The purpose of this business plan is to identify how the financial services firm we are opening will be able to address the specific needs of customers. In this chapter we will focus on select aspects of the business itself including: business identification, the mission / goals / objectives and the keys to success. Once this takes place, it will provide us with specific insights about the company and how it will be established.
Evidence of the growing demand for these kinds of services can be seen by looking no further than, the total number of bookkeepers that are will be required in the next ten years. As, this is expected to increase by: 10% during this time with industry adding over 200 jobs. ("Occupational Handbook," 2011) This is significant, because it is illustrating how there is a shortage within the sector for these kinds of services well into the future. For DC Bookkeeping Services, this is presenting us with the opportunity to take advantages of: this growing demand and address these needs well into the future. The purpose of this business plan is to illustrate how the company has the potential to address the needs of: businesses, nonprofits and individuals. At the same time, we will highlight how the approach that we are taking to grow the corporation over the long-term is financially prudent. When you put these different elements together, they will demonstrate how the strategy that we are taking is economically sound. This is the point that it will be clear to everyone about how successful the company can be in future by following these basic principles.
Mission, Goals and Objectives
The basic mission of the firm is to provide customers with superior services and competitive prices. As a result, DC Bookkeeping Services will be focused on achieving a number of different objectives. Below are the various goals and objectives that we will be focused on.
To provide the community with bookkeeping services that will address the needs of: businesses, nonprofits, governments and individuals.
To offer all clients specialized services that will address their needs.
To ensure that the fees charged for our services are competitive in comparison with everyone else.
Keys to Success
The keys to success of the organization will depend upon a number of different factors. The most notable include: offering competitive fees in comparison with similar services in the area / industry, providing superior customer service and working with clients to create a customizable solution that will address their specific needs. These different elements are important, because the combination of them will allow the company to build its brand name and image. Over the course of time, this will allow us to stand out in the minds of customers and to create a level of professionalism that will be unmatched by competitors. Once this takes place, we will be offering a unique product that will address the specific needs of competitors.
Chapter 2: Company Summary
In this chapter, we will be discussing how the origins of the industry and how the business will be established. This will be accomplished by looking at a number of different variables including: the history, legal forms of ownership, the location / facilities, the management structure and the products / services that are being offered. Once this takes place, it will provide everyone with a basic overview of DC Bookkeeping Services.
2.1: Industry History
From the earliest times in recorded history, bookkeeping has played an important part in helping a variety of organizations to be able to keep track of a host of financial transactions. As, this dates back as far as 8000 B.C. when bookkeeping was utilized in the City of Jericho to keep track of the properties owned by various kings. Once trade began to increase, is when the field began to expand, with bookkeepers playing a major role in helping a variety of organizations to stay on top of their transactions. Over the course of time, scientific advancements meant that bookkeepers played a vital part is helping to ensure that they were able to provide new methods of analyzing and understanding the underlying profits for: individuals, government, businesses and nonprofits. Where, everyone from the ancient Egyptians to the Romans demanded that these kinds of services are being utilized, as a critical element of their strategy in monitoring the success of their organization. (Campbell, 2010)
During the Renaissance period, the field began to shift with use of the decimal system in Venice and other hotbeds of commerce. At which point, many of the different European countries accepted the various techniques that were being utilized as an effective way of evaluating their underlying entities and how successful they were at maintaining their profit margins. This meant that a basic ledger was created, that highlighted the expenses and profit margins of an organization.
During the modern age, these basic principals have been applied to the way an entity is functioning by: using various computer spread sheets in the place of traditional hand written ledgers. However, the basic concepts that are utilized to analyze the underlying financial condition have remained consistent throughout the course of time. At the same time, globalization has meant that bookkeepers and the services they are offering are playing a significant role in helping to keep everyone on top their overall financial situation. As a result, these different elements are significant, because they are illustrating how the bookkeeping business that we are opening will be able to provide services that will continually remain in demand. This is regardless of changes that take place in the economy or shifts that occur based upon transformations in technology. (Ferguson, 2010, pp. 23 -- 29)
2.2: Legal Form of Ownership
The legal form of entity that will be selected for the business is a corporation. This is when a separate legal unit has been established. It will allow us to keep: the salaries and costs of the business separate. At the same time, we have the ability to possibly sell a percentage of the company to shareholders in the future. They can provide us with additional working capital that can be used to help the firm grow. A few other advantages that this form of ownership is offering include: an unlimited lifecycle, it is easy to set up, there is some form of legal protection against creditors and the management can remain in place if the business is sold at some point in the future. These different elements are important, because they are showing how establishing the firm as a corporation will offer us significant advantages. As, they will help us to: establish a way of allowing the company to grow well into the future and lower any kind liabilities as much as possible. ("Corporations," 2011)
2.3: Location and Facilities
The geographic location where DC Bookkeeping Services will be located is Newberry, Florida. This is a community that has a population of 3,360 people that is located in North -- Central Florida. The reason why this location was chosen is because it is located approximately 20 miles from Gainesville. At the same time, it is strategically situated in close proximity to Jacksonville. While, being within a few hours drive from a number of major urban areas including: Miami, Orlando and Atlanta. These elements are important, because the city is an ideal location for the company given its low cost structure. This means that we can market our services to clients in these different areas for a fraction of the cost of traditional bookkeeping services. Over the course of time, this will help to increase our overall bottom line results and it will allow us to attract a large client base. ("Newberry," 2011)
When it comes to different regulators issues, there are the requirements for the State of Florida to include: developing internal agreements, filing with the state, protecting our trademark and in the hiring of employees. As far as developing internal agreements, this is when you are drafting specific accords that will outline what each person owns of the business and the overall goals of the corporation. Filing with the state is when you are letting them know that we will be establishing a corporation and paying all of the various fees / taxes. Protecting the trademark is when we are registering the name DC Bookkeeping Services, so that it cannot be used by anyone else in the future. The hiring of employees is when we will have to file and pay various forms of taxes / compensation for numerous laws that are in place such as: Workman's Compensation. These different elements are important, because they are illustrating the various state regulations that are relevant to the business that we are opening. ("Florida's Business Start Checklist," 2011)
As far as the county is concerned, there are a few different laws that we must follow to include: registering the business and paying the corporate taxes. Registering the business is when we…