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Plan Your Own Enterprise——Winning plan
Ella's winning entry enables elderly people to share their family history. The client tells their life story and discusses treasured memories through an filmed interview which is saved on a DVD for family members can cherish for generations.
Judges' comments
Overview of the Competition
CPA Australia Plan Your Own Enterprise competition is a vehicle through which students can develop and demonstrate their understanding of small business planning, the concepts and processes that make up a plan, and apply their entrepreneurial and innovative thinking to an opportunity or need they have identified in a market.
We encourage students to keep the product or service and the scale of the market simple to avoid the plan getting too unwieldy and complex. (Many of the more complex plans we see as judges ‘don’t add up’ when you consider the market assumptions, the forecasted financials and break even and the future prospects of the business.
The name and logo
The name “Captured Memories” clearly signals the purpose of the business and is easy to remember. The logo is creative and reinforces the prime function of the business.
Prime functions
“Captured Memories will interview elderly people to “capture” their life on a video recording incorporating interviews, photos and moving pictures that their family will be able to keep and cherish through the generations.”
Mission statement
The mission statement succinctly describes the “reason for being” for the business. It also refers to values such as “wants to uphold healthy relationships with not only the customer but also amongst employees”.
Vision
The plan provides a description under the heading “Owner’s Vision” which clearly describes the goals and aspirations of the owner. In a start-up business it can be very useful to describe how the business vision and the owner’s goals are aligned. The business will be very dependent on both the capacity and level of commitment of the owner in the critical start-up phase.
Business location
The small business office/premises is required for the business for processing and administration. Most of the services will be mobile, with interviews and filming to be at a location of the client’s choosing.
Legal structure
The chosen legal structure for the business is a Proprietary Limited Company. Ella offers as one of the reasons for this choice, “This legal structure ensures limited liability….”. The judges’ comments are that Directors of Proprietary Limited Companies are liable for the organisational and financial health of a business, and this is not a valid reason for selecting this structure.
Employment requirements
The plan provides for the owner (Managing Director) and two part time roles (Editor, Office Administration or Bookkeeper). It is envisaged that the part time roles will develop into full time roles as the business grows to support additional hours. A chart of responsibilities describes the roles in an appropriate level of detail for this simple employment structure.
Licensing and legal requirement
The business plan did not explore if the business will need to deal with regulations or licences and this aspect would require further investigation before the company commenced trading. The judges encourage all students to explore this aspect of business planning. It can have a significant impact on the feasibility of providing the service or product to the target market.
Marketing plan
The elements covered in the marketing plan included:
1.SWOT analysis
2.marketing objectives
3.target market
4.market segmentation
5.competitor analysis
6.competitive advantage
7.product, price, delivery, placement, promotion
The results of a survey were also included as an appendix. The plan demonstrated Ella’s understanding of marketing in a small business.
Financial plan
Financial objective
The financial objectives are described as:
1.to generate cash flow sufficient to fund expansion
2.to provide at least a 20 per cent net margin from year two
3.to be non-reliant on debt in the establishment phase
4.to provide a reliable income stream for the principal
The financial plan is based on the following strategy and approach to the business:
1.low cost start-up costs
2.incremental increase in sales over the first 9 months
3.variable costs increasing at the same rate as sales
4.use of sub-contractors for filming crews to avoid the need for expensive equipment and specialist employees in the early stages of the business
Employment costs increasing for first 3 months and then leveling out at $10,500 per month – which appears low for the 3 roles described in the employment section of the plan. The elements covered in the financial plan are:
1.source of funding – $90,000 from an investor for 55 per cent ownership
2.start-up expenditure – totaling $59,530
3.variable expenditure – as per a table in the plan
4.sales forecast – provided as an appendix
5.cash flow statement – provided as an appendix
6.break even analysis - declaring that the investor funds will be paid back in 1.34 years
The plan does not include a break-even calculation. A balance sheet after the first year would have also helped to quantify the financial health of the business at that point.
Future prospects
The plan describes a growth stage for the business, by expanding into Brisbane and then Melbourne. It forecasts that the business should be able to self-fund this expansion. Beyond the growth phase, the plan refers to an untapped market nationally as well as internationally.
Overall
The judges acknowledge the work Ella put into this plan. She was able to demonstrate through the plan that she had a good understanding of the small business planning. Her presentation to the national judging panel was very articulate and compelling. The entrepreneurial element of this plan was recognising a need in the growing population of seniors in Australia with a relatively undeveloped market need, and offering a product to satisfy that need.
高顿网校小编寄语：当我们开始用积极的心态，并把自己看成成功者时我们就开始成功了。
