Business Plan for a Builder Stuart Building Contractors

Question: Produce a Business Plan for a new builder who is about to commeence business as a small builder involved in the housing market? Answer: Executive Summary This paper provides an insight to the business plan for Stuart Building Contractors in Victoria, Australia. The limited liability company is owned by Mr. Robert Davis. Presently the company is targeting the residential building construction segment of Victoria. The building company will provide comprehensive range of service including renovation and alteration, designing and planning, permission, site preparation, cement works, painting, plumbing and installation of other utilities and carpentry. Registration requirement must be fulfilled by the company before starting the business activities. This paper has developed marketing strategy along with the human resource strategy for the business. Financial considerations included balance sheet, profit and loss statement and cash flow statement. In order to start the business, the company requires startup capital of $26,150. Introduction This paper focuses on developing a business plan for a new builder; Stuart Building Contractors is a small construction company in Victoria, Australia. A comprehensive business plan will help in getting an idea regarding the future operations of the organization. This paper will include services offered by the organization, market analysis, development of marketing strategies, human resource plan for the company along with the financial plan. This paper will include projected financial statement of the company (Abrams, 2003). First of all, a brief company overview is presented along with the registration requirement of the building company. It has been forecasted that for the first year sales will be $ 730,400. The company is primarily targeting the residential housing market and depending on the performance the owner, Mr. Robert Davis will focus on targeting the commercial construction segment of Victoria. Company Overview and Services Stuart Building Contractors is owned by Mr. Robert Davis in Victoria, Australia. The firm is planning to target the market of residential construction segment. However, the company aims to target the commercial construction segment depending on the performance of the company in residential construction works. The company is planning to start its activity as a limited liability company registered in Victoria and exclusively owned by Mr. Robert Davis. Stuart Building Contractor has been offering a comprehensive package of building construction services for achieving high level of satisfaction from the clients (Kramon, 2007). The services of Stuart Building Contractors include the following: Renovation and alteration Designing and planning Permission (Schaufelberger, 2009). Site Preparation Cement works Painting Plumbing and installation of other utilities Carpentry (Fewings, 2005). Registration In order to start a building company in Victoria, it is important to register with the Building Practitioners Board in Victoria (Dezhi and Wenjing, 2014). It is essential for the building companies which are engaged or planning to engage in performing domestic building activities which costs more than $ 5,000 and any work that requires permit. It is important to ensure that the application for the registration with the Practitioners Board in Victoria has been processed and confirmed by the authority before starting the work. Hence, the company must meet all the registration criteria for commencing all the business activities by complying with the regulatory framework (Vba.vic.gov.au, 2015). Premises and Equipment Rent will be paid for the office premises which are located in Melbourne, Victoria. It is better to chose hire purchase option for utilizing equipments which will not require high initial investment. Additionally, some equipment will be purchased which is considered to be the long term investments of the