Sim Venture Business Planning and Developement Essay

1760 Words Nov 20th, 2010 8 Pages
In hypothetical terms, the firm was bound to go into losses in the first few months of establishment. The objective we had prioritised was to establish the company quickly with minimal losses, which then could be easily recovered over a short time period.
We firstly did the essential market research. This would give us a market audit, allowing us to precisely plan both short-term and long-term strategies, ensuring that we don’t have any confusion and see exactly what our goal is. Along with the research, we decided to build a premium website. This was our first step into advertising, organising and brought up a channel of communication between stakeholders and us.
Our next step was competition research. This should us what we were up
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MICROVAULT is only a half way to be a successful limited company. We already make profits and grow our reputation. Our current profit margin is 33% and we will try to increase it by 10-15%, which make it go up to about 40-45%. Every month we are getting new orders and enquire therefore we need to focus on recruiting new employees. Our company will buy products in large quantities, which will gave us a bulk discount, and we will be able to save money. Recruiting new workers might be a quite expensive investment as it takes time, and money to recruit and train new workers. We will need a bookkeeper to keep us up to date with our losses and profits and also if we owe someone money. Our company will put more effort on competition research, product specifications and price. In the future we will try to offer more discounts, and reasonable prices. We might think of better advertisement such as calling customers or by mailing them.
In conclusion, I believe MICOVAULT is at the right position to become a successful business. Our Company need more time and money to research and recruit new workers, which leads to extra costs. We already completed the formal set up for MICROVAULT and we are ready for new opportunities. The company has many prospects for the future such as expansion of the business in many areas.
The reason why I am asking for a loan is that MICROVALT

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