REFLECTION REPORT

Reflection report of BDP

Chapter 1 Introduction3

1.1 Rationale for the business idea3

1.2 Scenario chosen3

1.3 Aims and objectives of the work4

1.4 Structure of the work4

Chapter 2 Business concept4

2.1 Mission statement5

2.2 Vision5

2.3 Services description5

2.4 Positioning6

Chapter 3 Feasibility study6

3.1 Research done6

3.2 Feasibility7

3.2.1 Product / Service Feasibility7

3.2.2 Industry Feasibility8

3.2.3 Organisational Feasibility8

3.2.4 Financial Feasibility8

3.3 Resource Requirement Evaluation9

Chapter 4 Business model10

4.1 Strategic Analysis and Business Model10

4.2 SWOT Analysis10

4.3 Competitive advantage and Sustainability12

4.4 Selection of strategies for success12

4.5 Business Model13

Chapter 5: Business Plan13

5.1 Overall assessment of the Business Plan14

5.2 Business Plan schedule14

5.2.1 Marketing Plan14

5.2.2 Financial plan and Projection16

5.3 Critical Success / Failure Factors17

References19

Reflection report of BDP

Chapter 1 Introduction

A BDP helps in identifying the various risks that the business is likely to come across, such as financial risks and market risks. It is a tool used in business analysis as an aid in decision making and evaluation of ideas. The financing of the project is also to be considered, that how will the required funds be arranged.

1.1 Rationale for the business idea

The accounting industry needs to go through some changes as the stakeholders involved are not completely satisfied with the service that they are receiving. Therefore, as any businessman/entrepreneur basically takes advantage of any short comings in the market and that's the same thing we have done, by forming our own firm “Acctax & Co”.

1.2 Scenario chosen

The scenario chosen for my Business development plan (BDP) was “A new company start-up as an Entrepreneur”, meaning that I would be starting my own business. It would help make use of the knowledge that I have gained through education as well as my professional experience.

A BDP helps in identifying the various risks that the business is likely to come across, such as financial risks and market risks. It is a tool used in business analysis as an aid in decision making and evaluation of ideas. The financing of the project is also to be considered, that how will the required funds be arranged.

1.3 Aims and objectives of the work

The aim of the Business Development Plan is to take into account and analyze the different element that need considering while forming an Accounting firm. Moreover, we want to create presence in the market and are open to any partnership deals that may arise, if and when some prospective partners look at our BDP.

1.4 Structure of the work

The structure of the report is such that the entire business concepts are covered, and a whole feasibility of the project is carried out. The later stages introduce Acctax & Co's business model and ultimately the final business plan is put forward.

Chapter 2 Business concept

We aim to come up with an accounting firm with the name of Acctax & Company (Acctax & Co) that would cater for all facets of society whether it is the general public or the business community. In our initial days, we will be providing three types of services, in the form of Book Keeping, Tax services, and Business consultancy & ...