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A Business Plan Can Take Many Forms - Docx Eden
A Business Plan Can Take Many Forms - Docx Eden
1. Industry Overview.............................................................................................................................1
2. Executive summary...........................................................................................................................1
2.1 Product & Services..........................................................................................................................3
2.2 Our Mission and Vision statement...........................................................................................2
3. Business structure and Roles and responsibilities...........................................................................4
3.1 Business description and structure.................................................................................................4
3.2 Roles and Responsibilities...............................................................................................................5
4. SWAT Analysis..................................................................................................................................7
5. Market Analysis.................................................................................................................................9
5.1 Market Trend...................................................................................................................................9
5.2 The Target markets.......................................................................................................................10
6. Sales and marketing strategies.......................................................................................................12
6.1 Sources of Income..........................................................................................................................12
6.3 . Market research and strategies..................................................................................................13
6.4. Our Pricing Strategy....................................................................................................................14
6.5 Payment Options............................................................................................................................15
7. Publicity and advertising strategies................................................................................................15
8. Financial Plan..................................................................................................................................16
8.1 . Startup Expenditure (Budget)................................................................................................16
8.2. Generating Funds / Startup Capital............................................................................................17
9. Sustainability and Expansion Strategy..........................................................................................18
10 Conclusion ………………………………………………………………………………………………………………………………….19
1. Industry Overview
Accounting services firms are certified to audit or manage the accounting records of
public as well as private organizations and to demonstrate generally accepted and best practices
in Ethiopia. The firm provides a variety of accounting services, including auditing accounting
statements, providing advice on matters related to accounting, and other accounting services. The
accounting services market has loads of small business operators servicing a wide range of
The Accounting Services industry should be well-developed and organized. The services
line of business will continue to be in high demand by business establishments in Ethiopia, most
especially as the number of businesses and employees increases. Companies and organizations
are also expected to continue to outsource their accounting functions to focus their attention on
2. Executive summary
This business plan is prepared for Mefitihe accounting solution P.L.C. with a primary
objective of offering financial support and consultation that will be based in Addis Ababa. The
company will provide all aspects of accounting-related services; such as auditing accounting
records, designing accounting systems, preparing financial statements, developing budgets, tax
preparation, and providing advice on matters related to accounting. Since the firm requires
certain standards, we are well-trained, certified, and well-equipped to provide excellent service.
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The focus of our company is client satisfaction and result-driven service through an
affordable fee that won’t put pressure on both client and the company. We will offer a standard
Here in our firm, the client’s best interest will be served and everything we do is guided
by our values and professional manners. Most importantly, we will guarantee that we hire
living, and living in our world for all employees and partners. The plan is to make the business
one of the leading brands in the accounting services industry in the whole of Addis Ababa City
The Management aspect of the plan to be established is one are for which the assessment
generated valuable information. According, the project will be staffed by the required.
Accordingly, the firm will be staffed by required consultants, administrative and other supportive
employees. All in all, it will create a job opportunity for six employees.
The total working capital required to provide the service is estimated to ……………, of
which, ETB…. is assumed to be contributed from the saving ………. From friends and families
and the remaining …….ETB is expected to be financed by a three years loan from …….Bank.
The profit and the los ss projection made shows that the business have a net profit of
The mission of Mefitihe accounting solution P.L.C. is to provide fast and reliable
accounting services and other financial services as well as consulting to individuals, small and
medium businesses, and organizations. We will ensure that we hold ourselves accountable to the
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highest standards by meeting our client’s needs precisely and completely. We will cultivate a
working environment that provides a human, sustainable approach to earning a living, and living
in our world, for our partners, employees, and our clients. Also, we will position the business to
become one of the leading brands in the accounting services line of business in Addis Ababa.
Vision Statement: - Our vision is to build an accounting service firm brand that will become
the number one choice for both smaller businesses and corporate clients in Addis Ababa city.
