Business Development Business Plan Example

Business Development Business Plan

Botswana has an increasing number of entrepreneurs and competition among existing companies, which creates a higher demand for market information and services. Companies need market research and information to stay ahead of their competitors.

Solution

Palms and Bonds, based in Botswana, offers the expertise that proactive-oriented and market-opportunity seeking companies need for developing and entering new product distribution and market segments in new markets. We provide necessary business and training services to the business community and the public. These include marketing research, market research reports, consulting, business and marketing plans, high-level consulting, and company registration. We also offer workshops and seminars on sales and marketing, as well as in-house training.

Market

Our intended market recognizes the difference between poor quality and high-quality business consultancy services. This trend presents an important opportunity for us. More people now appreciate the importance of comprehensive and concise market and business plans. Another trend is the preference for specialized and focused consultants instead of in-house resources, which creates a demand for outsourced services with variable costs.

Competition

In Gaborone, many companies classify themselves as "business consultants." However, most of these companies are bookkeeping and secretarial services providers. While there are some companies that offer similar services to ours, none specialize in market/marketing research. Our main competitors are:

Why Us?

Palms and Bonds offers reliable, quality information and proposals for business development, market development, and channel development. We provide a high level of practical experience, know-how, contacts, and confidentiality. Working with us is a more professional and less risky way to develop new areas compared to doing everything in-house. We charge competitive and realistic prices for our services, delivering even higher value to our clients. Initially, we will focus on developing the local market clientele.

Expectations

Forecast

Annual sales projections for three years are included in the table below. As we become established and known in the market, we expect sales to increase at a faster rate than the initial year.

Financial projections are in Botswanan Pula (P).

Financial Highlights by Year

Financing Needed

The co-founders will each contribute $35,000, for a total investment of $70,000. Start-up capital and expenses, including legal costs, logo design, stationery, and related expenses, came to approximately $49,000. Additional start-up assets required and utilized included personal computers, vehicles, office furniture, and other office equipment, amounting to an additional $20,000.

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Opportunity

Problem & Solution

Problem Worth Solving

The increase in the number of entrepreneurs and competition among existing companies creates an opportunity for increased demand for market information and services. Businesses need these to stay ahead of the competition.

Our Solution

Palms and Bonds’ success lies in effective market segmentation, identification of niche markets, and implementation strategies. We will employ personal selling and direct marketing strategies to target markets, focusing on maintaining relationships with investment and finance bodies for major clients and word-of-mouth for individual investors. Our key success factors include:

  1. Excellence in fulfilling the promise: completely confidential, reliable, trustworthy expertise and information. This requires the use of the latest technology and software.
  2. Uncompromising commitment to the quality of work: providing quality data, information, and solutions.
  3. Developing visibility to generate new business leads.
  4. Leveraging expertise into multiple revenue generation opportunities: retainer consulting, project consulting, market research, and published reports.
  5. Successful niche marketing by targeting quality-conscious customers through aggressive marketing.
  6. Timeous response to client orders: continual communication with clients to avoid delays.
  7. Strategic marketing to stay ahead of competitors and market trends.
  8. Entrepreneurial Flair: keeping abreast of new trends and competitors.

Target Market

Market Size & Segments

Market Segmentation

Palms and Bonds will focus on local businesses and foreign investors looking to invest in the country. Our target customers are small, medium, and large-sized companies seeking a total service and quality work.

Foreign investors are an important group of potential customers who want a feel and understanding of the local markets and opportunities. They value quality information and are cautious about risking their company’s name and reputation.

Large corporations looking to penetrate new or existing markets will also be an important market segment. Medium-sized growth companies in rapidly expanding markets can benefit from our development services. Small-sized companies seeking new market opportunities and prior research to identify suitable markets are also part of our target market.

The most likely types of businesses that require our services include:

  • New businesses seeking investment or start-up capital
  • New firms looking to invest in the country
  • Existing companies expanding or introducing new products/services

Target Market

Our marketing strategy focuses on reaching the right target customers with the right information. We will price our services in consideration of people’s budgets and ensure they are aware of our service and where to find it. Our marketing will convey a sense of quality in every promotion and publication. Building relationships with investment bodies, attorneys, accountants, and financial institutions will support our business with referrals. Commercial loan officers express a need for professional firms like us to assist their clients with market research and comprehensive business and marketing plans.

