Business Plan relating to the Sales of a new Financial Divorce Software.
Business Plan relating to the Sales of a new Financial Divorce Software
Keys to Success
Legal Form of Ownership
Location and Facilities
Products and Service
Ps of Marketing
Financial Statements and Projections
Revenue and Cost Estimate
Forecasted Profit and Loss Statement
Forecasted Balance Sheet
Financial planning is involved in every aspect of life. Individuals and businesses have to formulate their daily, monthly, and yearly budgets in order to achieve a balance between their incomes and expenditures. Among other matters, divorce is also a critical issue in individuals' lives. In addition to family conflicts and break-ups, divorce also brings serious financial problems for both the parties (Women Advisors Forum, 2011). Therefore, it is very important to have advice from financial planners and analysts on matters related to divorce; including husband's income and expenditures, wife's incomes and expenditures, financial affidavits, marital and separate property calculation, assessment, and division, children support and custody, filing status, net worth statements, and the like (Association of Divorce Financial Planners, 2012).
In this modern era of rapid technological advancements, software companies are developing applications, programs, and software to meet the requirements of all types of individual and corporate clients. Financial divorce software is one of the latest developments in the field of Family Law. This software provides all kinds of assessment, analysis, and planning on different divorce matters to the specialized financial divorce planners and family law attorneys. At present, a number of financial divorce software are being offered by different companies which provide every type of planning and analysis options to their users. However, none of them is web-based.
A1: Business Identification:
The CleanDivision Company has developed its financial divorce software with an extra feature of web-connectivity. Before its launch to the potential target customers, the company has to formulate a full fledge business plan for this software. This report presents a complete business plan for the CleanDivision Financial Divorce Software which is to be offered to the potential customers in the United States and Canada. The report starts with an ample introduction to the Company; its mission and strategic objectives, history of the industry, legal form of ownership of the company, location and facilities, management structure, and major product offerings. The Market Analysis section describes the segment of the industry which the company intends to target for its financial divorce software, the current situation and conditions of the financial divorce industry, and the intensity of competition which the company will experience in this industry.
The next section of the report, Marketing Strategies discusses the major business development and promotional strategies which the company will implement to increase its awareness among potential customers and sales volume of its CleanDivision financial divorce software. These strategies include 4 Ps of marketing, pricing list, selling strategies, and sales forecast for the initial one to three years period. The 'Implementation Strategy' section gives an overview of the company's procedures of ensuring a successful implementation of its software. Finally, the 'Financial Statements and Projections' section gives a detailed analysis of the projected financial performance of the company after the successful launch of its software product.
A2: Mission, Goals and Objectives:
The Mission of CleanDivision behind developing advanced financial divorce software is to assist the general customers of divorce cases and the family law attorneys, financial divorce planners, and other law professionals who deal these customers. The strategic objective of the firm is to establish its presence as a supreme quality software provider in the entire United States and Canadian market. The firm also aims to establish strong business relationships with its customers, suppliers, distribution agencies, business development firms, governmental agencies and regulatory bodies, and all other key stakeholders on the basis of strong business ethics, principles, and practices.
A3: Keys to Success:
a. Perceived usefulness of the software:
For CleanDivision financial divorce software, the key success factors can be determined on the basis of its growth potential in the market and acceptability among its customers. The most important success factor is the perceived usefulness among the potential customers. For example, the well-established and well-off family law attorneys and financial divorce planners will definitely need such software which can assist them in dealing with their divorce customers in a more efficient and effective manner (Women Advisors Forum, 2011). Similarly, the general public who passes through divorce cases will prefer those family law attorneys and financial divorce planners who have implemented some reliable and efficient divorce calculator and analysis software.
b. Pricing of the software:
The second most important success factor for the CleanDivision Financial Divorce software is its price and maintenance cost for the customers. If CleanDivision will set a reasonable price for its software, it will be able to target a larger customer segment (Association of Divorce Financial Planners, 2012). Conversely, if it will charge a high price for the software, only well-off and established businesses and professionals will buy it (Cadle, Paul, & Yeates, 2010).
c. Software features and functions:
Another success factor for the software is its features which distinguish it from other similar software. CleanDivision Financial Divorce Software comes up with an extensive range of advanced features and functions. The web connectivity feature will act as the strongest competitive advantage for the software. This feature will greatly contribute in ensuring a high level of acceptability of the software among its potential customers and competing with the existing competitor products.
B. Company Summary
B1: Industry History:
Financial Divorce Planning industry has always been among the most mature service industries of the world. There is always a steady inflow and outflow of industry participants. Old and established businesses keep on leaving the industry while the number of new entrants is on a growing pace (Women Advisors Forum, 2011). In such type of industry conditions, CleanDivision will try to penetrate the industry with its highly advanced web-based financial divorce software. Although the industry has gone mature, the businesses operating in this industry are making attractive returns due to the increasing number of divorce clients in the country.
Anticipating an attractive market for web-based business software, CleanDivision will offer its financial divorce software to a large number of customers throughout the United States and Canada. The company's customers will be the financial divorce planners and analysts, family law attorneys, and divorce law professionals (Women Advisors Forum, 2011). The company will try to penetrate as a first mover in industry segment of web-based financial divorce software.
B2: Legal Form of Ownership:
The CleanDivision Company is established as a partnership firm. The partners of the firm are Michael Kothakota who hold 51% shares and Mike Programmer with 49% shares.
A partnership deed is signed between both these partners that contain all the legal aspects of this business; including name, address, and other particulars of the partners, unlimited liability, number of shares held, capital invested by each partner, and the rights and responsibilities in the normal and special course of business. CleanDivision is an unlimited liability partnership business where each of the partners will be responsible to fulfill the obligations of the firm with his invested capital as well as from his personal assets. In the future when the business will strengthen its position in the industry as a successful business, the partners will transform this partnership into a joint stock company by making its shares available for sale to the potential investors from the local and international markets. This transformation may also change the entire ownership status and management structure of the firm.
B3: Location and Facilities:
The CleanDivision Financial Divorce Software will be initially developed for the Divorce Law and Finance professionals from the United States and Canada. In the first year of the launch of this software, CleanDivision will target only the well-established businesses in the most urbanized areas of the U.S. And Canadian region. With the passage of time, it will expand its target market and offer its software in other potential geographical locations. The company will also have to keeps its business processes and product offerings in align with the local Laws and Regulations on financial software development (Association of Divorce Financial Planners, 2012). For example, the owners will have to register their business incarnation as a partnership firm with the Registrar of Firms in the United States and Canada.
Secondly, they will have to keep in mind the business ethics and quality standards while designing their marketing and promotional strategies and offering the software to the ultimate customers. In the future when the company will have established its brand image in the United States and Canadian region, it will expand its operations into other countries.…