04 Dec Develop an executive summary that highlights the key points for each section of the business plan. You should not exceed 2 pages. ? The executive summ
Develop an executive summary that highlights the key points for each section of the business plan.
- You should not exceed 2 pages.
- The executive summary is a critical aspect of this assignment. Your ability to condense and highlight critical information about your chosen company to investors will determine whether they decide to invest in you and your company or not.
- See attached examples and other documents with information on company
- Use subheadings for each section of the executive summary, just as in the examples
use the Required subheadings in the Executive summary provided below.
The Company
Mission
Product and Services
Marketing and Sales Strategy
The Competition
Target Market
Management
Operations
Stage of Development
Financials
Funds Sought and Utilization
Script
Slide 2: Introduction
Earthly Elegance is committed to offering luxurious yet affordable self-care solutions that empower individuals while prioritizing environmental sustainability. By combining natural biological solutions with the work of experienced scientists, it is possible to offer consumables that would correspond to the challenge of providing modern society with materials that are suitable for the currently active approach to environmental protection (Moslehpour et al., 2021). The brand offers organic shampoos for the hair; body washes for the skin; natural fragrances with the finest scents; and good ecological accessories all aimed at meeting quality needs without harvesting the environment. Situated in a high-traffic retail location in Atlanta, we guarantee optimization through the use of advanced technology in our daily operations, well-organized inventory, and a competent staff. At Earthly Elegance, self-care is not just a habit-that is, a set pattern or behavior it is a process toward self-emancipation and an environmentally conscious lifestyle.
Slide 3: Target Market
Earthly Elegance is targeting conscious consumers aged between 18-45 years, majority of the consumers are women and men who are conscious of the environment. The customers are socially conscious, interested in self-care products of superior quality, and are willing to spend on environmentally friendly brands. They earn middle to high incomes and are out to spend middle to high amounts of money but avoid over-luxury. Psychographically they are health-conscious, trendsetters, motivated by ethical issues when it comes to their consumption behavior. Targeting geographically primarily the urban and suburban markets in the United States, starting with Atlanta as sustainability awareness and the demand for more premium products are more actively developing there (Khan et al., 2024).
Slide 4: Market Size
The global personal care market which was valued at US$ 59.3 billion in 2023 is expected to reach US$ 132.7 billion by 2032 at a compound annual growth rate of 9.5% (IMARC, 2024). The market for sustainable and organic self-care products is an enormous total addressable market (TAM), partially fueled by strong consumer interest in sustainable solutions and natural ingredients. Within the market of personal care with consideration of the environment, the SOM is rapidly growing as seen from Atlanta and another group of cities. These sustainable hygiene trends, biotechnology advances, and the integration of broader diversity into the industry represent a large growth area for companies to seize market standing in this developing sector.
Slide 5: Competition
The three main competitors in the sustainable personal care market are Proctor and Gamble, L’Oréal, and Burt’s Bees. Procter and Gamble has recently ventured into the production of biodegradable products marketing products like the Head and Shoulders and Olay that have natural ingredients. Killederbeauty L’Oréal boasts the “Clean Beauty” range and is also venturing into the sustainable beauty market with a focus on the diverse approach and biotech. Burt’s Bees is recognized for its use of organic products and its efforts towards seeking environmentally friendly packaging (Pool, 2020). The competitive advantage or what many marketers call a unique selling proposition (USP) is the firm’s commitment to integrating bio-technology and proactive care into 100% certified organic products to enable people to take care of their bodies in a proper way. It is something that all the others do not do and include using a direct-to-consumer approach where the consumer can adjust the products to suit his or her skin type; while also making certain that all our products are eco-friendly and not tested on animals, making us stand out in today’s world where people are becoming more and more conscious about what they are using.
Slide 6: Management Team
Earthly Elegance's leadership team is a dynamic and experienced group committed to ensuring the company's vision and sustainability goals are achieved. The Chief Executive Officer (CEO), holds over 10 years of experience in the retail sector also with an emphasis on sustainability, and serves as the chief executive officer of the entire company. The CEO is well versed in green retail guaranteeing the organization is the vanguard of environmentally friendly consumerism as it fosters business development. As a subordinate to the CEO, the COO has more than 8 years in managing operations and logistics such that supply chains would achieve optimality and that their products have quality. As a result, being a meticulous observer, the COO supervises the processes that occur within the enterprise and ensures that the provided services are both effective and inexpensive. The Marketing Director is skilled in the necessary fields having more than 5 years of experience in digital marketing. Some of the most significant activities that result in the company’s branding, customer reach and penetration, and market visibility are its creative strategy.
