Report On Business Development Idea

Disscuss about the Business Development Idea.

 

 

Introduction

This report reflects the business idea and profitable business strategic plans which could be undertaken by business entrepreneur with a view run business effectively. There are several business options and strategic plans which will help business entrepreneur to set up new business in Australia. However, there are several internal and external factors which will be faced by business entrepreneur while introducing new business plan in Australia. In this report, financial consultancy business has been taken into consideration as a developed business idea.

Developed business plan

With the increasing ramification of economic changes and complexity of business factors, various business entrepreneurs are inclined towards using strategic planning process before starting up new business. It is evaluated that if business entrepreneur wants to start up new financial consultancy service firm then firstly, all the associated business entrepreneur on joint basis needs to evaluate all the internal and external factors such as number of startup business, small business enterprises productivity and financial measurement of market (market share, existing rivals offering and strategic plans of organizations) (Bruton, et al. 2015). The proposed financial consultancy service firm will be having financial consultancy service association private limited. This financial consultancy service association private limited will be private company with five members. It is observed that there are several organizations that are facing problems such as high financial leverage, unstructured capital structure, financial management problems and selecting particular project for their betterment of organization. Therefore, the developed value chain activities of financial consultancy service association private limited will be indulged in providing best possible financial advice and strategic plans which could be used by other companies to create value in their investment decisions (Schaper, et al. 2014).  In addition to this, services provided by financial consultancy service association private limited will include investment by investors in mutual funds, capital market and grasping fixed deposits. Furthermore, on corporate level, company will also help other small companies to take effective capital budgeting decisions (Solayman, 2013).  This process will help small organizations to evaluate the best possible investment project options that will help them to create value on their investment. It is considered that financial consultancy service association private limited has to implement systematic strategic plan to evaluate the all the internal and external factors of financial market. However, the main problem which would be faced by financial consultancy service association private limited in providing consultancy services to clients would be related to marketing of its company brand image and increasing overall market share (Henreksonx & Sanandaji, 2014). It is considered that clients in Australia are more inclined towards established financial advisors. Therefore, financial consultancy service association private limited needs to establish effective marketing strategies to run its business effectively in Australian market. It could be done by implementing cyber computing enterprises resources planning. It could be inferred that after adoption of this level of cyber computing enterprises resources planning by financial consultancy service association private limited will help organizations to collect data through online monkey survey (Najmaei & Sadeghinejad, 2017). This collected data could be used by company to catch up with new clients or fixing meeting in formal ways. In addition to this, cyber computing enterprises resources planning will also reduce the overall complexity and cumbersome communication process in effective manner. This level of technical adoption and strategic planning by the board of directors of company will surely result to providing unique level of financial services and advice for clients. However, company could by injecting more capital in its private funds can grant persons loans or corporate loans to its trust worthy clients. Nonetheless, this loan providing services could be done only when company alters its MOA and AOA by adding financial services in its ancillary object (Reimers, 2013).

Structured program of incorporating Fast fit city business

Promoters of the company will have to invest AUD$ 100K to start up new business.  This cost will be used to install cyber computing enterprises resources planning and structured program of financial consultancy service association private limited (AUDRETSCH, 2014). This company would invest AUD$ 50 K in installation of cyber computing enterprises resources planning and rest of the amount will be undertaken for other structured value chain activities of financial consultancy service association private limited.  In addition to this, if after implementing business functioning of providing financial consultancy services in market, financial consultancy service association private limited observe need to enter into strategic alliance then it will inject more money to pay consideration to other target organization for the betterment of established business (Brigham, & Ehrhardt, 2013).

Creating core competency in providing consultation on financial services

It is considered that providing financial consultancy services to organization in the market will not end the vision of company. However, company needs to undertake various activities such as hiring financial advisors, collecting data from the market, advertisement and conducting conference for financial services awareness. Furthermore, company needs to establish its brand image in the market with a view to create core competency in providing financial services (Jeston & Nelis, 2014).  It is observed that if company could provide unique financial services such as securitization, reducing cost of capital or capital budgeting decisions then it will not only increase the overall turnover of company but also result to create core competency in financial consultancy services in market. Financial consultancy service association private limited needs to hire professional financial experts who have wide level of international financial knowledge and well versed with the financial analysis tools. These experts will give consultation to small organizations to reduce their overall cost of capital, mitigating problems associated with financial leverage, maintaining the unstructured capital structure, financial management problems and selecting particular project for their betterment of organization (AUDRETSCH, 2014).

Now in the end, it could be inferred that proper level of strategic planning and hiring of financial experts are the key pillar for the business success of financial consultancy service association private limited. There are several organizations in the Australia that have been facing high cost of capital and financial leverage problem due to less effective financial management. If company wants to tap needy clients then it should implement effective online marketing strategies through its online cyber computing enterprise resource planning.

References

AUDRETSCH, D. B. (2014). Small Business and Entrepreneurship: The Emergence of a Scholarly Field. 20 years of Entrepreneurship Research, 49.

Brigham, E. F., & Ehrhardt, M. C. (2013). Financial management: Theory & practice. Cengage Learning.

Bruton, G., Khavul, S., Siegel, D., & Wright, M. (2015). New financial alternatives in seeding entrepreneurship: Microfinance, crowdfunding, and peer?to?peer innovations. Entrepreneurship Theory and Practice, 39(1), 9-26.

Henrekson, M., & Sanandaji, T. (2014). Small business activity does not measure entrepreneurship. Proceedings of the National Academy of Sciences, 111(5), 1760-1765.

Jeston, J., & Nelis, J. (2014). Business process management. Routledge.

Najmaei, A. & Sadeghinejad, Z., (2017). Designing Business Models for Creating and Capturing Shared Value: An Activity-System Perspective. Entrepreneurship: Concepts, Methodologies, Tools, and Applications: Concepts, Methodologies, Tools, and Applications, p.335.

Reimers, J. L. (2013). Financial Accounting: Pearson New International Edition: A Business Process Approach. Pearson Higher Ed.

Schaper, M. T., Volery, T., Weber, P. C., & Gibson, B. (2014). Entrepreneurship and small business.

Solayman, M. M. (2013). Strategic Performance Measurement Guidelines And Framework To Merge Balanced Scorecards And Business Intelligence Techniques. Asian Journal Of Computer Science & Information Technology,3(10).