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Launching a New Venture in LSI Architects

University: University of Glasgow

  • Unit No: 10
  • Level: Undergraduate/College
  • Pages: 23 / Words 5723
  • Paper Type: Assignment
  • Course Code:
  • Downloads: 298
Question :

This assessment will cover certain questions mentioned below:

  • Give a range of resources required in LSI Architects launch a new venture
  • Provide skills and capabilities in LSI Architects and also methods to make it acquired or developed.
  • Elaborate on appropriate promotional activities for LSI Architects.
  • suggest an appropriate legal form for LSI Architects with the budget for launch
Answer :
Organization Selected : LSI Architects

INTRODUCTION

Launching a new venture is all about expansion of existing business into new area for generating more or more revenue by grabbing available market opportunity. Almost each and every business is coming up with creative ideas for extending their current enterprise for making it bigger by satisfying consumer needs and demands (Baron and Tang, 2011). In fact, numerous small firms are aiming to come up with more innovative ideas in order to get involved in several other sectors also. Therefore, this assignment is going to revolve around the process of launching a new venture of existing business named as LSI Architects. This organization is currently seen as an award winning architectural practices by having almost 60 employees includes architects, technologist as well as supporting staff in London and Norwich. Hence, main objective of the company is to entered into international market by launching its new venture on Oxford Street of London which is one of the most famous market. Thus, project will highlight the new venture of this company by specifying its markets and tangible or intangible resources that are used by organization for accomplishing their set targets. Moreover, an impressive proposal is also outlined in the project and methods of developing venture by showing suitable promotional channel for successful marketing of newly established branch of existing firm.

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TASK 1

P1 New venture for LSI Architects by identifying specific markets and competitive analysis

LSI Architects is an award winning business of architectural practice by having almost 60 employees that includes various members such as; technologist, supportive staff team and other technicians based in London and Norwich. Practice of business always looks for create sustainable, creative, valuable and impressive architecture which enhance the lives of common people, build community and improve society. In fact, this organization is having a very vast experience of tackling several projects of distinct clients from which major contractors are commercial and for public sector clients across the UK. However, main emphasis of the organization is on projects of London, Norfolk, and Cambridge and Eastern region. On the other hand, clients which were connected with the company always appreciate their work and say that LSI Architects really value their members such as; their professional, collaborative, staff members and customers with their innovative approach in projects (Bijker and et. al., 2012). Along with this, make the employees happy and provide highly training system for motivating them in order to deliver qualitative work as well as to get committed towards service. Basically, main target of an organization are businessmen’s, public sector as well as some high income group of people for engaging in a large contract with them in order to maintain long term relationship. Therefore, company is focussing on Geo-demographic market segmentation through which they can focus on two types of customers such as; quantifiable population and physical location or region.

Now company wanted to launch its new business or venture into selling construction materials and related equipment’s by establishing their shop on Oxford Street of London which is considered as one of the most famous market. Basically, this street is one of the busiest roads of London because large number of visitors is come there for purchasing their desired products. In fact, this will be beneficial for success of an organization because minimum number of competitors is available as materials related with construction are mainly selling nearby residential area or developing region. But at the same time, Oxford Street is fully developed and well-structured market because number of arrivals comes there for cloth shopping, accessories, enjoying evening, had dinner, lunch and many more things. In fact, no one can expect the presence of construction materials and equipment’s shop in this market because consumers came there for clothing’s and foods. As a result, competition of an organization automatically gets minimized and company can easily enjoy monopoly at there for few time periods. On the other hand, if there is a presence of competitors then LSI Architects have an opportunity to offer combo pack to the new members in which construction of building with its material also involved. Therefore, customer automatically get attracted because every member will love to complete their entire work in one place in order to gain more attention of an association as well as able to acquire heavy discount on best work (Burns, 2017).

