Executive Summary
This executive summary gives the details relative to the Parkway Phone Lenses Business Plan. The company identification information, mission of the business, business goals and the keys to success are defined enabling a clear understanding of the business for the investors, bankers and any other business professionals who desire to learn about the business.
A1. Company Identification
The name of the company is Parkway Phone Lenses and will be located at 5256 Longshore Drive, Colorado Springs, CO 80917. The company specializes in phone lenses as people are continually taking pictures in the office when attending meetings or to capture directions, when on a site to capture the size of the space for a switchboard or panelboard when on vacation to capture the good times and the list goes on and on. Smartphones make taking pictures convenient as people always have their phones with them; however, the digital single-lens reflex camera or DSLR offers more versatility because of the full range of lenses that are available allowing the individual taking pictures to take better pictures. Because of the love of taking pictures, Joseph Parkway performed research and created the smartphone lens that can be used on the iPhone or Android cellphone, allowing the user to take sharper pictures that are professional.
A2. Mission of the Company
The mission of the company: "Providing the avid picture taker the ability to take high-quality pictures easily and quickly with their cellphone – no matter the brand." The mission statement was created to organize the information about the company making it universally useful, giving people the ability to share information about the lenses while being open and connected and to empower each customer to achieve the goal of having the ability to take the best picture possible no matter their location (Weibezahn, 2017). The mission statement reveals this information in just one sentence with the customer also having the ability to see the goals of the company and to understand those goals.
A3. Business Goals
While the company has several business goals in mind, the two primary business goals include (a) ensuring excellent customer service and (b) efficiency in business operations. In the study of businesses offering a location for customers as well as online services, it has been found that there are many benefits to having excellent customer service. Parkway Phone Lenses plans to retain its customers by offering a brand that meets or exceeds customer expectations while offering competitive pricing (Bhasin, 2018). Excellent customer services will also allow word of mouth advertising, which is the best advertising for any business. The more that customers are satisfied, the more customers that can be acquired, thereby increasing market share (Bhasin, 2018). Increase in customers will also increase profitability for the business, thereby reducing the need for spending about advertising and promotions. The money that is saved will be used to offer better benefits to the employees as the company grows.
Another benefit of good customer service is to give the business owners and the employees’ confidence. The employees empower the company as they (employees) keep the customers happy. This is a win-win situation for the business and the customers. Parkway Phone Lenses also desires to create a holistic marketing scenario, which is accomplished by keeping the employees motivated having insight into the customer mindset as well as an understanding of what makes the customer happy. This is the holistic marketing scenario with everyone being involved in the entire customer satisfaction process (Bhasin, 2018). Lastly, reasonable customer satisfaction will give Parkway Phone Lenses the competitive advantage with the employees building relationships with the customers, thereby enabling the business to become sustainable and competitive (Bhasin, 2018).
Efficiency in business operations will be accomplished through the process of the integration of workflows and the reduction of manual processes (RSM, 2019). The use of this platform will involve the increase of efficiency as well as the effectiveness of business operations while also providing easy access to data in real time (RSM, 2019). The improvement of internal as well as external customer service will also occur, allowing for more transparent business processes.
A4. Keys to Success:
Three keys have been found that will bring success to Parkway Phone Lenses and include (1) the company finding a unique niche; (2) finding influencers that will aid the business within the niche and (3) having reliable, trusted suppliers. When viewing the niche of the smartphone lens, the process was found to be a great way to allow a complete business focused in one direction versus having the general store approach. The phone lenses niche also allowed the business owners to focus on moving the business forward in the future by continually improving the product offering. Choosing this niche also helped the owners to understand the customer and target market enabling successful advertisement that converts into increased sales.
Another benefit of the niche is the ability to find influencers, within the niche that have a vast number of followers allowing the business owners access to highly targeted adverts (Phone Case Business, 2017). It will be complicated to attract highly targeted advertisements towards the specified audience because the local store would not be as beneficial. Before deciding to move forward with the business, research was performed to ensure that the phone lenses would trend upwards versus a trend that spiked and then rapidly dropped or that only revealed a downward slope.