Our vision reflects integrity, service, excellence, and teamwork valued by our company.
Our Firm is going to offer varieties of services within the scope of the accounting
services industry in Ethiopia. Our intention in starting our accounting services firm is to work
with both smaller business organizations (startup shops) and also well – established corporate &
We are well prepared to make profits from the industry and will do all that is permitted
by the law in Ethiopia to achieve our business goals, aim, and ambition. Our business offerings
Accounts preparation
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Providing other financial consulting and advisory-related services such as designing
accounting systems, preparing financial statements, developing budgets, tax preparation, and
compliance work, consulting assistance, restructuring, and providing advice on matters related to
accounting.
Typically, we would have preferred three staff members, but as part of our plan to build a
standard accounting services firm in Addis Ababa, we decided to have 6 employees.This would
help us to get it right from the beginning to ensure that we have competent, honest and
We will confirm that we only hire people that are qualified, honest, hardworking,
customer-centric, and ready to work to help us build a good business that will benefit all the
Thus, we have decided to hire qualified and competent employees to occupy the
following positions;
Accountant
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Chief executive officer
Marketing and
Admin and HR manager Sales Executive
Marketing
Accounting and Tax Accountant and Sales
Consultants Executive
recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers. The
accountabilities; planning, monitoring, and appraising job results; developing incentives, and
corporate clients Provides; accounting advice to individuals and small businesses; handling
accounts preparation; handling financial auditing services; overseeing the smooth running of HR
and administrative tasks for the organization about employee payroll and tax preparation
Admin and HR Manager; -The personnel will be responsible for the following tasks
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Responsible for overseeing the smooth running of HR and administrative tasks for
the company
Defines job positions for recruitment, manages the interviewing process, and designs
job descriptions
professional organizations.
participates in the structuring and financing of projects and oversees the completion of
relevant projects.
Identifies prioritizes and reaches out to partners, and business opportunities to increase
Writes persuasive proposal documents, negotiates fees and rates in line with company
policy
Responsible for supervising implementation, advocating for the customer’s needs, and
Develops, executes, and evaluates new plans for expanding increase sales
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Represents the company in strategic meetings
Responsible for preparing financial reports, budgets, and financial statements for the
organization; creates reports from the information concerning the recorded financial
transactions; prepares the income statement and balance sheet using the trial balance
and ledgers.
reports; analyzes financial feasibility for the most complex proposed projects and is
Performs cash management, general ledger accounting, and financial reporting for
one or more properties and is responsible for developing and managing financial
Handles all financial transactions for the firm and serves as an internal auditor for the
firm
Client Service Executive / Front Desk Officer: - will be responsible for welcoming guests and
clients by greeting them in person or on the telephone; answering or directing inquiries. Ensures
that all contacts with clients (e-mail, walk-In center, SMS, or phone) and provide the client with
4. SWAT Analysis
Mefitihe accounting solution P.L.C. engaged the services of a core professional in the area of
structuring to assist the firm in building a well-organized accounting services firm that can well
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As a start-up business, we conducted a SWAT analysis. Here is a summary of the SWAT
analysis
Strength
The power of our team (workforce): - a team that is trained and equipped to pay
A dedication to training staff. All successful firms hire out of school and grow what they
need.
Adaptability and adoption of technology and availability of a wide range of systems and
software.
We have open relationships with clients and are available to our clients on short notice.
Plus, the need for the service is available under any circumstance. An accounting firm is
that it is generally immune from negative changes in the economy. People, especially
small business owners and private limited companies, are going to continue to need
advice and preparation of their taxes and financial statements in any economic climate
The other strength of this type of business is that many forms of revenue can be
generated on a monthly, quarterly, and yearly basis. These revenue streams include
Weakness
threats. The cost of starting a new accounting firm is high. Moreover, as a new accounting
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services firm, it might be difficult for our company to break into the market and gain acceptance,
especially from corporate clients in the already saturated financial consulting services industry;
that is perhaps our major weakness. Also, we may not have the required cash to give our
Opportunities:
Considering the number of starts–ups and of course, corporate organizations that can’t afford
to do without the services of accounting service providers, the opportunities in the financial
services industry are massive. As a standard and well–positioned accounting service provider, we
are ready to take advantage of any opportunity that comes our way.
