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By focusing on its strengths, its key customers, and the underlying values they need, Information Management Hawai'i, Inc. (IMH) will increase sales steadily in its first three years, while also maintaining the gross margin on sales, with a focus on cash management and working capital. This business plan leads the way. It renews our vision and strategic focus: adding value to our target market segments, and reinforcing our ties with businesses in our local markets. It also provides the stepby-step plan for improving our sales, gross margin, and profitability. This plan includes this summary, chapters on the company, products and services, market focus, action plans and forecasts, management team, and the financial plan.
1.1 Objectives
1. Achieve healthy earnings (EBIT) in the first year of operation. 2. Maintain a midrange gross margin throughout the entire operation. 3. Maintain just-in-time (JIT) inventory levels, or 11 turns per year. 4. Increase sales modestly but steadily in the second and third years. Business Start-up Guides Step-by-step instructions you need for starting a business today.
1.2 Mission
To provide the Hawai'i business community with quality brand-name Information Technology business information solutions, reliable and professional Technical Support, and unparalleled Customer Service through the application of the principles of Kina`ole and heartfelt aloha, and to earn a fair profit for our employee-owners and stakeholders by embracing sound, ethical business practices.
The keys to our success are: 1. 2. 3. 4. Building and maintaining strategic alliances with our manufacturers and other industry related business partners; Adopting a customer- and market-focused sales and marketing paradigm; and, Managing the business by implementing, and consistently measuring and adjusting the fundamentals of a Balanced Scorecard: Financial Goals vs. Results Internal Business Process Goals vs. Results Employee Learning and Growth Goals vs. Results Customer Satisfaction Goals vs. Results
Company Summary
Information Management Hawai'i, Inc., will sell and service digital office information systems for Hawai'i's businesses, with a focus on the Neighbor Island business community. IMH will be formed as the result of the acquisition of three existing businesses: Maui Office Machines, Inc.; Electronics Hawai'i, Inc.; and, Kauai Office Equipment, Inc.
The start-up funding will be financed by loans arranged through the Small Business Development Center, and by the Hawai'i Community Loan Fund, and the Small Business Administration as a guarantor. Startup assumptions are shown in the following table and chart.
Start-up
Requirements
Start-up Expenses
Legal/Accounting
$10,000
Stationery etc.
$1,500
Brochures
$1,000
Consultants
$7,500
Insurance
$25,000
Rent
$15,000
$40,000
SPI Buyout
$450,000
$25,000
$575,000
Start-up Assets
Cash Required
$225,000
Start-up Inventory
$200,000
$0
Long-term Assets
$0
Total Assets
$425,000
Total Requirements
$1,000,000
Start-up Funding
$575,000
$425,000
$1,000,000
Assets
$200,000
$225,000
$0
$225,000
Total Assets
$425,000
Liabilities
Current Borrowing
$1,000,000
Long-term Liabilities
$0
$0
$0
Total Liabilities
$1,000,000
Capital
Planned Investment
Investor 1
$0
Investor 2
$0
Other
$0
$0
$0
($575,000)
Total Capital
($575,000)
$425,000
Total Funding
$1,000,000
Sales & Marketing Pro 2012 Your Sales and Marketing Plans. Start Today. Instant Download.
Canon ImageRunner multifunctional products (scan/copy/print/fax) Canon multifunctional facsimiles (print/fax) Canon Graphics reproduction products (commercial color) Canon Micrographics products (electronic document storage) Canon Printer products (color) Lexmark Printer products (monochrome and color) Hewlett Packard Printer products (laser)
eCopy ScanStation eCopy ShareScan eCopy Desktop Canon Image Platform (document distribution)
Service Products include: All-inclusive maintenance agreements (on-call service and supplies) Walk-in service (time and materials) Warranty Repairs (certain Canon consumer products) Sale of consumable products for all brand names (Canon, Ricoh, Xerox, HP, Lexmark)
Information Workflow analysis and design Network design and installation (sub-contracted)
3.4 Technology
New technology has changed almost everything about the traditional office equipment (copier) industry, and for all practical purposes it no longer exists. The new Information Industry has emerged because of the technology of convergence. The primary driver of convergence of different forms of information is technological change, specifically the rapid diffusion of digital technology into an ever-wider array of information businesses. Beyond digitization, dramatic changes in computing and telecommunications industries (mainly in faster microprocessors and increasing bandwidth) are also driving convergence. IMH will make convergence the theme of its vision, planning, and marketing strategies. We will move into the new Information Industry's technology with the aim of bringing the most efficient workflow solutions to our clients while providing value-added customer support and service, and earning a reasonable profit in the process.
Uptime guarantees: we will include "uptime guarantees" with our all-inclusive service agreements to insure maximum productivity for our clients. Internal training: the "learning and growth" part of our Balanced Scorecard performance measurement strategy will include the requirement that our Systems Engineers and sales professionals become network and IT certified by the end of FY2003.
Customer training: we will package comprehensive customer training programs with all of our offerings, to include systematic follow up and refresher training. Upgrade analysis: we will periodically assess our client's business processes and requirements, and offer cost-effective upgrade solutions to meet changing needs.