Slide 7: Management Team
The Finance Manager has sound financial knowledge in planning and controlling finance for more than five years. This individual also ensures the sustainability of the organization’s financial health and provides direction for leaning on sustainability-related decision-making for Earthly Elegance. The Store Manager ensures customer satisfaction through controlling customer flow in the store and managing a team to ensure the right image of the store is portrayed. The current role of the E-commerce Specialist is to handle the company’s online sales and to apply the knowledge in the spheres of IT and marketing to enhance the website and the SEO to boost online sales. Collectively, this highly credentialed and talented group provides Earthly Elegance with the right combination of line and staff functional strengths, marketing acumen, financial discipline, and e-commerce savvy needed for the company to thrive in the future (Kondo & Vicente, 2023). For this section, we shall post some pictures and simple descriptions of the people who are on the team to ensure that we show everyone the structure of organizations and their ranks.
Slide 8: Business Model
Earthly Elegance’s business model is focused on the practice of sustainable fashion and its sources of revenue are pluralistic to diversify in the future and constantly develop. The main source of income is earned from the products that are sold to the client base in the store, as well as those purchased online on the company’s site (Khandual & Pradhan, 2019). Profits from these sales will be generated from a range of clothes and accessories made from certified green fabrics. Further, Earthly Elegance also makes its money through its Online Store which is specified to enable customers to shop online due to factors such as convenience. Another one will be through subscription services and it will comprise different options for customers; one is exclusive offers, another is early access to a new collection, and, finally, the option of joining the membership program that will help customers receive discounts or gifts, based on their environmentally-friendly values (Mohamed, 2024). All these will not only generate a constant stream of income but also create customers who will repeatedly employ the services of the business.
Slide 9: Business Model
In order to attract more customers, Earthly Elegance adopted various online marketing tools: The company will promote active accounts in social networks through the paid campaign, improve its website ranking through content marketing, and use HubSpot CRM for sending promotional emails to prospective clients (Charles & Jackson, 2021). The company will also pay more attention to continued customer engagement through sustainability projects that will further unite customers to a common cause helping the brand to foster togetherness. Its cost model identifies both fixed costs associated with the leased retail space, personnel, and various technology tools and variable costs about inventory and production. Scaling will be realized through the online store, thus enhancing national and international expansion. Also, collaboration with other similar organizations and brands, popular or influential personalities, as well as members of the green certification organizations will assist the company in the consolidation of its brand’s recognition and the increase of its sales.
Slide 10: Financials
Revenue Forecast (1 Year)
As Earthly Elegance commences operations in the coming first year of its operations, the business expects stable increases in its revenues due to the ever-increasing customer preferences for eco-friendly clothes. According to the traffic on the footfall, the forecasts of sales through online portals, and the business requirement on a seasonal basis, the total earnings is $500,000. This will comprise both store and internet sales, with a high increase in business during holiday seasons and promotions. Its monthly sales are anticipated to be at about $40000 in a month but the amount is, however, higher in months of retail considerably.
