Problem:
Develop the Financial area of your business plan for Warren's Optiwears (see executive summary below). Please make sure you include the following information. You do not have to include the forms but try to include at least a write up of how you will gain financing, what is the financial situation you plan for your company.
1. What financial documents you need for your business plan.
2. How to put the documents together.
3. What financial information you will need.
4. What other documents you will need.
5. How to do your business taxes.
6. How to keep your business plan up to date.
Note: Please refer to the executive summary below.
Executive Summary: Warren's Optiwears
Warren's Optiwears is a family-owned optical eyewear company established in January of 2000. The company is located at 505 Bitternut Road, Columbia, South Carolina. Warren's Optiwears is a full-service optical company dedicated providing exceptional customer satisfaction by going out of its way to meet the needs of its customers. Warren's Optiwears have always taken pride in providing excellent service and high quality products. Warren's Optiwears also maintains an innovative work environment, an organizational culture that promotes and respects diversity, and hard work.
Warren's Optiwears mission statement clearly resonates the company's purpose and objectives. Warren's Optiwears mission statement is only the top quality materials will be used, we want to give a product that enhances our clients' physical appearance, we also strive to give excellent services to maintain optimum eye care health. Warren's Optiwears motto of "we are a family, we care" serves as words to live by for its employees and customers. Warren's Optiwears recognizes that in order to succeed, key factors to success in their business are:
- Location: Providing a location that is easily accessible for customers.
- Environment: Providing an environment conducive to giving professional service, at all levels.
- Convenience: Offering clients a wide range of services such as eyewear, examinations, lenses in one setting.
- Reputation: The Company's reputation and the "opticians/optometrists" as providing superior personal service.
Internal and external factors indicate that the time is ideal for Warren's Optiwears to start its new endeavor of business expansion. After several months of searching and evaluation, Warren's Optiwears has found an ideal location that would provide a strategic, competitive advantage. The success is attributed to its loyal customers, shared ambitions within the company, and the highly professional and qualified opticians and optometrists who have shown support to the organization.
Over the past two years Renee Warren, president and founder, has worked closely together with her father Robert Warren, Vice President, in creating a large base of clientele. Through hard work and dedication, Renee and her talented team of opticians and optometrists have enabled the company to succeed in this venture. Warren's Optiwears expect its reputation to further grow and lead to securing new clients. Additionally, gaining the support of opticians and optometrists would assist greatly in Warren's Optiwears anticipated growth.
To achieve Warren's Optiwears objectives, Warren's Optiwears is seeking $30,495 in additional loan financing. Warren's Optiwears intends to pay this loan from the business cash flow and will use the company's assets to collateralize it. This will be backed by the owner's personal guarantee, experience, and character.