Recycling Waste Materials Business Plan
Question:
Discuss About The Evaluate Recycling Materials Business Plan?
This particular study is firmly focus on analysis of two different business plan namely Recycling Waste Materials Business Plan and Aircraft Equipment Maker Business Plan. The main aim of this report is to find out strongest components and weakest components. The relevant suggestion of to improve the selected business plans.
The business of recycling waste materials is a very coveted and popular one that has the chance of growing in the future (Panko, Sharma & Fuemana, 2014). This business will help in generating more revenue as well as keeping the nature clean. People are facing a lot of problems regarding the wastes and their proper disposition (Yoada, Chirawurah & Adongo, 2014). The business plan regarding the recycling of the wastes includes collection, recycling and proper marketing the wastes taking from the municipality waste processing plants. This is done to let the consumers use them as a consumer good. The strategy of the business plan is to meet two critical needs of the customers and people of the society at large. This can give the municipalities a cost effective and feasible alternative in the process of land filling the waste. It can also help by meeting the demands of the various types of fertilizers and organic soil enhancers. The material is the human waste sludge that will be recycled as per the business plan. The recycled waste is targeted to the nurseries, farmers, golf courses, fertilizer manufacturers, landscapers, government agencies and others.
Point 1: The first strongest point of the plan is that customers are available at both ends of the supply chain for the product to be developed. The municipalities will be benefitted from this service of the company because of the alternative means of waste disposal. Other customers who will be benefitted from this business plan are the fertilizer manufacturers, landscapers, homeowners, nurseries, turf farms, golf courses and the federal government. This will help in the achievement of the competitive advantage through the proper implementation of the plan. There are certain factors that the plan will take into consideration for gaining competitive advantage. The price of the compost product is very less than that of the chemical fertilizers. The plan provides an advantage of selling the products to the government in the HUB Zone locations. The various certifications shall give additional advantages in selling the products to the government and other customers. People will be benefitted as the wastes are recycled and new products are formed. The municipalities will be benefitted from the disposal issues and will have the waste for the landfill space (Matter et al., 2015). The service helps in recycling of the wastes and saving the valuable landfill space.
Strengths
Point 2: The second strongest point of the plan is the product and the service that will help the customers and the company as well in terms of competition. The product is very unique and helps in keeping the nature very clean. The product is able to satisfy the needs of most of the customers. There has been an increased trend of the customers to move from the traditional chemical based fertilizers to more organic one. The company will be offering the products through the process of receiving the human sludge and recycling it with the help of organic composter. The sludge will be converted into compost material that will be safe for the agricultural applications. The human waste sludge is increasing very rapidly and the recycling process will help in the reduction of the waste and create a new product that will be beneficial for different types of customers.
Point 3: Another strongest component of the plan is the proper formulation of the financial budget. The budget will help in the identification of the current available capital, anticipating the revenues and estimating the expenditures. It is regarded as a planning tool. A budget will help in identification of whether the company is doing good or not.
Point 1: One of the weakest components of the business plan is the absence of adequate market analysis about the demand of the product. Improper market analysis will lead to problems in meeting the needs of the customers.
Point 2: Another weak point of the plan is the absence of proper marketing of the products. The company is not utilizing the various marketing tools effectively. Since the product is new and many people are not aware of it, proper marketing activities need to be conducted to make them aware (Taylor, Bogdan & DeVault, 2015). The governments are also not aware about it and there can be problems in issuing of the various certificates. This will be a time consuming process and the business may take some time to start.
Point 3: Another critical weak point can be the lack of proper understanding and analysis of the strengths and weaknesses of the plan (Entwistle & Ramsden, 2015). This can have serious impacts on the business as the company will not be able to take the advantage of the strengths and take adequate measures on the weaknesses.
Brief Description of Aircraft Equipment Maker Business Plan
Weaknesses
This is a very unique business plan for any start-up companies. As per the plan, a start-up company will be making medical interior equipment for the aircraft operators as well as the hospital flight programs. The company will be designing complete, cost-effective and thoughtful medical interior solutions and take the sub-contracting of some of the manufacturing of the equipment (Blum, 2017). The business plan is formulated to accomplish four critical and significant objectives that can assist the company in increasing more profit in the business. The final objective is to fulfill the need of developing a comprehensive marketing plan as well as a promotional campaign.
The company will be targeting the aircraft operators and the hospital flight programs in the home country as well as in the international market. These are the two segments that are having the highest market potential. The company will be reaching the segments through various promotional activities like distributing leaflets, brochures, sending direct mails, advertisements in trade publications, through website and ecommerce and conducting a demo unit. The company has planned to assemble a strong management team in order to execute the business plan. It plans to leverage the competitive advantage through product innovations and price competitiveness. The first advantage is the use of aluminum frame that will help in the creation of strong and light unit (Hirsch & Al-Samman, 2013). It will be easy to assemble them. Another advantage is the built in storage device that will lead to maximization of availability of precious space. Another plan of the company is the employment of glide ease stretcher system that can make the entry as well as the exit very easy. The units are designed in such a way that they will be compact, safe and efficient.
Point 1: One of the strongest component of the plan is the product which is has a high market need. The main frame is made up of aluminum and is key for the design of the aircrafts. The components of the aircrafts can be built with composites that will be light in weight (Wulfsberg et al., 2014). The components made up of aluminum and composites will be corrosion resistance and can have high flexibility. They also have dimension stability.
