Importance of a business plan and business plan presentation
A good business plan is essential for a successful business. The program that creates an outline of a new business venture with a focused goal of a defined operation is crucial to the success of any enterprise. The Assignment Help Experts to analyze the market trend, predicting sales, profit, and cash flow. A well-written business plan should incorporate these three basic ideas in it comprising i.e.
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Why MBA students get business plan assignment tasks from their professors
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- Serves as a reference point while determining the effects of alternative courses of action on business operations.
- Allow you to plan the increase and growth of your business and associated capital requirements.
- Remember that no two business plans will look alike. Some key considerations will play a major role in shaping the content.
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The name of our business is FAST solution which is a partnership business formed under the Partnership Act 1932. We will provide auto mobile service in whole Dhaka city by two ways; one is car repairing shop and another is one stop service. Bangladesh has a big market for automobile servicing business because of huge number of personal vehicle and most of them are driven by own. Basically among those entire owner most of them have no idea about any parts of his/her vehicle. For our repairing shop we will lease two plot of land one in Demra and another in Gabtoli. And for our one stop service we have selected 8 most important area where our technicians will be available for service providing. If anyone has any problem regarding his/her vehicle and make a call to us then our local depot technicians’ will go there and will fix that problem. We will go for racker lease from DMP, which will help us to move those vehicles which are badly break downed. In order to secure 100% one stop service we have an office space in our Gabtoli repairing shop and our communication officer will receive call from there. In order to learn about the market potentiality, we were surveyed to thirty respondents and ask them questions regarding the industry. We have also done Porter’s five, PEST analysis and SWOT analysis to get an inside view of the markets internal and external environmental factors. Our initial investment is TK. 26, 15,000 (including 4year promotion cost) and our breakeven 3755units and breakeven monitory value dollar value is TK4792254.94 In addition, we go for NPV and found that in very beginning year we have loss and after that it will take three year (total 4year) to recover our initial investment.
Service Name and logo: FAST solution
(One Stop automobile Solution Company)
FAST solution is basically going to provide one stop service to the customer those who are facing problem in the road while they drive their vehicle and also while they are facing problem while they are in home.
“Nothing Can Stop You”
Our Goal is to make profitable relationship with customer via better than best service and as well as improve the customer value.
Our Company’s mission is to enhance the quality of human life by adding more vitality.
Our vision is to be the single point of contact for all our client’s vehicle needs, and will set the standard for service excellence in vehicle service companies across Dhaka City. Make a leading position automotive service in Bangladesh by committing to excellence in customer service and ensure quality in services.
We want to form a partnership business of one stop repairing service in Bangladesh in vehicle repairing industry with the name “FAST solution”. FAST solution is going to be the first one stop automobile solution service that provides quality service to the customer.We believes automobile repairing industry has huge business potentials. Our company will improve the quality of the service by providing better service.. Throughout the company formation, we followed every step very carefully. Our company’s management teams will make sure, we are moving toward our vision and serving both customers and investors in meeting their obligations in better way. We have formed a partnership business of one stop automobile service under the name of FAST solution. The business has 6(six) active partners and all of them have equal share. The business has been formed under the “Partnership Act 1932” and all the obligation and procedures has been followed in forming the business. The head office is situated in Gabtoli area from where we would operate our business in everywhere in Dhaka city.
Why one-stop Automobile?
At the present time the number of motor vehicles in Dhaka city has increased in haste. People from upper class, upper middle class, and middle class also maintain more than one vehicle. According to Bangladesh road transport authority, they survey the increased number vehicles in Dhaka city.
NUMBER OF REGISTERED MOTOR VEHICLES IN DHAKA (YEARWISE)
|Total Number of Vehicles||21471||26779||33963||36942||48137||56778||75881||603166|
There have some reasonswhy one stop auto mobile service industry will become popular:
Easy to access: It is easy to access to get our service. This service industry is fully based on online. So when the car owner gets any trouble in the street or in any place. They need to just call us and we will make an immediate response for her/ him.
Quick response: For any customer inquiry we give our best customer service as soon as possible. For any breakdown in the street our response team moves towards that place as soon they can.
Time consuming: in Dhaka city people are mostly engage to their work. Sometimes they feel bore to bring their car in the repair shop. So it is good enough for them those who don’t want to bring their car in the repair shop. That makes the customer to save their time.
Skilled workers: we have a good combination of professional and high technical skilled workers. Most of them are from technical school. And they have a very good knowledge about vehicles repair industry.
PEST stands for political, economical, social, and technological. This analysis will reveal the overall scenario of Bangladesh of these mentioned factors.
Bangladesh has always been under some sort of political unrest and recently with the interim government; the situation has taken a violent downturn. Political instability is one of the biggest barriers in Bangladesh for any business venture. Sound political situation helps to grow sound business condition. In our country Political situation is not good at all. It always inhibits the growing of business. In this case we can face problems to run our business due to politically unfriendly environment. As our business is one stop automobile solution service, the political unrest will jeopardize our business badly.
