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Small Business Management Final Presentation
- 1. Biz Travel Solutions Suzanne Lentell Brittany Relyea Paul Martin OL 317-Losapio 819 Elm Street Manchester, NH 03106 www.biztravsolutions.com
- 2. Company Overview We find the best rates and provide innovative solutions for hectic travel planning. Biz Travel Solutions provides the planning and execution of business travel
- 3. Mission Our mission at Biz Travel Solutions is to create strong global business to business relationships through proper planning and exceptional customer service. We strive to be the best in our field when it comes to managing corporate needs during travel. We find the best rates and provide innovative solutions for hectic travel planning.
- 4. Vision Within in the next five years Biz Travel Solutions will be the go-to travel agency for planning business travel. Our goal is to build strong relationships with clients through proper management of travel needs. We hope our relationships will bring in clients globally.
- 5. Values Customer Service Trust Integrity Reliability Organization Networking Relationships Fast yet Effective
- 6. Executive Team Operations Manager - Brittany Relyea Chief Marketing Officer – Suzanne Lentell Chief Financial Officer – Paul Martin
- 7. Sample Job Description Chief Financial Officer: Paul Martin The duties of the Chief Financial Officer are to manage all of the accounting practices, including accounting departments, preparing budgets, and financial reports. The C.F.O. for Biz Travel Solutions; directs the financial strategy, planning and forecasts while conferring with the Chief Marketing Officer and Director of Research. He is responsible for supervising investments and the raising of funds for Biz Travel Solutions. The C.F.O is also responsible for analyzing and studying financial trends, opportunities for expansion and projection of future company growth.
- 8. Industry Analysis The industry our business falls under is travel agencies and services, NAICS 561510 Economic Trends Demand Driven Heavily Concentrated Regulatory Trends Pricing Schemes (also economic) Deregulation Technological Trends Increased usage of Internet among more people Independent bookings Customized internet reservation systems licensed to Expedia
- 9. Industry Analysis continued… Potential Buyers Corporate Travelers Opportunities Agreements and Partnerships with International Expansion Increase revenue expansion and of travel Threats Competition of larger and fellow small companies Security and fears of losing your job Economic Slowdown
- 10. Analysis of Competition Primary Competition Secondary Competition American Express Corporate Travel Online Annual Sales of $330 Million Orbitz Worldwide Expedia Sabre’s Business Travel Solution Holding Corporation
- 11. Synopsis Chart
- 12. Marketing Plan Target Market Corporate Travelers Aged 25-54 Types of Ads Radio Billboard Logo Coasters Postcard Website www.biztravsolutions.com
- 13. Advertisements Postcard Coaster
- 14. Financial Summary Amount needed to start Biz Travel Solutions is $50,000. $2500 monthly payments starting January 1, 2011 Paid off by August 2012.
- 15. Start Up Costs
- 17. Pro Forma Chart
- 18. Exit Strategy Willing to lose $165,000 Supplies will be sold to pay off debt Value of company determined by appraiser
- 19. Conclusion Weaknesses as owners Strengths as owners Team Players Self Motivated Determined Strong values Success oriented Hard Working Well-rounded Expertise and social styles Lack of experience Do not know what to expect Cannot anticipate problems Will have to learn how to deal with situations we haven’t dealt with before.
- 20. Conclusion continued… Weaknesses of Business Strengths of Business Large, ever growing target market Adaptability Always available with both locations So small compared to others Intense competition Difficulty with adapting to changing Trends Target market and demographics
- 21. Invest in Biz Travel Solutions Low risk, High Reward. Low Costs Miniscule Liabilities Limitless potential of return
- 22. What it takes to create a business Travel Industry Small Business management Projecting Cash Flow Bring ideas together to reach a common goal What we’ve learned
- 23. References Business and Company Sences.gov NNERN.com SBDCNet.gov Score.com Branders.com Businessweek.com Craigslist.com Gaebler.com/billboard Comcast.com Staples.com Kinkos.com
Editor's Notes
- Economic trends: without a high demand for flights the prices clearly resemble how much someone must spend. More often than not people and companies cannot afford flights for a whole business team when cuts are happening left and right and this recession. The industry is heavily concentrated with the 50 largest companies accounting for about 50 percent of industry revenue such as leading competitors American Express and Expedia. Economically there are about 20,000 companies spending combined annual revenue of $25 billion
- that have a budget of about $1 million per year. The buyers would perhaps seek out a small agency such as us that have relationships with a preferred airline, are local and provide a competitive rate and take the stress of out traveling. The security fears are eminent due to terrorist threats and September 11th, but with this economy job security is a fear of employees, and airlines are even worried about staying business. They are hard to start-up and gain relationships especially during this economic slow-down in the United States and the dollar only getting weaker.
