Business Plan Example

E3L Technologies Limited E3L Technologies Limited
Business PlanBusiness Plan
MBA Group 11MBA Group 11

Contents
Executive Summary 5
1 Company Overview 7
1.1 Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
1.2 Goals and Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
1.3 Corporate Values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
1.4 Corporate Vision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2 Market Research 9
2.1 Industry Overview and Trends . . . . . . . . . . . . . . . . . . . . . . 9
2.2 Market Segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
2.3 Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
3 Product Design and Development 15
3.1 The Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
3.2 Methodologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
3.3 Prototype Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
3.4 Future Product Pipeline . . . . . . . . . . . . . . . . . . . . . . . . . . 18
4 Marketing Plan 19
4.1 Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
4.2 Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
4.3 Customer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
4.4 Marketing Mix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
4.4.1 Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
4.4.2 Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
4.4.3 Promotion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
4.4.4 Place / Distribution . . . . . . . . . . . . . . . . . . . . . . . . 22
4.5 Sustainability and Impact . . . . . . . . . . . . . . . . . . . . . . . . 23
5 Manufacturing And Operations 24
5.1 Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
5.2 Product Development Cycle . . . . . . . . . . . . . . . . . . . . . . . . 24
5.3 Direct Materials and Labour . . . . . . . . . . . . . . . . . . . . . . . 25
5.4 Production and Supply chain . . . . . . . . . . . . . . . . . . . . . . . 26
5.5 After Sales Support and Service . . . . . . . . . . . . . . . . . . . . . . 26
1

Business Plan : E3L Technologies Ltd.
5.6 Licenses and Insurances . . . . . . . . . . . . . . . . . . . . . . . . . . 27
5.7 Assets and Company Location . . . . . . . . . . . . . . . . . . . . . . . 27
6 Management Team 28
7 Financial Review 30
7.1 Forecasted Financial Statements . . . . . . . . . . . . . . . . . . . . . . 30
7.1.1 Forecasted Income Statements . . . . . . . . . . . . . . . . . . . 30
7.1.2 Forecasted Cash Flow Statements . . . . . . . . . . . . . . . . . 30
7.1.3 Forecasted Balance Sheets . . . . . . . . . . . . . . . . . . . . . 30
7.1.4 Break-even Analysis . . . . . . . . . . . . . . . . . . . . . . . . 31
7.1.5 Sensitivity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . 31
7.2 Notes to The Financial Statements . . . . . . . . . . . . . . . . . . . . 32
7.3 Cost control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
7.3.1 Minimise Expenses . . . . . . . . . . . . . . . . . . . . . . . . . 33
7.3.2 Minimise Cost of sales . . . . . . . . . . . . . . . . . . . . . . 33
7.3.3 Minimising ﬁxed costs . . . . . . . . . . . . . . . . . . . . . . . 34
7.3.4 Minimise uncollected revenues . . . . . . . . . . . . . . . . . . . 34
7.3.5 Customers Feedback . . . . . . . . . . . . . . . . . . . . . . . . 34
7.4 Desired Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
7.4.1 Oﬀering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
7.4.2 Use of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
8 Assumptions and Risk Mitigation 36
8.1 Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
8.2 Risks and mitigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
A Appendix 39
References 44
Page 2

List of Figures
1 Cash Flow Projections . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2 Proﬁt and Loss Projections . . . . . . . . . . . . . . . . . . . . . . . . 6
2.1 Consumer demand in Wearable Market (Gownder 2014) . . . . . . . . . 10
2.2 Global Wearable Device Unit Shipments Forecast (Gownder 2014) . . . 10
2.3 Smart-watch Annual Shipment Projections (Gownder 2014) . . . . . . 11
2.4 Annual Market Size Projections(Statista 2014) . . . . . . . . . . . . . 11
2.5 Smart-watch Sales Projections in 2015 (CCS-Insight 2015) . . . . . . . 12
2.6 Global Smart-watch Market and Segments (Allied 2015) . . . . . . . . 13
3.1 E3L Pilot Products and Speciﬁcations . . . . . . . . . . . . . . . . . . 15
3.2 E3L Pilot Product Prototype Circuit Board . . . . . . . . . . . . . . . 17
3.3 E3L Pilot Future Products . . . . . . . . . . . . . . . . . . . . . . . . . 18
4.1 E3L Business Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
4.2 E3L SWOT Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
4.3 E3L’s products position amongst its competition . . . . . . . . . . . . . 21
5.1 E3L Product Development Cycles . . . . . . . . . . . . . . . . . . . . . 25
7.1 Breakeven Projections . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
A.1 E3L 3 Years Month-wise Cash Flow Projections . . . . . . . . . . . . . 41
3

List of Tables
2.1 Global Smart-watch Market Players,Market Share and Growth (Smartwatch-
Group 2015) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
5.1 Bill of Materials, Source: Adafruit (2015), DigiKey (2015), and Mouser
(2015) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
A.1 E3L 3 Years Proﬁt and Loss Projections . . . . . . . . . . . . . . . . . 39
A.2 E3L 3 Years Cash Flow Projections . . . . . . . . . . . . . . . . . . . . 40
A.3 E3L 3 Years Balance Sheet Projections . . . . . . . . . . . . . . . . . . 42
A.4 E3L Year 1 Proﬁt Sensitivity Projections . . . . . . . . . . . . . . . . . 43
4