Any business requires the use of trade license to prove its legitimacy. One stop automobile solution Service will have to acquire a trade license from the City Corporation. Getting a trade license is not a hassle free job. One has to go through heavy bureaucratic pressures to get a trade license in Bangladesh. Sometimes heavy bribing is required.
GDP and the Income Growth:
Bangladesh has been maintaining a good GDP over the last few years and the GDP will expected to grow at 6.5% in the year 2009. This is a positive indicator for our business because an increase in GDP usually raises the standard of living of the people. An increase in the income level will enable more and more people to spend money on luxury needs, especially to buy luxury items Ex- Car, Motorcycle etc.; thereby the need for one stop automobile solution service will increase.
As Bangladesh has a booming economy, the overall social structure has been changed dramatically. Now Bangladesh has a strong middle class who has enjoying a stable economic life. By our one stop automobile solution business we try to change the attitude of our customer towards the use of our service. We think that our service will create an impact on the society.As there is an economic growth of at the rate of 6-7% p.a., from a long time it is an indication that people has a positive attitude towards automobile buying and servicing.
- Ø TECHNOLOGICAL ENVIRONMENT:
Technological environment has a huge impact on this industry. Due to the technological advancements, more and more scientists are putting more effort on developing effective form of simplified automobile solutions.
The primary tool used to make sense of the information is a SWOT analysis, which stands for strengths, weakness, opportunities, and threats. The strengths and weaknesses are internally focused and the opportunities and threats lie in the external marketing environment. The idea is to leverage the strengths and opportunities and address the weakness and threats, which is how the key problems and opportunities are identified. The SWOT analysis of One Stop Automobile Solution service will give us the overall profit potential of this Business.
- We are the pioneer in our city
The concept of a one stop Automobile Solution is totally unique in our city. As we are going to provide each and everything regarding automobile in road and so far we know that there is no other competitor in market to provide this kind of service. So it is certainly a great strength for us.
- We will provide quality service
So far we planned for our business, we the executive body decided to put more emphasis on providing quality service. We know for a business, it is very important to pay attention to the service quality as it attracts customer. So it is sure that our service will be strength for us.
- Extensive marketing strategy
We will mostly emphasize on marketing and advertising activities. No other automobile solution company like us to performs this activity. So it is definitely a great strength for our Business. We will run promotional campaigns, advertise on newspapers, banners and many more, which other business don’t actually perform.
We are some enthusiastic young entrepreneur and we are committed to business to make it very profitable with providing better service.
Our operation is faster because we will use different location wise service like as Example we have selected total 20 main areas from where we provide service and same time we use special engineer to give faster service.
Our pricing system is affordable which is the main thing that customer always looking for.
- Operation and maintenance by highly skilled and trained personnel
Our one stop automobile solution Company provides high experienced engineer and quality worker, who are working hard to provide better service and quality while they provide their service.
Unawareness of our brand among customers is our main weakness. But we are able to overcome this obstacle at the very first stage through extensive advertising and promotion.
- Lack of product knowledge
As we are the first in this business and this is the first time that we have come up with such unique idea, it is obvious that we will have lack of product knowledge.
We want to diminish our operation cost and that is why we will employ new employees who might not have previous experience to provide this kind one stop solution service.
As this is new kind of service in Bangladesh people do not have much information about it. So to inform people we have to spend lots of money for informative advertising.
One stop automobile solution is totally new in providing service, so our internal financial position is not so strong.
- Expansion in other areas of Bangladesh
Up till now we decided to operate our one stop automobile solution service in the Dhaka city. As it is the capital and central part of our country. Since we will have the largest market share in a very short period, we’ll also be able to expand our business in different parts of our country. In our plan, we decided to open our ongoing branches in Chittagong, Shylet, and Rajshahi etc.
- We the owner of the business are educated
We the Six executives as well as the shareholders of the one stop automobile solution company are educated and studied in the field of business. In market environment we often observe that many business fail due to the lack of education of the founder. As he has less education, he usually fails to carry on with his business. But in our case the situation is different. As we are the student of business, we know much more than any other person. We will consider it as our opportunity.
- Higher demand and increasing popularity
Our business will certainly have higher demand and its popularity will increase day by day as people will get all the necessary information and service from our one stop automobile solution and as they will get to know about our service from advertisements and also from other people. They need not to face any difficulties while they were facing problem with their vehicle in the road.
Continuous Government Support to promote our One Stop automobile solution business.
In the market there is no other competitor to compete with us, so it is a great opportunity for our company to introduce about our service which contains quality that promises to satisfy customers.
- More Expansion/Diversification May Lead to Chaos
Up till now our One Stop automobile solution service business will operate in the Dhaka city. But we already said that we have planned to expand our business out of Dhaka. In that time as we will expand our operations widely, it may create any problems or chaos.