Hence, it has been understood that LSI Architects have a great opportunity of launching their new venture successfully on Oxford Street. But somehow this business will acquire maximum amount of funds in order to complete the whole project. At the same time, company have a great turnover of around £3.5m that is really beneficial for success of an organization and they can easily run extend its operational activities on Oxford street. This is seen as great opportunity for selected firm to promote dual business through single promotional activity. For example, LSI Architects is currently engaged in designing creative buildings for society, commercial and public sector by taking materials from other business but now by offering construction materials this association can do these two things with double profit as well as get succeeded in seeking attention of customers (Caselli and Negri, 2018). In fact, most of the rich people such as; politicians, celebrities, businessmen’s and various other high income persons wanted to contact with single party for designing their creative houses instead of meeting with several distinct contractors.

P2 Tangible and intangible resources that required by company for launching a new venture

Resources are consider as most indispensable aspect for running any business either its new or old, small, medium or large in order to attain set objectives or goals in a defined time frame. In business terms, resources are classified into two different ways; one is tangible and another is intangible. Basically, tangible are those things which can be touch, seen or felt by business such as; land, labour, capital, stocks and machinery whereas intangible resources are those things which are used by business while running their organization but these cannot be touched, felt or seen such as; goodwill, patent right, trade secrets, networks and so on. Therefore, LSI Architects also wanted to have some tangible and intangible resources for completing the launch of new venture in Oxford Street (Fernhaber and Li, 2013). Thus, some of tangible resource which is required to the organization during launch is discussed as follows-

  • Land- First or foremost resource which is required by business for launching its new venture is place means land where they are going to accomplish their various operational activities. Basically, it’s a piece of property and premises which is used by organization for carrying out their other activities. Land is also mean that the area where office of LSI Architects is situated such as; current office of business is situated in Old Drill Hall, 23a Cattle Market Street, Norwich, Norfolk, NRI3DY. This means, one of the most indispensable aspects required for operating business.
  • Labour- These are the members which are engaged in handling various types of works by performing their assigned roles and responsibilities in better manner. Mainly, labour force is a tangible resource that is needed by company for operating machines which helps in generating input into output and helps in providing high range of profit to the business. In fact, labours are of distinct types such as; few are skilled, some are unskilled but some are experienced and very much talented (Hmieleski, Cole and Baron, 2012).
  • Capital- It’s a source of income or finance for organization because without the availability of sufficient funds, company cannot be able to perform its organizational operations. For example; heavy amount is requisite for LSI Architects to buy necessary machines, land for establishing new business of an organization and so on. Mainly, funds are provided by owner for generating large amount of profits by fulfilling the needs of desired users.

On the other hand, there are some intangible resources which are also indispensable for successful launch of LSI Architects that are discussed below-

  • Goodwill - Initial thing is that image of an organization is one of the major resource that is used by newly launched business while establishing their creative products or services in new market.
  • Intellectual property- These properties covers various rights of an organization such as; patent, copyrights, trademarks and so on for protecting creativity of an association from various frauds. This will help in maintaining single monopoly of an enterprise at marketplace.

Apart from these, company is required to identify the target market, competitive analysis and strength, weaknesses of their new venture which are mentioned below:

Target market- It means companies should choose a particular market in which customer demand is high. Due to this organisations can get higher profitability can be achieved. Like for new venture of above company first they should find out the market in which demand of construction material is high.

Competitive analysis- It is a kind of analysis which is related to the evaluating the level of competition in the market. Companies should establish their new venture in area wherein competition is low. Same as to the LSI architects company should launch their new entity in the low competitive market.

Strength and weaknesses of new venture-

Strength- The strength for newly launched business of LSI architects is that they have good opportunity to grow in the market.

Weakness- The weak point is that there is huge competition in the market that can impact their profitability.

Area of risk- The area of risk of new venture is the possibility of lower sell in the initial stage and it can impact their sustainability. As well as due to less goodwill, it can be difficult for the company to invest money in the promotion.