3.7 Fulfillment
We have an established relationship with our manufacturers and suppliers, and will be able to take advantage of all discounts and promotions in order to keep our margins at roughly 49% throughout the operation. We will also implement and employ "just-in-time" inventory strategies for hardware, supplies, and service parts orders to further strengthen our margins. As we continue to grow the business, we will evaluate other IT industry manufacturers and product lines to strengthen our offerings with a view primarily to quality and margin advantages.
predecessors. The strategy used by former management has been to bring in selected products, and then attempt to find a buyer. This resulted in inventory overstock, and obsolescence. We will work with the medium to large businesses to determine their needs, and design customized solutions before ordering the required systems (JIT inventory strategy). This segment will remain an extremely important part of our marketing mix, and contains a large portion of our current clients. A majority of our systems upgrade opportunities and repeat business will come from this market segment initially. Although the Corporate Hawai'i market segment is the smallest in numbers, it has the potential to provide a significant share of our revenues and growth (the 80/20 rule). We have a scattering of current clients in the Corporate Hawai'i segment, but we need to do a better job of penetrating this lucrative end of the market. We will accomplish this by offering professional services to include workflow and network design, MIS support, and other value-added support benefits such as "uptime guarantees." We will develop longterm relationships within this segment, and earn their business. The local government market segment is unique in that we act primarily as a "middle man" for our manufacturers due to GSA price schedules and other national government-only programs. This segment is fiercely competitive, very price-focused, and buying decisions are often influenced by "who you know," as well as price. We are fortunate in that we have long-established relationships within the County and State government agencies, and have many loyal clients in this segment. We will increase our share of this market segment by offering the same value-added service and support benefits that we bring to our commercial clients. Business Start-up Guides Step-by-step instructions you need for starting a business today.
Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Customers
Growth
CAGR
SOHO
4%
6,800
7,072
7,355
7,649
7,955
4.00%
Medium/Large Business
4%
2,100
2,184
2,271
2,362
2,456
3.99%
Corporate Hawaii
3%
140
144
148
152
157
2.91%
Government Offices
2%
1,225
1,243
1,262
1,281
1,300
1.50%
Total
3.69%
10,265
10,643
11,036
11,444
11,868
3.69%
itself to be a value-added provider of this rapidly emerging technology for new businesses, while continuing to maintain and upgrade our current analog customer base.
Our research and experience has indicated that our target market segments think about price, but would buy based on quality service if the offering were properly presented. They think about price because that is what is traditionally presented to them first. We have very good indications that many would rather pay 10-20% more for a relationship with a long-term vendor providing back-up and quality service and support. They end up in the box-pusher channels because they are not aware of the alternatives. Availability is also very important. The business decision makers tend to want immediate, local solutions to problems.
SOHO: We will depend on periodic local newspaper advertising, to reach new buyers in this segment. We will also utilize direct mail and and the resources of the local Chambers of Commerce and other affinity groups to reach this segment. The message will emphasize service first, and "complete product and service packaging" as a secondary theme. Medium to Large Businesses: Direct face-to-face contact (direct sales) will continue to be our primary strategy for this market segment. Direct selling will be supplemented by periodic promotional direct mailings and personalized system upgrade opportunities. Corporate Hawai'i: This segment will be handled by direct contact and relationship building only. We will make personal presentations to the decision makers in this group, and stress our service and technical benefits and advantages. Government Offices: We will utilize a combination of direct mail and face-to-face promotional strategies with this segment, and the message will be the local service and technical advantages of IMH. We will produce an attractive RFQ/RFP response package to accompany our submissions.
for, and will utilize, marketing advisors and consultants (including our manufacturers) in the design of our Marketing Plan.
Management Summary
Our management philosophy is simple and is an integral part of our values: doing right things right, the first time (Kina'ole). IMH will be an employee-owned company and we all share the same vision of providing our clients (who in many cases are friends and neighbors) with the very best in customer service - period. We will encourage personal growth, creativity, and enable individual empowerment to achieve this goal. We will manage the business by setting achievable Balanced Scorecard goals, measuring them, and making midstream adjustments as necessary.
President and General Manager: Oversees all operations, with primary responsibilities for sales and marketing. Functioning as the GM, this position will spend a good deal of time in the field assisting the Account Managers, and helping to build and maintain client relationships. Secretary/Treasurer and Administrative Manager: Oversees all administrative functions including inventory, A/P and A/R, banking, HR, and vendor and manufacturer relations. Primary contact point for customer service issues and follow up. Will be assisted by an Office Manager in the Hilo branch. Systems Manager (two positions - Big Island and Maui): Oversees all service issues including service agreements, service call prioritization and response, carry-in service, customer support, and systems training and development. Will be assisted by Systems Engineers, and Systems Technicians.
The total head count moving over from Servco at the time of the acquisition will be 13. We are adding two former employees at startup to round out our team, for a total startup head count of 15. There are an additional six positions shown as "vacant" in the Personnel plan. During each quarterly business plan review, we will assess the need to fund these positions to sustain our growth, and more evenly distribute the workload.