Sim Venture Business Planning and Developement Essay
1779 Words8 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…show more content… Main body
In a past year our business came thru very hard time. At the beginning our company was reaching some losses in the first few months of establishment. By that time we knew that if we don’t come up with some good ideas our business will go bankrupt. In March 2009 our profit and loss account achieved minus 445 pounds. Our goal was to establish MICROVAULT as quickly as possible with minimal losses. We did a lot of market research, we build a premium website to communicate with stakeholders and other companies. We also came up with some discount for a short period. Step by step our company profit was going up and as we sign contract with distributors, we got orders for reasonable price. When the company was in a good ‘shape’ we forgot about 30-day credit. We have spent most of our capital therefore we owned bank quite a lot of money. Leaving us no choice we decide to apply for an overdraft, and also borrow money from friends and family. After a month our company came back on race and starts to make very big profit. Our Enquires increased and sales were at all time high. At the end of a year our profit and loss account look very promising as it reached 10615 pounds, and sales turnover reached 35404 pounds. At the end of the year where our company made some profits we did our very first promotion by publishing a trade magazine advert. It helped MICROVAULT reputation. One of the most important things we have done is we