Running Head: BUSINESS PLAN 8
Jason Simpson
Assignment 2: Business Plan Breakdown 4 – The Operations Plan
Argosy University
MSOL Consulting
Define the management team by drafting an organizational chart and a plan for hiring employees.
As a business is continually growing, it needs to keep on hiring new and competent employees. It can do so by hiring more specialized employees and it requires a more formal departmental organizational structure in order to optimize its level of productivity. A company should, therefore, be in a position to use a step-by-step plan for proper planning of employees in order to make sure that it has developed strong teams and groups that can help it to maximize the value of the company.
Organizational chart
An organization chart is much essential to a company as it shows the internal structure of a company; it shows various employees positions with respective positions which are either represented in terms of photos, boxes, shapes. They also take into account of links, emails and illustrations. An organization chart is basically essential in showing the hierarchy and ranks of different workers within an organization, jobs and the different departments that make up a company. For this, we would use this type of organization chart to show the various positions and jobs within the organization.
Draft the key employee policies and a code of ethics.
Employee’s policies and procedures are essential for the survival of a business as they are used to define how employees are expected to conduct themselves in order to ensure a harmonious relationship in the organization. In most case, employee’s policies and procedures are developed by the human resource department and distributed to the employees in the form of a handbook. This calls for employees to use a handbook as a guide to get the relevant information on a company. For example, they are in a position to get the necessary information on vacation, sick offs and on terms of pay. On the other hand, code of ethics is a document that is used to outline the mission and value of a business organization. It also outlines how professionals are supposed to approach a problem. Ethical principles are mainly based on the organizations outlined core values and also states how organization core values and standards are held within an organization.
Some of the employee policies and code of ethics would work out well for MSOL Consulting Company may include;
Violations of the Policy
These form the grounds for discharge or disciplinary action for employees, examples include;
B. Disciplinary action shall be taken will be taken not only to the employees who participate in the violation but also to those employees who;
1. Have failed to make a report on issues related to policy violation
2. Employees who have concealed deliberately concerning any form of violation of employees policies.
3. Employees should be aware that participating in product development activities m ...
1. Running Head: BUSINESS PLAN 8
Jason Simpson
Assignment 2: Business Plan Breakdown 4 – The Operations
Plan
Argosy University
MSOL Consulting
Define the management team by drafting an organizational chart
and a plan for hiring employees.
As a business is continually growing, it needs to keep on hiring
new and competent employees. It can do so by hiring more
specialized employees and it requires a more formal
departmental organizational structure in order to optimize its
level of productivity. A company should, therefore, be in a
position to use a step-by-step plan for proper planning of
employees in order to make sure that it has developed strong
teams and groups that can help it to maximize the value of the
company.
Organizational chart
An organization chart is much essential to a company as it
2. shows the internal structure of a company; it shows various
employees positions with respective positions which are either
represented in terms of photos, boxes, shapes. They also take
into account of links, emails and illustrations. An organization
chart is basically essential in showing the hierarchy and ranks
of different workers within an organization, jobs and the
different departments that make up a company. For this, we
would use this type of organization chart to show the various
positions and jobs within the organization.
Draft the key employee policies and a code of ethics.
Employee’s policies and procedures are essential for the
survival of a business as they are used to define how employees
are expected to conduct themselves in order to ensure a
harmonious relationship in the organization. In most case,
employee’s policies and procedures are developed by the human
resource department and distributed to the employees in the
form of a handbook. This calls for employees to use a handbook
as a guide to get the relevant information on a company. For
example, they are in a position to get the necessary information
on vacation, sick offs and on terms of pay. On the other hand,
code of ethics is a document that is used to outline the mission
and value of a business organization. It also outlines how
professionals are supposed to approach a problem. Ethical
principles are mainly based on the organizations outlined core
values and also states how organization core values and
standards are held within an organization.
Some of the employee policies and code of ethics would work
out well for MSOL Consulting Company may include;
Violations of the Policy
These form the grounds for discharge or disciplinary action for
employees, examples include;
B. Disciplinary action shall be taken will be taken not only to
the employees who participate in the violation but also to those
employees who;
1. Have failed to make a report on issues related to policy
violation
3. 2. Employees who have concealed deliberately concerning any
form of violation of employees policies.
3. Employees should be aware that participating in product
development activities may be in a position to raise antitrust
concerns
Reports and Periodic Reviews
Any employee who may be requested to engage into activities
which may violate their policies is requested to report such
information to their managers or their seniors.
Compliance with Section 1 of the Sherman Act
1. No employee should enter into a contract or agreement either
whether expressed or implied with a competitor or a third party.
2. Employees should be aware that participating in product
development activities may be in a position to raise antitrust
concerns.
Describe the supply chain of the venture, with its main
components and its management approach.
The supply chain management for the venture is much essential
for the company in order to ensure that the supply chain is cost
effective and efficient. The supply chain entails collections of
steps that a company takes in transforming its raw material to
finished products. In for MSOL Consultant firm to optimize its
supply chain, it should be in a place to do planning. Planning
involves putting in place strategies which can address on how a
given product or a service is able to meet the needs of a
customer. MSOL Company should ensure that it has proper
plans in place in order to maximize their profitability. The
second thing is to build up a strong relationship with their
suppliers of the raw materials that are needed by the company in
making the products produced by the company. This calls for
the company to undertake an intensive search for reliable
suppliers who have a nice track record and also have the
potential of meeting the set deadlines.
Describe the manufacturing or customer service processes,
discussing economies of scale and plans for attaining those
4. economies (if applicable).
Since the clients for this company is a healthcare organization,
the company should be in a position to improve its services
towards making sure that it has a smooth clinical transition.
This would call for the consultancy firm to high quality and
cost-effective equipment in order to improve its general
performance. Delivering high-quality services would enable the
healthcare to upscale and make substantive efforts towards
improving their quality care in their general operations.
Economies of scale are defined as the cost advantage that is
enjoyed by a company due to large-scale operations, which in
most case is measured in terms of the output. Most companies
use economies of scale to gain a competitive advantage over
smaller firms in the market. Some of the possible ways that
MSOL Company can use in order to achieve economies of scale
include;
1. By Improving efficiency and the production process.
Company management should have adopted a technical
approach in dealing with re-engineering their business process
in order to attain a competitive advantage.
2. Making bulk purchases-A company should be in a place to
buy their raw material in bulk in order to enjoy a barraging
power over other small firms in the market.