TASK 2

P3 Credible proposal for launching a new venture

LSI Architects is moving towards plan of launching new venture in order to attain their set objectives by fulfilling the requirements of distinct clients. Along with this, it plays a very crucial role in launching a new venture at new marketplace by designing an appropriate proposal for representing it in front of various shareholders. However, planning is really indispensable for the success of overall strategy because it aids in controlling probabilities of mistakes or errors (Kariv, 2013). Thus, LSI Architects design an impressive proposal while launching a new venture which covers several necessary elements that are described as follows-

LSI Architects

Executive Summary

This company is dealing in architecture field by designing various types of creative buildings for commercial and public sector in order to enhance the communities and buildings. Main objective is to come up with innovative ideas for making the building more attractive and impressive.

Target Market

Oxford street is one of the busiest roads of London as number of visitors comes there for shopping purpose, enjoying the evening and so on. In fact, this market helps in attracting large number of consumers by offering them with best combo offers and additional discounts by entering into certain contract.

Competitors/Market Analysis

An appropriate model is used for assessing external and internal market such as; SWOT & PESTLE. In fact, this will help an enterprise in understanding competitors available at market in order to design organizational strategy in better manner for seeking the attention of desired consumers.

Human resources

Skilled employees, creative designer, management team, labour and many other staff for proper accomplishment of business operations.

Financial Project

Accurate funds are really indispensable and sufficient capital for smooth functioning of an enterprise. Along with this, finance is initial step of every organization in order to accomplish set objectives. However, company have an option of raising funds through distinct sources such as; equity, preference shares, debentures, bonds and bank loans.

Benchmarking

By setting benchmark, an organization needs to set target for motivating employees towards goals and complete the project in a defined time frame.

P4 Skills and capabilities required for launching a new venture and way of developing it

Employees are playing major role in success of an organization because all the business activities are managed and regulated by them only. Therefore, it is essential to hire skilled and knowledgeable staff members for managing all the business activities of an organization as well as perform several functions to develop it in proper manner. However, LSI Architects are engaged in designing various creative buildings for whole society in order to enhancing community (Klotz and et. al., 2014). Thus, some of the essential skills and capabilities requisite for launching a new venture are discussed as follows-

  • Risk taker- First or foremost person who is requisite in business is risk taker who is mostly entrepreneur because owner of an organization always comes from distinct projects and ideas in order to generate maximum revenue by satisfying consumer needs. In this process risk is needed to be evaluated very keenly so that so that an organisation is bale to over come risk which is associated with business operation. Such as investment, financial, marketing risk and technical risk etc.
  • Manager- Management is most indispensable person for success of an organization because they are responsible for managing things in suitable manner. This thing helps staff members in attaining set targets in a defined time frame. Herein, it is necessary for mangers of a particular venture to evaluate business operation and function effectively so that they can plan strategies according in order to achieve its goals and objectives effectively.
  • Creative person- Person is full of innovative ideas aids in enhancing business performance by coming with unique thoughts for designing impressive buildings. In an organisation, it is necessary to have a creative person that effective and useful ideas and innovation can be attained. With the help of creative evaluation an organisation can have attractive ideas in their product and offerings in competitive marketplace.
  • Leadership skills- Staff members are having distinct minds and opinions towards certain subject due to which conflicts might incurred between employees. Therefore, it is essential to hire one person or leader for resolving issues which incurred between various members while performing business activities (Kuratko and Hornsby, 2017). Moreover, with the evaluation of various leadership skills an individual can deal with various problems or unexpected situation in an attractive manner. Thus, such skills are necessary as it help an organisation to achieve its targets within stipulated period of time.
  • Networking- This is very essential to launch a new business that responsible person should have good networking skills. It means he/she should be able to make relations with the external stakeholders.
  • Problem solving skills- It is also important that, all the members should have problem solving skills so that they can not stop due to any critical issue. Like in the above respected company, they should have the skills to resolve any issue.

Apart from this, various members are identified at workplace which are playing crucial role in success of an organization. All the individuals of an association are having their own way of working and perform their assigned job role in better manner.