When looking at influencers that aid the business within the niche, the marketing team used Instagram to find the potential influencers within the phone lenses niche. The process ensured that the owners had the right platform for finding the target audience for the phone lenses business. There will be more sales as well as advertising with influencers within the phone lenses niche, versus targeting the mass audience. The process not only enables increased sales, but the cost per visitor to the site will be reduced with the targeted audience.
Reliable trusted suppliers would aid in the continued success of the business. The chosen suppliers are trusted and have been in business for more than seven years. The marketing teams chose suppliers with ratings of 4 stars or above and who had at least 200 positive reviews on sites to include Facebook, Twitter, and Yelp.
A. Parkway Phone Lenses Business Summary
B1. Industry History:
Since the company specializes in phone lenses for cell phones, there was the need to research the history of the phone lenses. While cell phones have been used for many years, the first cell phone that was created with the built-in camera was factory made by Samsung in South Korea in 2000 (Hill, 2013). The phone was called the SCH-V200 and flipped open revealing the one and one-half inch TFT-LCD with the built-in digital camera having the capability of taking a total of 20 photos at 350,000-pixel resolution or 0.35-megapixels; however, the person taking the pictures would need to connect the phone to a computer to see the photos (Hill, 2013). This also meant that the camera, as well as the phone components, was separate devices housed within the same body.
It 2002 before the U.S. adopted the Japanese trend with the Sanyo SCP-5300 that was offered by Sprint. The cost at that to was close to $400 featuring a durable clamshell design having a 0.3-megapixel capability capturing shots at 640 x 480 pixels (Hill, 2013). Close to the end of 2003, the camera phones were selling very successfully in the U.S. has more than 80 million that had sold worldwide. Trends were also followed with camera phones rivaling DVD players’ sales by the latter part of 2003. The quality of the use of the camera phones was increasing with the price for the camera phones decreasing (Hill, 2013).
By the middle of 2004, Sprint released the PM8920 camera phone having the 1.3-megapixel camera with the capability of capturing the 1280 x 960-pixel resolution shots (Hill, 2013). The pictures taken with this phone could be shared wirelessly while also having the ability to print the picture. The camera phone could be purchased at the cost of $150.00 after receiving a rebate of $299.00 (Hill, 2013).
By 2011 there was the addition of software features for camera phones to include Photo Sphere Google as well as Panorama mode from Apple with BlackBerry using Time Shift called Zoe from HTC (Hill, 2013). There was still the need to have the ability to take a beautiful picture that can be shared with anyone via the cell phone. Through the use of this information Parkway Phone Lenses has created the Parkway Phone Lenses which is a moment wide lens that can be used with the iPhone or Android phone while also being adjustable When attached to any cell phone the lens allows the taking of a high-quality picture that is also printable.
B2. Legal Form of Ownership
The Limited Liability Company or (LLC) is viewed as the legal entity for Parkway Phone Lenses, LLC, giving the business owners liability protection as well as pass-through tax status keeping the business formalities as well as paperwork to a minimum. Another benefit of the LLC is that it is a good business structure in the U.S. with each state having its guidelines for forming as well as managing the LLC following the same general principles (Akalp, 2014). One of the general principles is the Articles of Organization which is the legal foundation for the LLC and is required by every state outlining the essential information for the business to include any copyright or trademarks as well as patents and intellectual properties with the need for a lawyer. The business name, purpose, principal place of business, management structure, business duration, operating agreement, members’ percentages of ownership, distribution of profits and losses distribution, and how the LLC can be dissolved if needed are all included in the legal form of ownership (Akalp, 2014).
B3. Location and Facilities
There will be one physical office located at 5256 Longshore Drive, Colorado Springs, CO 80917. The office will primarily handle administrative duties; however, there will be a showroom which customers can visit to view the attachable lenses while also having the ability to take shots within the showroom to compare and to ask any questions. The office will also be used to monitor the online accounts, which include Facebook and Twitter and the online business site. In this manner, all customer reviews will be seen daily, with any complaints being handled as quickly as possible. There will be a total of 10 employees on site to include one manager, one assistant manager, three marketing team members with the responsibility of viewing all comments made by the customers and two IT team members to ensure that there are no site issues. There will be three employees to handle all online orders while keeping track of the orders from the moment the order is entered until the client receives the order.