3. MSOL firm should consider making an investment in order to
get expertise to run their operations. They should make a move
to hire special managers who can help a lot in streamlining the
business process.
4. Larger organizations have always a tendency of credit ratings
over smaller firms. This means that they can get cheaper loans
which they can use to finance their operations.
Discuss significant innovations related to the delivery process,
production (if applicable), inventory management (if
applicable), and distribution.
Innovation is so essential for the survival and growth of the
business; in this case, the MSOL Consultant Company should be
in a position to come up with an interactive web to improve its
5. service delivery. In so doing the company would have in a
position to give an interactive platform where customers would
request for essential service offered by the company. The
company would also get essential feedback concerning the
quality of services provided by the company.
Describe methods to define and ensure the quality of the
products or services.
In order to maintain quality delivery of service, the company
would have to attend customers with dignity and utmost respect.
The company can do so with an intention of increasing customer
satisfaction level. Secondly, a company should be in a position
to check on the quality of products. It should also ensure that it
has got the right advertisement for its products.
Discuss laws impacting the business and methods for
compliance with federal, state, and local tax laws.
Business in the United States has an option to choose from
many different models, styles and types of growth but all of
them are all regulated and governed by government regulation.
Some of the laws that affect business operations include;
general misconduct of the business, financial reporting
procedure and operations of the business. These forms of
business laws vary depending on the type of business. (Abrams,
2014).
Some of the laws that may affect the business include;
1. Obtaining a trading license for the business- Every business
organization should be in place to obtain the trading license
from the relevant local authority.
2. Stating their liability clause- Business should be in a position
to state their liability in order avoids a lot of legal issues.
3. Stating of the business form- It is vital for a business to state
its form, i.e., whether the business sole proprietor, partnership.
4. Federal equal employment opportunity act: The Company
should be in a position to comply with laws that prohibit any
6. form of discrimination either based on race, color religion or
nationality.
.
References
Abrams, R. M. (2014). Successful business plan secrets &
strategies: America's best-selling business plan guide!
British Columbia. (2005). Business plan. Victoria, B.C.: Forest
Investment Account, Forest Science Program.
Canadian Coast Guard, & Canadian Coast Guard. (2012).
Business plan. Ottawa: Integrated Business Management
Services, Canadian Coast Guard.
Running Head: FINANCIAL PLAN 1
FINANCIAL PLAN 2
Business Plan Breakdown: The Simplified Financial Plan
MS6900 A01 The Functional Contribution to Organizational
Success
7. Financial Projections for Acquisition of ABC Kids Center
Capital and Start-Up Requirements
ABC Kids Center is an acquisition purchase of an existing
center with approximately 93 children in attendance. The
purchase of the center includes $440,000 in business assets, 23
existing staff, and a 6,000 square foot commercial building with
an asking price of $500,000. The business assets include
customer list, website, and goodwill. The inventory includes all
supplies and equipment for the center and is valued at $80,000.
The center has the capacity to increase before and after
childcare for 10 children and the addition of a summer program
for 20 children. The total asking price for ABC Kids Center is
$940,000. The present owner has accepted a letter of intent and
purchase agreement in the amount of $850,000. At the present
time, ABC Kids Center has no outstanding debt.
Revenue is calculated based on several different pricing models,
dependent upon age of child and level of service provided.
There is a state mandated student to instructor ratio, per age
group, that must be maintained, as well as a minimum of 35
square footage of space per child (Ohio Department of Jobs and
Family Services, n.d.). Both of these requirements provide
restrictions on the ability to maximize growth through sales.
New avenues for growth must take both of these factors into
consideration, to remain in compliance with the Ohio
Department of Jobs and Family Services, which oversees
childcare centers in Ohio The student to instructor ratio (S/I)
requirement drives salary expense, as even one child over the
S/I ratio results in the need to add an extra staff person. As a
result, childcare centers have a high ratio of salary expense to
revenue, usually in the 50% to 55% range. Some centers include
the cost for food and supplies as the cost of sales in the income
statement, while other centers list these accounts as line item
8. expenses. The current accounting firm for ABC Kids Center
uses the line item expense method.
The purchaser for ABC Kids Center is seeking $850,000 in
capital to purchase the center, inventory, and property. The
ownership of the business will be a partnership. The new owner
will be taking a salary from the business, as a percentage of
profit. As the current site director for the center plans to leave
two months after the completion of the sale of the business, a
new site director will need to be employed to manage the daily
operations of the business. There is no other expected staff
turnover from the sale. The organizational chart for the
leadership of the business will consist of:
· Partner ownership owner and investor with a 49% stake in the
business.
· A silent ownership partner and investor with a 51% stake in
the business.
· The partnership owners will provide $160,000 in cash equity
towards the purchase of the business.
Start-up costs for the business will include a cash down
payment, bank loan, Small Business Administration lending
fees, closing costs, legal fees, additional $10,000 for increased
advertising, and a $50,000 line of credit for operations. The
purchase agreement permits the current owner to retain 100% of
the accounts receivables and cash on hand the day of the sale.
The line of credit will cover the first few months of operations
as account receivables are collected. The line of credit will
only be utilized if net profit does not cover 100% of the
monthly expenses. The following tables detail the existing
variable and fixed costs associated with acquiring this business
including the start-up costs:
Table 1. Variable Costs
VARIABLE COSTS
Advertising
22,685
Automobile Expense
10. Insurance
9,640
Licenses & Permits
325
Maintenance
4,579
Parent Involvement
112
Payroll Expenses: r
66,912
Professional Development
5,516
Professional Fees
6,040
Recruiting
326
Rent
68,280
Repairs
13,871
Salaries
44,433
Taxes
51,089
Utilities
13,710
Worker's Compensation
3,880
Total Fixed Costs
300,167
11. Tables 1 and 2 reflect the existing and forecasted costs for
the operation of ABC Kids Center childcare center at the end of
fiscal year 2016, and were provided by the current owner of the
business. Included in these costs are the increase in advertising
to promote the change of ownership and new programs, legal
fees incurred for the acquisition, new operating licenses, and
the assumption of new debt for the mortgage and business.
Sources of Funding
Financing for the purchase of ABC Kids Center will be a
combination of cash equity and a loan from the Small Business
Administration. The partnership owners will provide $160,000
cash equity towards the purchase of the business. The
remaining balance of the funding will be sought from a local
lending institution, who participates in the Small Business
Association loan program. To date, Huntington Bank and First
Financial Bank have been identified as potential lenders. By
utilizing the Small Business Administration’s SBA Veteran’s
Advantage loan, ABC Kids Center can finance both the
investment for the business and the real property into one loan
(SBA, 2016).
