This is a solution of Business Plan for SME Enterprise Assignment part 2 in which we discuss ,This market research will lead to many stipulations which were confirmed before the business establishment.
My personal background completely matches with the point of suitability of this particular concept and this project. I have been involved with the IT industry in my past and I have specific experience in the management of the subdivision for the customer service in various organizations. My personal expertise also involves the Business management of the call centre for over a period of 7 years where I have worked in close proximity with the sales and marketing process. Therefore, I have profound knowledge in their respective field as well where I am able to comprehend its procedure of execution.
There is another ability related to the maximization of the contact centre productive, quality, cost effectiveness and deliverance. I was constantly involved with the concepts of lean and agile manufacturing where I merged both the techniques in the IT sector. Here, lean manufacturing is a process improvement technique which focuses upon reducing wastage in the industry. At the same time, agile manufacturing deals with the process improvement by using latest software technology and replacing the old software with most appropriate and cost-effective software. Additionally, I am a certified customer service provider with huge level of experience and knowledge in this type of business.
It is evident from the previous facts that the telemarketing industry is developing a very rapid rate with yearly market growth ranging from 6.5% to 8% (CMO Council, 2014). It is happening due to quick exposure of various businessmen towards their need for generating the market information. They also wish to decrease the client turnover rates in a rashly hit economy. It is quite simple to analyse the market trend where one can visualize the increasing number of customers. All these customers desire for outsourcing telemarketing functions to customer organizations. They do not wish to grow this kind of infrastructure inside their premises or capacity.
At the same time, these companies also do not want to hire full time Chartered Accountant with a wish for smooth operation of their internal audits, tax audits, imports and exports. Both these factors have opened doors for advisory service providing companies like SME Enterprise. Though, long-term analysis of development aspects has exhibited a cyclical pattern and the company does not expect this higher rate of growth to persist. When it comes to comprehend the industry of telemarketing, it can be observed that it is quite diffracted with other companies that are large in scope, size, service provision and market share. Most of these companies are generic ad agencies that provide telemarketing services along with a wide assortment of various other consultation services. Additionally, some of the organizations have still not understood the importance as well as potential benefits of outsourcing operations. They still continue to grow their own telemarketing divisions.
SME Enterprise has decided to get inside the market by two segments. First of all, they will work in different types of market services because there is a greater need to manage contacts with their patients. They will also be willing to work for small scale high-technology firms as first level help desk. Mr. A and Ms. B have already approved contracts with two medical firms for serving in their capacities. Therefore, the company has already acquired two clients even without having an opening ceremony. Apart from aforementioned factors, the company will also be looking forward to take on short-term projects in the form of mystery shopping, auditing and surveys from small scale and medium scale integration clients.
Internal Analysis (PESTEL)
PESTEL analysis is represented as Political, Economic, Social, Technological, Environmental and Legal analysis. Before making certain business-oriented decision or creating a business plan, it is significant to study the external environment. Apart from providing information related to the six aforementioned factors, PESTEL analysis also provides awareness for rivals in the market place. All the six factors are continuously under the influence of change.
There is stable political atmosphere in UAE. Local taxation policies are not totally evident to the company but top Project management will hire some consultants to know about these policies. Local government is involved in trade agreements here. UAE has direct policies for foreign direct investments. Moreover, the smart government initiative of Dubai is about providing online services all over the corporate spectrum and the community life of Dubai. The Department of Smart Government looks after the eTransformation implementation in the city. However, the regime to create a smart government had started in June 2013 by Mr. HH Shiekh Mohammed Bin Rashid Al Maktoum, The Vice President, Prime Minister and the ruler of Dubai but there is still sufficient time for overall transformation. Therefore, the government of Dubai will be in full support for the opening of the contact centre in the city (Department, 2014).
Currently, UAE’s inflation rate is average in comparison to other countries in Asia. Local employment level is quite higher than other MENA countries. Country’s GDP is based upon manufacturing of power sector components. Therefore, it can really be part of the business for the contact centre. With an annual growth rate of 5.2 per cent, the current GDP of UAE is $ 383.80 Billion. At the same time, the inflation rate for UAE is 2.3 per cent with consumer price index of 120.68 points (United Arab Emirates GDP and Inflation Rate, 2014).
Local lifestyle is changing with the time and people are looking forward to behave more like customers. There are alterations in the country’s demographic trends along with the high level of education and income. Local religion is dominated by the Muslims but they are also into exploration of the trends in the world.
As government is interested in employment of the latest IT technology; it is made out that both are highly considerate for the technology.
Currently, there are no environment issues. The company will manage to take insurances for all resources including manpower and machinery.
As the company is located in the free economic zone; there are no intellectual property issues. There are consumer lawyers and the company has already hired services of a lawyer for the protection. Moreover, the company will also consider the implementation of ISO 14001 and ISO 18001 for occupational health, safety and environment.
External Analysis (SWOT)
For scanning the internal as well as external environment as a strategic planning process, a strategic planning tool called SWOT analysis was used. These internal environmental aspects are strength, weaknesses, opportunities and threats. The environmental scan for SME Enterprise was carried out by analysing internal agents as strengths and weaknesses while external agents as opportunities and threats. All four factors are mentioned below in bullet points as:-
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