges that the customers have rights and gives a warranty to its products.
5.2.Product liability
The partnership complies with all statutory laws. Its products conform to the rules and regulations of UK and the European Union, as its brand complies with CE marking. The quality department is continuously improving its procedures to ensure quality to its customers. A product liability insurance is in place to cover for any damages caused by them.
5.3.Social responsibility
The model of choice of the partnership is the stakeholder model regarding the long term objectives. The partnership is committed to improve the quality of life of the society by adopting policies and procedures to improve the environment and to reduce waste.
Environmental considerations
True North intends to implement a policy which minimises its impact on the environment. Doing so will help to generate a positive image for the brand. Ways in which the company aims to minimise its environmental impact include:
- Using recyclable materials for packaging where possible.
- Reducing paper usage in office.
- Manufacturing in bigger quantities to reduce impact from transit and during the manufacturing process.
- Recycling waste from the office in the correct way.
- Reducing electricity use in the office by switching off lights and not leaving devices on.
Personnel / employees
The partnership has developed a code of conduct for its workers.A system will be in place for employees to voice complaints. Regular meetings for supervision and appraisal are in place to improve this relationship. The workers of the partnership are the most valuable resource. The partnership won’t be complacent with negligence.
The partnership provides training to its employees in a range of issues like Health and Safety, Health and Safety law, ethics.
Financial responsibilities
The partnership aims to report with maximum accuracy and honesty, regarding relevant documents of its accounts to the appropriate authorities. This includes: Companies House registration as Limited Liability Partnership, the amount of TAX to the HMRC, VAT registration if required, National insurance for its workers.
5.4.Copyrights
An investigation was conducted and the product presented in this business report comply with copyrights statutory laws.
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7. Appendix
Appendix A Year 1 cash flow forecast
Appendix B Year 2 cash flow forecast
