Business Plan for a Financial Business Plan

Pages: 25 (6850 words)  ·  Bibliography Sources: 10  ·  Level: Master's  ·  Topic: Business

SAMPLE EXCERPT:

[. . .] Therefore, CleanDivision will have to set new international strategies while setting up its business in new geographical locations.

B4: Management Structure:

The ownership of the CleanDivision business is in the hands of both the partners. Michael Kothakota is the majority shareholder in the firm with 51% shares whereas Mike Programmer is the second major shareholder with 49% shares. The Management functions for the firm will be performed by both the partners. Planning and decision making, leading, staffing, organizing, and controlling of the firm's business will be done by the partners with mutual understanding, experience held, and the analysis of the present situation. The major shareholder, Mr. Michael Kothakota is a Certified Divorce Financial analyst and has gained experience with more than 60 attorneys. He also has a direct contact with the President of the Institute of Divorce Financial Analysts. This experience and communication will greatly benefit him in effectively managing his business.

B5: Product Offering:

The product which CleanDivision intends to offer to its customers is divorce software, named CleanDivision Financial Divorce Software. The product is developed in a view to fill the gap between what is required by the customers to bring innovation in their business processes and what is available to them. The CleanDivision Financial Divorce Software is a web-based program that will allow its users to access their uploaded information from any place in the world. It will come up with a multi-processing feature for its users which will facilitate them in completing their projects and orders with full efficiency and reliability.

The CleanDivision Financial Divorce Software will provide calculation and analysis techniques for assessing husband's income and expenditures, wife's incomes and expenditures, net worth statements, children support and custody, financial affidavits, marital and separate property assessment, and filing status. The software will also provide sample reports on different divorce matters which will be available to the general customers to get an overview of the whole divorce process.

C. Market Analysis

The market analysis helps a company in identifying the most potential segment of the market to target for its products. This analysis is made on the basis of current industry patterns, intensity of competition, and the behavior of customers towards a particular product or service (Kotler, Brown, Burton, Deans, & Armstrong, 2010). Therefore, a market analysis includes the identification of target customers, industry structure, patterns, and trends, and the competitive analysis for the company's product or service (Kurtz, MacKenzie, & Snow, 2010). The following paragraphs present a complete market analysis for CleanDivision Financial Divorce Software.

C1: Target Market:

CleanDivision intends to become the first mover in its industry in introducing financial divorce software that is web-based. Therefore, the Target Market for the CleanDivision Financial Divorce Software will be greater than that of non-web-based divorce software. Reason being, web-based financial software will be able to provide more flexibility and convenience to its users. The target market for CleanDivision financial divorce software can be divided into three major categories; divorce financial planners (CDPs) or divorce financial analysts (CDFAs), family law attorneys, and other Accounting, Law, and Finance professionals who directly or indirectly serve the general public on divorce cases (Association of Divorce Financial Planners, 2012).

The largest target market for CleanDivision financial divorce software is the divorce financial planners and divorce financial analysts who provide their services to their clients at each and every stage of divorce process. These professionals are over 1,700 in number in the United States and Canadian region. Family law attorneys are the second largest target market for this software. Although they are above 2,000 in number, but they get divorce cases less frequently than the specialized financial divorce analysts or planners (Women Advisors Forum, 2011). The third largest target market consists of accounting, law, and finance professionals who take divorce cases. All these professionals will use this software to assist and serve their clients with greater efficiency and effectiveness (Association of Divorce Financial Planners, 2012).

Target Market Segmentation:

The target market for CleanDivision Financial Divorce Software can also be segmented on the basis of incomes or the level of business of divorce financial planners or analysts. For example, the divorce financial planners or family law attorneys who are well-off and have a strong business incarnation can easily invest in expensive business software like CleanDivision. On the other hand, those financial divorce planners or family law attorneys who are new in the industry hesitate in making a huge investment in implementing some business software for their newly established business (Association of Divorce Financial Planners, 2012). Therefore, CleanDivision will initially target those financial divorce planners and family law attorneys who have a good business potential due to their established name in the industry. In the later years, the CleanDivision Financial Divorce Software will get famous in the industry which will help the company in attracting a broader base of customers from all over the region.

C2: Industry Analysis:

The financial divorce planning industry typically constitutes specialized financial divorce planners and analysts, family law attorneys, and Divorce lawyers. These professionals provide unbiased services to their clients and assist them in making better assessment and division of their assets and obligations (Women Advisors Forum, 2011). Generally, certified financial divorce planners are categorized under the group of Special Lawyers who only deal with the clients of divorce cases. Therefore, the financial divorce planning industry has a very limited market. The industry has experienced an increase in the number of divorce cases during the last ten to fifteen years.

Analysts are of the view that the increase in this number has caused due to the more frequent family conflicts and issues during this period. Now, the life has become faster and more disturbed which also hampers the family relationships in different ways. When family conflicts take the form of serious relationship issues, couples go for divorce in order to get themselves free of those conflicts or issues and start a new life (Association of Divorce Financial Planners, 2012).

There are a large number of financial divorces planning software in the market which are developed by keeping in view the customers' requirements (Frederic, Agnes, & John, 2011). However, the CleanDivision Financial Divorce Software brings certain extra features which are not present in the currently available financial divorce software. The most prominent feature is its web-connectivity. CleanDivision is totally web-based software which has just targeted this industry. The financial divorce planning industry will see certain changes in its operations and sales due to the introduction of this web-based financial divorce software; a decrease in the employment level, an improvement in service efficiency, and an increase in the sales are few of these major changes (Association of Divorce Financial Planners, 2012).

C3: Competitive Analysis:

CleanDivision Financial Divorce Planning software has a first mover advantage in the divorce software industry due to its web-based functionality. However, the software is new in the industry which can put hurdles in its acceptability among the potential customers (Francis, 2010). The biggest challenge for CleanDivision will be to compete with the existing financial divorce planning software offered by some well-known companies. The competitive analysis will help in analyzing the level and intensity of competition which CleanDivision divorce software will face in its industry. The analysis constitutes the assessment of competition on the basis of five different forces, known as Michael Porter's Five Forces Model. They include; rivalry among the existing competitors, threat from the new entrants, threat from the substitute products, the bargaining power of suppliers, and the bargaining power of customers. These are now discussed below in detail:

a. Rivalry among the existing competitors:

The financial divorce software industry is dominated by a few large corporations that are selling their highly advanced software to the entire industry of the United States and Canadian region. The most famous financial divorce software currently available in the industry include; Fin Plan, Family Law Software, Divorce Settlement Analyst Software, Divorce Financial Planner, etc. These are the software offered by some well-established and renowned business corporations. Therefore, CleanDivision will face a very stiff competition from the existing rivals in the industry. These software and their companies are also the biggest threat for CleanDivision as they can put hurdles in the way of its successful emergence and establishment in the industry.

b. Threat from the New Entrants:

In addition to the top notch industry rivals, CleanDivision financial divorce software will also face a hard competition from the new entrants in the industry. The new software can either be web-based or non-web based, but can equally hamper the profitability and customer base for CleanDivision. In order to penetrate in the industry more competitively, CleanDivision will have to strategize the ways through which it can restrict the new entrants from establishing their presence in this industry. Most of the times, new software are the advanced versions of previous software developed by the same company. Therefore, it will be a more challenging task for CleanDivision that how… [END OF PREVIEW]

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Business Plan for a Financial.  (2012, July 18).  Retrieved December 10, 2018, from https://www.essaytown.com/subjects/paper/business-plan-financial/9287504

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