Executive Summary
General Ledger, Accounts Payable and Receivable, Payroll, Billing and Collections, Filing of Federal, State, and Local Forms, and Tax Preparation are services necessary to each corporate entity and individual. Assistance in these endeavors are the basis of Marcus Accounting and the makings of a highly profitable venture. Presently, management of Marcus Accounting is seeking funds to develop and expand the business in a phased approach, as highlighted within this planning tool.
Marcus Accounting is a new accounting service being made available to small businesses, self-employed, home-based businesses, and individuals in the Greater Market area. The owner, Mary Beth Marcus, has extensive business experience; over 20 years' experience in a variety of business types. Since 1995 she has been concentrating in the accounting field, working for L&R Bank and temporary staffing firms in accounting positions.
Mary Beth received her B.A. in Accounting from the University of Kentucky in May 1996. Desiring to start her own business, Mary Beth established Marcus Accounting, a full-service accounting service in 1997.
The foundation for the plan is a combination of primary and secondary research, upon which the marketing strategies are built. Discussions and interviews were held with a variety of individuals and small businesses to understand why and how they consider using an accounting service. Census data, County Business Patterns, and other directories were consulted to develop the market potential and competitive situation.
Initially, as a home-based business (keeping low overhead in the start-up phase) Marcus shall specialize in individual and small business clientele. As growth warrants, additional staffing assistance and/or outside office location can be realized (Phase II).
Business Plan
Introduction
In today's highly competitive environment, formal business planning is an essential element in achieving business success. A well-written business plan is primarily a communication tool to be used in obtaining financing. In certain instances, particularly with our early stage company, this business plan also serves as a strategic plan.
Considering that lenders are inundated by numerous investment opportunities from which they choose only a few, this business plan describes our story and how we intend to grow with your assistance. The Marcus management team has made an in-depth analysis of its opportunities and weaknesses and it has concluded that the company has an excellent chance to succeed.
Methodology for Business Planning
Sophisticated business planning helps management answer questions such as: What will be our record of achievement? How have we fared compared to our competitors? Are we setting realistic and attainable goals and objectives?
Constructive and useful business planning requires a broad-based understanding of changes taking place in the marketplace in which the company competes, or plans to compete, and the ever-changing financial markets. In-depth technical skills in a variety of disciplines such as tax, financial analysis, sales, marketing, and managing growth are critical components in assessing a company's opportunities and risks.
Developing the Business Plan
The management of Marcus Accounting has developed this disciplined planning methodology to help the company anticipate its start-up economic requirements and other critical information, and arrive at this realistic plan.
Guidance from Outside Professionals
Ms. Mary Beth Marcus has sought out assistance and advisors to Marcus in developing its business plan, however, she will maintain an active management involvement in every aspect of the formation of this business plan and the plan reflects her broad concept of the business.
The experienced professionals Ms. Marcus has obtained have assisted the company in:
- Helping develop a realistic business plan;
- Reviewing financial projections incorporating all of the assumptions and quantitative data presented in the business plan;
- Structuring funding options and lending offerings;
- Conducting market research;
- Researching growth potential for the industry;
- Identifying competitive forces and products; and,
- Offering creative marketing approaches.
Five Objectives of Marcus Accounting
- Attract investment capital;
- Focus ideas and establish goals;
- Identify and quantify objectives;
- Track and direct growth; and,
- Create benchmarks for measuring success.
Marcus Accounting was formed to market a full-service accounting and related minor consulting firm by combining expertise in tax, accounting, tax planning, control systems, and management. The integration of these disciplines results in extensive and innovative services for our prospective clients.
Company Business Plan Objective
This Business Plan serves to detail the direction, vision, and planning to achieve our goal for providing superior and comprehensive accounting services. Our plan objectives are:
- Attract $8,200 Loan as Start-Up Capital,
- Focus Ideas and Establish Goals,
- Identify and Quantify Long-Term Objectives,
- Track and Direct Growth,
- Create Benchmarks for Measuring Success.
Company Ownership
Marcus Accounting was founded by Ms. Mary Beth Marcus in February 1998 as a Kentucky Corporation. Marcus Accounting was created to address the need for quality service of comprehensive accounting and tax documentation. Marcus Accounting will continue to expand its client base within the Greater Market Area.
Marcus has been in the accounting field since 1995. Prior to that she had completed over thirty-five years in various medical technology related positions and has a desire to complete the three-year requirement of public accounting experience for eligibility to sit for the Certified Public Accounting (CPA) test.
Key Advisors to the Company
Marcus Accounting has additional key staff members to assist it. Mr. Brian Kelley and Ms. Marcia Stone have been retained by Marcus Accounting to assist in the development, planning, and market phases.
Management & Organizational Summary
Ms. Mary Beth Marcus will manage all aspects of the business and service development to ensure effective customer responsiveness. Additional support services will be provided by qualified contractual professionals. Support staff will be added as client work load factors mandate.
Corporate Development Plan
For purposes of this business plan document, Marcus Accounting-Phase I and Phase II for developmental growth are defined below:
Phase I-This phase involves preparation and development of Marcus's client base. Marcus Accounting will be housed at the home of Ms. Mary Beth Marcus, its founder. Marcus Accounting, Inc. will establish its own identity, management directives, and capital. Incorporating a total quality management approach (its Customer Care Advantage program), Marcus will develop key "base" small businesses which require biweekly through quarterly [reoccurring] accounting services. Through word of mouth and advertising, additional small- and midsized business and individual taxpayer accounts will be secured. Phase I capital (start-up) funds are documented in this business plan.
Phase II-Continue implementation of sales, advertising, and marketing strategies developed in Phase I. Identify and pursue other business support market. Marcus Accounting will target market identified "niche" industries to "specialize" in (i.e. automobile dealerships, church groups, nursing home patients, etc.). Strategic partnerships with specific industry associations (i.e. trade, industry, or service (non-profit) organization for volume discounts to its members, etc.) will be explored.
Marcus anticipates additional support staff and efforts to several community related entities will allow Marcus to consolidate its efforts with a centralized "out of the home" office. This Plan does not contain funding needs for this Phase.
Initially, Marcus management will focus its efforts in Phase I activities. Phase II efforts depend upon the timely development of Phase I and the analysis of its client service base. Marcus's growth funding capital will directly impact the rate of which marketing and development of this service occurs and the rate of growth potential is obtained.
Appendix a -Appendix a - Appendix a - Resume of Ms. Mary Beth Marcus
Olsten, Manpower, Officeteam, Accountemps Employment Agencies
Appendix B - Example Promotional Materials
Appendix C - Example Fee Schedule
