Introduction
Corus has relied on the power of innovation to produce a superior laminate that delivers antibacterial properties. This initiative is intended to maximize the benefits of value addition by adopting a premium pricing model. The company has identified the name of the new technology as Assure. Users will enjoy a safer environment and meet the demands of the targeted customers. Corus intends to market this product to food processing companies in the United Kingdom market. Emerging and existing firms need to take the idea of a business plan seriously since it is capable of taking entrepreneurship to the next level. This report seeks to develop and describe the unique benefits of an effective business plan.
Literature Review
Entrepreneurs need to apply the most appropriate skills and strategies to overcome the challenge of competition and achieve their aims. The development and use of a business plan is a superior strategy that supports the delivery of timely results. This crucial document also guides investors to start their ventures successfully, delineates the primary objectives, and outlines the best procedures for delivering the intended results (Ferreira, Loiola, & Gondim, 2017). This plan provides a detailed path or roadmap the business will have to take if positive outcomes are to be recorded (Wirtz & Daiser, 2018). The approach will identify the marketing, financial, structural, and operational aspects of the new investment. It will disclose the roles of different individuals and how they can be involved to improve performance.
The benefits of a business plan explain why it remains a critical document in any organization. First, the document makes it possible for investors and leaders to make the most appropriate decisions. For Corus, the use of a proper plan will support the new venture and improve the level of performance. Second, the plan could guide partners to address most of the critical concerns or questions experienced in the business (Turner & Endres, 2017). Third, a proper plan is capable of guiding the involved people to learn more about the demands of the customers and the nature of competition. This knowledge will guide the professionals to remain involved and consider new ways of recording positive gains.
Fourth, the document makes it possible for the partners or investors to assess the worthiness and feasibility of the intended venture. The involved parties at Corus will learn more about the issues surrounding Assure and integrate the most appropriate initiatives to improve performance (Ferreira et al., 2017). Fifth, the plan can guide the involved individuals to consider the financial needs of the business and make the most appropriate decisions. Through such measures, Corus can launch this new product in the market successfully and attract potential clients in accordance with the B2B model.
Past scholars have succeeded in presenting numerous insights for launching new entrepreneurial activities successfully. For instance, Bewayo (2015) indicates that a business plan is one of the best tools that will guide investors to outline attainable goals and track the recorded gains. Individuals planning to start their firms should formulate a plan as the first initiative. Such a document is essential since it will give the required confidence to different partners and potential customers. Investors will find a reason to provide the relevant financial support and make the venture successful.
Corus has the potential to formulate a proper plan for the new business segment and achieve the intended gains. Wirtz and Daiser (2018) believe that the decision to have a business plan will make it possible for emerging entrepreneurs to void some of the common mistakes that affect startups’ performance. For instance, the plan guides the individuals to project and be prepared for possible causes and sources of competition, offer the right prices, and attract the right team to deliver the intended results. The document is a good opportunity to study the recorded market needs and address them using the presented products or services.
When entrepreneurs prepare this document, chances are high that they will formulate the most appropriate benchmarks and objectives. The plan will guide the investors to focus on both short-term and long-term objectives (Bewayo, 2015). They will design a superior strategy and create a vision for the business. The model allows them to pinpoint some of the market factors and forces that could disorient the anticipated gains. Within the first few months, the entrepreneurs will match the recorded gains with the outlined benchmarks. The identified comparisons will become evidence-based approaches for improving the level of organizational performance.
As described in the Corus case, it is evident that funding is a critical aspect of any new segment or venture. Before borrowing the required amount, investors would need to have a proper document that outlines the activities, products or services, and objectives of the business. The funders will analyze the validity of the report and consider the authenticity of the projected profits (Wirtz & Daiser, 2018). Through such a document, the entrepreneurs will find it easier to identify specific sources and secure the intended funds. The absence of adequate funds means that the business will find it hard to achieve the targeted business aims.
Risks are usually common in businesses. New ventures will experience more risks due to the unfamiliarity with the environment and some of the challenges that might affect performance. The formulation of a proper plan will guide the investors to make appropriate predictions for the business revenues and expenditures (Bewayo, 2015). This knowledge will support the mechanisms intended to analyze the nature and level of competition in the market. This approach will guide the professionals to consider every issue that has the potential to affect performance. They will make timely decisions and consider emerging trends that can transform the business and make it more sustainable.
From this literature review, it is notable that the formulation of a plan is critical to presenting the best roadmap for delivering the intended goals. The entrepreneurs will formulate a superior strategy and merge it with the anticipated goals. They will integrate ideas and consider the relevant resources, skills, and equipment to support the new venture. The investors will align the formulated vision with the demands in the market. These initiatives will maximize the chances of success and profitability (Bismala, Andriany, & Siregar, 2020). These descriptions indicate that a business plan is essential for organizations that want to reduce risks and improve the recorded gains. However, firms that ignore the benefits of this document will find it hard to start their operations successfully and meet the demands of the targeted clients. Such businesses will also reduce their chances of celebrating their third birthdays.
Analysis and Recommendations
Executive Summary
Corus has succeeded in identifying a new opportunity and innovation in antibacterial steel. After years of selling this product to another company, Corus has decided to present its own laminate. The revolutionary product goes by the name Assure. Corus is targeting food companies in the UK food processing industry. The potential clients include retail sales in the region. The mission is to provide the best antimicrobial solutions to different firms in the food sector. Corus’ vision is to deliver Assure to more possible clients and retailers and become a reputable brand in the industry.