Since we will be the first modern One Stop automobile solution service business in Bangladesh, it may happen that businessmen, after acquiring knowledge from us, come up with more attractive feature than us. It will become a threat for us. Increasing competition is pushing the company to lower its price down.
- Better Communication with Other Garage with owner
When the communication with nearby other garage with the vehicle owner from where they always check and repair their vehicle will become easier and cheaper, people will feel more comfortable to go in those particular garages to fix and repair their vehicle problem. No matter how improved quality we are providing or even we are providing the same product.
Economic instability will lead our business into chaos. And inflation, recession, depression etc. will lead economic downturn of the company.
If the import machinery tax increases, that will create great problem of increasing the price. Changes in government policy regarding taxation and related matters also create some problems.
The Exchange rate fluctuates which affects the company as most of the machinery have to be imported.
- Limited capabilities of Bangladeshi People
Per head income of Bangladeshi People is very low and customer are always looking for better service with low price now a days and it would be hard for our one stop automobile solution company to hold on to its customers with the present pricing strategy. Still out objectives to serve people with better quality and lower price remains the same, as our company is for the people and for the country. The recent economic condition in Bangladesh has reduced the buying capabilities of the customers and as well as the confidence to spend.
The SWOT Matrix
We are the pioneer in our city
We will provide quality service
Extensive marketing strategy
Operation and maintenance by highly skilled and trained personnelOpportunities:
Expansion in other areas of Bangladesh
We the owner of the business are educated
Higher demand and increasing popularity
Lack of product knowledge
Lack of Information
More Expansion/Diversification May Lead to Chaos
Better Communication with Other Garage with owner
The Exchange Rate
Limited capabilities of Bangladeshi People
Bargaining power to supplier:
It needs a lot of capital to buy or even to lease some of the items. The financial institution will not provide any service unless a big amount of collateral is given to them. On the other hand mostly all of the purses are imported from foreign companies and they don’t allow following accrual basis transaction. At the same time quality suppliers are also fistful. For this reason many a time local dealers cannot provide all instruments in time because of capital constraints and small group of supplier never help our local dealers to get products within due time. This is very unpleasing news for new entrants.
Bargaining power to customers:
In Dhaka city we are assuming that vehicles are in huge number. But in reality it is not much as inhabitant of this huge city. But there have lots of automobile garage for existing vehicle owners. So they can easily go for low cost offering garage for vehicle servicing. This clearly denotes that customers have huge power over this industry which is not a very good sign for new business.
Threat of substitutes:
As science always doing hard work to come up with unique and simplified form of any job, so it assuming that within a short time it will invent newer form of automobile servicing technology. This can be a great challenge for existing garage owners and new garage owners.
Automobile servicing is not a new business industry; it is old as our cultural history and this industry has huge competition. Those are doing business from very beginning they may now don’t think for profit because they are in huge profit. But it is true that as it is huge industry so there have huge number of competitors. Many of the firms of this industry have huge no. of permanent customer. For these reason new comers although come up with modern and new technology, they failed to do well.
Threat of new entry:
There is potential for the entry of new entrants in the industry but in practice whether they will enter or not will depend after considering the various forces that will influence entry. As population is on the rise, more and more people are now purchasing their own vehicle. Also our government is encouraging businesses to start one stop automobile solution services for the public. The main objective for doing this one is to provide instant solution available to the public while they are facing problem with their vehicle in road at affordable.
The switching cost for the industry is quite high as it takes a lot of investment to start the business. Also there is no feasible alternative once you are out of one stop automobile solution business because the vehicles and machineries which cannot be used for other purposes rather than providing fixed or solution automobile services. Also it takes certain level of expertise and knowledge to provide smooth and reliable services to the public and this is also low in the industry. So it will be difficult for new entrants to enter and take away our business.
We did a small field survey at Dhaka with a sample of 30 respondents. From that survey, we came to know that current automobile service providers are failing to fulfill the need of the customers. In addition, 80% of the respondents said, they are likely to get the one stop quickly automobile service. It clearly shows there is a need in the market. We can fulfill the need to make profit. In our survey questionnaire
- How long would you have to wait to get your car fixed?
40% of the response come from they think that it will take at least 2 hour to fix the car, 20 % responder of each they think it will take whole day, one hour and more than two hours. Less than 1 hour is 0%.
2.Do you think one stop automobile solution should values its high profile clients more?
30% of the responder they are strongly agree about this, 50% are agree, 10% of each disagree and neutral. This really means that we should target psychologically prestigious people and we should go for middle to higher class people.
3.What attributes/ features would make a one stop automobile solution important to you?
40% of the responders feature like this because they will get the quick service, 30% like it’s an online base service, and 20% are think that they will provide efficient employees. 5% of each thinks they will get different service and employee’s behavior.
As we know consumers minds changes over time about new service, and there is hardly any new service innovation one stop automobile solution market to fulfill those changes and keep the customers satisfied. Today the whole world is going shorter, time consuming. Customers want the quick response and quick service. Therefore, we think our service will be able to meet new trend of customer’s preference.