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Competition

Current Alternatives

Many companies in Gaborone classify themselves as "business consultants," but they are primarily bookkeeping and secretarial services providers. While some companies offer services similar to ours, none specialize in market/marketing research. Our main competitors are:

The high-level prestige management consulting firms

Strengths: Prime locations managed by owner-partners with a high level of presentation and understanding of general business. Enviable reputations make them an easy choice for managers, despite their high prices.

Weaknesses: Lack of specific market, channel, and distribution expertise. Their fees are extremely expensive, and work is typically done by junior-level consultants.

General Business Consultancy firms

Strengths: Expertise in certain functional areas, particularly bookkeeping.

Weaknesses: Inability to provide comprehensive marketing and market research expertise beyond their specific focus.

No consulting at all

Strengths: No incremental costs except travel. Work is done by those who will implement it.

Weaknesses: Overburdened managers unable to allocate resources to incremental opportunities. There is additional risk in in-house market and channel development. Retainer-based consultants can enhance a company’s reach and extend its position.

Attorneys and Accounting firms

Strengths: Sound accounting or legal advice and services.

Weaknesses: Lack of comprehensive and effective business plan writing. Little to no market research is often undertaken.

Our Advantages

We have identified competition from companies that satisfy the same client needs as us. Our advantage lies in differentiating ourselves from these businesses. Our competition comes in several forms:

  1. No market research consulting: companies choosing to do research, business development, and channel development in-house. Their managers are already overloaded with responsibilities, making it difficult for them to focus on new market development. Palms and Bonds can confidentially approach alliances, investment bodies, and channels, providing valuable information and making initial contacts.
  2. The high-level prestige management consulting firms: generalists who offer their name-brand management consulting in specialty areas. They lack the specific market, channel, and distribution expertise that Palms and Bonds offers. They also have a management structure that relies on junior-level consultants.
  3. Trading and Investment bodies: formidable competitors in terms of published market research and market forums. However, they cannot provide the high-level customized consulting that Palms and Bonds offers.
  4. General business consultancy firms that provide business plans for organizations.
  5. "Fly-by-night" business consultants that offer below-par services with no qualified personnel.

Keys to Success

Keys to Success

The keys to Palms and Bonds’ success lie in effective market segmentation, identification of niche markets, and implementation strategies. We will employ personal selling and direct marketing to target markets. Our key success factors include:

  1. Excellence in fulfilling the promise: completely confidential, reliable, trustworthy expertise and information. This requires the use of the latest technology and software.
  2. Uncompromising commitment to the quality of work: providing quality data, information, and solutions.
  3. Developing visibility to generate new business leads.
  4. Leveraging expertise into multiple revenue generation opportunities: retainer consulting, project consulting, market research, and published reports.
  5. Successful niche marketing by targeting quality-conscious customers through aggressive marketing.
  6. Timeous response to client orders: continual communication with clients to avoid delays.
  7. Strategic marketing to stay ahead of competitors and market trends.
  8. Entrepreneurial Flair: keeping abreast of new trends and competitors.
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Execution

Marketing & Sales

Marketing Plan

Our strategy focuses on differentiating ourselves from competitors by selling our company as a differentiated strategic ally, not just our services. We offer reasonable and competitive prices compared to the market. Our marketing emphasizes the benefits of proper planning, quality information, and the identification of opportunities. We sell access to market knowledge and quality. Our advertising, delivery, and collateral materials will reflect this quality. Building relationships, informing customers about our services, and exceeding their expectations are key elements of our service marketing strategy. Additionally, we will serve other clients requiring services such as company registration and trading licenses.

Sales Plan

Palms and Bonds will offer competitive prices that align with the market. Our income structure will match our cost structure to ensure balanced fees that cover salaries/consulting fees and secure a gross profit margin of at least 50%. Prices will be extremely competitive overall, and differentiated based on the target market segment. Project consulting, market research, and retainer consulting will be priced per hour per project. Market research reports will be competitively priced, requiring thorough planning and focusing on important topics.

Operations

Technology

Palms and Bonds will utilize the latest market research software and Windows capabilities, including:

  1. Email facilities for direct communication with clients.
  2. Presentation facilities for multimedia presentations.
  3. Desktop publishing facilities for delivering reports and marketing materials.

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