10 May Show to your instructor that you have implemented the necessary corrections based on the part I feedback. Part IV Requirements 1. ?Financials Plan a. ?Present an in-depth narrative
Show to your instructor that you have implemented the necessary corrections based on the part I feedback.
Part IV Requirements
1. Financials Plan
a. Present an in-depth narrative to demonstrate the viability of your business to justify the need for funding.
b. In this section describe financial estimates and rationale which include financial statements and forms that document the viability of your proposed business and its soundness as an investment.
c. Tables and figures must be introduced in the narrative.
i. Describe the form of business (sole-proprietor, LLC, or Corporation).
ii. Prepare three-year projections for income, expenses, and sources of funds.
iii. Base predictions on industry and historical trends.
iv. Make realistic assumptions.
v. Allow for funding changes at different stages of your company’s growth.
vi. Present a written rationale for your projections.
vii. Indicate your startup costs.
viii. Detail how startup funds will be used to advance your proposed business
ix. List current capital and any other sources of funding you may have
x. Document your calculations.
xi. Use reasonable estimates or actual data (where possible).
2. Continuous Improvement System
a. Present a brief summary of the continuous improvement processes that you will utilize for quality management (Six sigma, TQM, etc).
Business Plan
Business Plan
Francisco Leon
Grantham University
BUS499 Business Policy and Strategy
Instructor: Elhan Durguti
Due Date:04/18/2023
Company Background
a) Company Name: NextGen
b) Type of business: Technology, software, and consulting services
c) Proposed ownership/legal structure: Limited liability company
d) Unique product or service you will offer: Artificial intelligence (AI) enabled solutions, including predictive analytics and workflow automation, tailored to customers’ needs and industry.
NextGen is an innovative AI solution and consulting services provider in technology, software, and consulting. We aim to assist organizations of all sizes enhance customer service and streamline their processes through AI to get the greatest possible return on investment (Rittenberg, 2022). We offer specialized AI services that may be adapted to meet the requirements of any market. Our entire portfolio of offerings is designed to help businesses analyze customer data, streamline operations, and maximize profits.
Experts in software development, data science, and AI engineering make up our team, and they are all committed to providing you with excellent service. We place a premium on delivering cutting-edge solutions and services alongside first-rate client support. We work hard to ensure that every one of our clients receives the highest quality service possible, whether they use our AI-based predictive analytics, automated workflows, or individualized AI solutions (Davtyan, 2022).
We have prioritized cultivating an environment that encourages experimentation, growth, and the discovery of new ways to improve our services and the success of our clients. Our mission is to become the industry standard for cutting-edge solutions prioritizing safety and minimizing risk. We recognize the importance of creating and practicing thorough disaster recovery plans to reduce vulnerability (Rittenberg, 2022). We aim to increase our annual income and earnings by broadening our reach, improving our exposure, and capitalizing on emerging trends. Increase our income diversification by introducing additional products and services.
Business to be Involved, What I Will DO
NextGen is the business that will be involved in AI technology. With this, the company will be involved in the development of computer-based programs which perform the tasks that need to be performed by a human. Some tasks to be completed here are language understanding for customer service AI applications, decision-making systems, and problem-solving to increase efficiency and effectiveness.
Research is essential to understand clients’ needs when incorporating the AI programs' functionalities. Hence, the development of AI technology programs that the customers require in the market. Under this involvement, I will research all the platforms to see the business activities that highly need AI.
Mission Statement
NextGen aims to help businesses reach their full potential by using AI technology to improve the customer experience and make business processes more efficient. Our counseling services and solutions will be at the cutting edge of what is new and built around our customers' needs.
Business Philosophy
A customer-centric approach is one of the leading business philosophies of NextGen. Understanding and satisfying the requirements of one’s clientele should be a top priority for NextGen AI organizations. This includes soliciting feedback from customers, delivering outstanding customer service, and developing products and services that are both user-friendly and offer value to the market. The other philosophy that NextGen will focus on is talent and diversity. This includes fostering a culture of inclusion in the workplace, giving chances for professional growth, and making diversity and inclusion a priority at all levels of the organization. A primary focus for NextGen company should be recruiting and keeping excellent personnel from various backgrounds.
Personal Accomplishment
NextGen’s accomplishment is collaborating and partnering with other organizations to advance its AI capabilities and achieve more goals. Collaboration helps to improve the innovation of technological aspects to develop products that are of significant impact to the customers and promote the bottom line goals of the company. The other accomplishment is to get involved in research, develop new algorithms or models, and contribute to cutting-edge research and innovation in artificial intelligence (AI). This will make AI technology outstanding and produce unique and quality products, increasing the competitive advantage in the market.
Goals and Objectives
|
Goal |
Strategy |
|
Maximize Profits |
a) Make a threefold increase in yearly profits. b) Introducing new products and services can help broaden your company’s income potential. |
|
Boost Productivity |
a) Automate customer-facing procedures using cutting-edge software and hardware (Reddy, 2022). b) Save 20% on operating expenses in the first year. |
|
Maximize Satisfaction of Customers |
a) Raise the percentage of satisfied customers by 10%. b) Gain valuable information about your customers through data analysis. |
|
Increase Satisfaction Among Workers |
a) Raise the percentage of happy workers by 10%. b) Pay high wages and provide generous benefits. |
|
Encouraging Creativity and New Ideas |
a) Make room for unconventional thinking. b) Spend money on creating new products and services. |
|
Make the Most of Events |
a) Seek strategic collaboration and partnership opportunities to increase exposure and impact (Reddy, 2022). b) Always be adaptable, and make the most of new opportunities. |
|
Enhance Profitability |
a) In the first year, boost earnings by 25%. b) Gain a 10% share of the market in three years. |
|
Minimize Risk |
a) Keep an eye on the business climate and any new rules that may be implemented. b) Make thorough preparations to recover from any tragedy. |
Table 1: NextgGen Solutions Strategic Goals and Objectives
Product Marketing
NextGen products will be marketed to enterprise and business customers. The NextGen of Artificial Intelligence products for business clients may include business intelligence and analytics software, chatbots and virtual assistants, predictive maintenance systems, and fraud detection technologies. The other place to market the products is in healthcare organizations. AI technology can revolutionize the healthcare industry by enhancing patient outcomes, lowering costs, and boosting productivity. Tools for predictive analytics and personalized medicine, medical imaging and diagnostics systems, and virtual assistants for patients and healthcare professionals are examples of potential applications for NextGen AI technologies developed for the healthcare industry.