B4. Management Structure
The management structure consists of the owners Joseph Parkway, who is the President of the company, Donna Parkway, who is the CFO, Paul Davis, Director and Richard Dawson who is the Human Resource Manager. There are a total of ten employees to include Naomi Jacobs who is the manager, Ni Yang assistant manager, Robert Lewis, William Pratt and Daisy Holmes who are marketing team members with the responsibility of viewing all comments made by the customers. Wang Fong and Bruce Lett are the IT team members ensuring that there are no technical issues. The three employees are Suki Rae, Emily Pastel, and Jason Raven handling all online orders.
B5. Products and Services
The products are the attachable cell phone camera lenses that enhance the ability of the cell phone camera to take high-quality pictures. The attachable lenses work with the iPhone or the Android. For the cell phones that have three rear cameras and one front camera, the attachment camera causes a more accurate picture that is also printable. The attachable lens also allows the use of the dual aperture camera that takes excellent pictures in the dark (Galaxy S10, 2019). This is a feature that is of great interest to those purchasing the attachable lenses as the individual is ready for photos day or night with the dual aperture providing day to night light control enabling the adjusting as well as optimizing of light before taping the shutter (Galaxy S10, 2019). The processor allows the automatic combining of multiple frames with the same low-light moment creating one clear as well as a beautiful shot (Galaxy S10, 2019).
The customer can also ask questions at their convenience online or can dial the 800 number if there is the desire to talk to a real person. Customers enjoy having this choice of service when purchasing Parkway phone lenses.
B. Market Analysis
C1. Target Market
When viewing the market overview, the cellphone/smartphone industry is dominated by several players as the Android operating system is experiencing new entrants are will to enter the industry (Kappel, 2019). The players in the cell phone industry must continue to establish robust marketing strategies allowing them to compete successfully being prepared for new entrants as well as among the present competitors. The significant leaders in this industry include LG Electronics, Samsung Electronics, Apple, Inc., and Motorola (Kappel, 2019). These companies are located throughout the world with customers in all locations or demographics. Their products and services can be found at specific locations as well as online.
Geographic locations for these competitors cause them to target the customers in the domestic as well as global markets. To perfect marketing strategies, Parkway Phone Lenses, LLC has adopted different strategies for different regions. The plan of the company must always be aligned with the maker of cell phones as the lenses are specific for use by cell phone owners.
The demographic segmentation concerns the designing of the cell phone lenses according to the tests as well as preferences of the various age brackets within the population (Vallaster et al., 2012, p. 38). Each of the cell phone companies has effectively as well as successfully adopted the technique of customer satisfaction by creating different brands of products for the different members in the target market. This was the reason for the creation of the Parkway Phone lenses that would attach to the iPhone and the Android.
C2. Industry Analysis
The industry analysis aids in allowing the business to understand the trends in the market (Allen & Fjermestad, 2001, p. 17). Through the use of the aftermarket evaluation, Parkway Phone Lenses created strategies that could be adapted to take advantage of the many opportunities in the market now as well as in the future. Parkway also desires to have the ability to strategize to overcome any ineffectiveness in its marketing techniques should that issue arises. Parkway also knows the importance of industry and market analysis and will continue this process to review its strategies staying abreast of the trends in the market. Through industry analysis, Parkway will have the ability to discover any specific strategies to include the various targeting segments of the target market ensuring that customers are aware of the versatility of the phone lenses and how the addition of the phone lenses will enable them to have the ability to take advantage of this fantastic process.