TASK 3

P5 Different promotional activities and channels as well as justification of selected channel

LSI Architect is a new venture which is going to be launched in the market. For the organization it is very important to use effective marketing and advertising techniques and channels so that large number of people get aware of the company. Promotions can help to Some of the selected promotional activities and channels are described below that can be used by LSI Architect:

Newspapers: As the business is a new venture hence the organization may choose newspapers to promote itself. It will cost less and result in awareness of large number of customers. Newspaper promotions result positively for LSI Architect by providing information of new business to large number of people.

Television: It is an easy and effective method of promotion in which large number of customers can be targeted by the organizations in order to promote themselves. It cost high but results in large number of customers for the businesses. This option can also be adopted by LSI Architect to promote itself (Morris, 2015).

Online promotions: In such type of promotions business create their own website and attract customers by providing them impressive deals. Interested individuals may visit sites and then they can gather appropriate information form that website that can be used by them in future to make buying decision. This type of promotional activity can also be used by LSI Architect in order to promote the new venture which is going to be launched in market.

Social Media: It is the most effective and cheap method of promotion in which organizations do not have to make investment and it helps to promote business easily. It is the best way to attract customers by providing them appropriate and accurate information of business projects. This method can be used by LSI Architect for promotions as it is a new venture and the main requirement of the business is to attract large number of customers so that success can be achieved easily (Read and et. al., 2016).

Justification: From all the above described methods LSI Architect can choose social media as a promotion channel and technique because it does not cost for the company. It is also very beneficial for the organization to directly contact to the individuals who are sowing interest in business projects that are offered by LSI Architect. It will result in large number of customers in future because it is the most effective and easy way to reach people. Social media is used by most of the people in current hence it is the best technique for a new business to aware customer about itself.

P6 Promotional activities plan for both launch and pre-launch of LSI Architects

It is one of the crucial aspects for LSI Architects to make an appropriate design of their promotional activities for both pre and post launch of the business. It significant for the company because of attaining high competition is exist in the market and just like this firms plenty of other are also present in the market with good customer base. Thus, launch events tend to provide latest opportunities to create interest of client towards starting of their new business.

  • Pre-launch promotion: This would consist of effective process under which all the activities are designed before the opening of the business. It consists of formulation of networking websites through which company can easily communicate their operations with the customers and provide all their essential information regarding their products and services, prices and other facilities those are available with the LSI Architects company. By the help of this LSI Architects company can easily be able to organise their resources and determine their risk factors those are coming at the time of launching their business into the market (Robb and Watson, 2012).
  • Launch: During the time of making decision to host opening ceremony in which all the media representative and celebrities are invited to garb maximum attention of public are also planned by the company. With the invitation of media person the news is being published in various advertising mode such as newspaper, TV and radios. It would create maximum changes of popularities among the people regarding the services that are offered by the LSI Architects. By the grand opening parties, it could tend to deliver opportunities to bring effective ideas with client to make their intention among this particular company (Launching a new venture 2018).

Promotional activities for launch and pre-launch- This is necessary to conduct various kind of promotional activities before launching any kind of product. Like in the above context they want to launch a new business for which below promotional activities are necessary:

  • Organise a pre launch- It is very necessary to organise a pre launch programme for all the internal stakeholders. This is why because it can help in communicating the awareness about the newly launched business.
  • Increase organic visibility- It is a kind of activity which is related to the creating a brand image in the mind of customers so that goodwill can increase. Like in above respected company, they are required to increase popularity of new business as much as possible.

TASK 4

P7 Itemised monthly cash budget for Pre-launch phase of venture and first 12-18 months preceding launch of venture

Cash budget covers all the information related with expenses which is incurred by business while launching a new venture at Oxford Street. In fact, this will help an organization in performing smooth functioning of a company by allocating sufficient amount of funds to distinct business activities of an association. However, this will provide an appropriate opportunity to management of company in order to manage their day to day cash in suitable manner by considering necessary facts or figures (Simon and Shrader, 2012). Therefore, it is essential for LSI Architects to design an effective cash budget in appropriate manner by considering relevant facts or figures.