At present, there are lots of auto repair workshops in Dhaka city. They are our main competitors where they serve the full customer service such a long time. They are mainly working in the garage, where customer brings their car for faulty reason. The auto repair workshops also serve the customer in home.
Although our business idea is new, we come in this service industry with a new concept where we can serve the customer as immediately as possible. But our business is fully serving the customer as soon as can, which we called fast solution. We will give online customer service where the workshop doesn’t provide. For any customer inquiry we will give the home service. Customers are eagerly expected to get their car back from the repair shop where our service is suitable for them. At the present people are not more interested to take their car in the repair shop and keep it for 2 or 3 days. They want quick service. For that reason we think that there have lots of competitors in Dhaka city. We will get a good feedback and we can sustain our business for long run.
We divide the total market into smaller segments for get attention of our target market. We found that, there is no single way to segment the market. We emphasize on different major variables those are used in segmenting consumer market such as- geographic, demographic, psychographic and behavioral variables.
Our company decides to operate in only one geographical area, Dhaka city. The reason is its density.
|Category A:||Category B:||Category C:|
|Dhanmondi (Pilkhana Road)||Farmgate||Rampura|
Our company goes with three demographic variables- gender, income and occupation.
In gender, we will go with male and female both, because this kind of service is very essential when people stack in this kind of horrible situation. We will emphasize on income segmentation. The reason is, one stop solution in Bangladesh is very unique and convenience. People who have car with high level of income, they are only eager and able to get our service. We think that the income level is at least tk. 50,000. But less income people may be also interested if they mound in an unavoidable circumstances. Occupation is another variable we look at, when we segmenting our consumer market. But here we will consider all executive type employees along with entrepreneur.
In this segmentation we look at social class and lifestyle– these two variables.
Our targeted people for providing service are in upper uppers, lower uppers, and upper middle class. Mainly those people, who lead lifestyle as achievers and strivers, will be our target customer.
By market segmentation we reveal our firm’s market segment opportunities. At starting we evaluate three factors: segment size and growth, segment structural attractiveness, and company objective and resources. Through market segmenting evaluation, we find out target market segmentation- differentiated marketing. In our market coverage strategy, we look at several market segments and design separate offer according to market segments.
We want to launch our service to higher and upper middle class people. And people, who lead a lifestyle as achievers and strivers, will be our target customer.
Our target depot areas would be:
|Category A:||Category B:||Category C:|
For capital constraints we cannot consider all of the segmented depot area. But in future as our business will become familiar, we will cover our all segmented geographical locations.
FAST solution will provide its customers with full service for repairing vehicles (not all kinds of vehicle) and its equipment. If we categorize our service it has some features of shopping service and some of specialty service for this reason we offer different service criteria. Our offered services are:
- We will fix any kind of vehicle(our categorized vehicle only )problem
- Call for automobile solution anywhere in Dhaka city.
- Premium price for better than best service.
- Promised for making a new era in automobile solution business through quick service.
- Give special service in case of corporate service.
- In major case like heavy accident cargo service.
- Round the clock service facility.
- Integrated wireless connection for internal communication.
Pricing: Price (Savings)
Pricing is such a crucial factor in marketing of a product/ service. We also faced the same problem when our team was working on it. We have to consider that if the price goes high people will refuse to take our service. To attract customers pricing is a very important factor. As we are a new company and also our target market is specified so to establish better relation with our target market we will follow the skimming pricing strategy. As per our analysis, collected data and our service cost we have decided to offer our service in different category prices which given below (changeable):
Service Charge chart:
|Service category||Service charge (min.)|
|Private Car||Tk. 2,499/=|
|Corporate Service Charge||Tk. 1,999/=|
We are going to offer variety service charges for different category vehicles. Because of this the price of this particular Varity vehicle owner like jeep owner may be ready to pay higher amount to fix their problems. Considering our quality, our price is low enough to capture the market and our pricing strategy mainly focuses on the right price for the customers.
The idea of our business is making our service available to every targeted depot area in Dhaka city. This might be difficult but not impossible. We will create not only depot area at the locations but also will create a space in the customers mind. This will helpful in Word-of-Mouth promotion. All kind of service will be available in our A category locations. As set up cost is high so we apologize for this inconvenience for providing 100% committed service. But we can assure that after our break even we will make all the facilities available in all of our depot area.
It’s a new concept in the country. So that we have an extensive promotional strategy which are quite cost effective. To survive in market in any situation is so tough; if it’s a company like ours then it is so much risky too. Our company is a new company in market with a new idea for this reason we are enough careful to make strong company fame, brand perception and loyal customer. The following types of promotional approach we will take to promote our business.
Personal Selling is an effective way to manage personal customer relationships. We will have some part-time college students as our sales persons. Basically, they will work for us when we need them. And the will come when we call them. These sales persons act on behalf of our company. They will make appointments with car owners and fix the meeting. Then they will let them know about our services.
