Business Plan for a Market Research Company
Business Plan for a Research and Advisory Services Firm
in the Information Technologies Industry
Business Description and Staffing Plan
The continued growth of research and advisory services in the information technologies (it) industry continues to accelerate given the highly disruptive nature of cloud computing, increased adoption of analytics and the continued acceptance of Software-as-a-Service (SaaS)-based enterprise software applications. The intent of this business plan is to define the proposed research and advisory firm and the benefits it will provide to clients. Also included is a thorough analysis of form this business will take, the chart of accounts, applicable Generally Accepted Accounting Principles (GAAP), pro forma balance sheets, valuation of assets and recommendations for implementing internal controls. As the proposed firm is private, Sarbanes-Oxley (SOX) reporting compliance requirements do not apply (Schneider, Valenti, 2010). Paradoxically however, SOX is a potential source of revenue for the firm, as publically-held enterprises are often challenged to ensure their information systems and financial reporting processes are in compliance to the SOX standard. SOX will be evaluated from the context of a potential revenue stream for the research and advisory firm as a result.
The Firm’s Value Proposition
The fundamental value proposition for the advisory firm is guiding enterprises to make more insightful decisions about how and where they invest in it systems to better accomplish their goals. This includes the overall development of Enterprise Resource Planning (ERP) integration strategies and the development of large-scale Customer Relationship Management (CRM) implementation plans. This advisory firm will also provide guidance on how to implement SaaS-based Sales Force Automation (SFA) applications throughout sales teams to ensure they are as effective as possible in selling products and services.
General Staffing Plan
The general staffing plan for the proposed research and advisory services firm will be based on three initial practice areas that include Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and System Integration. A Practice Partner will run each of these three areas, with each practice area also having senior consultants who will work with enterprise accounts to determine the best combination of software to meet their specific needs. The staffing plan will include two senior consultants in each practice area, in addition to ten implementation engineers across the entire company. The staffing plan will also include two full-time positions in the finance and accounting department, a total of seven positions in enterprise sales, three full-time sales operations positions, two positions managing the internal it staff for managing the firm’s own computing systems and four full-time positions in the executive management staff. The total staff of the proposed research and advisory firm will initially number 37.
Form and Structure of the Business
The proposed it research and advisory firm will be structured as a private corporation to ensure the confidentiality of the financial data, including investor’s shares and return on shareholder equity. The designation as a private corporation will also allow the advisory firm to be considered a separate and unique legal entity, apart from the shareholders who collectively own int. The shareholders will also elect a broad of directors who will oversee investments in each of the three strategic practice areas of CRM, ERP and System Integration. This form and structure of business is the best possible one for the research and advisory firm in that it also provides for a stable foundation to generate funds for growth through stock issuance, in addition to protecting the officers and employees from legal proceedings that are specifically focused on the corporation as its own entity. These many benefits are well-aligned with the knowledge management and trusted advisor roles the proposed research and advisory services firm provides.
Chart of Accounts
Use of Generally Accepted Accounting Principles
or International Financial Reporting Standards (IFRS)
As the proposed it research and advisory services firm is based in the United States and initially all customers are based there, accounting systems and revenue recognition will be defined using the GAAP financial reporting methods. As the Securities and Exchange Commission and the international accounting organizations work to create a more unified financial reporting standard that includes both GAAP and IFRS, the two most significant factors are the classification of deferred tax assets and liabilities on the balance sheet and the classification of expenses on the income statement (Henry, Lin, Yang, 2009). First with the classification of deferred tax assets and liabilities on the income statement, for purposes of IFRS compliance, all amounts are classified as non-current in the balance sheet (Henry, Lin, Yang, 2009). In the income statement classification of expenses, according to the IFRS rulings at present, entities may present expenses based on either function or nature, which is more expansive that the SEC’s definition of reporting only on function alone. The IFRS standard requires also defining the nature of expenses be included in the notes of financial statements as well (Henry, Lin, Yang, 2009). IFRS and GAAP convergence share an accrual-based accounting foundation and also share the same financial statements, yet IFRS is more constrictive and views each reporting period not as part of the annual results of a firm but their specific performance for 90 days (Henry, Lin, Yang, 2009). For a new firm including the proposed research and advisory firm, having a GAAP-based financial reporting system is the best possible approach as it gives the company greater flexibility in growing without having to report every single transaction and cost in a given period.