company (Blackwell, 2008). Insurance It is important to ensure to be insured for meeting the regulations. It is referred as Builders Warranty Insurance. In case of domestic building if the labor and material cost exceed $ 16,000 must be provided by a builder. It will cover the cost up to $300,000 for fixing the structural defects for the next 6 years and non structural defects for the next 2 years (Vba.vic.gov.au, 2015). Market Analysis The building and construction industry in Victoria is a major driver of the economic development of the state. Stewart Contractors is engaged in construction of residential and office building. The data of 2011 showed that over 9% of the total work force of Victoria is engaged in the construction business (Vba.vic.gov.au, 2015). Competition Analysis The construction industry is a very competitive and high risky business. The competition in the construction industry in Victoria is large. Main reason behind the competition among the various construction industries is the cost in the process of tender selection. Among the various residential builders in Victoria, Metricon Homes is the largest builder. The second largest builder in Victoria is the Alcock/ Brown Neaves Group (CQ News, 2015). They have an already established market in Victoria. In order to survive in this tough competitive scenario it is important for Stewart Contractors to bring out lowest cost tenders (Strategic Alliances in Building Construction: A Tender Evaluation Tool for the Public Sector, 2015). The market success of the company will depend on the price of the tender in order to survive in the competitive market (Submission by the Victorian Civil Construction Industry Alliance, 2013). Target market The office building construction has the highest average margin of profit. Thus the focus of the Stewart contractors will be servicing these customers. The marketing activity will focus on acquiring customers engaged in the construction of the building. The clients engaged in the construction of large buildings require projects that are large in scope, use of land and cost. The target market is seen to be most sensitive to the time taken for competition of construction. Apart from focusing on the construction of office building, Stewart contractors have to apply strict cost accounting and effective supply chain management to capitalize the project without reducing the profit margin (Abs.gov.au, 2015). Market Segmentation The potential market for Stewart Contractors includes all the various business houses in Victoria. They will also spread their business to the suburbs of Victoria (Safeworkaustralia.gov.au, 2015). The company will generally concentrate on the customers that will provide the greatest margin. The company will be able to generate profit by focusing on customers desiring construction of the office building. This segment is considered as the fastest growing segment. They will also service clients belonging to the other segments of the construction industry like the construction of restaurant segment and other special facilities segment like the construction of theatres and gas stations (A case for an Australian Construction Strategy, 2015). Marketing strategy The marketing and servicing strategy will focus towards the clients involved in the building construction. Stewart contractors will market about the company using variety of methods. The plans that can be implemented by Stewart Contractors include use of the referral systems. They will also publish ads. The ads published in the newspapers and the internet will help the company to acquire new contacts. Thus they can gain new contracts with the real estate companies. Since the construction industry is a booming sector in Victoria, Stewart Contractors can gain a very advantageous contract from the suppliers. This will help the company to obtain the materials at a discount. The company can acquire new contractors by offering tenders at a lower rate than the competitors. At