Executive Summary
The Company
E3L Technologies Limited (E3L : pronounced as “ethereal” ) is a technology start-up,
expects to scintillate the interest of a growing customer base for the Wearable Com-
puting gadgets. Wearable devices market is estimated to be $5.1 billion in 2015 and
projected to increase up-to $12.6 billion by 2018 (Statista 2014). Smart-watch is the
most important segment of this wearable market that has highest shipment forecast
by 2019, with a compound annual growth rate of 41% (Gownder 2014; Danova 2014).
Opportunity and Strategy
One of the unique challenges in smart-watch is the battery life, for which competitors
in the wearable device market are still striving to enhance their capabilities of designing
low power gadgets. In this high growth market, E3L plans to establish a strong market
position by offering unique value proposition by providing battery efficient devices at a
competitive price. E3L proposes to achieve these objectives through the application of
Open Source Hardware and Software methodologies, thereby reducing the initial fixed
cost as well as privacy concerns. Moreover, by employing the principles of Lean Start-
up philosophy, the company by design, proposes to create its own “Build-Measure-
Learn” feedback loop to continuously innovate and improve its products and services
offerings, to achieve total customer satisfaction.
Products
Initially, E3L is providing two power-efficient smart-watches, with a GoogleTM
cloud-
supported, mobile device friendly web-based portal and a community supported dis-
cussion / development forum. The men’s smart-watch product offered is, Pluto, and
a women’s smart-watch product is Xena. These smart watches are targeted towards
mid-income to high-income, health and fitness conscious, involved in outdoor sports
and activities, men and women of 18-45 age groups. The electronic design of these
watches is based on the Open Source Hardware project, F*Watch, a smart-watch de-
veloped by the world renowned CERN Labs, Switzerland (OHWR 2014). This design
process will eliminate the majority of the non-recurring engineering (NRE) fixed costs,
reduce operating costs through community support model, and maximise system-wide
efficiency. Moreover, our hardware and software solutions will also be available under
5

open source CERN and GPL licenses respectively. At present, as prototypes of the
products are being tested, the design and specifications of the product are substan-
tially complete. Subsequently, the non-disclosure agreement will be signed with the
production subcontractors.
Pro-Forma Financial
Sales estimate project revenues of approximately £371,250 in the first year, and
£4,234,800 by year 3. The firm estimates profits of approximately £1.1 million by
year 3 with a net profit margin of 26.36%. The company will be launching a invest-
ment offering through crowdfunding with Kickstarter. Based on the initial valuation
of £500,000, the company will be offering 10% of equity through this financing.
Figure 1: Cash Flow Projections
Figure 2: Profit and Loss Projections
Page 6

1 Company Overview
E3L will use social media platform to spread awareness for its innovative, high quality
and well designed products, based on the open source hardware and softwares. It
plans to outsource manufacturing while retaining in-house product design, marketing
and distribution and management. E3L possesses the basic intellectual property that
can be built into multiple products. E3L has selected smatwatch as a pilot product
to design and manufacture. Depending upon the success with this initial product,
E3L will use its learning and profits to take several improvements for the smart-watch
products to market with a brisk cadence of two products per annum.
1.1 Mission
“It is our mission to synergistically deliver products and services to provide total
customer satisfaction for tomorrow’s world through open knowledge.”
1.2 Goals and Objectives
To pursue this mission, E3L has defined following goals :
• Rapidly establish, in detail, the viability of this venture, the operating frame-
work between E3L, its outsourcing partners, and the parameters surrounding the
selection of appropriate products.
• Rapidly and inexpensively determine the viability of the initial product, in terms
of marketing, manufacturing, and selling through the build-measure-learn cycle.
If necessary, select alternate products and minimise the waste.
• Accomplish primary outsourcing alliances.
• After determining viability of the initial product, build a prototype, and deter-
mine manufacturing costs. If the product continues to be viable, prepare for
manufacturing and start the crowdfunding and social media campaign.
Specific objectives in support of these goals include
• Sales target of 3500 units for the first product by year 1 (B.E.V of 967 units).
• To be a profitable business by year one.
7

• To get customer rating of 4 or above ( on the scale of 0-5 ) on all online retailing
channels by year one.
• To launch 2 products per year.
1.3 Corporate Values
E3L exists to sell products, promote open-source software and hardware campaign and
provide above industry average returns for its owners and investors.
• Produce products with high quality and reliability.
• Present its products honestly and accurately to the market.
• It will communicate and treat all stakeholders honestly and fairly.
1.4 Corporate Vision
The strategy of E3L is to use its first product, as a launchpad to gain expertise in the
niche wearable computing domain, from concept to market. The learning, knowledge
and expertise can then be transferred and applied to future products.
E3L will use the Lean Startup (Ries 2011) principles to minimise the time to market
and to create high value for the customers rapidly. The profits and learning generated
will be applied to multiple future products, thereby increasing the leverage on basic
technologies used.
E3L’s competitive advantage will come from its overall technological edge and the
product development agility. In the near future, E3L, will remain a small but agile
company, with a fairly large network of outsource partner firms. The company starts
very small and lean, and plans grow organically in long term. It will retain ownership
of brands, hardware and software products, however shares risks and rewards with
larger, more mature outsourcing firms, in symbiotic relationships.
Page 8

2 Market Research
At the end of last decade, wearable electronics started creating its own niche in the
consumer electronics and information technology domain. In this niche sector, E3L’s
environment consists of several major players, such as Google, Samsung etc., and minor
players, such as Pebble, from information technology (IT) industry and the members
of contract electronics product manufacturing industry such as Flextronics etc.
2.1 Industry Overview and Trends
With the continuing scaling of the Semiconductors and Integrated Circuit technologies,
in accordance to the “Moore’s law”, there is growing convergence of mobile commu-
nication and computing platforms. Following the smart-phone revolution, wearable
devices are being contested as the next revolution in IT industry. Amongst various
options available in wearable gadgets, as shown in Figure 2.1, a recent Forrester Re-
search report(Gownder 2014) illustrates trends in consumer demand.
It can be clearly seen that the demand for the wearable gadgets for wrist is at the
second position with 28% popularity. Moreover, as shown in Figure 2.2, the wear-
able market is projected to grow at the rate of 35% annually (Danova 2014) between
2014-2019. In this market the smart-watch product is the most rapidly growing at a
CAGR of 41%, as illustrated in Figure 2.3. By 2018, the market size of the industry
forcasted, as seen in Figure 2.4, to grow up to £7.9 billion ($12.6 billion)(Statista 2014).
Pertaining to the 2015, a latest report form CCS Insight (CCS-Insight 2015) pro-
jected that there would be a signiﬁcant increase of 8 folds in the number of smart-
watches sold, as depicted in Figure 2.5.
9

Figure 2.1: Consumer demand in Wearable Market (Gownder 2014)
Figure 2.2: Global Wearable Device Unit Shipments Forecast (Gownder 2014)
Page 10