We will use leaflets for our promotion too. We will use leaflets in two ways:
- We will print leaflets and will distribute those in some particular places of our targeted areas. We will make arrangements of distributing those leaflets in front of the mosques on Friday after the Jummanamaj. And we will distribute those in front of some popular fast-food vendors and some restaurants in our targeted areas.
- We will send our leaflets to people with newspapers. Basically we will do this by managing the newspaper hawker. We will give them our leaflets and they will put our leaflets inside the newspaper and distribute them.
Banners and danglers:
We will use banners and danglers in the important roads of our targeted areas. There will be address, contact information and services in those banners and danglers.
We will use posters as our promotion tool too. We will attach those posters for promotion in some major locations in those areas.
Stickers and pads:
We will use stickers and pads as promotion tool. Basically we will give those stickers and pads when we go to a company or organization for corporate deals. And we will give those things to our loyal customers too.
We will use postcard as our promotion tool too. Basically it’ll play a very important role in our promotion.
We will use postcards in the following way:
- Gain loyalty by rewards – we will use your postcards to give back to our clients. One way of doing this is by including a tear-off coupon in our prints. Our clients will use the coupon to redeem any promotional discounts or free items from our auto repair shop. We can offer a certain percentage discount from any services that we offer; i.e. 10% discount on body repairs or 20% discount on engine overhaul. We can also offer freebies such as free brake fluid, engine oils or air filter replacements. These will give our clients reasons for repeat business as well as be loyal to us and our business.
- Open new possibilities for our business – For example, we are planning to offer small replacement parts aside from repair services. We can test our prospective market by sending out postcards. Create client lists consisting of our primary and secondary targets. We will send out variety of messages and postcard designs then evaluate which among these are effective according to the responses. Based on the results of our testing, we will be able to decide how we will go on with a bigger marketing strategy.
- Increase client traffics – If we are joining an exhibit or holding a seminar for auto repairs, we can invite prospective clients by mailing them our postcards. We have to let them know when the event is happening and what benefits they can get by going there. We will use one part of the brochure as an RSVP space that they can send back for confirmation. In case we are holding our anniversary, we can send these prints as an invitation for our clients. We will tell them that cool freebies and promotional offers like free engine tune-up, wheel alignment, etc. await them.
- Creative means of establishing client contact – We have to list down the names of our clients and know their special days like birthdays and anniversary. We can send them greeting postcards on these days. We will design our prints with a special message together with our company logo and tagline. It would be better to hand-written a message to make it more personal. We can also establish rapport with our customers by sending them postcards saying “thank you” for entrusting their vehicles to our care as well as greeting postcards on holidays.
As loyalty cards have recently become an important form of sales promotion, we will also use loyalty cards for our promotion. Loyalty cards encourage the customers to return to the retailer by giving them discounts based on the spending from a previous visit. Loyalty cards can offset the discounts by making more sales and persuading the customer to come back.
DMP special Email:
We will collect the list of vehicle owners’ addresses through DMP and send them special e-mail where we send them all the features of our business and the charge and services in details. They can reach us through just a call. Our website name is www.fastsolution.com.bd/info
This part consists of different promotional offer which will be provided at the beginning of the venture. These are:
We will call for press conference before launching the business. To get familiarity with the people, we will do this. It will have huge media coverage which will definitely promote our business.
We will have a very attractive discount structure which will draw the attention of prospective clients. If anyone becomes a second time service receiver of our CHITA, we will offer him10% discount, for third time 12% and so on for higher service receiver.
Before launching our business we will arrange road show in all our targeted business areas to draw the attention of the people of those areas. In our road shows, we will provide free t-shirts to road show joiners. In our t-shirts we will include our company name, logo, slogan, contact address and our service features.
We will billboard too for our promotion. We will rent some billboards in some major locations of Dhaka city.
Cost of Billboards:
On the divisional districts only and for the whole 2 months campaign. The three billboards will be on Gulshan circle-2, Motijheel, and on Mohakhali.
Total cost for billboards = 140000 BDT.
Transit Advertisements costs:
Terminal posters are on 6 different terminals inside Dhaka city. Total cost for per month 10000 per terminal. So for 2 months campaign the total cost would be 120000 BDT.
Costs of banners, danglers, posters, leaflets, stickers and pads, postcards and layalty cards= 130,000 taka
Costs of road show (including t-shirts)= 40,000 taka
Costs of arranging press conference= 70,000 taka
TOTAL ADVERTISEMENT COST FOR THE CAMPAIGN = (140000+120000+130000+40000+70000)
= 5, 000, 00 BDT.