the initial stage it will help Stewart Contractors to underbid its rivals. This will help Stewart Contractors achieve a low cost leadership role. The low cost leadership will help to win contract by the process of bidd ing. This will be an important process for the new start up business for winning the contracts in the process of bidding. The strategy of advertising via print media and internet will secure an advantageous position for the construction business. The marketing strategy of Stewart Contractors will include entering into business with suppliers that will obtain material at a discount rate (Vic.gov.au, 2015). Human Resource Plan Human resource is considered to be the one of the critical factor for organizational success. In Stuart Building Contractors Mr. Robert Davis will be the CEO of the firm. Mr. Jonathon Lewis will be appointed as the Project Manager as he has relevant experience of 10 years. Mr. Jude Fosse will be appointed as the office manager cum accountant with work experience of 2 years. Mr. Tom Frost will be appointed as job supervisor will be appointed for monitoring the activities of the labors on site. He has an experience of 5 years in the construction industry. Temporary employees will be recruited as per need. In the following table human resource budget has been presented (Lester and Lester, 2007). Name Designation Annual Expenses Mr. Robert Davis CEO $ 45,000.00 Mr. Jonathon Lewis Project Manager $ 30,000.00 Mr. Jude Fosse Office Manager/ Accountant $ 24,000.00 Mr. Tom Frost Job Supervisors $ 12,000.00 Temporary Employees/ Labors Workers $ 60,000.00 Total Expenditure $ 171,000.00 Safety It has been observed that the small construction business owners encounter daily pressure of running a business. The business owners are concerned about managing health and safety in workplace. Construction activities are associated with high risk. Hence, the company must focus on minimizing risk. In case of high risk construction work, the company needs to ensure that a safe work method statement (SWMS) is prepared before starting the building activities (Worksafe.vic.gov.au, 2015). Following prevention mechanism must be adopted by the company: Load shifting instruments such as hand truck, forklift, cranes etc must be used for delivering bulky materials at the location. The contractor must made orders of small sizes The employer must ensure that the workers use appropriate protective equipments such as knee protection pads, gloves etc. Sharp edges must be covered in order to avoid injuries (Worksafe.vic.gov.au, 2015). Proper training must be provided to the workers. The unsafe working conditions must be immediately reported to the supervisor (Ferguson and Janicak, 2005). Financial Consideration This section will focus on analyzing the financial projections of Stuart Building Contractors for the next one year. This section will include tables for forecasting sales, direct costs, profit and loss statement, balance sheet, cash flow of the business. Some assumptions have been made for the financial projections. First of all, the interest rate is considered to be 10%. Secondly, the tax rate is considered to be 30% (McKeever, 2012). Start up Cost: Start up cost helps in indicating the initial investment required for the business. The following table has estimated the start up cost to be $ 26,150 (Morris, 2011). START-UP COSTS Cost Registrations Business name $ 100 Licenses $ 750 Permits $ 250 Domain names $ 150 Trademarks/designs/patents $ 300 Vehicle registration $500 Membership fees $ 150 Accountant fees $ 1,000 Rental lease cost (Rent advance/deposit) $ 2,200 Utility connections bonds (Electricity, water) $ 500 Phone connection $ 300 Internet connection $ 350 Computer software $ 1,000 Training $ 1,200 Wages $ 7,000 Stock/raw materials $ 3,000 Insurance Building contents $ 1,500 Vehicle $ 1,000 Professional indemnity $ 500 Workers compensation $ 500 Business assets $ 500 Printing $ 100 Stationary office supplies $ 300 Marketing advertising $ 3,000 Total start-up costs $ 26,150 Sales Forecast and Direct Cost of Sales: Sales Forecast January February March April May June July August September October November December New Construction $ 12,100.00 $ 13,500.00 $ 17,000.00 $ 19,000.00 $ 21,000.00 $ 25,000.00 $ 28,000.00 $ 30,000.00 $ 28,000.00 $ 25,000.00 $ 27,000.00 $ 20,000.00 Alteration Work $ 10,890.00 $ 12,150.00 $ 15,300.00 $ 17,100.00 $ 18,900.00 $ 22,500.00 $ 25,200.00 $ 27,000.00 $ 25,200.00 $ 22,500.00 $ 24,300.00 $ 18,000.00 Repair Work $ 10,285.00 $ 11,475.00 $ 14,450.00 $ 16,150.00 $ 17,850.00 $ 21,250.00 $ 23,800.00 $ 25,500.00 $ 23,800.00 $ 21,250.00 $ 22,950.00 $ 17,000.00 Total Sales $ 33,275.00 $ 37,125.00 $ 46,750.00 $ 52,250.00 $ 57,750.00 $ 68,750.00 $ 77,000.00 $ 82,500.00 $ 77,000.00 $ 68,750.00 $ 74,250.00 $ 55,000.00 Direct Cost of Sales New Construction $ 8,228.00 $ 9,180.00 $ 11,560.00 $ 12,920.00 $ 14,280.00 $ 17,000.00 $ 19,040.00 $ 20,400.00 $ 19,040.00 $ 17,000.00 $ 18,360.00 $ 13,600.00 Alteration Work $ 7,405.20 $ 8,262.00 $ 10,404.00 $ 11,628.00 $ 12,852.00 $ 15,300.00 $ 17,136.00 $ 18,360.00 $ 17,136.00 $ 15,300.00 $ 16,524.00 $ 12,240.00 Repair Work $ 7,096.65 $ 7,917.75 $ 9,970.50 $ 11,143.50 $ 12,316.50 $ 14,662.50 $ 16,422.00 $ 17,595.00 $ 16,422.00 $ 14,662.50 $ 15,835.50 $ 11,730.00 Total Direct Cost of Sales $ 22,729.85 $ 25,359.75 $ 31,934.50 $ 35,691.50 $ 39,448.50 $ 46,962.50 $ 52,598.00 $ 56,355.00 $ 52,598.00 $ 46,962.50 $ 50,719.50 $ 37,570.00 Budgeted Profit and Loss Statement: (Ref: (Haag, 2013)) January February March April May June July August September October November December Sales $ 33,275.00 $ 37,125.00 $ 46,750.00 $ 52,250.00 $ 57,750.00 $ 68,750.00 $ 77,000.00 $ 82,500.00 $ 77,000.00 $ 68,750.00 $ 74,250.00 $ 55,000.00 Direct Cost of Sales $ 22,729.85 $ 25,359.75 $ 31,934.50 $ 35,691.50 $ 39,448.50 $ 46,962.50 $ 52,598.00 $ 56,355.00 $ 52,598.00 $ 46,962.50 $ 50,719.50 $ 37,570.00 Gross Profit Margin $ 10,545.15 $ 11,765.25 $ 14,815.50 $ 16,558.50 $ 18,301.50 $ 21,787.50 $ 24,402.00 $ 26,145.00 $ 24,402.00 $ 21,787.50 $ 23,530.50 $ 17,430.00 Gross Margin (%) 31.69% 31.69% 31.69% 31.69% 31.69% 31.69% 31.69% 31.69% 31.69% 31.69% 31.69% 31.69% Expenditures Payroll $ 14,520.00 $ 14,520.00 $ 14,520.00 $ 14,520.00 $ 14,520.00 $ 14,520.00 $ 14,520.00 $ 14,520.00 $ 14,520.00 $ 14,520.00 $ 14,520.00 $ 14,520.00 Sales and Marketing $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 Depreciation $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Rent $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 Utilities $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 Insurance $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 Others $ 100.00 $ 250.00 $ - $ 50.00 $ 140.00 $ 120.00 $ 65.00 $ 190.00 $ 45.00 $ 100.00 $ 210.00 $ 110.00 Total Operating Expenditures $ 15,570.00 $ 15,720.00 $ 15,470.00 $ 15,520.00 $ 15,610.00 $ 15,590.00 $ 15,535.00 $ 15,660.00 $ 15,515.00 $ 15,570.00 $ 15,680.00 $ 15,580.00 Profit before Interest and Tax $ (5,024.85) $ (3,954.75) $ (654.50) $ 1,038.50 $ 2,691.50 $ 6,197.50 $ 8,867.00 $ 10,485.00 $ 8,887.00 $ 6,217.50 $ 7,850.50 $ 1,850.00 Interest Paid $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 Tax Incurred $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Net Profit $ (5,344.85) $ (4,274.75) $ (974.50) $ 718.50 $ 2,371.50 $ 5,877.50 $ 8,547.00 $ 10,165.00 $ 8,567.00 $ 5,897.50 $ 7,530.50 $ 1,530.00 Net Profit (%) -16.06% -11.51% -2.08% 1.38% 4.11% 8.55% 11.10% 12.32% 11.13% 8.58% 10.14% 2.78% (Ref: (Pearce, 2006)) Balance Sheet January February March April May June July August September October November December Assets Current Asset Cash $ 23,292.50 $ 25,987.50 $ 32,725.00 $ 36,575.00 $ 40,425.00 $ 48,125.00 $ 53,900.00 $ 57,750.00 $ 53,900.00 $ 48,125.00 $ 51,975.00 $ 38,500.00 Accounts Receivable $ - $ 9,982.50 $ 11,137.50 $ 14,025.00 $ 15,675.00 $ 17,325.00 $ 20,625.00 $ 23,100.00 $ 24,750.00 $ 23,100.00 $ 20,625.00 $ 22,275.00 Other