Figure 2.3: Smart-watch Annual Shipment Projections (Gownder 2014)
Figure 2.4: Annual Market Size Projections(Statista 2014)
2.2 Market Segments
Smart-watch market is generally segmented into ﬁve primary categories (Allied 2015)
in accordance with its application.
Page 11

Figure 2.5: Smart-watch Sales Projections in 2015 (CCS-Insight 2015)
• Personal Assistance
• Health and Wellness Monitoring
• Medical Applications
• Sports
• Others
Considering the product features the smart-watch can be further categorise as
• Extension smart-watch i.e., to be used with another computing device.
• Classic smart-watch
• Standalone smart-watch
Figure 2.6 gives further information about the respective demand forecast for each
of these segments for a period up to 2020.
2.3 Competition
The competitive landscape in the smart-watch industry is summarised in Table 2.1
(Smartwatch-Group 2015).
Page 12

Figure 2.6: Global Smart-watch Market and Segments (Allied 2015)
In this market, the top five players have captured the majority of the market. The
top ten companies belongs to 8 different countries, whereas in total 89 different com-
panies from 18 countries sold smart-watch products in 2014. It is also estimated that
about 140 additional companies have smart-watch products in their pipeline.
Apple, the giant, has yet to make its mark in this market but, with a strong brand
image and product ecosystems, it is believed that it will heat-up the competition fur-
ther.
The major challenge for the established designs has been the battery life. Even
though there is still room for improvement on the other design aspects of the smart-
watch, with the continuing innovation, the gap will be narrowed to a large extent in
near future. Another challenge for the smart-watch is with the availability of software
application, as they create the most of the value for the customers. The established
Apple and Android platforms will have a significant advantage as they can simply port
the entire ecosystems of hardware and software platforms to these future smart-watch
products.
Page 13

Company Headquarter Market share (%) Y/Y Growth
Samsung South Korea 23 +25%
Lenovo/Motorola China 10 new entrant
LG South Korea 7 new entrant
Pebble US 7 +102%
Garmin Switzerland 7 +47%
Sony Japan 6 +66%
Fitbit US 6 +22%
Withings France 4 new entrant
Polar Finland 2 +400%
Asus Taiwan 2 new entrant
Other 79 companies 26 88.00%
Total 89 companies 100 82.00%
Table 2.1: Global Smart-watch Market Players,Market Share and Growth
(Smartwatch-Group 2015)
Page 14

3 Product Design and Development
Figure 3.1: E3L Pilot Products and Speciﬁcations
3.1 The Products
The men’s watch Pluto and women’s watch Xena have many features including GPS,
pressure and light sensors , 3-D accelerometer, compass, buzzer, games and much more
tasks and apps incorporated in a sleek design. Of these features, the most notable fea-
ture is its low power consumption, which makes it unique from its competitor such as
15

Pebble, Samsung, Jawbone, Garmin and Apple, whose batteries run out faster. All
the components were selected based on the criteria as of low power consumption, avail-
ability in bulk from the main suppliers, and small footprint making it an attractive
fashionable smart-watch.
The idea and design behind E3L smart-watch products initially arose after gaining
knowledge about Open Source Hardware project, F*Watch, a smart-watch developed
by the world renowned CERN Labs, Switzerland (OHWR 2014). The F*Watch team
proved that it was possible to make an open source device, entirely with free open
source tools. F*watch is an bespoke GPS watch with many peripheral sensors. Ev-
erything is open sourced, from the PCB designs and to watch housing design to the
software stack (FOSDEM.org 2015).
3.2 Methodologies
As E3L uses free hardware and software and its designs are open to the public and
there are no proprietary issues. The electronics design has been made with the KiCad
EDA Software. It is a Free/Libre Open Source tool that runs on GNU/Linux. It
is licensed under the GPL license. The mechanical design has been made with the
FreeCAD Open Source parametric 3D CAD modeller. In short, E3L’s product devel-
opment includes free PCB design, free mechanic design, free software and free tools.
For this reason anyone can use these free tools and E3L designs to develop a watch of
their own. E3L strives its best to provide world class products and services.
E3L wearable device has its full design of electronics, mechanics and software being
available under GPL and CERN. Furthermore, it does not make customers hesitant
as they are not compelled to disclose any private information and that eliminates the
need for a government or corporate-based database system. E3L products are Google
cloud-supported, mobile device friendly web-based portal and a community supported
discussion/ development forum.
E3L will be adopting methodologies such as Agile Product Development and Scrum
together with Hardware-software Co-design methodologies. Agile is an umbrella term
used to describe a general approach to software development. Though there are many
agile incarnations, all agile methods, including the Scrum agile process, emphasise
teamwork, frequent deliveries of working software, close customer collaboration, and
the ability to respond quickly to change (Cohn 2010).
Page 16

Further on for E3Ls long term growth, we aim at updating and improving the
features of the smart-watch from feedback obtained from our customers. A new prod-
uct is aimed to be developed every six months as a means of product revitalisation.
New products may range from a more catchy design to adding features in our existing
products or developing something totally new in the wearable device segment. Some
foreseen improvements in the existing Pluto and Xena smart watches are to include
a Bluetooth LE, introducing a low noise ampliﬁer for the GPS antenna and further
improving the power management. Our team will be involved in customisation of
products enhancing its product line beyond being just a smart-watch, expanding into
diﬀerent segments like ladies accessories and other wearable devices thereby gaining
customer and brand loyalty to a greater extent.
3.3 Prototype Design
E3L has currently developed its prototype and its features have been tested by the
E3L core team and seem to be working as required. Below Figure 3.2 is the Prototype
assembly.
Figure 3.2: E3L Pilot Product Prototype Circuit Board
Page 17