When viewing statistics relative to cell phone usage it has been found that cell phones are of great importance with more than 83% of American adults owning a cell phone and use it daily (Pew Research, 2011). A telephone survey was performed from April 26th through May 22nd in 2011 finding that 51% of people use their cell phone for quick retrieval of information with 40% using the cell phone as an essential tool in an emergency (Pew Research, 2011). It was also of interest to learn that nearly 42% of cell phone owners use their phone for entertainment whenever they are bored. Please review Appendix A, which reveals Smartphone users vs. other cell others as well as how they use their cell phones for such things as sending and receiving messages and taking pictures.
C3. SWOT Analysis
The SWOT analysis was used for the identification and understanding of the critical issues that can affect the business. Once these issues are found, there will be the ability to create solutions. The owners of the business are aware of the limitations as well as the benefits of the SWOT analysis. The information allows the owners to know what to reasonably expect to achieve with the business saving time and money, which is of importance. The information has been reviewed, making the necessary plans to enable moving the business forward. Listed below is the SWOT analysis for Parkway Phone Lenses, LLC revealing the strengths, weaknesses, opportunities of the company.
D. Market Strategy
D1. 4Ps
When viewing marketing strategy, there is a consideration for the traditional marketing mix which has been built around the concept of the 4Ps to include product, price, place, and promotion (Kareh, 2018). These are the discounts that concern the breadth as well as the complexity of current-day marketing approach in business today. It is also of importance to note that there has been the addition of two additional Ps to include process and people which allow the business to respond to significant changes that affect customer service to include e-commerce as well as social media (Kareh, 2018).
Product
The product entails the variety as well as the design and packaging of the product. Other factors of importance include quality as well as the features and the positioning of a product and the service (Kareh, 2018). The emphasis relative to this P in the 4Ps is for the business to continue to grow with the customers becoming more knowledgeable about the product that they are purchasing. Parkway Phone Lenses, LLC ensures that the customers have access to immediate communication while increasing expectations that will drive the company to improve the attachable cell phone lenses continually.
Price
The price references what the customer is willing to pay for the product and service with the pricing strategies becoming more dynamic to keep up with the more sophisticated consumers (Kareh, 2018). As an example, the company plans for the discounting strategies to be permanently fixed in the minds of customers while also being competitive. Another benefit for Parkway Phone Lenses is that advancement relative to technology has allowed the manufacturers to cut out the need for retailers having the ability for the company to sell directly to the customers.
Place
The place refers to product accessibility to potential customers. As an example, choosing a retailer like Amazon could allow for the enhancing of coverage when attempting turning a brand into a household name; however, there can also be the limiting of coverage which could demonstrate scarcity should the controlled scarcity cause the increase in prices (Kareh, 2018). The critical factor that has been practiced by Parkway Phone Lenses is understanding the target audience, which has aided in the marketing specialist positioning the product in the channel that is most accessible to the potential customers. Since the business has one physical location, the majority of the business will occur online with the orders going directly to the manufacturer decreasing price as well as time.
Promotion
Promotion is the visible P in the process, including advertising as well as sales promotions and public relation efforts (Kareh, 2018). The marketing team has an understanding of the integrated marketing communications or IMC as well as the position of the company in the marketing funnel. This information is of importance and is more applicable than ever because media has evolved with the need to incorporate the views of those who are the most familiar with the new media mix (Kareh, 2018).
When viewing the process and people, the processes of automation, as well as systems and processes, play a very critical role within the marketing mix with the need for the reduction of costs while also allowing the company to achieve customer satisfaction that aids in having the ability to measure results (Kareh, 2018). There is also the need for the employees to be trained concerning customer service and the behavior of the customers that will give the company a competitive advantage.
D2. Price List
It is of great importance for optimal pricing to occur at the beginning of the business as the process aids in achieving profitable growth for the business (Meckes, 2018). To reveal the importance of pricing, a 5% improvement in pricing without any degree of volume loss and average margins can boost profits quickly between 30% to 50% (Meckes, 2018). It is of importance to have a cost-cutting strategy in place for the boosting of profits in a business. However, through research, it has been discovered that no matter how heavily a business may invest in increasing volumes while cutting costs, there can only be so much of an increase in profits. Keep in mind that profit is the summation of price times volume minus costs (Meckes, 2018). The pricing list has been created based on the value of the product, the differentiation of prices and offerings, and competitive pricing. Please see Appendix B, which is the pricing lists for the Parkway Phone Lenses.
