NAME: Sadia Afrin Khan
ID NO: 18-36732-1
Business Plan for BD tech in Bangladesh
Business Name: BD tech
Introduction
The business plan is basically designed to establish a new company as an
entrepreneur. In this regard, it is required that a detailed business proposal plan is made
to analyze the possibility in upcoming future. Hence, company plan can be defined as a
proper outline of vision undertaken by businessman followed by narration of operations
and strategies that are to be taken to complete the venture.
Thus, creation of a detailed business plan helps to offset the cost factors. It thus
enables the owners and managers of company to give a thought about industry broadly.
It also helps to discuss the business objectives to employees and lays path for future
decision making.
Moreover, it is beneficial if an entrepreneur accepts the making of business plan as
there is a requirement to take advices from professionals, consultants and others to
achieve success.
The process helps in considering all the opportunities and risk that are associated with
the business proposal which provides a guideline for fruitful decision making. A good
business suggestion also aids in process of good investment making. Thus the present
scheme has been drafted for BD Tech courier services who wish to start its operations
in Bangladesh.
Business Slogan
The vision statement of BD Tech is as follows: “BD Tech intends to become the first
choice for circuit board manufacturer among the business as well as individual
customers and corporate customers providing our product as dependable and reliable
way.”
Mission of BD Tech is to offer innovative and remarkable circuit board to the
consumers on business houses as well as e-commerce customers. Business clients will
be served by the large size business agreements both domestic and international trades
whereas the individual customers will be served domestically.
Location of the Business
Nobinagar, Saver
Product/Services to be offered
The proposed business intends to establish an innovative circuit board manufacture
company. This firm will be named as BD Tech. We produce circuit board with many
casual and different circuit boards as our client demanded. At first we produce some
board which are import from foreign country. We also produce other circuit boards for
lights, calculator, IPS, mobile phones circuit board, switch circuit board and many others
which are used in our daily life.
Forms of Business ownership
Present each member's qualifications and experience. Include board members,
investors, key employees and entrepreneurs. Layout the background of these members,
along with their characteristics, and how each of them will contribute to the success of
the business.
Determine the style of administration and how the company will be run. Layout the
policies regarding the decision making process and the chain of command. Explain the
basis on which new employees will be hired. Include the training process and any
incentive or reward programs you have implemented. A description of the company's
benefits program can also be added.
These are the people that i may contract for marketing, personnel and financial
knowledge and insight. Having advisors readily available strengthens your expertise
and knowledge base and increases my credibility as a serious business.
Budget / Source of fund:
Companies engage in financial planning activities the same as individuals and
households. Companies make plans to manage debt and utilize their profit in the most
productive manner. Savvy businesses never let cash sit idle; instead, they always put
free cash to use earning a return or investing in the company's future. Business owners
can draft their own financial plans or turn to experienced professionals to maximize the
value of financial holdings. Making plans to spend allocated profit in the most productive
way is an example of financial planning in business. Investing in government bonds to
earn capital gains with otherwise idle cash is another example of financial planning in
our business.
Marketing Mix Strategy:
Project monthly sales for my business during the first year, the Small
Business Administration advises. Make quarterly projections for my second and third
years. Besides revenue projections, factor all business expenses such as labor and
production costs. Subtract expenses from my anticipated revenue to derive annual profit
estimates. Calculating my profit will better help me determine when my company will
break even.
Include a detailed competitive analysis as part of my business-plan
marketing strategy. Order secondary research information on my competition and
industry. Secondary research information will help me determine the market share and
business strategies of key competitors. Market share is the percentage of total sales a
competitor earns in an industry. Conduct a SWOT (strengths, weaknesses,
opportunities, threats) analysis for my company. Write down strengths and weaknesses
of various competitors and compare them to my own company's strengths and
weaknesses. Look for opportunities where i can take advantage of my strengths.
Another important aspect of my business-plan marketing strategy is
personnel. Determine in advance what type of marketing employees I will need to hire.
The crux of my business-plan marketing strategy should be focused on
sales and advertising. Determine where and how to disperse my sales team.
Additionally, establish an advertising budget for my company. Decide which types of
advertising media i will use to market my products, such as direct mail or radio
advertising. Allocate a certain percentage of my budget to each specific advertising
media.
CSR Activities of the BD Tech :
Up your reputation. Let your customers and stakeholders know about your CSR
activities. That's not to say you should be smug, but don't be coy either. It's an
excellent way to boost your reputation and a cheap and effective way to
differentiate yourself from your rivals.
Reduce overheads. Allowing flexible working (thus reducing office space and
power consumption), switching to energy-efficient light bulbs and generally being
more aware of your energy usage can lead to long-term savings.
Recruit and retain talent. CSR is an excellent way to both attract and keep hold
of top talent. Your green and charitable credentials may well be the deciding factor
for a job applicant, and employees are more likely to stick with a company that
they feel aligns with their own values.
Win more business. CSR can be an integral part of your business development
strategy. And, increasingly, companies only work with other businesses that are
doing their bit.
Develop employees. Employees who volunteer or engage in a charitable project
may well learn new skills – fundraising, project management, and public speaking,
etc. that they can bring back to work.
Target Customers / Market:
Our main target customers are mechanical persons and universities students who deal
with electronics. We analyses their demand and produce our product as they want. We
also collect many new ideas from them and work with that. We have R&D section for
improve our products features.
The crux of my business-plan marketing strategy should be focused on sales and
advertising. Determine where and how to disperse my sales team. Additionally,
establish an advertising budget for my company. Decide which types of advertising
media i will use to market my products, such as direct mail or radio advertising. Allocate
a certain percentage of my budget to each specific advertising media.
HR Strategy of the BD Tech:
HR professionals should know the strategy and (at least to some
extent) be involved in its creation – A strategy will only be effective if it is clearly
communicated. Involvement in the creation of the strategy will help in the
communication and create buy-in.
Management buy-in and HR budget are critical enablers of strategy
execution – An HR strategy can never be realized in isolation. Conditions are
management buy-in, budget, skilled HR professionals, and appropriate digital
technology.
HR initiatives should be aligned with the HR strategy – The strategy is
there for a reason: it should be followed. HR practices and initiatives should follow
the strategy.
Performance incentives should be directly connected with the
execution of the strategy – The idea of contingent compensation is as old as HR
itself. People will work harder if their goals and incentives are aligned.
Strategies should be monitored and execution measured
through KPIs – Strategy will never be effective without consistent implementation
and monitoring of results. This is done through KPIs (metrics that measure strategic
goals)
Strategy is a long-term plan – A strategy is, by definition, long-term. This
doesn’t mean it isn’t subject to change. A strategy can be – and sometimes should
be – adapted to better fit the external environment.
SWOT Analysis of BD Tech
It is very essential to focus on specific strengths, weaknesses along with external
opportunities and threats from the outer circumstances so as to achieve competitive
advantage. SWOT analysis of BD Tech is given below:
Strengths:
1. Innovative business services.
2. Proper market research and planning.
3. Increase in Bangladesh exports.
4. Sound and peaceful domestic environment. 5. Sound governmental policies.
Weaknesses:
1. Highly dependent on foreign product.
2. High dependence on the growth of export in the country.
3. Sensitive to the government laws and regulations.
4. Lack of raw materials.
Threats:
1. Competition from global firms.
2. Issues related to licensing and permit.
3. Competition with national importer.
4. Require investment for startup.
Opportunities:
1. There is not any industry in our country like us.
2. Proper access to consumers.
3. Good networking with prospective clients.
4. High profit from this business.