|
Month |
In-store Sales |
Online Sales |
Total Revenue |
|
January |
$30,000 |
$10,000 |
$40,000 |
|
February |
$28,000 |
$12,000 |
$40,000 |
|
March |
$32,000 |
$8,000 |
$40,000 |
|
April |
$35,000 |
$12,000 |
$47,000 |
|
May |
$38,000 |
$15,000 |
$53,000 |
|
June |
$40,000 |
$15,000 |
$55,000 |
|
July |
$33,000 |
$12,000 |
$45,000 |
|
August |
$30,000 |
$10,000 |
$40,000 |
|
September |
$32,000 |
$8,000 |
$40,000 |
|
October |
$38,000 |
$15,000 |
$53,000 |
|
November |
$42,000 |
$18,000 |
$60,000 |
|
December |
$45,000 |
$20,000 |
$65,000 |
|
Total |
$485,000 |
$135,000 |
$500,000 |
Slide 11: Financials
Key Expenses and Profit Margins
The major costs associated with the acquisition of Earthly Elegance are lease costs, wages, merchandise, light bills, and advertisement costs. The estimated monthly operating expenses are set at $15,000 with the $5,350 being charged towards the facility, $170,000 for personnel costs, and $2,500 for marketing. Of the above cost, the cost of goods sold (COGS) is estimated to be 40% of revenue which would be the price of eco-friendly materials from the suppliers and products. This leads to a gross margin of 60%. Taking out all the fixed costs and the cost of revenue, the company anticipates a net profit margin to be about 15%. Some other expenses for marketing are given in the table:
|
Marketing Vehicles Table |
||
|
Marketing Vehicle |
Frequency |
Cost/Month |
|
Social Media: Facebook and Instagram |
3-5 times per week |
$700 per month |
|
TV Stations: Local Station |
1 time per week |
$500 per month |
|
Free Samples |
2 events |
$500 per month |
|
Website |
|
$2000(one time cost) |
|
Billboards |
2 locally around town |
$50 per month |
Break-even Analysis
Earthly Elegance will first operate at a breakeven point after 10 months of its operation. The total revenues derived from the business will equal the total fixed cost and total variable cost. Since the lease is $3000, Salaries $4000, Utilities $1500, and Marketing $1500 where all fixed costs total $15000 fixed costs, net operating income is equal to 60% of total operating revenue. To meet the fixed cost of the month and variable selling costs, monthly sales need to be $25000. However, for the first year of its operation, Earthly Elegance expects to realize a gross profit of about $75,000 based on stable sales and cost controls.
Slide 12: Funding
Currently, Earthly Elegance aims at raising $300,000 for its start-up and its first year of operations. In return for this investment, 20% of equity is being provided by the company to the investors. The funds will be allocated across several key areas: A $120,000 would be used to purchase inventory and to continue the development of other products to help the company diversify its product base and keep the company’s product range sustainable, $50,000 for marketing costs and targeted customer acquisition to name the company and attract a loyal following of consumers, $70,000 for staffing, hiring, and overhead, including recruiting quality personnel and paying initial salaries out, and $60,000 for retail space this investment will help Earthly Elegance to grow and be profitable having a sustainable competitive edge in the environmental friendly fashion industry.
Slide 13: Summary
Earthly Elegance is a chance to invest in a new and promising sector, which is the market of eco-clothing. We have expert staff in sustainable retail environments, marketing, and operation to help the business succeed. As a result of ethical strategies and systematic policies in business activities and administration, new approaches for engaging customers in consumption of environmentally friendly products, our company is ready to answer the need of growing demand in this sphere. Being our client, you will be associated with an innovative brand that is striving to create a sustainable fashion industry get high profitability, and generate less waste. Join us in revolutionizing the fashion industry!
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Operations, Technology, and Management, and Social Responsibility Plan
November 20, 2024
BUS599 – Strategic Management
© 2024 Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. 2
Operations, Technology, and Management, and Social Responsibility Plan
Operations Plan
The operations plan for Earthly Elegance prioritizes efficiency and sustainability, aligning with the company’s mission to deliver eco-friendly fashion. Included in the plan of the facility will be a front door to the business, a store room to store merchandise, and room for management, utilizing power-saving bulbs to cut expenses and pollution. Manufacturing systems will involve the use of ethical production materials besides implementing measures that would ensure that quality meets the consumer expectation. POS systems and appropriate shelves and storage equipment will enable the proper and efficient functioning of the business. Company employees involved shall include retail associates and store assistants, who will be trained on organizational values. It also creates a clear visionary map for daily management, to transform the company and establish its authority in the field of eco-fashion.
Facilities
Earthly Elegance will operate from a 2,000-square-foot leased retail space in midtown Atlanta, Georgia, a high-traffic area ideal for visibility and accessibility. This commercial space costs $4,500 monthly, which suits a startup retail business in this region depending on the expenses estimated for the space. Utilities include water and sewer $200, electricity $400, gas $150, and trash removal $100; giving a total of $850 for one month. These costs accounted for the total facility expense, of $5,350 every month.