By including real estate in the loan, the terms of the
loan can be extended from 10 years to 20 years. In addition, the
silent partner is a U.S. Navy veteran. As of September 1, 2016,
the SBA is authorized, by President Obama, to cut the lending
servicing fee by 50% for any approved borrower, who is a
veteran (SBA, 2016). The purchase price of $850,000 minus the
$160,000 down payment requires the need to borrow $690,000.
The service fee for a loan in the amount of $690,000 has a fee
of three percent or $20,700. A veteran borrower will be
charged half of this or $10,350. This is financed in the loan
along with the bank’s closing costs. The commercial business
broker, Keate Partner’s, has provided an estimate of $7,000 for
closing closes. This brings the total amount to be financed to
$707,350.00. Interest rates for an SBA loan are based on the
SBA charges for the portion of the loan they guarantee, with the
12. interest rate for the balance of the loan charged by the lending
institution. The current interest rate charged by the SBA is
based on the ten year treasury rate at 1.8%, plus a fixed rate of
.48%, and 1.7% in fees (SBA, 2016). The SBA rate totals
3.98%. Most banks charge the Wall Street Prime Rate, which is
currently 3.5% (Bankrate, 2016). The total rate for the loan
will average around 7.48%. ABC Kids Center is seeking the
most advantageous financing available, and will secure the
remaining capital required, with the lending institution that
provides the best terms.
Cash Flow Projections
Cash is considered king for small businesses, as it is
needed to start, operate, and grow the business (SBA, n.d.).
The cash flow analysis provides a snapshot of the projected
inflow of cash into the business and the outflow of cash for
account payables. The 2017 cash flow projections represent a
significant change from the prior ownership, due to the $70,000
annual debt being taken on by the business. To partially offset
this additional expense, owner’s salary has been reduced by
$25,000 in the first year. One of the benefits for new ownership
is that the current owner utilized cash for capital improvements,
prior to marketing the business for sale. It is not anticipated
that any additional capital improvements will need to be made
during the first two years of business.
The first month of the cash flow analysis reflects the $50,000
line of credit issued to cover the operations of the business, as
capital for start-up costs. As accounts receivables are collected,
they will be used to cover expenses, before utilizing the line of
credit. Funds used from the line of credit will be repaid as
accounts receivables are received, with a goal of relying 100%
on accounts receivables by month six of operations.
At the end of the first year, a planned repayment of 20% of net
income will be made to the owner towards repayment of the
$160,000 invested capital. Based on long term projections, and
growing revenue through expanded services, the cash flow is
13. sufficient to provide an investment return of 15% on the $160k
initial investment by the owner, in year eight of operations.
After year eight, a percentage of the net income (owner’s
equity), through cash flow, will be set aside in a Simplified
Employee Pension Plan. A SEP plan has been chosen as it
allows flexibility for contributions based on the cash flow of the
business (IRS, n.d.). The plan is also 100% employer funded,
which will be a value-added benefit to the employees, due to the
lower salaries earned in the early childhood education field.
By having access to the prior three year financial statements, a
more solid first year cash flow projection analysis can be
conducted. The 2017 first year cash flow analysis utilizes the
straight line method for variable and fixed expenses. While this
method does not account for fluctuations in monthly expenses,
the annual cash flow from the business’s last three years of
operations (see Table 3), provides satisfactory evidence of the
ability of ABC Kids Center to meet its monthly financial
obligations. Should ABC Kids Center experience a cash
shortfall in a given month, due to unplanned expenses, it can
fall back on the $50,000 line of credit. Each month of operation,
ABC Kids Center will conduct a comparison of prior month
actual financials to projections to assess financial performance.
The actual monthly cash flow reports will be used to build the
cash flow analysis for the second year of operation, in 2018.
This will permit new ownership to accurately budget and plan
for expenses in 2018, based on the months they were incurred in
2017. Cash flow is forecasted to remain relatively stable month
over month, until 2018 when the new before and after school
care and summer program is rolled out, and the next tuition
increase is implemented in August of 2017.
Table 3 Cash Flow Projections reflects average monthly income
of $69,468 based on the current enrollment of 93 children at an
average of $179.00 per week for 50 weeks out of the year and
includes the August, 2017 tuition increase. Revenue is billed
and collected weekly from each client. The table reflects the
payback of the $50,000 line of credit in month six.
14. Table 3 Year One Cash Flow Projections (Utilizing $50,000 line
of credit)
$5,000 Cash on Hand Alert
Table 4 provides a long term cash flow projection for ABC
Kids Center based on the first year of operations cash flow
analysis. It includes the growth of an additional 30
enrollments, an annual five percent tuition increase, and
increases to variable and fixed costs. ABC Kids Center projects
hitting $150,000 in positive cash flow in year five.
Table 4. Long-Term Cash Flow Projection
End of First Year Balance Sheet
Table 5. ABC Kids Center Balance Sheet End of First Year
ABC Kids Center
Balance Statement 12/31/2017
ASSETS
Current Assets
Cash
$50,000
Accounts Receivables
Inventories
$80,000
Other Current Assets
Fixed Assets
Property
15. $470,000
Goodwill
$100,000
Total Assets
$700,000
LIABILITIES
Current Liabilities
Short Term Liability (Mortgage)
$68,280
Long Term Liabilities
Mortgage Payable
$471,720
Total Liabilities
$540,000
OWNER'S EQUITY
Investment capital
$160,000
TOTAL LIABILITIES AND OWNER'S EQUITY
$700,000
The first year balance sheet reflects assets including cash
16. on hand, inventory, property and goodwill. The liabilities
include the short term and long term debt for the purchase loan.
Owner’s equity reflects the $160k initial investment. ABC Kids
Center will continue its profitable status after its first year of
business. The initial $50,000 line of credit will be repaid in full
to the lender and the business will make its first repayment for
owner’s equity. Cash flow will be more than sufficient to meet
debt obligations. The marketing and public relations campaign
in the first year will ensure that goodwill is retained.
Income Statements
Prior Three Year Income Statements
For the purposes of seeking funding for the acquisition of
ABC Kids Center, the profitability of the center for the past
three years must be reviewed. Table 6
reflects the actual sales (income), cost of goods, expenses, and
profit for business operations under prior ownership.