Cash budget of LSI Architects before launch

Year 2015

Jan

Feb

Mar

April

May

Raw material sales

42,152

42,563

43,526

43,568

44,124

Machinery Sales

19,751

12,451

12,456

13,452

14,528

GROSS SALES (Total)

61,903

55,014

55,982

57,020

58,652

COGS

Raw material

14,525

14,046

14,364

14,377

14,561

Machinery

6,515

3,113

3,114

3,363

3,632

GRAND TOTAL

21,040

17,159

17,478

17,740

18,193

GP

40,863

37,855

38,504

39,280

40,459

General and Administrative

Workers’ Salaries

15,476

13,754

13,996

14,255

14,663

Management Salaries

3,400

3,400

3,400

3,400

3,400

Employer Taxes/Benefits (15% Wages)

2,265

2,058

2,087

2,119

2,168

Employees Compensation (6% Wages)

1,133

1,029

1,044

1,059

1,084

Advertisement

800

800

800

800

800

Bookkeeping

150

150

150

150

150

Credit Card Charges (1%)

619

550

560

570

587

Insurance

250

250

250

250

250

Legal and Professional Fees

100

100

100

100

100

Misc. Other

250

250

250

250

250

Office Supplies

175

175

175

175

175

Rent

3,200

3,200

3,200

3,200

3,200

Repair and Maintenance

300

300

300

300

300

Small Equipment

200

200

200

200

200

Telephone

150

150

150

150

150

Garbage

200

200

200

200

200

Utilities

1,200

1,200

1,200

1,200

1,200

Total Gen. and Admin. (Fixed)

29,867

27,766

28,062

28,378

28,876

NET PROFIT OR LOSS

10,996

10,089

10,443

10,901

11,583

SBA Loan

3,582

3,582

3,582

3,582

3,582

Cash Flow After Financing

7,414

6,507

6,861

7,319

8,001

Draw

4,000

4,000

4,000

4,000

4,000

Net Cash Flow

3,414

2,507

2,861

3,319

4,001

Accumulated Cash Flow

 

5,921

8,782

12,101

16,102

Average Daily Sales / 22 days

2,814

2,501

2,545

2,592

2,666

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Cash budget after first 12-18 months

June

July

Aug

Sept

Oct

Nov

Dec

YTD 2013

44,325

44,658

45,210

45,325

46,251

46,325

47,125

5,35,152

15,574

15,487

16,421

16,251

17,452

17,245

17,845

1,88,913

59,899

60,145

61,631

61,576

63,703

63,570

64,970

7,24,065

14,627

14,737

14,919

14,957

15,263

15,287

15,551

1,77,215

3,894

3,872

4,105

4,063

4,363

4,311

4,461

48,806

18,521

18,609

19,025

19,020

19,626

19,599

20,013

2,26,021

 

41,379

41,536

42,606

42,556

44,077

43,972

44,958

4,98,045

14,975

15,036

15,408

15,394

15,926

15,893

16,243

1,81,016

3,400

3,400

3,400

3,400

3,400

3,400

3,400

40,800

2,205

2,212

2,257

2,255

2,319

2,315

2,357

26,618

1,102

1,106

1,128

1,128

1,160

1,158

1,179

13,309

800

800

800

800

800

800

800

9,600

150

150

150

150

150

150

150

1,800

599

601

616

616

637

636

650

7,241

250

250

250

250

250

250

250

3,000

100

100

100

100

100

100

100

1,200

250

250

250

250

250

250

250

3,000

175

175

175

175

175

175

175

2,100

3,200

3,200

3,200

3,200

3,200

3,200

3,200

38,400

300

300

300

300

300

300

300

3,600

200

200

200

200

200

200

200

2,400

150

150

150

150

150

150

150

1,800

200

200

200

200

200

200

200

2,400

1,200

1,200

1,200

1,200

1,200

1,200

1,200

14,400

29,256

29,331

29,784

29,768

30,416

30,376

30,803

3,52,684

12,122

12,205

12,822

12,788

13,661

13,596

14,155

1,45,361

3,582

3,582

3,582

3,582

3,582

3,582

3,582

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