The retail space will have a visually appealing storefront to attract customers and a well-organized layout to showcase merchandise effectively (Awais, 2023). The institution will comprise a stockroom for efficient storage of stock to meet the flow of customers and a small office for administrative and managerial work. In keeping with the firm’s responsibility towards the environment, the use of the products will entail the use of energy-efficient or green products like LED lighting products or fixtures, for instance. These features not only reduce the overall effects on the environment that the store imposes but also decrease the amount of costs for utilities in the long run as the store has worked in maintaining the ecological standard and efficiency. The incorporation of functional elements with sustainability measures will also help to improve the retail-based area for the customer while keeping with the ethos of the company to offer sustainable clothing.
Production Process/ Description of Operations (if service company)
As a retail company, Earthly Elegance will source sustainable materials and finished products from certified eco-friendly suppliers. The business will focus on the following operational processes:
1. Inventory Management: Real-time tracking software will monitor stock levels, ensuring timely reordering to prevent overstocking or shortages (Mohamed, 2024).
2. Merchandising: Display furniture and racks will showcase products attractively and effectively for customers.
3. Quality Control: Each shipment will be inspected for quality and adherence to sustainability certifications, maintaining the company’s reputation for ethical practices.
The following equipment is necessary for operations:
· Display furniture and racks: $3,000
· Point-of-sale (POS) system: $2,500
· Security cameras: $1,200
· Miscellaneous supplies (tags, reusable bags): $1,000
· Total initial equipment costs amount to $7,700
Personnel Needs in Operations
The success of Earthly Elegance depends on its dedicated and skilled workforce. The company will employ a total of five staff members:
1. Store Manager: This role oversees daily operations, manages inventory, and ensures exceptional customer service (Kondo & Vicente, 2023). The annual salary for the manager is $50,000.
2. Sales Associates (4): These employees will handle customer interactions, assist with inventory, and operate the POS system. Each associate will earn $15/hour, amounting to an estimated $30,000 annually per associate.
Total personnel costs are projected at $170,000 annually, inclusive of salaries and wages.
Earthly Elegance prioritizes operational efficiency, quality control, and a motivated team to deliver on its promise of sustainable fashion. By carefully managing facilities, production, and staffing, the company is positioned for a successful launch and steady growth in the competitive eco-fashion market.
Technology Plan
The technology plan for Earthly Elegance is designed to enhance operational efficiency, ensure smooth communication, and provide superior customer service. It is spent on software, hardware, and telecommunications to suit a modern retail business that is environmentally sensitive.
Software needs
1. Point-of-Sale (POS) System A robust POS software like Square will manage sales transactions, track inventory, and generate detailed sales reports (Charles & Jackson, 2021). This makes the business acquire accurate and efficient cloud-based plans at the checkout counter. Currently, Square POS costs $60 a month and a total of $720 per year.
2. Customer Relationship Management (CRM) Software HubSpot CRM will support customer engagement by tracking customer interactions, managing email marketing campaigns, and maintaining a database for loyalty programs (Khan, Akter, & Islam, 2024). In Customer Engagement, HubSpot CRM will assist in monitoring customer engagements, the sending of email newsletters, and the creation of a loyalty point database. This tool results in a specific customer experience that encourages returns to the business. It takes $50 monthly or $600 per year, to use the software.
3. Accounting Software QuickBooks Online will handle financial management, including bookkeeping, payroll processing, and tax preparation (Onuotu & Amaewhule, 2024). The financial compliance feature of this software ensures compliance with set financial legal requirements while real-time access to financial information is also made available. They made the subscription fee cheap at $85 per month or $1,020 per year.
4. Inventory Management Software Sortly Pro will enable the business to track inventory levels, monitor reorder points, and manage product information (Go, 2021). This tool helps in minimizing waste and at the same time helps to restock on time. The software costs $49/ month or $ 588 per year.
5. Office Productivity Suite Microsoft 365 will facilitate internal communication and document creation (Ilag & Sabale, 2022). This suite comprises popular applications, as it contains such means as Word, Excel, and Outlook. It costs $12.50 per user per month, and $150 per year to license one user.
Hardware Needs
1. Computers and Monitors Two desktop computers, such as Dell OptiPlex systems, will be installed for administrative tasks and store operations. These high-performance machines thus guarantee easy multi-tasking and effectiveness. The entire system costs $1,200 each and the two systems therefore would cost $2,4
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