Table 6. Prior Three Year Income Statements
PRIOR THREE YEAR INCOME STATEMENTS
KIDS & CRIBS CHILD ENRICHMENT CENTER
31. 93,990
12.0%
52,236
8.1%
51,950
8.4%
Five Year Projected Income statement
Table 7. Five Year Pro Forma Income Statement
FIVE YEAR PRO FORMA 2017-2021
KIDS & CRIBS CHILD ENRICHMENT CENTER
Period Ending: December 31st
2017
2018
2019
2020
2021
Income
39. 3,750
3,950
4,000
4,200
Total Other Income / Expense
-18,170
-19,003
-19,939
-21,083
-22,136
Net Income / Loss
19,316
44,253
70,003
98,251
128,550
Table 7 on page 14, depicts the five year forecast for income.
The forecast for ABC Kids Center is predicated on the
assumption that the center will remain at 100% capacity, due to
the fact that it continually has a waiting list for admission.
Growth in revenue is forecasted based on additional sales
garnered through before and after childcare services and the
addition of the summer program. It is estimated the center will
be able to secure 10 additional school age children throughout
the school year and an additional 20 school age children for the
summer program. The increase on occupancy rate is planned
beginning in year 2018, the second year of operation. This will
permit the center to advertise and market for the new programs
in year one. An extra $10,000 in marketing expense has been
budgeted in year one.
Revenue also reflects a standard 5% increase in fees, which is
based on historical averages provided by the current owner.
Revenue can fluctuate somewhat based on the ages of the
children enrolled, i.e., charge for infants is higher than charge
40. for preschool aged children. On the recommendation of ABC
CPA firm, increases in revenue is based on a percentage of
sales.
For projecting fixed and variable future costs, certain
assumptions were made. Annual salary increases for employees
is planned at 3 percent based on the World at Work 2015-2016
Salary Budget Survey (World at Work, 2016). Salary increases
have been rising from the average 2.2 percent during the 2008
recession to 2.9 percent – 3 percent in 2014 and 2015. As this
is a variable cost, it can be adjusted up or down during the
annual budget process, based on current economic trends for
that particular year.
The inflation rate of 2.0% was used to calculate increases in
variable expenses such as utilities and supplies. This rate is
based on the projections made by the Congressional Budget
Office in their Budget and Economic Outlook: 2016 to 2026
report (Congressional Budget Office, 2016).
The center anticipates no borrowing in funds over the next five
years and built this into the financial pro formas. Capital from
cash flow will be used to finance any capital purchases that may
arise, such as the need for new classroom or playground
equipment. Should the center experience an unexpected need
for a significant capital purchase, it can fall back on the
$50,000 line of credit issued at the time of purchase. Table 8
provides a graphical view of the projected revenue, gross profit,
and net income for the next five years.
Table 8. Projected Gross Revenue, Gross Profit, and Net Income
over first five years
Break Even Analysis through Cost Volume Profit
The Break Even Point (BEP) is determined when a business
reaches enough in sales that the total revenues equal the total
costs and the operating income becomes zero (Collier, 2015).
ABC Kids Center is the acquisition of a solid business with
positive adjusted cash flow and profitability. The prior three
year actual financials and the five year projected income and
41. expenses indicate that ABC Kids Center will continue to be
profitable, even with the assumption of debt to finance the
business. Changes in economic factors could have a potential
adverse effect on the business which would impact revenue,
profitability, and cash flow. For example, another recession
resulting in layoffs of employees would mean fewer families
needing childcare service. New ownership may not be able to
secure enough enrollment to support the before and after
childcare and summer program. This would result in changes to
the assumptions made for income. For these reasons, it is
necessary to know the breakeven point and at which point a
drop in enrollments would result in a loss in profit.
ABC Kids Center will utilize the income statement approach,
also known as the contribution margin analysis. A contribution
margin income statement requires variable expenses to be
subtracted from revenue which provides the contribution
margin. To determine the net profit or loss, fixed expenses are
then deducted. The amount remaining is the amount available
to cover the fixed costs of the business and generate a profit
(Peavler, 2016).
To determine how many units must be sold to reach the
breakeven point, it is necessary to determine the price per unit.
Due to the fact that ABC Kids Center offers a service and not a
product, the mean service cost will be used to conduct a Cost
Volume Profit analysis (Collier, 2015). The sales price per unit
will be calculated at an average of $165 per child per week
multiplied by 50 weeks per year. The mean price per unit
(service) per child is $8,250 annually. Utilizing the variable
and fixed costs for the business, a Cost Volume Profit (CVP)
analysis was conducted to determine the breakeven point.
.
The following tables depict three different scenarios based on
the number of enrollments needed to break even and the number
of enrollments needed to achieve $150,000 in net income. Table
9. CVP - Breakeven
42. Sales price per unit
$8,250.00
Variable Cost per unit
$4,636.00
Fixed Cost
$300,167.00
Targeted Net Income
$0.00
Calculated Volume
83
Table 9 indicates that 83 children must be enrolled for
ABC Kids Center to breakeven. As of the current date, ABC
Kids Center has 93 children enrolled. These additional 10
children add $82,500 to the annual gross income. This
exemplifies the need for continuous prospecting for new
enrollments and ensuring the retention of enrollments, to
maintain an 89% occupancy rate.
Table 10. CVP – Targeted Income $150,000
Sales price per unit
$8,250.00
Variable Cost per unit
$4,636.00
Fixed Cost
43. $300,167.00
Targeted Net Income
$150,000.00
Calculated Volume
125
To generate $150,000 in targeted net income, ABC Kids
Center would need to enroll 125 children. This will be
achievable under the new ownership’s plan to enroll 30
additional children in the before and after school care and
summer program beginning in year two of operations.
Table 11. CVP – Year Two Fixed and Variable Costs
Sales price per unit
$8,662.00
Variable Cost per unit
$3,548.00
Fixed Cost
$313,219.00
Targeted Net Income
$0.00
Calculated Volume
61
Table 11 reflects the new sales price per unit based on the
44. five percent tuition increase in year one and the new enrollment
figure of 125 children. Variable and fixed costs reflect
forecasted increases in year two. With these changes, the
variable cost per unit goes down and the new breakeven point is
61 children.