3.4 Future Product Pipeline
Initially our products PCB design characteristics included a 4 x 4 cm, 4 layers sheet,
with components on both sides. Down the line we intend to develop a System on Chip
(SoC) which reduces the initial PCB size to a greater extent. This System on Chip is
also intended to be created using open source hardware and software.
Figure 3.3: E3L Pilot Future Products
Foreseen product designs may sometimes bring along with it some risks. Improvis-
ing the products Xena and Pluto by adding Bluetooth may suﬀer from a form factor
problem where the component may not ﬁt on the existing board.
Similar would be the risk for any additional feature added. Risks can be mitigated
by considering alternatives like smaller component sizes and by keeping in mind that
when Xena and Pluto are initially made additional features will be added in the coming
years. This will reduce the chance of design risks to a great extent.
Page 18

4 Marketing Plan
In accordance with the mission of E3L, the marketing initiatives are geared towards
total customer satisfaction. This chapter provides the proposed Marketing Plan for
E3L, which is based on the 3Cs and 4Ps marketing framework.
For the first year, the marketing objectives for E3L are as follows :
• Create a brand image as a player in the open source hardware software space.
• Inform target customers about the distinct features and benefits of
E3L’s products, at a minimum possible cost.
• Achieve the sales targets and become a profitable entity.
4.1 Company
As a products developing company, the primary business model of E3L is as shown in
Figure 4.1.
Figure 4.1: E3L Business Model
Simplicity is one of the major advantage of this business model and it is in align-
ment with the lean startup philosophy of E3L. All the supply and distribution chan-
nels are well established and therefore, they have high reliability. Figure 4.2 shows
the S.W.O.T. analysis of E3L and its products as a part of the company’s internal
marketing audit.
19

Figure 4.2: E3L SWOT Analysis
4.2 Competition
The current competitive landscape in the industry is as per the discussion presented
in the Section 4.3 and the major players are as listed in Table 2.1.
E3L’s products are considerably more power-eﬃcient and hence have signiﬁcantly
longer battery life. Furthermore, they can seamlessly be integrated into any platform
and by the virtue of the open source design the products protect users private data
and eliminate the need for a legalised database system.
E3L is introducing a smart watch which has a long battery life of 48 hours, which is
the unique selling point of this device along with additional features such as micro-usb
connector and companion web portal. Additionally, Figure 4.3 illustrates the position
of E3L’s product.
Page 20

Figure 4.3: E3L’s products position amongst its competition
4.3 Customer
The ideal customer of E3L has following characteristics
• Men and Women
• 18-45 years of age
• Mid-income to high-income
• Health and ﬁtness conscious
• Involved in sports and outdoor activities
Page 21

4.4 Marketing Mix
4.4.1 Products
E3L is not only oﬀering men’s smart-watch product, Pluto, and a women’s smart-
watch Xena but also oﬀering a web portal for the target customers which adds value
by providing a complete hardware software eco-system to the user. By providing
these superior quality products and personalised post-sale services, E3L will positively
meet or beat the customer expectations, which will boost its goodwill in the market.
Although the products are open source hence are open to copy, but these intangible
aspects of post-sale service will give E3L a competitive edge over the players in the
market.
4.4.2 Price
As E3L provides these high-quality hardware and software products and services the
value of these products is higher for the target customers considering its mid-range
price of £99.00. With this price, E3L expects to generate considerable demand for the
products in the growing wearable market space.
4.4.3 Promotion
With the target customer in mind and to avoid excessive waste of resources, the
promotion of E3L’s product would be delivered through internet and social media
such as Facebook, Tweeter and Youtube. Moreover, the crowdfunding initiative to
raise investment, will also serve as a promotional vehicle for the company by raising
its awareness in the target market.
4.4.4 Place / Distribution
The distribution channels for the E3L products are the established online retailing
websites such as Ebay, Amazon and Ali-Express to reach the target customer base in
the US, Europe and Asian markets. In future, as the products and E3L gets established
in the market, it will also start the e-retailing through its own website.
Page 22

4.5 Sustainability and Impact
E3L is also aware of its responsibility towards the community it operates in and society
in general. E3L is a member of WISE, which stands for Womens Initiative for Science
and Engineering. This is an organisation that helps empowering women in the Science,
Technology, Engineering and Mathematics sectors and supports them by providing
them with opportunities to promotes their talent. E3L would participate by supporting
women from Science and Engineering though its internship and scholarship programs.
Page 23

5 Manufacturing And Operations
E3L is a private limited company incorporated in the UK on January 2, 2015 and the
letters patent bearing that date has been issued. The company is to carry on business
as a technology startup that develops new products using open source technology,
manufactures and sell them. The company is managed by the five shareholders who
constitute the board of directors.
5.1 Strategy
At E3L, we follow the Lean startup methodology (Ries 2011), where the company by
design, proposes to create its own “Build-Measure-Learn” feedback loop to continu-
ously innovate and improve its products and services offerings to achieve total cus-
tomer satisfaction. This process also ensures a faster product development cycle with
minimum risk and minimum wasteful activities. It is perfectly suited for customer
involvement in the product development. For the first two products, the company
employs Make to Order (MTO) system i.e. the product is only manufactured after
pre-orders from the customer is received. This helps in reducing the inventory and
stock maintenance cost as well as mitigating the risk possessed by the rapid changing
technology and customer purchase behaviour.
5.2 Product Development Cycle
At E3L we plan to introduce two products per year which is in line with the holiday
and Christmas season. The time line, given in Figure 5.1, is divided into six sections
with each consisting of two months. The first three sections constitute the develop-
ment of the prototype and its testing, development of the final product and taking
pre-orders for the product respectively. The product starts shipping at the end of
sixth month. As the company follows a continuous improvement policy, development
of the new product is started in the fourth phase itself. The same procedure is contin-
ued with the new product being launched by the end of the year. The improvement
is done based on the feedback provided by the customers during the marketing and
online communication and improvements in the technology.
The first product is currently in the prototype testing phase, with a two more pro-
totype and three final product testing procedures are remaining before being available
in the market.
24

