Smart Fridge Inc. Business planExecutive summaryThis plan has been developed to present Smart Fridge Inc. to prospective investors and raise capital needed to see its expansion and also to continue research and development for the Smart Fridge. Smart Fridge Inc. is a private firm aimed at manufacturing the Smart Fridge and marketing it. The firm will manufacture and sell the Smart Fridge and also sell smart fridges from other major firms. The Smart Fridge is a luxury refrigerator that has been invented and is yet to be introduced to the market.
This proposal is designed to provide step-by-step plans for attaining sales, profits and development of this facility. Objectives Our objective is to market the invention as well as popularise it with the aim of making profits. We aim to create ease of cooking especially to the high end audience. We shall be focusing at individuals looking for an easy means to cook and shop for their families. We also aim at ensuring 100% customer satisfaction, design and sell meaningful and valuable fridges. We will be stationed in London, UK.
Location determines the trading area from which a store draws its customers and should thus be evaluated carefully (Pride & Ferrell, 2006, p. 465). RecommendationsThis is an exciting and rewarding venture. This proposal can be viewed as one that is viable and with huge future returns. The establishment will also be aimed at availing other unique, modern, superior electronics but our main focus for now will be in the Smart Fridge. This is because we are confident that in the long run, returns from this appliance will be super normal profits. Planning processThis venture preposition is set to start the business plan implementation by 2013 the month of June.
This business plan is therefore designed to estimate the financial requirements in terms of costs, identify the revenues channels and how they will be maximised as well as forecast future streams of profits. The firm’s assets will all be purchased and only the premises will be rented. The facility will be on a 500 square foot space and approximately 1 km from the city. This plan is designed to serve the purpose of setting a framework for growth of the enterprise and consumer satisfaction.
Realisation of this plan will ensure our excellent performance. ObjectivesThe managers’ main focus will be to: 1. Achieve a large market and penetrate it. 2. Educate the customer on prototypes in the market3. Create a serene environment for development of this facility. Smart Fridge Inc has a clear understanding of what is required for it to be a success. By prioritising the above three objectives the firm will with no doubt, be successful. OwnershipSmart Fridge Inc. is a private firm and majority of ownership is by its founder.
There are six other owners comprising of four investors and two employees. The above mentioned are the internal shareholders. The firm has external shareholders too. They are 3 in total. These shareholders are the sole funders of the corporation. ManagementSmart Fridge Inc. is in a start up position with the management being headed by George Daniels as the CEO. His extensive skills as an owner of many successful business ventures, qualify him as the ideal candidate for the position. He has the experience that this business requires to be a success.
Mr. George is with no doubt, an entrepreneur capable of taking this small business to greater heights. His qualifications are an asset to this firm. He will be tasked with the responsibility of increasing awareness of the fridge from its current estimated 45% percent to an estimated 80 percent to 85 percent worldwide. Under the CEO, is a team of 4 departmental managers. The four will be heads of the marketing, research and development, sales and finance departments respectively. The four qualify as they have adequate credentials for their respective positions.
Employees of the company will be evaluated according to their qualifications. Staffing will be thorough and a team of 20 employees will be selected and positioned in their respective duty positions. Employees will be allocated in the different departments. This will bring the total number of both managerial and subordinate staff to 25. The research and development department will have 4 engineers tasked with manufacturing and fridge designing. The sales and the marketing departments will have 5 employees each.