Point 2: Another advantage of the plan is the strong financial planning. It will facilitate the collection of optimum funds required for the effective running of the business (Kuhn et al., 2017). The budget plan has been formulated very well. Proper financial planning will help in deciding how the funds will be allocated for the different resources. The company has done the projected profit and loss that can occur in the business. The break-even analysis has also been done very carefully in the business plan that will provide an additional advantage (Leigh & Blakely, 2016).
Improvement Suggestions
Point 3: Another factor of advantage is the strong market analysis that has been done before making the business plan. It helped in understanding the needs of the customers, the airplane companies who will be benefitted out of the components that will be made of aluminum since it will be resistive.
Point 1: One of the weak points of the plan is the lack of proper marketing of the products (McDonald & Wilson, 2016). The companies will not be able to know about the products being manufactured by the company. It requires proper marketing activities and this was lacking for the company. It failed to market the products properly.
Point 2: Another weak point was the demographic (Finch, 2016). The plan for the business was made only for the people of Australia. It could have been even more effective if the business plan was made thinking about the people at home as well as the international market.
Point 3: Another critical factor that can be considered as a weak point is the lack of creation of a proper management team (Kerzner, 2013). It will lead to problems in proper implementation of the plan and create a good market. The team is responsible for all the critical functions of the business. ;
There are some of the factors that need to be considered while preparation of business plans. It should be considered whether the plan fits the business need. The financial planning must be done very carefully since based on this planning; the allocation of money is done on the different resources of the business. The profit and loss should be estimated properly so that the business operations can be properly carried out (Coase, 2013). Another point of measure is the realism that signifies whether it is possible to implement the plan and manufacture the products (Fleischmann, Meyr & Wagner, 2015). The companies should invest properly in the resources so that the maximum revenue can be generated (Kirzner, 2015). They should keep a track of the results on a regular basis so that proper measures can be taken accordingly.
There were a number of challenges that have been come across while doing the business plan. The first challenge was how to start the planning for the business. A team of experts was formed and discussion was made with them about formulating the plans. Another challenge was the formulating the financial section including the preparation of the budget (Karadag, 2015). It is a very difficult job to make further projections for the future. Some of the financial analysts were consulted and the details of the plan were narrated to them so that it becomes for them to make the financial plan. There was also a challenge in making a proper market analysis about the need of the product to be manufactured for the business. Some market researchers were hired and proper analysis of the market and the needs of the customers were found out.
Aircraft Equipment Maker Business Plan
Following are the recommendation to overcome the mentioned challenges in both business plans –
Brainstorming the Ideas: The business planning team should analysis the entire plan and their overcome. By brainstorming the ideas, plan can be successful as well as challenges can be mitigated.
Development of Emotional Roller-coaster Resilience: This idea will help in building repetitive concepts among the employees. It will help in mitigating disappointment, regroup, focus better than previous time around.
The five lessons that have been learnt about business planning are being described in details below. These are market analysis, financial budget planning, marketing activities, and proper description of the product or the service by which the company will be doing business and proper description of the management team. The market analysis will help in proper identification of the opportunities in the marketplace (Babin & Zikmund, 2015). It also helps in the reduction of different types of risks. The recent trends of the market can be determined in proper analysis of the market. Another important part of business planning is the marketing activities so that people get to know about the product and services. Financial budgeting is another important component of business planning that creates a financial roadmap for the business (Cassidy, 2016).
The estimated profit and loss of the business can be ascertained through an effective financial planning. The expenditures can be limited through this process. Proper description of the products and services is important in a business plan. The planning regarding the product description helps in knowing the product lifecycle, prices of the product, sales and distribution strategies and how the product will be able to satisfy the needs of the customers (Rushton, Croucher & Baker, 2014). The last factor that has huge importance in the business planning process is the creation of an effective management team (Jeston & Nelis, 2014). The strengths and weaknesses of the people in the team need to be properly estimated so that the functions, roles and responsibilities of every person can be ascertained (Goeman, Renehan & Koch, 2016).
It has demonstrated the various competencies in making the two business plans. It has successfully applied the marketing strategies so that the customers can be reached at ease and make them aware about the products of the business. The promotional activities of marketing have been formulated very efficiently so that the products can reach to the customers quickly and in various forms like newspapers, articles, journals, magazines, television ads and many other media. The plans have been created very carefully and sensibly so that the people of the society at large get benefitted out of it. The recycling process will help in the minimization of wastes and creation of new products that will be beneficial to the people. The manufacturing of the aircraft components will also help the companies in various ways. It has been also demonstrated the competency of financial planner who has significant contributions for the making of the financial budgeting. It is an important part in contacting with the experts in formulating the marketing strategies and the financial planning. The ideas have also been put forward by me. Hence, it showed much of the competencies in building the two plans so that people get benefitted out of it.
Strengths
Conclusion
From the above analysis, it has been identified that waste recycling business plan also entails to offer service to the waste processing plants that are owned by the municipalities. The plants are facing a lot of issues regarding the human waste sludge disposal. As per the business plan, the company is entering a niche market since human waste sludge has not been recycled on a sizeable scale earlier. The first goal of the plan is to obtain Supplemental Type Certification approval from the FAA. The second goal is getting an initial prototype of the whole design. The third one is the need for securing the approval of the parts manufacturer.
References
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Entwistle, N., & Ramsden, P. (2015). Understanding Student Learning (Routledge Revivals). Routledge.
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Taylor, S. J., Bogdan, R., & DeVault, M. (2015). Introduction to qualitative research methods: A guidebook and resource. John Wiley & Sons.
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