Figure 5.1: E3L Product Development Cycles
5.3 Direct Materials and Labour
The direct materials required by the company are the components needed to manufac-
ture the product i.e. the watch. These include GPS, Pressure sensor,3D-accelerometer,
Compass, Ambient light sensor, Lithium-ion battery, fuel gauge, PCB, etc. The com-
pany makes use of free open source software like FreeRTOS and FreeCAD for the
designing purposes. The company has received quotations from the suppliers and for
an order of ten watches; it will cost the company £63.53 per watch. The bill of mate-
rials is as shown in Table 5.1
As the manufacturing and supply of our products are outsourced, the company does
not intent to recruit people during its first year. The prototype design and testing is
to be done by the founders, who are experienced engineers themselves. Recruitment
of office staff and other technical developers are on cards from the second year.
Page 25

Function Part Supplier Price (£)
MCU EFM32GG330F1024 Mouser 4.148
GPS M10478-A1 Digikey 8.024
Display memory LCD 128x128 LS013B7DH03 Mouser 8.1
Pressure sensor MS5806-02BA Digikey 8.5
Accelerometer + compass LSM303CTR Mouser 0.91
Ambient light sensor MAX44009 Mouser 1.41
Buzzer SMT-0540-S-R Mouser 1.09
Battery LP503035 Adafruit 5.406
Battery charger bq24072 Mouser 0.8
Fuel gauge MAX17047 Mouser 1.19
Voltage regulator TPS780180300 Mouser 0.269
External memory (microSD) 1010030368 Mouser 0.533
Switch EVQ-P4MB3K Mouser 0.333
GPS chip antenna W3011A Mouser 0.459
micro USB connector 1551629-3 Mouser 0.456
FPC connector (LCD) 503480-1000 Mouser 0.378
Vibrating motor 28821 Mouser 1.3
Low noise ampliﬁer MAX2659ELT+T Mouser 0.578
High-side switch ADP198ACPZ-R7 Mouser 0.379
32.768kHz crystal AB26TRB-32.768KHZ-T Mouser 0.22
48MHz crystal ABM11-48.000MHZ-D2X-T3 Digikey 0.71
PCB and Housing 563-BB-32620 Mouser 18.34
Total 63.53
Table 5.1: Bill of Materials, Source: Adafruit (2015), DigiKey (2015), and Mouser
(2015)
5.4 Production and Supply chain
The product design, prototype development and testing are entirely done in house,
while the mass production processes like electronic manufacturing, assembly and pack-
aging are subcontracted to contract electronics manufacturers . The production time
is a maximum of four weeks. The ﬁnished goods are sold from the company using the
online retailing sites like Amazon, eBay and AliExpress.
5.5 After Sales Support and Service
The company’s website provides an open web forum, through which the existing cus-
tomers as well as the prospective customers can interact with each other and also with
the company executives. Every qualm will be cleared and the forum will also act as a
feedback loop whether customers can propose their suggestions. These proposals and
Page 26

feedback will be integrated in the next upgrade of the product. The product repair
and other services will be taken through postal system. The customer can contact
the company through phone or email with the details of service needed and post the
product to the company. The technicians in the company will rectify the problems
and the product will be sent back to the customer. A feedback loop is again formed
to improve these services and get customer response.
5.6 Licenses and Insurances
The company uses open source software as well as hardware which needs no license
fees and is freely available on the internet. The company is not manufacturing any
product in house so there is no need for license or permit like pollution control or
health and safety. An import license has been acquired from the HMRC for importing
the finished goods from the foreign country. A professional indemnity insurance of five
million pounds is to be taken at the start of the second year to cover the business from
any accidents, mistakes or third party claims.
5.7 Assets and Company Location
The company being a technology startup, it does not need any huge machinery or pro-
cessing unit. It only needs about five computers with software installed and electronic
equipment. The essential requirement is the knowledge and experience, which makes
people the major asset. The directors are experienced in various fields like Electronics,
Computer/IT and Mechanical engineering; and have the requisite knowledge to move
the company forward with innovation. At the start, the directors have agreed to use
their own personal computers and electronic devices. However arrangements for cor-
porate address, telephone number, fax number etc are done in the start itself.
The company’s location is not a major concern due to the nature of the business
and industry. Moreover, we are not required to be close to our customers. Customers
will only require a computer and an internet connection to look into our product and
order it. The company plans to locate its office in Herefordshire. An office of 1500
sq. ft. is to be rented, which will cost £30,000 per annually. Since the designing
and development of the prototype only require a about five computers and a small
workplace, there is no need for the company to occupy the office space prior to the
start of second year.
Page 27

6 Management Team
E3L has a young and dynamic management team with a combined experience of about
13 years from IT/ITES and Mechanical Engineering sectors.
Mangesh Bhalerao, Co-Founder, President and CEO
Mangesh has spent more than 8 years in Integrated Circuit Design at high-technology
companies, from start-up ventures to mutinational corporations, and has led three suc-
cessful commercial products in Communication and Consumer Electronics domains.
Previously, Mangesh was Analog and Mixed Signal Design Engineer at Intel UK. He
also served as a founder team member and lead the Digital-to-Analog Converter mod-
ule at Orca Systems USA, Senior Engineer,Research and Development Services, for
Mindtree and Senior Engineer at Sasken India.
He has an M.Tech. degree in Information and Communication Technology from
DA-IICT, India and a B.E. in Electronics and Telecommunication, with distinction,
from University of Pune, India.
Cristina George, Co-Founder, CTO
Cristina has about 2 years of work experience in IT industry. She is leading the new
product development at E3L and brings creative ideas and approaches for the expan-
sions of E3L product portfolio. Previously, she worked as a software developer at UST
Global, India. She played a vital role in the Health Care vertical analysing, designing,
programming and testing requirements in COBOL language for many Fortune 500
clients.
She has a B.E. degree in Electronics and Communication Engineering, with dis-
tinction, from Mahatma Gandhi University, India.
28