We are service providing company and we are the 1st company in Bangladesh which offers this kind of services. We will follow differentiated marketing strategy for capturing our whole target customer where our companyFAST solution offering a new service. We will choose exclusive distribution channel whereFAST solutionhas its own distribution channel. Basically we will operate all our depots by ourselves. And it is indirectly a great competitive advantage (if any new company interested for this business) for our company by which it will be easy for us to give services anywhere in the targeted segmented area. We will also sign corporate deals with some companies like insurance; bank etc and all the cars of those companies will be repaired by us. For example, if we sign a corporate deal with Grameenphone, all the vehicles of the Grameenphone will be repaired by us. As it will be a big deal and there will be lots of vehicles to provide service, we will rent a garage in Bashundhara residential area as the head office of Grameenphone is located there. And we will take all the vehicles to that garage and provide servicing there. It should be included here that we will rent the garage only but man power will be our own staffs. So, we will not have to share the service charge with that garage owner and we will give only garage rent. In our depots, we will have rented garages where we will repair the vehicles which will take longer time to repair.
Our initial plan for this business is to create competitive advantages and provide best customer service. So we build two major depots around the Dhaka city area in initial stage. The location will be Demra and Gabtoli. Our main machineries and heavy instrument will be there. The reasons behind choosing Demra and Gabtoli are the cheap wage cost, huge labor pool and a low rent cost for the garage. In fact, it is familiar for so many garage and cheap labor.
Fast Solution will provide the facilities that the customers need and something more than that. We will make sure that the facilities that are provided are supreme and live up to the customers’ expectations. The facilities that we have are:
- Auto solution shop
- Car Repair
- Communication Office
We provide every kind of facilities that our customers can expect and we provide it within limited time span. Our facilities are arranged in a way that our customers are fully-pleased and be eager to maintain a long-term relationship.
Auto solution shop:
Our auto solution shop will be situated in different location around the Dhaka city area. Initially we choose 8 different places for our one stop shop. The place is Motijheel, Banani, Dhanmondi, Gulshan-1, Kolabagan, Mohammadpur, Moghbazar andFarmgate. Our technicians will be always ready for provide service around these areas. Whenever the customer makes a call our technicians will be in 20 minutes distance and will be able to provide quick service.
When a car is broken down, the Fast Solution will provide facilities regarding repairing the car. Whenever our customer will bring their car we will try our best to fix it as soon as possible and we will also make sure that our customers are happy with the service provided to them. We will provide assistance in repairing mechanics, electrics, engines and paint.
- Mechanics:In Fast Solution, we will make available to every possible solution regarding cars’ mechanism. Our expert mechanics will be assisting our customer almost every possible way. We will make sure that our customer gets the best solution for the problems of car’s mechanism. We will hire expert mechanics who will provide our customers the best services. They will repair brakes, suspension system, gears, steering and every other mechanism. We will make sure the work is done as accurately as possible.
- Electrics: The technicians in Fast Solution will provide solutions for car electrical problems as well. They will solve our customers’ problems with cars’ batteries, alternators, ignition, engines’ control system and such others. These car problems can put people in many dangerous situations. So our technicians will make sure that our customers’ will get the most accurate solutions.
- Engine: Our technicians and mechanics in Fast Solution will have immediate way out for cars’ engine problems. Engine problems are very crucial and these put a person in troublesome situations. Our technicians and mechanics are able to deal with every engine problems that can occur and they are able to do it within limited time. Problems like car lights, bearings exhaust systems, vacuum and coolant leaks and many other difficulties a car might face.
- Dent and Paint: In Fast Solution we have workers for car paint and removing dent. Our people will fix the scratches on cars, changing color at customers’ preference, dents in the cars. We will try our level best our customers’ cars look good and they are satisfied with the service. We will also make sure that our customers’ get what they want.
In our inventories in Fast Solution we have components that are helpful in solving car problems. Inventories keep us available with necessary components in every situation. We have an inventory that is sufficient for our daily works. In our inventories we have oil (Mobil etc) rubber and other miscellaneous things.
- Oil:We have oils in our inventories to provide our customers. We have engine oil, brake oil, gear oil, motor oil etc. in our inventories. We have enough oil in our inventory so that our customers will not have problems regarding the problems mentioned.
- Rubber: Rubber is also included in our inventory. By rubber, we mean rubber parts such as tires, mats, hose, O-rings, seals, bumpers and other rubber components. These rubber materials are essential for cars. We store these components so that it can be of use to our customers.
- Miscellaneous: In Fast Auto Solution, we also provide other miscellaneous components such as screws, wires, glasses, acids and several other things that are necessary for the cars. We keep these components available in our inventories so that our customers will get immediate help. We have our inventory adequate so that we can provide best service to our customers.
Fast Solution has hired communication officers. Our communication officers are the one who will communicate with the customers. They are the ones who will take the calls, bring the customers and make sure that our customers are pleased. They will help our company to connect with as many people as we can. As Communication officers’ we have highly trained professionals who know how to communicate with the customers, how to persuade them, how to make connections, to describe to the customers about the services and so on. The Communication Officers’ are the one who help our company, Fast Solution, to gain popularity.