References
· Davtyan, L. (2022, October 14). Council post: Tips to consider when developing a business plan. Forbes. Retrieved April 13, 2023, from https://www.forbes.com/sites/forbesbusinesscouncil/2022/10/13/tips-to-consider-when-developing-a-business-plan/
· Reddy, N. (2022, October 12). Council post: Want a successful business? Build an effective strategy. Forbes. Retrieved April 13, 2023, from https://www.forbes.com/sites/forbescoachescouncil/2018/02/12/want-a-successful-business-build-an-effective-strategy/
· Rittenberg, J. (2022, September 6). How to write a business plan (2023 guide). Forbes. Retrieved April 13, 2023, from https://www.forbes.com/advisor/business/how-to-write-a-business-plan/
,
Business Plan
Business Plan
Francisco Leon
Grantham University
BUS499 Business Policy and Strategy
Instructor: Elhan Durguti
Due Date:04/18/2023
Company Background
a) Company Name: NextGen
b) Type of business: Technology, software, and consulting services
c) Proposed ownership/legal structure: Limited liability company
d) Unique product or service you will offer: Artificial intelligence (AI) enabled solutions, including predictive analytics and workflow automation, tailored to customers' needs and industry.
NextGen is an innovative AI solution and consulting services provider in technology, software, and consulting. We aim to assist organizations of all sizes enhance customer service and streamline their processes through AI to get the greatest possible return on investment (Rittenberg, 2022). We offer specialized AI services that may be adapted to meet the requirements of any market. Our entire portfolio of offerings is designed to help businesses analyze customer data, streamline operations, and maximize profits.
Experts in software development, data science, and AI engineering make up our team, and they are all committed to providing you with excellent service. We place a premium on delivering cutting-edge solutions and services alongside first-rate client support. We work hard to ensure that every one of our clients receives the highest quality service possible, whether they use our AI-based predictive analytics, automated workflows, or individualized AI solutions (Davtyan, 2022).
We have prioritized cultivating an environment that encourages experimentation, growth, and the discovery of new ways to improve our services and the success of our clients. Our mission is to become the industry standard for cutting-edge solutions prioritizing safety and minimizing risk. We recognize the importance of creating and practicing thorough disaster recovery plans to reduce vulnerability (Rittenberg, 2022). We aim to increase our annual income and earnings by broadening our reach, improving our exposure, and capitalizing on emerging trends. Increase our income diversification by introducing additional products and services.
Mission Statement
NextGen's mission is to assist companies of all sizes in maximizing their potential by implementing AI technology that enhances the customer experience and streamlines business processes. Our consulting services and solutions will be at the bleeding edge of innovation and designed specifically for the needs of our customers.
Goals and Objectives
|
Goal |
Strategy |
|
Maximize Profits |
a) Make a threefold increase in yearly profits. b) Introducing new products and services can help broaden your company's income potential. |
|
Boost Productivity |
a) Automate customer-facing procedures using cutting-edge software and hardware (Reddy, 2022). b) Save 20% on operating expenses in the first year. |
|
Maximize Satisfaction of Customers |
a) Raise the percentage of satisfied customers by 10%. b) Gain valuable information about your customers through data analysis. |
|
Increase Satisfaction Among Workers |
a) Raise the percentage of happy workers by 10%. b) Pay high wages and provide generous benefits. |
|
Encouraging Creativity and New Ideas |
a) Make room for unconventional thinking. b) Spend money on creating new products and services. |
|
Make the Most of Events |
a) Seek strategic collaboration and partnership opportunities to increase exposure and impact (Reddy, 2022). b) Always be adaptable, and make the most of new opportunities. |
|
Enhance Profitability |
a) In the first year, boost earnings by 25%. b) Gain a 10% share of the market in three years. |
|
Minimize Risk |
a) Keep an eye on the business climate and any new rules that may be implemented. b) Make thorough preparations to recover from any tragedy. |
Table 1: NextgGen Solutions Strategic Goals and Objectives
References
· Davtyan, L. (2022, October 14). Council post: Tips to consider when developing a business plan. Forbes. Retrieved April 13, 2023, from https://www.forbes.com/sites/forbesbusinesscouncil/2022/10/13/tips-to-consider-when-developing-a-business-plan/
· Reddy, N. (2022, October 12). Council post: Want a successful business? Build an effective strategy. Forbes. Retrieved April 13, 2023, from https://www.forbes.com/sites/forbescoachescouncil/2018/02/12/want-a-successful-business-build-an-effective-strategy/
· Rittenberg, J. (2022, September 6). How to write a business plan (2023 guide). Forbes. Retrieved April 13, 2023, from https://www.forbes.com/advisor/business/how-to-write-a-business-plan/
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