By utilizing the Cost Volume Profit analysis, the new
ownership can assess the impact changes in enrollment will
have on the profitability of the business. In the unlikely event
that enrollment would decline, the business will be able to
proactively make adjustments to variable expenses to offset the
decline in enrollment. Supplies, food and salary expenses
would be reduced to maintain profitability.
Payback Period
ABC Kids Center will pay the principal of the capital back
to the owner by allocating 20% of the net income each year to
the owner. Based on the five year pro forma, a 20% return over
the next five years would result in a payback of $72,075 in the
first five years of business.
Table 12. Five Year Payback
Year 1
Year 2
Year 3
Year 4
Year 5
45. Net Income / Loss
19,316
44,253
70,003
98,251
128,550
Payback
3,863
8,851
14,001
19,650
25,710
$72,075
Table 13. Total Payback
Year 6
Year 7
Year 8
Net Income / Loss
154,260
185,113
222,135
46. Payback
30,852
37,023
44,427
$184,376
Allocating 20% of the net income each year towards repayment
will result in a payback at the end of year eight, with a fifteen
percent return on the owner’s original $160k investment.
Table 12. Ratio Analysis
ABC Kids Center
Year 1
Industry
Liquidity
Current Ratio
1.9
1.94
Quick Ratio
0.73
1.59
Profitability
Profit Margin
0.04
0.08
47. Solvency
Debt to Equity
0.77
0.51
Industry averages retrieved from Hoovers (www.hoovers.com)
Industry averages for ratio analysis and comparison to the
operations of ABC Kids Center was gathered from Hoovers
(Hoovers, n.d.). Childcare centers fall under the NAICS code
of 6244 and the SIC code of 7299, for businesses that provide
supervision and educational opportunities for preschool and
school age children.
For the liquidity ratio, data for cash, inventory, total current
assets, and total current liabilities was taken from the forecasted
financial statements for ABC Kids Center. Liquidity is
important in this comparison, because the current ratio indicates
if ABC Kids Center has enough in assets to produce cash
needed to pay off debt (Burke, 2016). The quick ratio indicates
how quickly ABC Kids Center could pay off its debts
immediately (Burke, 2016). This would include cash and assets
that can be converted to cash quickly. While ABC Kids Center
could sell off its inventory to raise cash, there is a need to keep
in mind that the inventory of a childcare center is equipment
that children and teachers utilize in the classroom and on the
playground. Liquidity of this inventory should be approached
with great caution. Selling inventory should be considered a
last resort for this type of business. A ratio under 1 would
indicate the business does not have enough short term assets to
pay off its debts, if they became due. ABC Kids Center has
strong ratios for its first year of business and the growth in cash
flow will continue to positively impact this ratio.
Profitability is the goal of every for-profit business and is of
significant importance to investors and lenders. The profit
margin for a company is determined by dividing net income by
48. sales (Collier, 2015). Growth in sales and prudent management
of expenses (cost controls) is central to maintaining and
growing profitability. The industry average for profitability is
8% (Hoovers, n.d.). In the first year of business, ABC Kids
Center is forecasted to have a 4% profit margin. One of the
reasons for the lower profitability is that the business will now
be taking on $70k in annual debt that it previously did not
experience. In addition, the pro formas developed for the
business were based on worse case scenario for expenses in the
first year of business. There is opportunity for ABC Kids
Center to improve upon this profit margin in the first year. In
the second year, with the ability to increase enrollments, the
profit margin will increase accordingly.
Debt to equity ratio is calculated by dividing the total debt of
the company (long-term and short-term liabilities) by the total
owner’s equity (Collier, 2015). The purpose of analyzing this
ratio is to determine the proportion of debt and equity the
company uses to finance its assets. If the ratio indicates a
higher number, then the business carries a high level of debt.
The average debt to equity ratio in the childcare industry is
51%. ABC Kids Center a slightly higher ratio of 77%. This
higher ratio can be attributed to the need to assume ownership
of the facility that houses the center. The majority of childcare
centers in the U.S. lease rather than own their own building. In
this particular situation, the current owner made the decision to
build a “build-to-suit” facility to house her business. The
existing owner was not open to leasing the facility and would
only negotiate a sale that included the building. This has
resulted in a higher debt to equity ratio than currently
experienced in the industry. The positive aspect for new
ownership is that the business will have a strong cash flow and
will be able to meet its debt payment. After the fifth year of
business, a portion of the adjusted cash flow will be allocated to
debt reduction through prepayment of the mortgage on the
building. The goal is for the business to be debt free after 15
years of business.
49. Risk Assessment
Loss of Goodwill
The prior owners include the executive director, site director,
and one assistant director as family members. The center has
been a family owned and ran business for almost 30 years in the
local community. The new ownership recognizes the need to
foster goodwill and establish strong relationships with the
current parents and the local community. ABC Kids Center
intends to continue the goodwill established by prior ownership
through participation in community events and holding annual
fundraisers. Relationship building with local elementary
schools and churches will be a priority for the new owners.
Engaging parents through conducting satisfaction surveys will
be initiated with follow-up action plans. Center events such as
holiday parties, fieldtrips, and preschool graduation will be
planned with parental participation. A high percentage of
enrollments comes from referrals. A loss of this referral base
would have a negative impact on enrollments and result in a
decline in revenue.
A clearly defined marketing plan is established, and with proper
execution, will mitigate the risk of a loss of goodwill. The plan
includes advertising and promotions to generate new
enrollments for the new before and after childcare service and
the summer program. Increases to enrollment in these two areas
will offset any decreases in the foundational services offered,
due to a loss of goodwill.
Licensing
ABC Kids Center will need to apply to the Ohio
Department of Jobs and Family Services (ODJFS) for a new
license to operate as a childcare center under new ownership.
As part of the new licensure process, a site visit will be
conducted by the ODJFS to ensure compliance with the state
regulations for operation. The purchaser’s agreement includes
the provision that the current executive director (owner) will be
leaving the business upon sale of the business. The site director
(owner’s daughter) has agreed to stay on for a period of two
50. months until a new site director can be hired. The existing site
director is not interested in remaining with the business. The
timetable for a site visit by ODJFS is unknown. If the visit is
scheduled timely after the close of sale, within sixty days, the
existing site director will be present. Based on prior site
evaluations, there is little to no risk, that anything of
significance will be uncovered during a site visit. If the visit is
scheduled after the initial 60 days, a new site director will be in
place. There is some inherent slight risk, simply based on the
new hire’s lack of experience at this site that may be cause for
concern during a state visit. It will be incumbent upon the new
ownership to hire a seasoned and experienced site director to
run the daily operations of the center to mitigate this risk.
