Ingenious Africa Media Sample Business

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Sample business plan
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7.4    Strategic Objectives
7.4.1    Short term objectives
The short term objectives for Ingenious Africa Media will be as follows:
  • To set up the necessary systems of the business
  • To assemble a competent team
  • To strive for efficiency and effectiveness
7.4.2    Medium term objectives
The medium term objectives of Ingenious Africa Media will be as follows:
  • To penetrate the market
  • To be competitive and acquire market share

7.4.3    Long term objectives 
The long term objectives of Ingenious Africa Media will be geared towards expansion and diversification. The business will strive to open at least three additional advertising agencies within the North West in the long term. In terms of diversification, the business will strive to move into other value added services such as management consulting.

8.    Strategies
8.1    Short Term Strategies
The short term strategies will focus on the following factors:
  • Developing functional systems and structures for Ingenious Africa Media
  • Sourcing and securing funding from banking institutions such as FNB, ABSA, Standard Bank or other funding providers
  • Recruitment and assembly of a skilled, competent and knowledgeable team 
  • Setting platforms for efficiency and effectiveness by standardizing process

The business venture shall also engage the following functional strategies:

8.1.1    Marketing Strategies
  • Improve awareness of Ingenious Africa Media by advancing publicity, having a presence on the internet by developing a business website and other marketing efforts
  • Improve the competitiveness of the business by implementing market intelligence initiatives such as improving the competitive advantages of the business, studying and understanding the competition, conducting market surveys and being more customer intimate
  • Improve the image of the business by branding Ingenious Africa Media and its services as well as provide excellent customer service and prompt delivery of solutions

 8.1.2    Operational Strategies
  • Improve the efficiency of operations by ensuring that tasks are completed timely and that process and procedures are evaluated so as to eliminate redundancies in workflow
  • Improve operations by standardizing processes
  • Employ technology in the rendering of services
  • Employ regular audits of processes

8.1.3    Human Resources Strategies
  • Improve the skills, knowledge and competencies of the employees of the business and eliminate the risks associated with the loss of key man in the project by providing on going skills development and training
  • Employ a performance management system 
  • Align the values of the individuals to team values

8.1.4    Financial Strategies
  • Enhance the profitability of the business by setting a sales mix that results in the most profitable contribution margin
  • Minimise operating expenses by monitoring against the budget on a weekly and monthly basis
  • Minimise bad debts by having a strict debt issue and collection policy

8.2    Medium Term Strategies
  • Focus on competitiveness by striving to achieve the desired positioning in the market
  • Focus on customer intimacy and process efficiency
  • Focus on niche markets
  • Focus on quality
  • Grow the market share of the business by understanding the needs and expectations of the customers better than the competitors

8.3    Long Term Strategies
The long term strategies will center on the expansion and diversification of Ingenious Africa Media. Expansion and diversification shall be achieved through the formation of new strategic relationships as well the strengthening of relationships with existing strategic alliances. This will be aimed at establishing at least two more advertising agencies within South Africa. Diversification strategies will focus on moving into other value added services such as management consultancy and accountancy services.

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