Prelude
This is the eigth and last entry regarding my business plan. This is part of a series where I will be posting my business plan online. If you are curious as to why I would post my business plan online, visit my “what’s the business plan” post.
Even though the summary is the first part of the business plan, it is the part that you do last. This is also the most important part of the business plan as the summary is usually the first thing read and sometimes the only chance to hook in a reader and get them to delve further into the plan.
This is also the section that I had the hardest time, due to its importance.
Executive Summary
Greg Lam Consulting’s slogan is “Making your business work for you”. It will specialize in aiding small businesses reach their business goals. This will be accomplished through providing start-up and strategy services, specifically specializing in helping small businesses attract, inform, and sell to their customers online. The company is a sole proprietorship owned solely by Greg Lam. It is a home based business located in Burnaby, British Columbia.
There are many views on what a small business is. For the purpose of this plan, it will mean businesses in size from 1 employee to 100 employees with annual revenues up to $5 million. Small businesses generally lack three things: time, money, and knowledge. A small business can’t have an expert in every single aspect of its business, doesn’t have the time to focus on many things at once, and doesn’t have the money to hire specialists for the items in which they don’t have the knowledge and time to pursue.
Having an online presence is becoming a necessity for small businesses. Consumers are increasing turning to the online world to search for information about, received recommendations on, and buy from businesses. Importance is shifting from traditional means of marketing and conducting business from business cards and brochures, telephone orders, print, radio, and television advertising to websites, social media, SEO (search engine optimization), pay-per-click ads, and online marketing in general. The internet provides a more level playing field for small businesses to compete with larger ones and online marketing investments can provide an amazing return on investment over investments made in traditional forms of marketing.
Digital technology is combing with the growth of the internet to amplify the work done by small businesses. A websites outlives brochures, automated payment and bookkeeping systems minimize manual labour, markets can expand from local to international; and all of this can be done by small businesses.
Greg Lam Consulting has the unique competitive advantage of small business start-up experience, formal business education, multimedia experience with video, photography, and websites, and designing custom software for small businesses.
Greg Lam Consulting started in June of 2009. Monthly revenues for the last quarter of 2009 averaged $3,100 a month. Annual revenue projections are $53,750 for 2010 and $74,500 for 2011. No additional start-up capital is required and the company has no liabilities.
Go forth to the next section, the company profile.
Go back to the business plan page.