Financing
Changes in the Small Business Association’s regulations or
banking institutions lending practices may present risk for
securing the loan. Economic changes to interest rates could
create unfavorable loan terms. There are no concerns with
credit worthiness or with the profitability of the business, but
changes to terms or lending practices could negatively impact
the amount of the down payment required, require additional
collateral, or result in higher monthly loan payments. Requiring
a higher down payment or additional collateral could hamper
the new owner’s ability to secure the funding for purchase.
Increases to the forecasted monthly repayment schedule may
need to result in lowering owner’s salary, or the capital
repayment schedule, in order to maintain a strong, positive cash
flow. Appropriate due diligence by the new ownership will
mitigate these risks, as long as the closing process for the sale
of the business is conducted within 60 days of the signed
purchase agreement.
Economic Risk
Changes in the economy that impact employment poses a
risk for ABC Kids Center. ABC Kids Center is dependent upon
the needs of working parents/caregivers for childcare. A
recession or company closures resulting in higher
51. unemployment could result in fewer enrollments. This risk can
be mitigated one of two ways. The first is to continue
marketing efforts to a broad band of industries, so that the
center is not reliant on one or two major employers in the
region. The second natural outcome of fewer enrollments is a
reduction in variable expenses. Staffing reductions, supplies,
and food are three areas that would decline based on reduced
enrollment. Detailed management of the variable costs would
help to control profitability and cash flow during a downturn.
Reductions to owner’s salary, capital repayment, and SEP
contributions could be utilized to offset negative cash flow.
Operational Risk
Based on data from the Bureau of Labor Statistics, the
early childhood education field will be a growing field for the
next ten years (BLD, n.d.). The possibility exists that a new
center could open within the vicinity of ABC Kids Center and
could capitalize on the same target market. Pricing competition
would be a potential risk. ABC Kids Center can mitigate this
risk by continuing its focus on relationship building with
parents and within the community. In this circumstance, the 30
year history of ABC Kids Center in the region would be an asset
to new ownership as the brand has a strong, positive reputation.
Other ways to mitigate this risk would be to consider offering
incentives to enrollment i.e., one month free, referral bonuses,
sliding scale payment schedules based on income, and discounts
for multi-children families. To remain competitive, ABC Kids
Center may need to lower its planned annual five percent
increases in tuition.
Environmental Risk
The risk of the safety of the children at an early childhood
education center is a real concern for all parents. The safety
record of a center is of importance to parents and to the state
regulating agency. Any real or perceived injury or significant
illness for a child can result in parental dissatisfaction, state
sanctions, and negative publicity for the center. ABC Kids
Center will take all means necessary to ensure a safe and
52. healthy environment for all children. The use of surveillance
cameras in all of the classrooms will be continued, along with
use of password protected electronic keypads at all entrances
and exits for the facility. Background screening and safety
training will be conducted for every employee. While every
precaution will be taken to ensure the safety and well-being of
the children, inadvertent accidents and mistakes do happen,
which may negatively impact a child. ABC Kids Center will
respond immediately and thoroughly to all incidents, while
keeping parents and the state fully informed. The
responsiveness and proactive steps taken by the center will help
to mitigate this risk.
References
Bankrate. (n.d.). Calculator. Retrieved November 1, 2016 from:
http://www.bankrate.com/calculators.aspx?ic_id=home_smart-
spending_calculators_globalnav
Burke, A. (2016). The Definition of Liquidity in Finance.
Small Business Chronicle. Retrieved November 1, 2016 from:
http://smallbusiness.chron.com/definition-liquidity-finance-
36477.html
Collier, P. M. (2015). Accounting for managers: Interpreting
accounting information for decision making, 5th Edition.
[VitalSource Bookshelf Online]. Retrieved from
https://digitalbookshelf.argosy.edu/#/books/9781119097105/
Hoovers. (n.d.). Retrieved November 2, 2016 from:
http://subscriber.hoovers.com.libproxy.edmc.edu/H/industry360
/financials.html?industryId=1833
Internal Revenue Service. (n.d.). Simplified Employment
53. Pension. Retrieved November 2, 2016 from:
https://www.irs.gov/retirement-plans/plan-participant-
employee/sep-contribution-limits-including-grandfathered-
sarseps
Ohio Department of Jobs & Family Services. (n.d.). Childcare
Center Rules. Retrieved November 2, 2016 from:
http://emanuals.odjfs.state.oh.us/emanuals/GetDocument.do?doc
Id=Document(storage%3DREPOSITORY%2CdocID%3D%24RE
P_ROOT%24%23node-
id(493438))&locSource=input&docLoc=%24REP_ROOT%24%2
3node-id(493438)&version=8.0.0
Peavler, R. (2016). Contribution Margin Income Statement -
Breakeven Point in Dollars. The Balance. Retrieved November
3, 2016 from: https://www.thebalance.com/contribution-
margin-income-statement-393473
Small Business Administration. (2016). Business loan
information for veterans. Retrieved October 31, 2016 from:
https://www.sba.gov/offices/district/pa/pittsburgh/resources/sba
-business-loan-information-veterans
World at Work. (2016). Base Pay for U.S. Employees Expected
to Make Modest Gains in 2016. Retrieved November 2, 2016
from: https://www.worldatwork.org/adimLink?id=78999
Active Owner - 49%
Site Director
Assistant
Director
Assistant
Director
55. 5 Year Projection
2017 Gross Revenue Gross Profit Net Income 834013.8
790180.32000000041 37485.960000000079 2018
Gross Revenue Gross Profit Net Income 875714
831003.85040000034 63255.603200000005 2019
Gross Revenue Gross Profit Net Income 919500.4
873896.0474080001 89941.879664000051 2020 Gross
Revenue Gross Profit Net Income 965482.8
918966.36035616044 119333.10925728006 2021
Gross Revenue Gross Profit Net Income 1013758.8
966312.03156328341 150686.11544242559
Running head: THE MARKETING PLAN
1
THE MARKETING PLAN
6
Assignment 2: Business Plan Breakdown 2 -The Marketing Plan
Jason Simpson
Argosy University
56. Marketing entails the art of identifying customer needs and
providing services that meet their interests. Despite this,
customers have varying preferences thereby highlighting that
each organization is characterized by specific needs that ought
to be addressed (Lynn, 2014). Primarily, their characteristics
define their needs, which features they benefit the most. Target
market segmentation refers to the art of categorizing consumers
in that the business offerings can be tailored to match the
receptive customer segments (Lynn, 2014). In this regard,
market segmentation seeks to define customers based on the
business services features that they value the most. From a high
level, the objective of the marketing strategy is to identify the
target market and establish a marketing mix that will be
appealing to the target consumers (Lynn, 2014). Considerably,
the primary objective is not coming up with a specific
marketing strategy but rather focusing on the value proposition
to the target market.