Pranay Bharambe, Co-Founder, CFO
Pranay is an ICT and Finance expert. Prior to joining E3L, he worked as Programmer
Analyst in Cognizant Technology Solutions, a leading IT company in India. He played
a vital role in Personal Banking software development and testing for Lloyds Banking
group.
He has a B.E. degree in Electronics and Telecommunication, with distinction, from
University of Pune, India.
Rutuja Durape, Co-Founder, CMO and CPO
Rutuja served more than 2 years in the BPO Industry. She leads the Marketing and
Human Resources department at E3L. Previously, she worked as a Senior Executive-
Customer Management in Capita India for Next Directory as a client. She played an
important role in the retail department of Next Directory.
She has a B.Tech degree in Computer Science and Engineering, with distinction,
and a Diploma in Network Security from Bharati Vidyapeeth University, India.
Melvin Mathew Thomas, Co-Founder, COO
Melvin graduated with a Mechanical Engineering degree with a distinction, from the
Anna University, Chennai, India. He is responsible for the mechanical design and
production in the company. He now focuses on the improvement of the design and
strategic direction of the company and its expansion into new markets.
Page 29

7 Financial Review
This chapter provides financial information of initial 6 months product development
phase and its 30 months market life. Since this is a lean startup we have tried to
make numbers as conservative as possible to avoid risk. Company started with initial
investment of £50,000 and has no long term liabilities or debt.
This section contains:
• Income statement ( Appendix Table A.1 )
• Cash Flow statement ( Appendix Table A.2 )
• Balance sheet ( Appendix Table A.3 )
• Sensitivity Analysis ( Appendix Table A.4 )
7.1 Forecasted Financial Statements
7.1.1 Forecasted Income Statements
First half of the first year is spent in product development and marketing of the
product. Sales started from the second half. The Profit and Loss Table A.1 shows
our projected sales, cost of sales, operating expenses and net profit for the first three
years. Projections show the company will have net earnings of £35,346 at the end of
its first year in operations. Earnings projections for the second year are expected to
be £277,868 and for third year it is expected to be £1,116,403.
7.1.2 Forecasted Cash Flow Statements
We plan to begin the year with start-up capital from seed investment of the founder.
The cash, appearing on the cash flow statement, given in Table A.2 , remains positive
throughout the three year projected period. Due to the projected surplus of cash,
company is operating on its working capital and there is no long term debt. At the
end of the 3rd years company is expected to have total cash of 1,550,415. Also, the
graph in Figure A.1 shows the main estimated cash flows over the 36 month life of the
initial product.
7.1.3 Forecasted Balance Sheets
The Balance Sheet shows an increasingly stable cash position and net worth over the
first three years, as our products become more established in the market. We have
30

not planned to borrow money to fund growth so we don’t have any long term liability.
The Table A.3, shows the projected balance sheet of the company for 3 years.
7.1.4 Break-even Analysis
E3L will launch a new product in every 6 months. The break even, as shown in Figure
7.1, for the first product is expected to be 505 units and according to financial forecast
the break even can fluctuate a little because of cost incurred in new product design and
wages of additional workers employed. Median break even of the product is expected
to be 1032 units. We have calculated the break even for each individual product. The
chart shows how much we need to sell per month according to these assumptions in
order to break even.
Figure 7.1: Breakeven Projections
7.1.5 Sensitivity Analysis
The Companys revenues are modestly sensitive to changes in the sales. Additionally,
the high margin revenues generated by the business will ensure that the company can
remain profitable despite any moderate drawbacks in top line income.
Page 31

7.2 Notes to The Financial Statements
The preparation of financial statements requires management to make estimates and
assumptions that affect certain reported amounts. Accordingly, actual results could
differ from those estimates. The assumptions made while making financial statements
are as follows:
1. Sales: Market growth in year 2015 for the wearable device is expected to grow
by £3 billion. Looking at this significant market growth and considering com-
petitors analysis, company forecasted 500 units of sales in the first month. We
assume steady growth once the efficacy of product and services are demonstrated.
Thereafter demand is expected to grow by 50 units in each month. Revenue from
the sales is calculated after full payments from the customers.
2. Gross Profit: Company import the products based on the pre-order by the cus-
tomers so company don’t keep any products in stock. Thus cost of sales will be
the only cost incurred because of purchases and thus gross profit is calculated as
difference of sales and cost of sales.
3. Advertising: As product is new to the market, it need intensive advertising
and promotion. Company is spending 5% of its sales value every month for
advertising. Company will also advertise through direct marketing and online
advertising on social media.
4. Commissions and Fees: Company will be selling its product on internet, through
online retailing channels such as Amazon, eBay etc. These retailers will charge
their commission fee which is expected to be 10% of sales every month.
5. Rent and wages: As the business expands company will need a place and peo-
ple to operate efficiently. Company is renting a headquarter and rent of it is
forecasted to be 2500 per month. 2 employees will be hired in 2nd year and
4 employees will be hired in 3rd year. Employee salary is decided as 2500 per
month. Besides this, company has will also hire an accountant to keep tracks of
accounting record and financial statements.
6. Taxation: Corporation tax will be applied at the rate of 10% on operating profit,
under the SME R&D relief schemes (HMRC 2015) . Half of the tax is paid in
the current year and remaining half in the next year.
Page 32

7. Purchase for resale: E3L will import the products. The purchase price will
depend upon the selling price and demand for the product. Each product will
have different purchase price.
8. Bad Debt: At its initial stage of operation company will sell its product through
online retailers such as Amazon, eBay etc. Customers have to pay in advance to
purchase the products. So company is mitigating any risk associated with bad
debt. Company is paying 10% of sales as a commission fees to online retailers.
9. Long term Liability: There is no long term liabilities in the financial statements
as company is not taking loan from the bank or from other investors. Company
is raising funds through crowdfunding. Also there are no depreciation in the fi-
nancial statements as company is not purchasing any long term assets. Company
is renting headquarter instead of buying and importing products from overseas
manufacturer (like Alibaba) instead of in house production.
7.3 Cost control
7.3.1 Minimise Expenses
Major expenses in the business is commission fee of online retailing and purchase cost.
To reduce the production cost the company is giving contract to overseas manufactur-
ers and suppliers like Alibaba. By finding the lower priced suppliers company can cut
its production cost.
Currently we are selling our products online so there is no charges associated with
buying or renting shop. Currently company is paying 12% of the total expenses as
commission fee. Company can search for online retailing channel which have low
commission fee or can negotiate with the existing retailer.
7.3.2 Minimise Cost of sales
Company has reduced cost per product by ordering products in bulk. Company has
signed the agreement with contract manufacturers. Company is producing a new
product in every 6 months to keep the pace with the dynamic market. Changes in the
features of the product is efficiently communicated with the supplier well in advance
as to minimise any cost arising because of delay in launching the product.
Page 33

