Financial Plan
Heads for Budget Planning

The planners of the budget will be in the form of a team comprising of the finance officials of the company ranging from the chief financial officer to a finance executive. Operations representative will be a part of the team of budget planning because estimation about the requirements of finances will be needed. In addition, a representative from the marketing department and one from the human resource department will be part of that team to estimate the amount of revenue that is expected from operations soon and how much salaries would be payable to employees by the end of each business cycle.Financial Plan

Rental

The consultancy will be placed in a rented office but since there is no heavy equipment needed for the operations of the consultancy, there is no need for a warehouse or a separate storage area for this stuff. The rented office will be based in a plaza on an upper floor for cost-saving purposes. The budget for this purpose is $5000 per month.

Equipment

The equipment that the consultancy needs for its training and development process involves presentation hardware and software used for delivering lectures to the client’s business employees. In addition to that, the company requires to make a purchase of any additional software that is to be used for a training session like data analyses and database tools. They have to be original and not pirated, as it will cost less than $10,000 to purchase all of this.

Systems

All the executives of the consultancy will be provided their own computer system that will remain in the office, as the systems will cost the consultancy $3000 maximum.

Laptops for trainers

Only the trainers and high ranked employees will be given laptops for more ease of work and also facilitate them for taking the work home with them. Only five laptops worth equal to or less than $3500 in total will be purchased.

Certification

The consultancy will enroll the trainers into training and development programs that offer certifications in the field. After they obtain their certification they will become the assets and selling points of the organization. The budget for certifications has to be at least $15,000 because some certifications can cost up to $5000 per person.callus1

Registration

The company will be registered with the responsible institute given the authority by the state government to register businesses. The registration will be made by providing honest information and true disclosure of the company’s statistics. The legal and corporate responsibilities regarding registration will be completed in $5,000 or less.

Operating asset

Presentation equipment will be purchased whereas cars will be leased from a bank with the lowest markup and these will be used for transporting trainers to their destination. The cars will be fueled and maintained by the company. The budget for this purpose is kept at $20,000.

Hiring process budget allocation

The hiring process has already started and potential employees are in the queue and waiting to be shortlisted. There is additional compensation to the hiring manager at the time of induction. 

15 employee work station

The fifteen employees that will work for the consultancy will comprise of technical, managerial, staff, and executive levels. The work station will be a single-story rental office space. The work station will be completed for $7,500 or less.

The salaries of the employees for three months are estimated at a total of $150,000.

Marketing

Marketing will be done mainly through online sources and hence its budget is just $3,000.

Opening of business cost (promotion)

For the consultancy, there is no additional cost than the marketing cost for its promotion. However, a budget of $2000 will be kept for newspaper advertising.
Local news channels

Local news channels will not be used as a promotional source hence no budget is allocated for them.
Social media marketing

Social media will be used for promotion but there is no extra cost associated with using it.
Online advertising

Online advertising and Search Engine Optimization will be used for the target market of potential client businesses and its budget is $5,000.

IT facilities

Internet and data backup and storage facilities will cost the business a total of $1,000 each month.
ERP installation

A customized ERP will be used that will not cost more than $10,000.
Management Summary

The consultancy will comprise of three directors of operations, finance and human resource management, and marketing and promotion. The consultancy will have sets of two executives facilitating each of these three directors, as there will be 4 trainers and two-member support staff for the facilitation of the trainers. The financiers of the venture are the directors themselves and hence there are only fifteen people in the organization. The trainers are the operational units of the organization since the product of this organization is the provision of training and development to the employees of client businesses. These trainers will be certified individuals accredited from well known certifying agencies and institutes. The support staff will be skillful in setting up presentation equipment and dealing with the systems that the organization uses. The executives will be responsible for carrying out the policies that the managers will make through consensus. In conclusion, such a management organization is believed to be optimal, which may contribute to the relevant performance of the consultancy company.

Maddox Smith

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