The business plan answers the key questions about the business: who, what, where, when, why, and how. For a developing business, it begins the process of making an idea materialize into reality and determining whether or not an idea should become reality. It also establishes goals and benchmarks for the business. A comprehensive business plan makes it easier for a business to receive external support, especially in terms of financing from potential investors, lenders, and grant sources. Finally, and possible most importantly, going through the process of planning is very valuable because it forces the business owners and/or managers to think through every detail of the business.
A well‐defined marketing plan helps businesses make the most of their marketing dollars. KCARD can assist businesses develop a marketing plan that addresses specific goals of the business and provides marketing strategies that fit their targeted customer groups to achieve those goals, and update marketing plans and perform the necessary market research.
KCARD assists in the development of profit and loss statements, cash flow statements, and balance sheets. Key goals for cost analysis are to determine breakeven prices and/or volumes for clients, and to help clients make pricing decisions. KCARD assists beginning businesses determine all costs to produce their various products and services. KCARD can also perform sensitivity analysis for clients by answering “what if” questions, such as what would be the effect on profitability if certain costs change.
The goal of the feasibility study is to answer whether or not a business idea or new product or service offering is feasible. When conducting feasibility studies for clients, KCARD addresses key questions related to marketing analysis, management requirements, technical feasibility, and financial feasibility. The marketing analysis typically addresses key industry trends, assessment of potential supply, and determination of market demand and potential customers. The technical feasibility identifies equipment and other infrastructure requirements. The financial analysis estimates start-up costs and potential financial returns. As part of the financial analysis, KCARD estimates projects the impact various scenarios have on the financial returns. The feasibility study provided the client with comprehensive understanding of the industry, key success factors, and outcomes under different scenarios.
Development of organizational charts, administrative and personnel policies, and job descriptions