7.3.3 Minimising fixed costs
High fixed cost will give rise to high break even volume and high risk. So at its initial
stage company is trying to minimise the risk by making fixed cost variable. Company
is renting the headquarter instead of buying. Company is not purchasing any machines
for production, rather importing it from overseas.
7.3.4 Minimise uncollected revenues
Company is reducing risk and cost by taking pre-order with advance payment. It has
implemented tighter credit policies. Company gave a credit period of 2 weeks for the
customers to pay. Company will charge 5% on past due payments from the customers.
Company will terminate the relationships with customers that cost the business more
than they return.
7.3.5 Customers Feedback
After the launch of the product, company should take the customers feedback in order
to know their strength and weakness. With the feedback we can know which feature is
liked or hated the most by the customer. Company can save its R&D cost by cutting
down the feature which is not frequently used or disliked by the customer.
7.4 Desired Financing
E3L started business with an initial investment of £50,000. Looking at the financial
forecasting company come to know that at initial stage this amount is sufficient to set
up the business. But at later stage company may need additional funding. So company
will raise the funds through crowdfunding. Company will create its project on online
fundraiser systems such as Kickstarter and funding tree. Company is targeting for the
funds equivalent to 10% of its equity.
7.4.1 Offering
We are forecasting that the company will make a profit of £50,000 in its first year of
operation. The total net profit at the end of the first year is expected to be £1,403,120.
The valuation of the company is expected to be 10 times of its net profit. Thus at the
end of the 3 years the valuation of the company is expected to be approximately £14
million. Company will give 10% of the equity to the investors participating through
Page 34

crowdfunding. So at the end of the 3rd year investors will get return 10% of the
companys valuation on the amount they have invested.
7.4.2 Use of Funds
Our target investment is about £50,000 from the investors along with the initial in-
vestment of £50,000. Company will use 10% of investors funds for marketing. The
marketing cost will include advertising, web page setup, stationery, business card and
advertising materials such as brochures and ﬂayers.
About 20% of funds will be utilised for paying wages to staﬀ. This will also include
national insurance and the pension schemes. Company has rented a headquarter in the
second year of its operation so 10% of the investors funds are required to pay the rent
of headquarter. The major part of the investors funds will be utilised for purchasing
of the products. 60% of the funds will be utilised for this purpose.
Page 35

8 Assumptions and Risk Mitigation
8.1 Assumptions
Product need
Wearable device market is expected to grow by £3 billion by 2015. Around 200 com-
panies are already in the same business line with some companies like Apple, Samsung,
Pebble manufacturing the similar product. This shows that there is substantial market
and demand for the wearable device.
Customer Base
The advertising of the product through social media and direct marketing is assumed to
be effective in attracting the customers. Also considering the customers of competitors
developing the similar products and market we have assumed that we will be able to
attract the target customers and will be able to achieve forecasted sales.
Profitability
E3L is giving contract to overseas manufacturer to develop the product thereby min-
imising the expensive production cost. Also, the company is providing more features
than the competitors with lower cost. So, sales is expected to grow by substantial rate
and E3L is expected to make profit every year.
Adequate Capitalisation
Company is starting business with initial capital of £50,000. In its first year of op-
eration, company has no major expenses such as rent, employee wages etc., as the
founders will be working from their personal premises. So initial investment is suffi-
cient for running business for the first half of the first year. After that company is
funded through sales and crowdfunding.
Funds from the investors
Fund-raising is planned through crowdfunding for future expansion. Currently we are
offering 10% of equity. Further expansion is done on the assumption that company
will achieve its target funds.
36

Constant product demand
The demand of product is assumed to remain constant. We assume a strong economy,
without major recession. We also assume that there will be no unforeseen changes in
economic policy to make our products immediately obsolete. Customers demand is
not expected to change drastically.
8.2 Risks and mitigation
Failure in achieving sales target
Company is manufacturing products based on pre-order by customer. So if company
fails to achieve its target sales there will not be any losses because of overproduction
or unsold inventory.
No desired pre-order
There might be a case when company fails to achieve its desired pre-order target. In
that case company will take feedback from the customers and will try to know the
root cause. Company will consider to redesign the product according to the customers
demand.
Bad debt
We are selling our products online for which customers have to pay well in advance to
purchase the products. So in that way company is mitigating any risk associated with
bad debt.
High Fixed Cost
If the fixed cost is high then risk associated with it is also high. So we are trying
to minimise fixed cost by converting into variable cost. We are renting headquarter
instead of buying it, giving orders to overseas manufacturers to develop product instead
of buying machines and developing in-house.
Payment to investors
We have decided not to pay back to investors unless company starts making profit.
We have decided to hold all investment towards our total start up budget until we
Page 37

have raised at least 50% of our start up goal. After 3 years investors can expect to
receive their original investment amount according to their investment.
Market Risk
Technology is changing rapidly and with the change in technology customer demands
also change. So to keep the pace with changing market and customer demand we
have decided to launch 2 products every year. Every new product will have addi-
tional feature or new upgrade compared to the previous product still maintaining the
competitive price.
Page 38

A Appendix
FY’15 FY’16 FY’17
£’000 £’000 £’000
Total Sale 371.25 1829.10 4234.80
Cost of Sale
Opening Inventory 0 0.99 2.50
Purchases 247.50 1142.25 2376.75
Closing Inventory 0.99 2.50 4.49
Cost of sales 246.51 1140.66 2374.76
Gross Profit 124.74 686.85 1858.05
Other Overheads
Marketing expenses 61.69 268.79 635.22
Wages 0.96 63.86 128.16
Rent 9.00 42.00 42.00
Utilities 1.44 1.51 1.51
Taxes 2.02 5.35 8.52
Depreciation 0.4 1.20 4.20
Other Expenses 5.99 8.22 9.17
Total Other Overheads 82.48 392.52 830.77
Operational Profit 41.27 294.33 1209.57
Interest 5.26 26.95 93.17
Net Profit 35.51 277.87 1116.40
Table A.1: E3L 3 Years Profit and Loss Projections
39

