Spring LLC Executive Summary Choice Spring, LLC.

¶ … Spring LLC Executive Summary

Choice Spring, LLC.

The current project is one where the launch of an independent and community-based financial organization will be launched within the community of Towson, Maryland. The company will offer such services as health and life insurance, commercial policies for business needs, rental and home insurance, planning and preparing for 401(k), retirement, an IRAs, as well as mutual funs and stock investing services. This will be augmented with more locally tailored deliverables, which are centered around providing stellar service in a more intimate environment in comparison to the larger retail chains of financial institution that are present in Towson. The project scope will include the steps to opening the retail location and acquiring all necessary licensing and permits to operate within Towson. A number of potential risks threaten the stakeholders, both the staff and community, in these trying financial times. Yet, with the more intimate nature of Choice, LLC., the project hopes to fill a void and provide a service backed by high reputation within the community.

Project Implementation Plan

Critical Deliverables

Critical Project Deliverable

Associated Tasks

Duration of Time

Licensing and Permitting

Registering business and tax license with the city R

Registering DBA to be used with the city and state

Publishing DBA in local newspapers

1-6 months

Acquiring Rental Space

Investigating retail locations around the region

Choosing a specific location within budget

Contacting landlord and filling out rental application / credit check

Moving into desired location

1-6 months

Training and Staff Development

Listing hiring opportunities on Craigslist and in local newspapers

Gathering resumes of potential staff

Interviewing and deciding on a staff of 2-3 agents and 1-2 administrative staff

1-8 months

Marketing Campaign Development and Execution

Doing research in the field for similar marketing campaigns by competitors

Researching and profiling target demographics in the local area

Creation of marketing materials including print and online advertising materials

Gathering a database of potential local customers within the target market

Distribution of marketing materials

Finally a yearly review of marketing performance with a plan for the next 12 months

1-12 months

Costs and Timeline

Description of Activity

Timeline

Forecasted Cost

Licensing and Permitting

6 months

$190-$200

Acquiring Rental Space

6 months

$1,500-$2,500 monthly ($18,000-$30,000 annually after acquisition)

Training and Staff Development

8 months

Hourly wages and salary stipends depending on positions

Marketing Campaign Development and Execution

12 months

$1,000

Procurement Management Plan

Item/Service

Justification

Needed By

Retail Location

Needed to allow potential customers to come into the location to attain products and services

6 months

Office supplies: including desks, chairs, printers, and computers

To allow both agents and administrative staff to function properly within the retail space and provide the best service to the customers

6 months

Website and Online Presence

To direct local traffic online to the site and provide a breakdown of products, services, and fees for customer's research, including a Facebook page and Twitter account.

6 months

Google AdWords Account

To run online ads based on customer inputted search terms

6 months

Stakeholders' Key Roles and Responsibilities

There are two primary stakeholders within the given situational context for the project opening. First, agents have the responsibility of building strategic relationships within the community in order to facilitate a stronger launch with a greater clientele base. Here, the research suggests that "for institutions without an extensive branch network, the challenge is to establish and then maintain an engaging relationship with and by your audience" (Pichler, 2010, p 1). It is clear that as a primary stakeholder, agents must start work well before the first client walks in the door at the retail location. Attending local industry events and establishing a strong social media and online presence will include some of the responsibilities they have before the initial launch (Pichler, 2010). They have to be active in engaging the community, which is essentially one of the other major stakeholders that will be benefitting from the products and services offered by Choice Spring, LLC. The community stakeholders are in a weakened position, based on increasingly high unemployment rates and economic instability in the region and around the country (Office of Workforce Information & Performance, 2010). As such, they are in need of good financial planning and guidance, which opens up an opportunity for the project to thrive.

Project Risks, Issues, and Assumptions

Risks of opening a financial institution within the grip of a financial recession are higher than normal. Essentially, "in a financial crisis, the small fry are hit with no one to rescue them, like the thousands who are losing their homes because they can't service their mortgages, or mortgage companies who made the loans" (Khor, 2007). As such, the primary target market for this project is in many ways in a weakened position. This is a risk because it potentially limits not only the business that can be done in the region, but also the very reputation potential customers will have in regards to all investing and financial activities.