Successful of any plan largely depends on proper enforcing of controlling process to reduce the gap between actual and desired performance. So, as like to give our marketing plan the light of success we will enforce strict controlling policy to ensure desired performance. Our control policy will include the following features:
- Establishing proper standards to measure on customer satisfaction, obedience and commitment to achieve the organizational goal.
- Apply account of 360 degree evaluation process to better understand the performance measurements.
- Carefully observe the actual performance and keep record of that correctly.
- Compare actual performance to the standard measure.
- Give proper rewards for performance achievements to reinforce desired behavior.
- Give punishment if any employee found ruining the reputation of the firm and declining customer satisfaction.
Our main goal is To Develop & Promote good relationships between our clients & candidates.To provide the best available quality of staffing solutions to compliment our clients, staff and to build the communities in which we conduct business.
Fields of Service:
, Fast Auto Solution has potential labor forces .Those are given below,
Various companies make use of outsourcing services to focus on their core business. , Fast Solution hires field of expertise covers manufacturing, engineering, electrical, instrumentation, fabrication and development and other specialized labor.
All artisans supplied, are as per the requirements of the client and have the relevant qualifications and experience.
Locating scarce labor skills is only part of our function, as well as ensuring the right match of qualifications and experience; we look for the perfect fit between personalities of the candidate and the client.
- Accuracy Analysis’s
- Laborers Unskilled (Raw)
- Laborers – Mechanical
- Depot technicians
Fast Solution is committed to becoming equal opportunity Company, including people who have been previously disadvantaged and disabled persons. We strongly maintain equal opportunity to the entire employee.
- Business ethics and values are the foundations on which the company is built.
- Fast Solution is compliant with the requirements as laid out by legislation.
- Fast Solution is committed to the development and training of staff, focusing on non-discriminatory practice.
We pioneered car repair via our quality garage network. At competitive prices and with a better driver experience than via franchised dealer networks, Fast Solution continues to be the class leader for quality car servicing. You get complete peace of mind with fully protected warranty, genuine OE [original equipment] quality parts, and all parts and labor guaranteed for twelve months or 12,000 miles. And we won’t do any service work or any repair without getting your agreement first. If you face any trouble in the road-our communication officer s are always ready for give you right direction. Just give us a call from wherever you in the Dhaka city. Our technicians will be reaching within 10-15 minutes. And it will take only a few minutes for solve your problem unless a heavy breakdown. We have agreement with several garage and organization so that we can fix your problem rapidly anywhere in the city. Our racker will bring your car to our garage.
- 1. Corporate deal with GP:
Fast Solution has a corporate agreement with Grameen Phone (GP).WE take care about More than 100 vehicles. Our 2 technicians always present there so that they can fix any problem regarding our corporate agreement.
- 2. Corporate deal with Square:
Fast Solution also has corporate agreement with Square. Our technicians solve their all kind of car problem regarding our corporate agreement. Our technicians always present there and take care of their cars. And we won’t do any service work or any repair without getting your agreement first
Management is the one that runs the whole organization. Management controls people and resources in a group according to prior established principles or values. We have developed our management team in three departments– Marketing, Finance & Human Resource Management.
In Fast Solution, the Head of Marketing Department will be Chief Marketing and Promotional Officer. One Customer Service Representative and one Promotional Officer will work under Chief Marketing and Promotional Officer. The Customer Service Representative would responsible for interacting with the customers and he will gather information about customers’ need and demands. The Promotional Officer will be responsible for the promotion and advertisement of the company.
Chief Finance Officer is the Head of the Finance Department. He will be regulating all the finance operations that include preparing financial statements, making financial forecasting, approving funds and others. There will be one executive officer who will be assisting CFO for maintain all the financial correspondences. As CFO is the Head of the department, he is the one who will be responsible for all financial transactions and other financial works.
Human Resource Department:
The Manager of Human Resource and Operations is the head of Human Resource Department. One supervisor will work under him who will be in charge of communicating with the workers that is workers will be under him and he will directly report to the HR Manager. The HR manager will then initiate necessary schemes and programs. The HR Manager will also be responsible for recruiting, compensating and retaining the workers and other employees.
There will also be one Chief Executive Officer. He is the Head of the whole organization. He will be the one who will take the most important decisions for the organization. The CMO, CFO and HR Manager will directly report to him. CEO will give the head of other department directions and approval of their work.
In the following, we have shown the organizational hierarchy for our company. In the hierarchy, the management, employers and employees designations are shown and their works are described in the next:
Figure: Organizational Hierarchy
CFO:CFO is the Chief Financial Officer, the head of the Finance Department. CFO is the one who controls the financial sector of the company. He will be looking after the financial flow of the organization and even the approving of funds for the organization. He has one executive officer who will work for him and will help him to make the financial reports and will also help the company to observe the financial state of the organization.
- Executive Officer:He will be working under CFO. He will be making all financial statements, balance sheets, income statement and financial forecasting for the company. He will keep record of all financial transaction CFO will check the financial reports and make corrections.