Pro Forma Balance Sheet and Income Statement
Recommendation of Two Internal Controls
The two most valuable assets on the balance sheet are the cash & short-term investments and the net plant, property and equipment Both of these assets are indispensable to the long-term growth of the research and advisory services firm. Beginning with the cash and short-term investments, a series of authentication technologies will be put into place to ensure no one can unilaterally make a withdrawal from these systems. The cash and short-term investment account will also require the Controller and Chief Financial Officer’s approval to gain access to it and pay expenses. Safeguards on the plant, property and equipment will be put into place using asset tagging and extensive use of asset management technologies. The wireless and Wi-Fi-enabled devices will be hard-coded to the specific locations in the firm’s offices they are located in so they will be inoperable anywhere else. This can be accomplished through the use of relatively simple programming codes within the networking equipment itself. The smartphones, tablet PCs and laptops will all be coded with specific operating system enhancements to erase their entire contents at power-up on any Wi-Fi network once it is discovered they are stolen. This technology is available today and will safeguard all data on every Wi-Fi enabled device. The internal it systems will be protected with an advanced firewall technology and the ability to selectively define roles and access points throughout the consulting firm as well (Malecki, 2012).
Implementing Control Recommendations Internally
Cash and short-term investment safeguards will be accomplished through the use of enterprise software specifically designed for this purpose. There are software applications that can be configured specifically for managing access to finance and accounting system including all cash and short-term investment accounts. Biometrics and the use of retina scanning will be used for this purpose as well, as it allows for more precise identification of specific persons who have been screened and approve for access to the accounting and financial management systems. Today within both the Apple iOS and Google Android operating systems there are options for immediately having any device completely wiped clean of data, and this includes any iPhone, iPad, iPad2 or Apple laptop (Cox, 2009). Google’s Android operating system can also completely wipe the entire contents of a device once it has been registered as stolen the next time it is powered up on any Wi-Fi network (Hamblen, 2012). This can be defined at the system level of the consultancy’s network architecture. Finally the firewall of the systems will be defined also through the definition of system parameters throughout the network operating system running the entire firm (Malecki, 2012). There will be little resistance to change for each of these implementations as they are designed to protect and streamline the work being completed in the firm. There will also be a clearer sense of accountability over data security once the Practice Leaders and senior consultants realize that if they accidentally lose their iPhone, iPad or laptop all data will be erased immediately, which forces them to be more vigilant how they uses these systems and also how they are backed up.
Impact of the Regulatory Environment
As the proposed research and advisory firm is a private corporation, it does not need to comply with the Sarbanes-Oxley (SOX) Act as that is a series of laws only for publically-traded companies (Schneider, Valenti, 2010). Ironically the SOX Act is an ideal market for the proposed advisory firm as many enterprises are challenged to get the most from their it spending in a highly controlled and compliance-driven industry that many are in. This area presents significant revenue opportunities for the proposed research and advisory firm as a result. There are additional government regulatory requirements on businesses of all sizes, and the primary role of the Chief Financial Officer is to also mitigate all risks of these laws and governances by building a team of attorneys, tax experts and compliance thought leaders to keep the firm free of the unnecessary costs of these initiatives while working to transform them into catalyst of market growth.
Cox, J. (2009). iPhone winning over it security skeptics. Network World, 26(34), 1-1,12.
Hamblen, M. (2012). iPhone 5: Pros and cons in the enterprise. Computerworld, 46(17), 6-6.
Henry, E., Lin, S., & Ya-wen Yang. (2009). The European-U.S. “GAAP gap”: IFRS to U.S. GAAP form 20-F reconciliations. Accounting Horizons, 23(2), 121-150.
Malecki, F. (2012). Next-generation firewalls: Security with performance. Network Security, 2012(12), 19-20.
Schneider, M., & Valenti, a. (2010). The effects of “going private” using private equity: The newly private corporation and the dimensions of corporate performance. Business and Society Review, 115(1), 75.
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
There is a very low likelihood that you won’t like the paper.
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more