FY’15 FY’16 FY’17
£’000 £’000 £’000
Cash Receipts
Cash sales 371.25 1829.10 4234.80
Investors contributions 50.00 0.00 0.00
Owners Equity 50.00 0.00 0.00
Total cash available 471.25 1829.10 4234.80
Cash Paid Out
Assets 4.00 8.00 30.00
Marketing Expenses 61.69 268.79 635.22
Wages 0.96 63.86 129.86
Purchases for resale 247.50 1142.25 2376.75
Taxes and licenses 2.02 42.00 42.00
Rent or lease 9.00 6.94 8.52
Unsold Inventory 0.99 1.59 1.99
Utilities 1.44 1.51 1.51
Other expenses 5.82 8.22 9.17
Total Cash Paid Out 333.42 1543.15 3235.02
Cash In Hand (End of Year) 137.67 423.61 1550.41
Table A.2: E3L 3 Years Cash Flow Projections
Page 40

BusinessPlan:E3LTechnologiesLtd.
Figure A.1: E3L 3 Years Month-wise Cash Flow Projections
Page41

As At As At As At
31-12-15 31-12-16 31-12-17
£’000 £’000 ’000
Fixed Assets
Equipment 4.00 8.00 30.00
Less Depreciation 0.40 1.20 4.20
Net Book Value 3.60 6.80 25.80
Current Assets
Cash at Bank 137.67 423.61 1550.41
Inventory 0.99 1.59 1.99
Tot. Assets 142.26 432.00 1578.20
Current Liabilities
Payables 5.92 17.19 46.59
Stock 0.99 1.59 1.99
Non-Current Liabilities
Equity 100.00 135.35 413.22
Current Year Proﬁts 35.35 277.87 1116.40
Tot. Equity and Liability 142.26 432.00 1578.20
Table A.3: E3L 3 Years Balance Sheet Projections
Page 42

BusinessPlan:E3LTechnologiesLtd.
SENSITIVITY ANALYSIS
Sales
£
15% Drop in Sales
£
20% Drop in Sales
£
Total Sales 1829100 1554735 1463280
Variable cost
Marketing Expenses 268785 228467.25 215028
Purchases for resale 1142250 970912.5 913800
Corporation Tax 26946.9 22904.86 21557.51
Total Variable Cost 1437982 1222284.61 1150385.52
Fixed Cost
Computers 8000 8000 8000
Wages 63860 63860 63860
Taxes and licenses 42000 42000 42000
Rent or lease 6936 6936 6936
Unsold Inventory 1590 1590 1590
Utilities 1510 1510 1510
Other expenses 8220 8220 8220
Total Fixed cost 132116 132116 132116
Tax 285949 223239.25 202336
Profit 277869 200334.39 180778.48
Drop in Profit 27.90% Drop in Profit 34.94%
Table A.4: E3L Year 1 Profit Sensitivity Projections
Page43

References
Adafruit (2015). Adafruit Industries, Unique & fun DIY electronics and kits. url:
http://www.adafruit.com (visited on 03/04/2015).
Allied, Market Research (2015). Global Smartwatch Market (Product, Application, Op-
erating System and Geography). url: http://www.alliedmarketresearch.com/
smartwatch-market (visited on 02/19/2015).
CCS-Insight (2015). Wearables Market: 2015 is Year That Will Make or Break the
Smartwatch. url: http://www.ccsinsight.com/press/company-news/2137-
wearables-market-2015-is-year-that-will-make-or-break-the-smartwatch
(visited on 02/19/2015).
Cohn, Mike (2010). Succeeding with agile: software development using Scrum. Pearson
Education.
Danova, Tony (2014). THE WEARABLE COMPUTING MARKET REPORT: Growth
Trends, Consumer Attitudes, And Why Smartwatches Will Dominate. url: http:
//finance.yahoo.com/news/wearable-computing-market-report-growth-
192528241.html (visited on 01/19/2015).
DigiKey (2015). Electronic Components and Parts Search — DigiKey Electronics. url:
http://www.digikey.com/product-search/ (visited on 03/04/2015).
FOSDEM.org (2015). A GPS watch made of free software and hardware. url: https:
//fosdem.org/2015/schedule/event/gps_watch/ (visited on 03/01/2015).
Gownder, JP (2014). The Data Digest: Five Urgent Truths About Wearables. url:
http://blogs.forrester.com/jp_gownder/14-12-09-the_data_digest_
five_urgent_truths_about_wearables (visited on 02/01/2015).
HMRC (2015). Corporation Tax: Research and Development (R&D) Relief. url: https:
//www.gov.uk/corporation-tax-research-and-development-rd-relief (vis-
ited on 03/04/2015).
Mouser (2015). Electronic Components — Mouser. url: http://uk.mouser.com/
Electronic-Components/ (visited on 03/04/2015).
OHWR (2014). F*WATCH. url: http://www.ohwr.org/projects/f-watch/wiki
(visited on 01/18/2015).
Ries, Eric (2011). “The Lean Startup: How Constant Innovation Creates Radically
Succesful Businesses”. In: Lloc de publicaci´o: Londres. Portfolio Penguin.
Smartwatch-Group (2015). Top 10 Smartwatch Companies 2014 (Sales). url: http:
//www.smartwatchgroup.com/top-10-smartwatch-companies-sales-2014/
(visited on 02/19/2015).
44

Statista (2014). Forecast: wearable device market value 2010-2018. url: http://www.
statista.com/statistics/259372/wearable-device-market-value/ (visited
on 01/19/2015).
Page 45

Business Plan Example

Empfohlen

Empfohlen

Weitere ähnliche Inhalte

Was ist angesagt?

Was ist angesagt? (20)

Andere mochten auch

Andere mochten auch (10)

Ähnlich wie Business Plan Example

Ähnlich wie Business Plan Example (20)

Kürzlich hochgeladen

Kürzlich hochgeladen (20)

Business Plan Example