Small Medium Enterprise Set Up
Mission statement
Business goals
Marketing
Market research (location and size of market)
Market segmentation (which segments will you target)
Marketing plan
Products/services and target market(s)
Placement
Promotions and advertising
Pricing policy
Evaluation of marketing
Operations
Legal and licensing requirements
Organisational structure and staffing
Insurance and security issues
Business premises
Equipment required
Production process
Critical risks/contingency plans
Financial projections
Capital expenditure forecast
Sales forecast
Cash flow forecast
Projected profit and loss statement
Owner's personal expenses (continued on next page)
Environmental responsibility and Eco-sustainability
Implementation timetable
Conclusions and future directions
Executive Summary
Business Plan Structure
The business plan will focus on establishing a new kind of insurance company in Australia called Jade Insurance. Their basic goals are to offer clients with low cost solutions, better service and more personal attention on host of products. This will be achieved through working with local and overseas carriers. The idea is to meet all of the customer's needs for coverage without dramatically increasing their overall expenses. This will reduce the negative impact on the client, their family and the community by offering them with added amounts of protection. The company will serve as a private carrier and as an intermediary from reinsurers to consumers. (Insurance Facts and Figures 2012) (Underinsurance Statistics 2013) (Anderson 2009) (Kinder 2002)
This is addressing a need, with most Australians lacking adequate insurance protection. Evidence of this can be seen with observations from Investment and Financial Services Association of Australia. They found that most people are under insured and risk the possibility of facing significant challenges from a catastrophic event. According to the report, there are a various issues impacting the public with it saying, "Australia is one of the few developed nations in the world that is highly underinsured. In fact, Australian underinsurance is being seen as a grave matter even by the Australian government as it could cost the government billions of dollars in the forthcoming years. If Australians do not have adequate insurance in place in terms of life insurance, disability insurance, health insurance, and even income protection insurance, then the financial burden that arises from a serious illness or an unfortunate accident can cause severe hardships that the average family may not be able to survive. It is estimated that at least 20% of the Australian population between the ages of 21 and 64 will suffer some unfortunate event in their lives that will leave them incapable of working. Those with dependents were under-insured by $1.37 trillion. Simply put, only 4% of our population that has children have a sufficient amount of insurance. This places them at a substantial risk in the event of an unfortunate incident or accident." These conclusion are showing how there is the need for these products and services. (Insurance Facts and Figures 2012) (Underinsurance Statistics 2013) (Anderson 2009) (Kinder 2002)
Mission Statement
Jade Insurance is focusing on offering consumers with competitively priced insurance products for a fraction of the cost of other carriers. At the same time, they will work with numerous insurance companies throughout Australia and around the world to locate the best services. This will offer clients with more protection in the areas of life, retirement, property and planning. The larger selection of choices, allows agents to locate the right solutions in achieving the customer's overall objectives. This is when the firm will transform the marketplace through providing value and better service. (Insurance Facts and Figures 2012) (Underinsurance Statistics 2013) (Anderson 2009) (Kinder 2002)
Business Goals
There are a number of goals the firm will concentrate on. This will take place over the short and longer term time frames. In the case of short-term objectives, there are several areas the company must aggressively peruse. These include:
Building a diverse client base.
Offering customers with competitive solutions.
Working with stakeholders to create win -- win scenarios for everyone.
Increasing the profit margins of the organization by at least 25%.
Adding to the total number of customers the company is serving.
Motivating employees about the long-term benefits they will receive from their affiliation with Jade Insurance.
Establishing offices in areas that will attract local cliental tell who are seeking one on one service.
Utilizing traditional and online media to build the brand image of the firm. (Insurance Facts and Figures 2012) (Underinsurance Statistics 2013) (Anderson 2009) (Kinder 2002)
While the longer term goals of the firm include:
Creating new solutions to more effectively address the needs of customers.
Building strategic...
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