D3. Promotional Strategy
The promotional strategy will be used to inform as well as persuade the customers to see the usefulness of the cell phone lenses. The enhancing of the photos taken via cell phone and the photos having the ability to be immediately uploaded on the social network of choice or to be printed for use as the customer desires without the need for an additional camera will be of benefit. The goal of the strategy is to stimulate the action of the customers within the target market. The promotional activities will be handled by the marketing team, which consists of William Pratt and Daisy Holmes. These two individuals are experienced marketing team members who also can hire any contractors if needed for the success of the promotional strategy. Please review Appendix C, which is the promotions and advertising cost for Parkway Phone Lenses, LLC.
D4. Sales Forecast:
Sales Forecasting is the process that allows the estimating of what the business’s sales will be in the future with the sales forecast period occurring monthly, quarterly, semi-annually, or annually (Ward, 2018). A sales forecast is the estimate of the number of goods inclusive of services that can sensibly sell over the predicted forecast period as well as the cost of the goods and services inclusive estimated profit (Ward, 2018).
Several factors can affect sales and the sales forecast to include the economy and whether it is growing or declining as well as regulatory changes which concern laws as well as regulations that can affect sales as well as prospects positively or negatively (Ward, 2018). The marketing effort also plays a role in the process relative to the choice of marketing campaigns, the organization website, email marketing, or social media. It is also of importance to note that the sales forecast can also be used as the basis for Parkway Phone Lenses revenue in the financial statements. Please review Appendix D which is the annual sales forecast for Parkway Phone Lenses, LLC
E. Implementation Strategy
E1. Overall Strategy
The overall strategy began with the creation of the mission statement, organizational goals, and strategies, enabling the success of the business via information gathered from the SWOT analysis. The SWOT analysis effectively enables the Parkway Phone Lenses to stay abreast of what was working correctly and what should be changed in order to enable the business to be successful in opening.
The steps for implementation of the strategy include (Ward, 2018): (a) the disbursement of the needed resources ensuring the success of the plan. The scheduled date for opening Parkway Phone Lenses, LLC is October 15, 2019. (b) Leadership has created strategic policies that will ensure the continued success of the plan which means that departmental, employee goals and job descriptions have been put into place with the HR Team being responsible for ensuring that senior leadership and the employees are aware of these goals. (c) The business has also adapted the best policies as well as practices that will ensure the constant improvement of the plan. (d) There has also been the linking of a rewarding process to accomplish the desired results with the employees receiving bonuses based on the profitability of the company. Finally, (e) ensuring strategic leadership planning. Strategic implementation has the support of the owners, leadership, and employees (MSG, 2019).
There has also been the well-structured performance management process that has incorporated the yearly goals into the employee appraisal process. It is of importance to hold employees accountable with the performance evaluation, ensuring the most targeted employee performance as well as goal completion (Lotich, 2019). The process has allowed Parkway success in the development of the strategic plan as well as enabling success in the implementation of the plan while engaging all employees in supporting the mission of the business.
E2. Monitoring Plan:
The monitoring of the plan includes financial impact, quality control, customer satisfaction, monitoring schedule allowing the evaluation of the success of the company in meeting milestones. Evaluating the implementation of strategies inclusive of assessing what was accomplished is of importance allowing for the tracking of all activities and the progress toward meeting objectives in the actions plan or via the use of complex models and methods (CDPHE, 2019). The monitoring of assessing the strategies, goals, and action plans enables finding out the results which can be used for improving as well as refining the action plans which aid the organization in staying on target.
More specifically, progress will be ongoingly monitored, though solicited feedback from consumers. If they rate the business from one to five starts. This will be quantitatively measured with the goal of maintaining more than a 3.5.
The business plan contained measurable goals with the inclusive of the developed tracking system to assess the position of the business. Thus, as a measure of success, all tentative milestones should be met. The plan calls for the earning a pre-set amount of revenue per month as well as the tracking of revenue on a daily as well as weekly budget for monitoring and controlling the process (McQuerrey, 2019).