Threats
Some of the threats that we are likely going to face as an accounting service firm operating in
Addis Ababa are other companies that operate in an identical capacity, government regulations,
5. Market Analysis
5.1 Market Trend
The financial consulting services industry is very large and of course, it is one industry
that works for businesses across different industries. It is cheaper and less stressful to hire the
services of accounting service providers than to hire a qualified accountant especially when you
The truth is that it is becoming common to find even some bigger firms outsourcing their
accounting, tax, and auditing concerns to competent financial / auditing firms because it is cost-
effective to do so and minimize the hassle to manage financial issues. However, there is a quality
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5.2 The Target markets
Mefitihe accounting solution P.L.C. will initially serve small and medium-sized
businesses, from new to well-established businesses and individual clients but this does not stop
us from growing to be able to compete with the leading accounting service and reach out to big
As a standard and licensed accounting service firm, Mefitihe accounting solution P.L.C. a
wide range of accounting services hence we are well-trained and equipped to service a wide
Our target market cuts across businesses of different sizes and industries. We are coming
into the industry with a business concept that will enable us to work with small businesses and
bigger corporations in and around Addis Ababa city other cities in Ethiopia in the future.
Below is a list of the businesses and organizations that we have specifically designed our
Local NGOs
Corporate Organizations
Religious Organizations
Schools
set of factors that influence the demand for the service is essentially important and
necessary. The first step in the process involves analysis of the characteristics of the target
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market and the general macro-economic environmental aspects. The main factor that
Political situations
We are well aware that to be highly competitive in the accounting services industry
means that we should be able to deliver consistent quality service, and our clients should be able
to experience remarkable differences and improvements. Also, we should be able to meet the
expectations of clients.
Mefitihe accounting solution P.L.C. might be a new competitor in the accounting services
industry in Addis Ababa, but the management staff and owners of the business are considered
experts. They are people who are core professionals and licensed and highly qualified
accountants in Addis Ababa. These are part of what will count as a competitive advantage for us.
The second one is we will offer our service at a fair price and are available to our clients on short
Lastly, our employees will be well taken care of, and their welfare package will be among the
best within our category (start–ups accounting service firms) in the industry meaning that they
will be more than willing to build the business with us and help deliver our set goals and achieve
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6. Sales and marketing strategies
6.1 Sources of Income
Mefitihe accounting solution P.L.C. is established to maximize profits in the accounting
service industry and we do all it takes to attract clients regularly and sign contracts with most of
our clients.
Mefitihe accounting solution P.L.C. will generate income by offering the following accounting
Accounts preparation
from the start–ups, local NGOs, and corporate organizations. So, we are well-positioned to take
on the available market in Addis Ababa. We are quite optimistichat we will meet our set target of
making enough profits from the first six months to one year of operations and grow the business
and our business base beyond Addis Ababa to other cities in Ethiopia.
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We have been able to critically examine the accounting service markets and we have
analyzed our chances in the industry and we have been able to come up with the following sales
forecast. The sales projections are based on information gathered on the field and some
Below are the sales projections for Mefitihe accounting solutions, it is based on the
location of our business and the wide range of accounting services that we will be offering;
N.B This projection is done based on what is obtainable in the industry and with the assumption
that there won’t be any major economic meltdowns and political issues within the period stated
above. And please note that the above projection might be lower and at the same time it might be
higher.
firms and other related financial consulting service providers in Addis Ababa. So, we will hire
some of the best business developers to handle our sales and marketing using fair market prices.
Our sales and marketing team will be recruited based on their vast experience in the business and
they will be trained regularly to be well-equipped to meet their targets and the overall goal of the
organization.