- There description of their business founded in 1998 is the transportation for the provision of travel services for professionals. There is a definite way to create an expanding business as American Express did because within 11 years they have grown tremendously and have the annual sales to prove it. We offer a one stop place for all the corporate travel needs, from air transportation, trains, rental cars, limousines, hotels, etc. Our primary competitions offer a travel service but do not do it all, our tight bonds with vendors from each area of expertise truly gives us a competitive advantage. There is no need to go through all these travel websites on your own, when we do it for the company at a flat fee that relieves stress from the employees and allows them to do their jobs without worry of how they are going to get to their flight first thing tomorrow morning and to the conference and hotel they are attending there
- We conducted a ring study to target businesses and companies with a 20, 40 and 60 mile radius of our location on 819 Elm Street, Manchester.The target markets for our company, Biz Travel Solutions, are all corporate businesses that require lots of traveling across the United States and to other major cities worldwide. Over $20 billion is spent from corporations for business travel so it will be a challenge but is possible to get a significant portion of that. But when over 50% of the amount goes to the top competitors the other 50% is up for grabs for smaller travel agencies such as us. Single business and corporate customers have on average annual travel budgets of $1 million or more so the business travel management is all about getting the relationship and the right deal with the right airlines. The larger travel agencies have an advantage of providing a wider range of services while smaller companies such as us can be competitive by providing services to a few large customers or by serving to a local area. Depending on the size can depend on the type of negotiations and the size of the discounts given by hotels, airlines and rental car companies. Our competition is based on relationships with airlines, hotels, rental car companies and having it all to provide a niche in the market where companies only have to deal with one company for all their needs. We will be using different types of advertising such as our website, coasters in United Airlines business priority waiting area with our logo on it and our 30 second radio ad on WMJX-FM 106.7 and WNYN-FM 99.9. These ads will being during prime rush-hour traffic where business workers are traveling to work, home and traveling to airports. This radio station targets people between the ages of 25-49 in the Boston metro area as the top two listing for those demographics and ranked tenth overall. We will also be posting our radio ad on a Manchester based radio station WWHK-FM 102.3; ranked 191 in the market. It is a considerably lower cost than the Boston area but Manchester is growing city and our target market listens and the Boston area may be listening when traveling as well.
- The strengths of our team as business owners are they were are all team players, self motivated, determined and being well rounded in our area of expertise and social styles. We are also hardworking, have strong values and are all success oriented. As for weaknesses we have a lack of experience in creating, operating and implementing everything involved in the business world. We all do not know what to expect or anticipate for problems in the future and how to deal with them when they arise.The strengths of our team as business owners are they were are all team players, self motivated, determined and being well rounded in our area of expertise and social styles. We are also hardworking, have strong values and are all success oriented. As for weaknesses we have a lack of experience in creating, operating and implementing everything involved in the business world. We all do not know what to expect or anticipate for problems in the future and how to deal with them when they arise. As for the business itself we have a large and every growing target market in a great location. Our business is extremely adaptable and available with an online presence in addition to a brick and mortar location in Manchester. As for some weaknesses of our business we are so small with such intense competition and there is difficulty with adapting to changing trends and changing target market and demographics.
- As for the business itself we have a large and every growing target market in a great location. Our business is extremely adaptable and available with an online presence in addition to a brick and mortar location in Manchester. As for some weaknesses of our business we are so small with such intense competition and there is difficulty with adapting to changing trends and changing target market and demographics.