CMO:The Chief Marketing Officer, CMO, is the head of Marketing Department. He is the one who handles all the marketing related works in the company. He is the one, who seeks for new opportunities for business expansion, handles the promotions and advertisements of the company and will also gather information of the consumer market. There will be employees who will work under him and will assist him with his work.
- Service Representative: The service representative is the one who will represent the company and will communicate with the customers. He will not only communicate with the consumers but also with the other organization we will be working with. He will gather information about customers’ needs and demands.
- Promotional Officer:The promotional officer will be working under the CMO and his responsibility will be promoting the company. He has the responsibility to maintain all the promotional stuff of the organization.
Manager of HR Department:The head of the HR Department is the HR Manager. His responsibility is to maintain good relationship between the management and employees so that employees and workers will build long-term relationship with the organization. He will also structure compensation structure and will execute the Training and Development program.
- Workers: Workers are one of the key parts in any organization. Workers are the one who will be doing the core works for the company. The workers here are actually the technicians and mechanics who will be doing the servicing works. Without workers, no organization can survive.
- Supervisor:The supervisor is the one who will be communicating with the workers and give the HR Manager about them. He will supervise the works of employees and he will check up on them.He will also see if the new recruits of the company need any kind of training or not.
Critical Risks assumptions:
- Service price forecast: We cannot be fully sure how much we will be charging in the future. Price may not be as likely as our expectation from the analysis as the sample size was too small for reliable data. We could not get enough information about customers’ needs and demands due to small sample size. In this case we could increase the receivable period to attract more customers to receive our service.
- Competitors’ price cut: In Fast Solution, our service is our weapon. But our competitors have an option that is cutting down their price of service. If they reduce their price, there is a chance that we might lose a few of our customers. As our competitors do not have a chance to provide the service that we will be providing, they may decrease their charged price so that they get more customers. That might put our business in a risk.
- Inexperienced workers: At the beginning, we might not get many experienced workers as much as we can. We might not fulfill our customers’ expectation at first. May be because of our few inexperienced workers, we might not be able to get many customers. And thus we may not have a good start in early state.
- Business co-worker crisis: As we are thinking about working with other business plants as well, we might not be able to get many of them too. Working with other business plants might lift up our cost at first. We will not be able to make much profit. We may not be able to work with those who already have a well-established name. We will face a co-working business crisis.
- Availability of customers: At Fast Solution, we will be providing high-quality service with a price a little higher than the locals’. In Bangladesh, people mostly like to try cheaper services. Many people may not like to pay a little extra for better services. That might cause difficulty in getting customers. Availability of customers will be a tough job for us and be risky for our business.
- Employment: Bangladesh has a high unemployment rate. With our business, we will be able to hire many unemployed technicians and mechanics. With our business and facilities, we will be able to create employment for lots of local people. Our business will help many people to get job and bear their expenses.
- Social Benefit: With our business, we will be able to help many businesses, like ours, to get on their feet. Our business will help them increase their profit along with ours. This will be help in the enrichment of local economy as well as national economy.
- Benefit for the industry:Our Company will also work with the businesses that are similar with ours. In this way, not only our cost will be lowered, but also the other businesses will get more customers and will generate more profit. In this way the industry will be benefitted.
|Category||Units||Per costs (BDT)||Total (BDT)|
|Manufacturing Cost of Garage|
|Stock of materials|
|Garage Land (Lease)|
|Racker Lease Agreement|
|Equipment And Machineries|
Our company Fast Solution has invested Tk 3000000 which is provided by an angel investor. Our main service is to provide fast and efficient way to repair cars which is also mobile. So firstly we need 8 depots which will be in every major location of the city. Each of them needs Tk 20000 in advance on average. Since the depots will be not very big, just a 200sqr feet shop just to park the motorcycles and put two to three chairs where mechanics can rest, and to keep some tools for repairing. Also we need to have two main garages from where we will operate the depots and also repair cars. We thought of taking 2 lands at two corners of the city where leasing empty land would not cost us too much. We will provide the land owner four months of advance payments i.eTk 400000 for two garage land. Also we need to build the garage with tin only. We estimated a cost for two garages that is Tk 200000 for both the garage. Also since the technicians need to travel fast, they need some reliable transport. And what can be better than motorcycles in the heavy traffic city, Dhaka. Each of the motorcycles would cost us Tk 70000 and for 8 depots we need 8 motorcycles that cost us (8*70000) Tk560000. Also if the car is fully damaged and need to take to the garage, we will offer them racker so that they can take the car to our garage without delay. So we will have an agreement with the racker owners to provide us the racker when we need it. It will cost us Tk200000. Also some machineries and equipment that cost us Tk 500000. We kept Tk 500000 for the promotional activities that will be for the next five years.
|Pro forma INCOME statement|
|Rent ( Depot)|
|Rent ( Garage)|
|Motor cycles (7yrs Straight line)|