In the wake of the evolving business markets, organizations
face an increasing need to understand their leadership
requirements. Pointedly, this is highlighted by the fact that
leadership is integral to the implementation of suitable changes
within an organization (Lynn, 2014). In this regard, the
marketing plan for the business initiative is tailored to identify
specific leadership and change management practices needs
faced by organizations in today’s complex business
environment. Implicitly, the marketing plan will highlight on
the different service features available to address the needs of
different organizations (Mustafa, 2017). As highlighted, target
customers have varying preferences thereby heightening the
need to integrate different service features relating to their
interests. This signifies the importance of identifying the
potential customers and their respective needs relating to
innovative leadership and management of change practices
57. (Mustafa, 2017). Therefore, the marketing plan incorporates
different product features to address unique customer needs.
Establishing viable target customers is the core initiative of the
marketing plan. Considerably, no two customers can share
unique needs as preferences often vary. Significantly, it will be
inefficient to develop a marketing plan for a single target
customer. With this, the marketing plan will identify the
common attributes among the customers (Lynn, 2014). Through
this, the business initiative will identify the customers it can
serve the best, the target segment. Significantly, the target
segment must be classified based on unique characteristics to
enhance ease in the provision of the different service features
(Lynn, 2014). Therefore, the marketing plan intends to target
the market segment by identifying unique needs among the
viable consumers.
Positioning Statement
To the best partner for selecting, developing and incorporating
world-class organizational leaders.
Products and Services
Today’s business environment is constantly evolving thereby
heightening the challenges faced by most organizations. While
some of this challenges can be addressed, understanding the
leadership requirements for the organization is critical.
Considerably, it is essential for companies to integrate effective
leadership models for use in developing the next generation of
leaders (Mustafa, 2017). The business initiative intends to work
in tandem with other organizations to provide a range of
services including a clear definition of the talent requirements,
taking into consideration the business implications of falling
short of (or meeting) the highlight requirements. Significantly,
the initiative plans on creating a comprehensive model that
emphasizes on what good leadership is for an organization now
and in the future.
58. The business initiative seeks to develop a compelling leadership
model that will become an organizing framework for the
integration of talent management and facilitation of change
management practices. Significantly, this model will enhance
assessment of innovative leadership approaches to ensure the
organization incorporates strategies to positions it better in the
competitive business environment. Considerably, organizational
leaders can be assessed through the use of the model,
organizational teams aligned to it and incumbents measured
against it. Additionally, the business initiative can leverage an
organizational current business model by establishing and
implementing varying principles. These include developing a
rigorous process for engaging the senior team in a thorough
consideration leadership needs, issues, and relevance of the
existing business model. Consequently, internal
communications will be enhanced to introduce the new business
model and its ramifications to the different organization levels.
Besides, tools, methods, and systems will be enhanced to build
capacity in the different areas targeted by the business model.
Therefore, the incorporation of a new business model will better
position the organization in the competitive landscape by filing
in important leadership positions within the company.
The business initiative offers compelling change approaches to
enable your organization to adapt to the rapidly evolving
changes in the contemporary society. Technological
advancement in the modern society is a trend that most
organization ought to leverage on. However, incorporating new
organizational processes is a significant challenge faced by
most companies. This highlights the dire need of developing an
absorbing change management business model to better the
current organizational processes and equip the company
competitive advantage. Therefore, the business initiative seeks
to partner with organizations for the structuring of an effective
change business model that fits their unique needs.
59. Pricing Strategy
The business initiative will adopt a fixed bid contract as its
pricing strategy. With this, the business initiative or project will
be completed for a fixed fee which is determined by the
company’s unique needs or interests (Craciun, 2013). The
importance of this pricing strategy is that it is our risk to
complete the defined objectives within a specified deadline.
Failure to complete the objective within the set deadline will
require extra hours from our personnel as it is the firm’s
dedication to meet the needs of the target customers (Craciun,
2013). By alleviating the risk from the customers, the pricing
strategy offers a friendly approach thereby ensuring that high-
quality services can be provided at fair prices.
Promotion plan
The business initiative will be marketed through advertisements
and business exhibitions. Additional, an interactive website will
be developed for easy access by corporations in need of the
services. The promotion plan will mainly target organizations
facing leadership and change Management challenges.
Additionally, companies in need of consultation of the different
leadership approach for use will be target market of the
promotion plan. The marketing will be conducted for six months
after which a review will be conducted to ascertain its
effectiveness, primarily, this will be based on the project’s
revenue and sales. The objective of the promotion plan is to
increase sales of the services offered by the business initiative
within the next six months. Therefore, the marketing department
will oversee the promotion plan activities to ensure effective
dissemination of information to the target market. Specifically,
the promotion plan will target both local and international
organizations for the provision of the highlighted services.
However, stiff competition is expected in the international
markets as local businesses are more likely to purchase the
different service features.
60. References
Craciun, C. S. (2013). Pricing of Consulting
Services. International Journal of Academic Research in
Economics and Management Sciences, 2(1), 47.
Lynn, M. (2011). Segmenting and targeting your market:
Strategies and limitations.
Mustafa M (2017) Leadership Innovation and Implement
Organizational Change and Lead a New Initiative through
Adoption of the Innovation and Change Management Practices
for Shiraz Industries Private Limited Company: A Survey
from Pakistan. J Bus Fin Aff 6: 278. Doi: 10.4172/2167-
0234.1000278
Running head: BUSINESS PLAN BREAKDOWN
1
BUSINESSPLAN BREAKDOWN
7
Assignment 3: Business Plan Breakdown 1 – The Choice of
Business
Jason Simpson
Argosy University
61. Top management plays a crucial role within an organization
through value proposition and enhancing the adoption of
strategies to strengthen the company’s position. Significantly,
leadership plays a vital role in the implementation of innovative
practices within an organization. In this regard, leaders often
function as change agents by not only creating a vision but also
highlighting the need for organizational change and enactment
of the identified change process (Aarons, Ehrhart, Farahnak &
Hurlburt, 2015). The importance of this initiative is emphasized
by the fact that implementation of continuous and
transformational change enables a firm to remain competitive.
