Development of a Business Plan

Action plan

The action plan of WorkChairs is to sell niche products that will solve the ergonomic health problems of our customers. By adapting to the needs of the market that mostly consists of more and more people spending hours in front of their computers daily WorkChairs will continue to use traditional local marketing and sales technique to create a loyal customer base.

While keeping up with the trends, WorkChairs will develop a website that doubles up as online store and an educational source about the benefits of our product. The financial plan of WorkChairs is a conservative one that operates on low payroll low expense and a conservative forecast. The objective of WorkChairs is to not compete with the market, but to create their own niche by providing our customers with maximum benefit at low cost and excellent quality products.

The plan of action includes building a loyal customer base at a slow pace and retaining them while keeping the organisational expenditure low and manageable. The creation of best quality products is imperative but the action plan involves an organic pace. With this plan, WorkChairs aims to become the market leader of ergonomic products where we help in improving the lives of our customers.

Business Goals

The business goals of WorkChairs are mostly aligned towards the creation of separate brand name from that of its competitors.

  • WorkChairs wishes to grow it customer base in the coming 6 months and become profitable.
  • By building on its local and online sales strategy to create a loyal customer base.
  • Development of ergonomical educational resources online for the benefit of all the visitors of our website.
  • Allocation of budget for implementation of business plans with special emphasis on advertising and online marketing.
  • Expectation of positive cash balance at all times with the implementation of a conservative business strategy

Competitor Analysis

The most important aspect of competing in the furniture market is the assessment of the need of the hour. WorkChair has recognized the need for a chair that helps our customers ad understands their needs. the competitors in this market have complex solutions for problems that arise out of sitting at the computers for too long. If they do have a solution then it is expensive. At Workchair we understand that we simply cannot compete with the likes of Ikea, WayFair, Manchester wood. The only solution to this is a conservative financial plan that lets us keep our prices low without going into losses. The development of an ergonomical educational source will also set us apart from our competitors so as to create a nice consumer base that is aware of the work we are putting in nurturing these relationships and providing superior customer care services we can ensure a solid base in the already growing field of ergonomical furniture.

Financing Arrangements

The fiscally conservative plan of that includes the salaries of the three employees of WorkChairs as well as the operating costs ensure that the company will always have a sizeable cash balance with very low risks in business. The estimates for increase in net growth point towards the second half of next year. The next three months will have a net negative cash flow after which the estimates show positive cash flow. At the current levels of economy and the given interest rates, the prediction of the financial plans of WorkChairs should hold true in the coming year.

Personnel Requirements

As is the case with any growing start-up, the personnel requirements (local salesperson) of the company will increase once the company starts growing in profits in the next financial year. Until then the team of three employees will have different salary plans as they are the proprietors too. Jake and Rita Wilson will put in the investment amount while not taking any salary until the coming financial year until the profits jump up. Their son, Peter Wilson who is also an employee will be taking a modest salary for his contributions.

Both Jake and Rita have over 30 years of experience in the furniture industry and understand the growing market well enough to know the advantages of classic local marketing strategies. Their son, Peter can assume the responsibility of setting the company website and focus on the marketing and implementation strategies’ so as to create more awareness and publicity about their product on the internet.

Marketing Approach

The Marketing approach or strategy of WorkChair is pretty simple where they focus on :

  • Creation of a niche customer base that associates Work Chairs with affordability and Quality.
  • Creation of an ergonomically educational source through a website so as to educate people about the ways in which they can help themselves in their extremely busy life. This is adding value.
  • Incorporation of two different sales channels- local and online so as to break even within the next financial year.
  • Provision of superior customer service so as to penetrate the ever-growing competitive market through our customised and personalised approach that is expansive yet fiscally conservative.
  • Online marketing strategy that includes pay per click advertising and paid inclusion on search engine directories.
  • Local marketing strategies include listing on the yellow pages and cold calling to create awareness about the product and the company.

Product Analysis

 At WorkChairs , the products that are created are usually hard to find in local furniture stores due to their specificity in functionality. Some of the products are :

  • Chairs –

These are built according to the market needs of today wherein more and more people are developing a back problem due to the sitting at desks all day. These ergonomical chairs are built in a way to support the back and correct posture. Hip leg, neck, shoulder, arm and wrist problems are also tended to with the help of this chair.

  • Workstations –

These are the workstations are specifically designed to be ergonomically correct for the posture of the individual.

  • Computer Accessories –

Glare screens, improved keyboard trays, revamped wrist rests monitor supports special mice and other accessories that completely customised to understand the need of the hour in terms of comfort and correctness.

  • Document Holders -
    Copy holders to allow the head to stay looking up at eye level.
  • Foot Rests –

A unique way of posture alignment with an ergonomic chair through a proper foot rest.

  • Lighting -
    ease and customised ways of lighting that make it easier for the eyes that are under strain all day due to working.
  • Back/Arm/Wrist Supports -
    improved furniture setting that aid the customer and provide them comfort and relief while being sedentary all day.
  • Headsets/Microphones - For phone-related problems.

Strengths and Weaknesses of the Business Plan

The business plan is extremely conservative which make sit possible for the business to have positive cash flows but the slow growth rate may prove to be detrimental in case of a change in market conditions. With a net profit that is already so low the company might find it difficult to stay afloat for long.

The positive aspect of the business plan is the presence of high quality customer service and actual attention to detail which can help them penetrate the market and procure a faithful consumer base.

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