Mefitihe accounting solution P.L.C. is set to make use of the following marketing and
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Introduce our business by sending introductory letters alongside our brochure in
Organizations
Attend relevant international and local finance and business expos, seminars, and
business fairs
reasonable price to clients. Generally Ethiopian business environment pricing setting trend is
usually traditional. It does not consider the real economy and the potential of the customer. Mist
of the time abnormal profit margin is set by most service and product render companies.
Therefore, at Mefitihe accounting solution P.L.C., we will sell our service with a normal
profit margin and keep our fees below the average market rate for all of our clients by collecting
payment in advance. In addition, we will also offer special discounted rates to start–ups,
We are aware that some clients would need regular access to financial consultancy and services
and assistance, we will offer a flat rate for such services that will be custom-made to take care of
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6.5 Payment Options
The payment procedure adopted by Mefitihe accounting solution P.L.C. is all inclusive
because we are quite aware that different customers prefer different payment options as it suits
them but at the same time, we will ensure that we abide by the financial rules and regulations of
Ethiopia.
Here are the payment options that Mefitihe accounting solution P.L.C. will make available to her
clients;
We have been able to work with our brand and publicity with business consultants that will
help us to map out publicity and advertising strategies to walk our way into our target market.
We have made provisions for effective publicity and advertisement of our accounting services
firm.
Below are the platforms we intend to promote and advertise Mefitihe accounting solution P.L.C.
Leverage the internet and social media platforms like; Instagram, Facebook, Twitter, and
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Distribute our fliers and handbills in target areas
and then complete all the startup process is 4 months. Considering the economic situations,
operation and sales of service including repayment of the loan a three-year period is considered.
Since a coast and benefits of this business Plan is computed over 3 years the loan period.
This is the financial projection and cost for starting the Mefitihe accounting solution P.L.C.
will spend
No Item Cost
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B. Monthly expense
Item Cost
1 Bank service
2 Debt service
3 Pay roll : Chief Executive Officer ( for 3 months)
17,000.00
4 Pay roll : Accounting & tax consultants(( for 3 months) 14,000.00
5 Pay roll : Admin & HR manager( for 3 months) 14,000.00
6 Pay roll : Marketing & sales Executive( for 3 months) 13,000.00
7 Pay roll : Accountant( for 3 months) 12,500.00
8 Pay roll : Customer care Exsecutive/Front desk officer( for 3 months) 8,700.00
9 Benefit ( 10 % of basic salary) 23,760
10 Office rent for six month 120,000
11 Stationery and office supplies 4,000
Going by the report from the market research and feasibility studies conducted, we will need
over …………..to successfully set – up a medium-scale but standard accounting services firm in
Ethiopia.
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3. Sustainability and Expansion Strategy
The future of a business depends on the number of loyal potential customers and the
competence of the employees, the investment strategy, and the business structure. One of our
major goals in starting Mefitihe accounting solution P.L.C. is to build a business that will sustain
and be able to survive with its cash flow and that will not use the injection of finance from
We know that one of the ways of gaining approval and winning customers over is to offer
our accounting services a little bit cheaper than what is obtainable in the market and we are well
Mefitihe accounting solution P.L.C. will make sure that the right foundation, structures,
and processes are put in place to ensure that our staff welfare is well taken of. Our company’s
corporate culture is designed to drive our business to greater heights and training and– training
our management staff and it will be based on their performance for a period of three years or
more as determined by the board of the organization. We know that if is applied, we will be able
to successfully hire and retain the best employee we can get in the industry; they will be more
9. Conclusion
In the current business world, accounting service is a need for all kinds of business and
organization. Few companies are engaged in the industry. Our company is one of those private
companies engaged in accounting service for business and organization at different level. We
have made a research on the demand and the market potential for the service, and we found and
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concluded that there is still a huge demand in Addis Ababa and other cities.Our assessment
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