As a result, leadership innovation and implementation of change
initiatives are subject to supplemental research as it equips
effective organization strategies for sustenance in the highly
competitive business environment (Gilley, Gilley & McMillan,
2010). Considerably, the implementation of change practices
has in the past been inhibited by the inability to modify
organizational leadership styles (Mustafa, 2017). Therefore,
implementation of the organizational change initiative
highlights the importance of adopting innovative leadership
styles.
Vision: To ignite and empower employees with innovative
leadership strategies to enhance implementation of
organizational changes and overcome challenges, and attain
aspiration. The mission statement for the change initiative is;
driven to positively impact organizations through the
advancement of leadership approaches that facilitate the
integration of organizational change management practices to
strengthen the company’s position. Through this, the initiative
seeks to emphasize the importance of incorporating innovative
62. leadership strategies as they facilitate change processes thereby
cementing a firm’s competitive position within the business
environment (Aarons, Ehrhart, Farahnak & Hurlburt, 2015).
Significantly, its core belief and culture is enhancing cohesion
between the top management and employees thereby creating a
positive impact on staff morale and productivity (Mustafa,
2017). The role of innovative leadership is the facilitation of
effective communication to the staff members by the top
management. Therefore, leaders will be required to operate from
a broader perspective particularly during the generation of ideas
and improvement of organizational practices during the change
process.
Venture Description
The implementation of organizational change practices is
dictated by the adoption of innovation and change management
practices to support the initiative. Notably, most companies
adopt a bureaucratic type of leadership for undertaking different
roles and responsibilities (Mustafa, 2017). While this leadership
approach has been successful in most ventures, it does not offer
a proper structure to organizational management, particularly in
the enactment of change practices (Gilley, Gilley & McMillan,
2010). This heightens the need to integrate innovative
approaches such as the Genome Framework that provides the
top management within a company a clear set of understanding
on how to provide their workforce more freedom within the
working environment. Consequently, this will create a sense of
cohesion amongst the staff members (Aarons, Ehrhart, Farahnak
& Hurlburt, 2015). Additionally, the top management will be
required to incorporate other performance improvement
measures rather than solely focusing on the completion of
responsibilities and attainment of the set objectives.
Organizational objectives can be attained through effective
cross-functional approaches. This initiative aims to facilitate
implementation of organizational changes through the adoption
of innovative leadership strategies and effective change
processes. Both innovation and the change management models
63. provide a solution to business challenges in the highly
competitive operating environment (Gilley, Gilley & McMillan,
2010). Pointedly, the initiative will be participating in the
management consulting industry with the sole objective of
evaluating leadership innovation and change management
problems encountered by organizations. Through this, the
initiative seeks to propose the need for organizational changes
through the adoption of innovative and change management
practices (Mustafa, 2017). Implicitly, the initiative intends to
offer validated leadership approaches for organizational
development through the description of varying leadership
dimensions. For instance, the Full-range leadership model is a
researched approach emphasizing the importance of
transformational leadership as a source of motivation to the
employees (Aarons, Ehrhart, Farahnak & Hurlburt, 2015). In
this regard, the initiative seeks to propose different innovative
leadership styles ought to be integrated into company’s and
effective change management practices to enhance a firm’s
competitive position. Considerably, this initiative has a
strategic advantage in that most management consulting firms
have focused on finance and accounting services while
sidelining the need for best management practices which is an
integral component of success (Mustafa, 2017). Organizational
success is determined by the integration of effective
management approaches that foster positive relationships
between the top Mangement and the employees. While most
organizations have been successful in the past, the ever-
changing business environment emphasizes the need for
effective change management practices.
Justification
The Master of Science in organizational leadership
comprehensively covers the importance of leadership within
companies. Competent leadership is integral to the
implementation of suitable changes for an organization.
Primarily, this highlights the type of knowledge, skills, and
competencies required by a leader to facilitate an effective
64. organizational change. Significantly, it is essential to highlight
the relations between leadership competencies and successful
organizational change. Based on this, the proposed initiative
focuses on innovative leadership strategies and their impact on
effective change management practices. While the Master of
Science in organizational leadership provides a background
overview of leadership within organizations, the initiative seeks
to propose a set of leadership approaches and change
management models for organizations. Therefore, this initiative
focuses on innovative leadership strategies and their influence
on change processes which forms an integral component of the
registered program.
Research Methods
The feasibility of this initiative will be analyzed through
surveys. Implicitly, the survey methodology will entail
sampling of organizations to ascertain their need for training on
innovative leadership and change management practices.
Different data collecting techniques such as the use of
questionnaires will be used after which the data will be
validated to improve the accuracy of the responses.
Significantly, the survey will provide the statistical inferences
regarding the different leadership and change management
problems faced by organizations. Through this, the need for the
initiative will be highlighted. Therefore, surveys will be used
for providing the relevant information required to supplement
the initiative.
SWOT Analysis
Strengths
· Customer demand
· Lack of competition in the external environment
· Apparent skills and capabilities
· Provision of a different services
· Focus on a specific market niche
Weaknesses
· Obstacles regarding the investment capital needed to launch
65. the marketing campaign.
· Limited research on the initiative
· Declining customer base
Opportunities
· New international markets
· Great potential in new markets
· Loyal customer base
· Capitalizing on new technologies
Threats
· Competition
· Change of customer needs
· Cost sensitive market
References
Aarons, G. A., Ehrhart, M. G., Farahnak, L. R., & Hurlburt, M.
S. (2015). Leadership and organizational change for
implementation (LOCI): a randomized mixed method pilot
study of a leadership and organization development
intervention for evidence-based practice
implementation. Implementation Science, 10(1), 11.
Gilley, A., Gilley, J. W., & McMillan, H. S. (2010).
Organizational change: Motivation, communication, and
leadership effectiveness. Performance improvement
quarterly, 21(4), 75-94.
Mustafa M (2017) Leadership Innovation and Implement
Organizational Change and Lead a New Initiative through
Adoption of the Innovation and Change Management Practices
for Shiraz Industries Private Limited Company: A Survey
from Pakistan. J Bus Fin Aff 6: 278. Doi: 10.4172/2167-
0234.1000278