F. Financial Statements and Projections
F1. Forecasted Profit and Loss Statement:
The balance sheet can be seen as the snapshot of the organization’s assets and liabilities at a specified point in time of the business. The information contained on the balance sheet includes the company's assets shown as the cash balances as well as the accounts receivable information as well as inventory and fixed assets (Woodruff, 2018). Other information of importance includes real estate as well as plant buildings and any other equipment if applicable. The liabilities side, about the balance sheet, is used to itemize all the if company's debts, whether short or long-term as well as the amount of equity capital (Woodruff, 2018). Below is the Forecasted Balance Sheet for Parkway Phone Lenses. LLC.
G. Financial Report
G1. Financial Projections
The financial projections are of importance to a business and can be seen as the planning device which assists management in the attempts to deal with the uncertainty of the future relative to the business while also relying specifically on the data from the past as well as the present while also making an analysis of the business trends (Riley Panko, 2019). Parkway Phone Lenses, LLC began by forecasting the finances by projecting expenses as well as expected expenses relative to the future. The needed information can be seen in the financial data that has already been included in this business plan; as well as the viewing of all appendices. The forecasting has also involved some guesswork as the business is new and just starting. The guesswork has been backed by the SWOT analysis as well as research performed on the different cell companies relative to the selling of cell phone accessories. Information gathered from the questionnaire also revealed that 95% of respondents revealed a great interest in purchasing the attachable phone lens enabling them to take pictures effectively with their phones versus needing to purchase an additional camera to take more professional looking photographs. The forecasting process has enabled the owners to be aware of what is needed for the success of the business. Shown below are the project sales forecast for US sales.
G2. Financial Position
In order to obtain a better understanding of the financial position of the organization, there is the need to understand the value of the company especially if investors are involved as they will desire to know the financial position of the business. At this time, the only investor is the owner himself, who has invested $550,000 to provide the business start up cash. There is the need to know the current assets and liabilities of the business which involve such things as the real investment of the precious capital as many organization attempt to minimize the value of the stock for a level of sales or to maximize the level of the sales for the level of inventory (McClure, 2019). Because the company does not have the burden of a large loan for startup, it has been able to operate well and generate a profit more quickly. More specifically, the forecasted sales for year 1 total $13,863,300, with the balance sheet showing it having a retained earning of at the end of the year of $9,689,267.
The current liabilities concern the obligations that the organization has to pay over the first year of business which includes the existing as well as accrued obligations to any of the suppliers as well as employees and the tax office as well as the providers of short-term finance (McClure, 2019). This company is self-financed, by the owner, so there are no long-term liabilities, only investment liabilities, and reinvestment into the brand. The organization will manage cash flow, ensuring that the funds are available to meet the short-term liabilities once these funds become due. Parkway’s financial position reveals the company’s general well-being with a financial analysis of the company's financial statements. The owners have a strong financial position as they have saved the needed finances for starting the business and will provide 100% of the financing for the business.
G3. Estimated Capital/Investment Needs:
The company’s initial and future estimated capital/investment needs are estimated to be $550K. The owners wanted to ensure that the business would be solvent its first year without having to be concerned about investors or bank loans having to deal with interest. Thus, they have saved, and will invest, the full start-up cost. The owners have also made suitable investments over the past five years has more than $750K in reserve if needed, however this will not be included as an asset at this time, and will be offered to the business as a loan, only if it becomes necessary. Much research has been performed for this business with Joseph Parkway holding the patent for the attachable phone lenses. This is of importance as the business is starting without the need to please anyone other than the customers and the employees, which gives the owners the advantage when viewing the starting of a new company.
H. Conclusion
The information contained in this business plan is detailed, revealing each step of the plans for the opening of Parkway Phone Lenses, LLC. The executive summary, as well as the information concerning the company and history of the product, has been discussed. The market analysis and marketing strategy have been well planned with a successful implementation strategy as well as monitoring of the implementation. The financial section has revealed all pertinent financial information.
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