Company Description
Corus is an innovative company that engages in research and development (R&D) to find solutions to challenges in the food sector. The firm has produced a new product that is made from antibacterial steel. The laminate is appropriate for the food processing industry (Williams, Smith, Aaron, Stanley, & McDowell, 2019). It also meets the demands of retailers using revolutionary refrigeration systems. The product is a first in the market and capable of supporting more businesses to achieve their aims.
Market Analysis
The UK food processing sector is expanding due to the emergence of new players. The country has thousands of registered firms providing hotel, restaurant, and fast food-related services (Williams et al., 2019). Experts believe that the sector might grow by over 14 percent in the coming decade. The demand for clean, fresh, and healthy products is also on the rise. These forces explain why Assure has increased its chances of succeeding in this market.
Competitive Analysis
Currently, the new laminate does not have a direct competitor. However, some UK-based companies are manufacturing various materials with antimicrobial properties. Corporations involved in the provision of refrigeration solutions are also providing similar resources. Corus’ business partner has also established its niche in the local market. Some experts believe that additional solutions might emerge in the near future the meet the current demand (Bismala et al., 2020). Corus can capitalize on this trend to transform the situation and record additional gains.
Management and Organization
Corus needs to set up a new department for the management of this laminate. The unit will have a leader who will coordinate various operations, such as decision-making, marketing, and sales. The HR department will be involved to acquire competent workers to support the production and marketing of Assure. The relevant team will liaise with different workers and experts in the sector to identify some of the recorded changes and make proper adjustments (Slávik, 2019). The collaboration of this segment with the wider organization is essential to ensure that the marketing process is sustainable and capable of delivering the intended results.
Product
The identified product for this new venture is a laminate given the name Assure. It provides antibacterial properties and meets the demands of clients in the retail sector, such as butcheries, restaurants, supermarkets, and hotels (Turner & Endres, 2017). The product is lightweight and of the highest quality. It is attracting the attention of investors and stakeholders in the UK’s food processing sector. However, around AED 2 million is needed for customization and refinement of the product to make it acceptable in the market.
Marketing Plan
A proper marketing strategy is essential to ensure that Assure is available to the greatest number of customers. The company’s website, social media platforms, and mass media platforms will be essential to make the promotion successful. A brand ambassador is needed to encourage more businesses to consider the properties of this laminate and the properties it delivers to the user (Najmaei, 2016). Corus would require around AED 500,000 to support this strategy and ensure that timely results are realized.
Sales Strategy
To transform the marketing of Assure and make it profitable in the selected region, a powerful sales approach would be necessary. First, the 4P mix is essential since it ensures that the product is of the highest quality and available in different places. The pricing strategy would be fair, reasonable, and capable of delivering profits (Slávik, 2019). The use of proper promotional approaches will make the process successful. Partner businesses will get additional guidelines for encouraging more people to purchase Assure for domestic use.
Funding
Corus needs to allocate some funds to support the development and successful marketing of this new laminate. The business can attract investors to offer the required AED 2 million for product refinement and customization. The business would require additional funds to ensure that the marketing process is successful.
Projected Income
The total investment for Assure is expected to present returns amounting to 20 percent. The involvement of all partners will make the entire process successful.
Conclusion
The above report has identified Corus as an innovative firm whose new product is attracting the attention of many partners. Assure is capable of delivering antibacterial properties and empowering more businesses to achieve their gains. The developed business plan will support operations at the company and deliver most of the outlined aims. The involvement of employees, marketers, HR leaders, and organizational managers will make Corus profitable after launching this new product successfully.
References
Bewayo, E. D. (2015). The overemphasis on business plans in entrepreneurship education: Why does it persist? Journal of Small Business and Entrepreneurship Development, 3(1), 1-7. Web.
Bismala, L., Andriany, D., & Siregar, G. (2020). Development strategy analysis of technology business incubator in small medium enterprises accompaniment. Journal of Critical Reviews, 7(1), 221-225. Web.
Ferreira, A. S. M., Loiola, E., & Gondim, S. M. G. (2017). Motivations, business planning, and risk management: Entrepreneurship among university students. RAI Revista de Administração e Inovação, 14(2), 140-150. Web.
Najmaei, A. (2016). How do entrepreneurs develop business models in small high-tech ventures? An exploratory model from Australian IT firms. Entrepreneurship Research Journal, 6(3), 297-343. Web.
Slávik, Š. (2019). The business model of start-up—Structure and consequences. Administrative Sciences, 9(3), 69-91. Web.
Turner, S., & Endres, A. (2017). Strategies for enhancing small-business owners’ success rates. Innovational Journal of Applied Management and Technology, 16(1), 34-49. Web.
Williams, R. I., Smith, A., Aaron, J. R., Stanley, S. C., & McDowell, W. C. (2019). Small business strategic management practices and performance: A configurational approach. Economic Research, 33(1), 2378-2396. Web.
Wirtz, B. W., & Daiser, P. (2018). Business model development: A customer-oriented perspective. Journal of Business Models, 6(3), 24-44.