Current Asset $ - $ 100.00 $ 150.00 $ 110.00 $ 110.00 $ 120.00 $ 125.00 $ 100.00 $ 150.00 $ 120.00 $ 70.00 $ 100.00 Total Current Asset $ 23,292.50 $ 36,070.00 $ 44,012.50 $ 50,710.00 $ 56,210.00 $ 65,570.00 $ 74,650.00 $ 80,950.00 $ 78,800.00 $ 71,345.00 $ 72,670.00 $ 60,875.00 Non-current Asset Long term assets $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 Accumulated depreciation $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Total Long Term Assets $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 Total Assets $ 43,292.50 $ 56,070.00 $ 64,012.50 $ 70,710.00 $ 76,210.00 $ 85,570.00 $ 94,650.00 $ 100,950.00 $ 98,800.00 $ 91,345.00 $ 92,670.00 $ 80,875.00 Liabilities and Capital Current liabilities Accounts Payable $ 20,963.25 $ 23,388.75 $ 29,452.50 $ 32,917.50 $ 36,382.50 $ 43,312.50 $ 48,510.00 $ 51,975.00 $ 48,510.00 $ 43,312.50 $ 46,777.50 $ 34,650.00 Short term debts $ 4,000.00 $ 5,500.00 $ 7,363.13 $ 8,229.38 $ 9,095.63 $ 10,828.13 $ 12,127.50 $ 12,993.75 $ 12,127.50 $ 10,828.13 $ 11,694.38 $ 8,662.50 Other current liabilities $ 329.25 $ 8,681.25 $ 7,196.87 $ 10,563.12 $ 11,231.87 $ 10,929.37 $ 15,512.50 $ 17,981.25 $ 19,162.50 $ 18,854.37 $ 16,098.12 $ 19,312.50 Total Current Liabilities $ 25,292.50 $ 37,570.00 $ 44,012.50 $ 51,710.00 $ 56,710.00 $ 65,070.00 $ 76,150.00 $ 82,950.00 $ 79,800.00 $ 72,995.00 $ 74,570.00 $ 62,625.00 Long Term Liabilities $ 4,000.00 $ 4,500.00 $ 6,000.00 $ 5,000.00 $ 5,500.00 $ 6,500.00 $ 4,500.00 $ 4,000.00 $ 5,000.00 $ 4,350.00 $ 4,100.00 $ 4,250.00 Total Liabilities $ 29,292.50 $ 42,070.00 $ 50,012.50 $ 56,710.00 $ 62,210.00 $ 71,570.00 $ 80,650.00 $ 86,950.00 $ 84,800.00 $ 77,345.00 $ 78,670.00 $ 66,875.00 Paid in Capital $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 Retained Earnings $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Total Capital $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 14,000.00 Total Liabilities and Capital $ 43,292.50 $ 56,070.00 $ 64,012.50 $ 70,710.00 $ 76,210.00 $ 85,570.00 $ 94,650.00 $ 100,950.00 $ 98,800.00 $ 91,345.00 $ 92,670.00 $ 80,875.00 Cash Flow Statement: January February March April May June July August September October November December Cash Received from operations $ 23,292.50 $ 25,987.50 $ 32,725.00 $ 36,575.00 $ 40,425.00 $ 48,125.00 $ 53,900.00 $ 57,750.00 $ 53,900.00 $ 48,125.00 $ 51,975.00 $ 38,500.00 Cash Spent on Operations Payroll $ 14,500.00 $ 14,500.00 $ 14,500.00 $ 14,500.00 $ 14,500.00 $ 14,500.00 $ 14,500.00 $ 14,500.00 $ 14,500.00 $ 14,500.00 $ 14,500.00 $ 14,500.00 Sales and Marketing $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 $ 250.00 Depreciation $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Rent $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 Utilities $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 Insurance $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 $ 300.00 Interest Paid $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 Others $ 100.00 $ 250.00 $ - $ 50.00 $ 140.00 $ 120.00 $ 65.00 $ 190.00 $ 45.00 $ 100.00 $ 210.00 $ 110.00 Cash outflow for operations $ 15,870.00 $ 16,020.00 $ 15,770.00 $ 15,820.00 $ 15,910.00 $ 15,890.00 $ 15,835.00 $ 15,960.00 $ 15,815.00 $ 15,870.00 $ 15,980.00 $ 15,880.00 Cash Received from investment activities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Cash spent on investment activities $ 15,000.00 $ - $ - $ 1,000.00 $ - $ - $ - $ - $ 5,000.00 $ - $ - $ - Cash Received from financing activities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Cash Spent on financing activities $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 $ 320.00 Cash Balance $ (7,897.50) $ 9,647.50 $ 16,635.00 $ 19,435.00 $ 24,195.00 $ 31,915.00 $ 37,745.00 $ 41,470.00 $ 32,765.00 $ 31,935.00 $ 35,675.00 $ 22,300.00 (Ref: (Ross, Westerfield and Jaffe, 2005)) Conclusion This paper has provided an insight to the business plan of Stuart Building Contractors in Victoria. 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