BUSINESS DEVELOPMENT PLAN

Business Development Plan

Executive Summary

Accatx & Co is an accounting firm; provide three types of services in the form of Book Keeping, Tax services and Business Consultancy & advisory services. It would be based in Central London. It is going to be a sole trader business, and the management would be done by the owner. The firm is going to be registered with the UK Financial Reporting Council (FRC), and it will be affiliated with the Institute of Chartered Accountants of England and Wales (ICAEW). The initial investment required would be equal to £750,000, both owner's capital and Bank Loan (Debt) would be used to finance it.

Accatax & Co's services are dependent upon two factors, one being customer relationship and other being the fee structure. Provision of services on a personalized level would be its product differentiation and edge over its competitors. As far as the resources are concerned, Acctax & Co will be valuing its human resource the most, after which other assets take shape. Qualified and experienced employees would be hired in this regard.

Acctax & Co's growth is going to be judged in two ways, one being the number of clients developed and also through the need for extra staff. Accounting firm's success is gauged by the number of employees that they hire. As the extent of work is directly linked to the number of employees hired, but this assumption is only going to be true for accounting firms and only some service providers, it is not applicable to manufacturing businesses. Acctax & Co would need to stay as competitive and focused as possible because the UK Accounting industry offers a great deal of competition as there are no barriers to entry or exit. The Big 4 companies must always be kept under scrutiny as to what steps they are taking and they must be replicated if beneficial and applicable. But tohter than that, there are key players in the market who have a significant say on the changing market dynamics. Therefore, Acctax & Co must have product differentiation so that something unique exists and pleasing for the client's eye.

Chapter 1: Introduction6

1.1 Rationale for the business idea6

1.2 Scenario chosen7

1.3 Aims and objectives of the work7

1.4 Structure of the work7

Chapter 2: Business Concept8

2.1 Mission:9

2.2 Vision:10

2.3 Services description:10

2.4 Positioning11

2.5 Scale and growth anticipation12

Chapter 3: Feasibility study13

3.1 Market Research14

3.2 Feasibility19

3.2.1 Product/Service19

3.2.2 Industry Feasibility:21

3.2.3 Organisational Feasibility28

3.2.4 Financial Feasibility34

Project Fund Requirement35

Profit and Loss Projection35

Cash flow summary36

Investment evaluation36

3.3 Resource Requirement Evaluation37

Chapter 4: Business Model38

4.1 Strategic Analysis and Business Model38

4.2 Value Chain and SWOT40

4.2.1 Strengths40

4.2.2 Weaknesses41

4.2.3 Opportunities41

4.2.4 Threats42

4.3 Completive Advantage and sustainability42

4.3.1 Sustainable competitive advantage43

4.4 Selection of strategies for success44

4.5 Business Model45

5.1 Overall assessment of the Business Plan47

5.2 Business Plan schedule47

5.2.2 Financial plan and Projection51

5.3 Critical Success / Failure Factors52

Appendix54

References55

Business Development Report

Chapter 1: Introduction

1.1 Rationale for the business idea

The finance industry of Britain has shown great potential over the years, and it is not a coincidence that London is called the financial capital of the ...