quantity surveying business plan pdf

Business Plan Template for Quantity Surveyor

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Are you a quantity surveyor looking to take your business to new heights? Planning is the key to success in the construction industry, and having a solid business plan is essential. That's where ClickUp's Business Plan Template for Quantity Surveyors comes in!

With this template, you can:

• Outline your business goals and strategies for growth
• Create accurate cost estimates and budgets for construction projects
• Streamline financial management and track expenses
• Visualize your financial projections to attract potential clients and investors

Don't let a lack of planning hold you back. Get started with ClickUp's Business Plan Template for Quantity Surveyors today and pave the way to success in the construction industry!

Business Plan Template for Quantity Surveyor Benefits

A business plan template designed specifically for quantity surveyors can offer several benefits to your firm, including:

• Providing a clear roadmap and direction for your quantity surveying business
• Helping you define and communicate your unique value proposition to clients and investors
• Assisting in setting realistic financial goals and projections for your firm
• Outlining your marketing and business development strategies to attract new clients
• Ensuring that you have a solid financial management plan in place for your construction projects
• Helping you identify potential risks and challenges and develop strategies to mitigate them
• Serving as a professional and persuasive document to present to potential clients and investors.

Main Elements of Quantity Surveyor Business Plan Template

ClickUp’s Business Plan Template for Quantity Surveyor is the perfect tool to help your firm create a comprehensive and professional business plan that showcases your expertise in construction cost management and financial planning. Here are the main elements of this template:

• Custom Statuses: Track the progress of each section of your business plan with statuses such as Complete, In Progress, Needs Revision, and To Do, ensuring that every aspect is accounted for and managed efficiently.
• Custom Fields: Utilize custom fields like Reference, Approved, and Section to add specific details and metadata to your business plan, making it easy to organize and filter information as needed.
• Custom Views: Access different views such as Topics, Status, Timeline, Business Plan, and Getting Started Guide to gain a holistic view of your business plan, monitor progress, and navigate through various sections with ease.
• Collaboration and Organization: Take advantage of ClickUp's collaboration features, including task assignments, comments, and attachments, to collaborate seamlessly with your team members and external stakeholders, ensuring everyone is on the same page throughout the business planning process.

How To Use Business Plan Template for Quantity Surveyor

If you're a Quantity Surveyor looking to create a comprehensive business plan, follow these five steps using the Business Plan Template in ClickUp:

1. Define your business vision and goals

Start by clearly defining your vision for your Quantity Surveying business. What do you want to achieve? What services do you want to offer? Set specific goals that align with your vision. For example, you may want to increase your client base, expand into new markets, or improve profitability.

Use the Goals feature in ClickUp to set and track your business vision and goals.

2. Conduct market research

Before drafting your business plan, conduct thorough market research to understand your industry, target market, and competitors. Identify trends, opportunities, and challenges that may affect your business. This research will help you position your business effectively and develop strategies to stand out.

Use the Docs feature in ClickUp to compile your market research findings and insights.

3. Outline your services and pricing

In this step, outline the services you will offer as a Quantity Surveyor and determine how you will price them. Clearly define the value you provide to clients and differentiate yourself from competitors. Consider factors such as your expertise, experience, and any unique selling points.

Create tasks in ClickUp to outline your services and pricing structure.

4. Develop a marketing and sales strategy

A strong marketing and sales strategy is crucial for attracting and retaining clients. Determine how you will reach and engage your target audience. This may include online marketing, networking, partnerships, or referrals. Develop a sales process that outlines how you will convert leads into paying clients.

Use the Automations feature in ClickUp to automate your marketing and sales processes.

5. Create a financial plan

Your business plan should include a detailed financial plan that outlines your revenue projections, expenses, and profit margins. Consider factors such as equipment costs, overhead expenses, employee salaries, and marketing budgets. Create realistic financial forecasts and set measurable targets.

Use the Dashboards feature in ClickUp to track and analyze your financial performance.

By following these five steps and using the Business Plan Template in ClickUp, you can create a solid plan for your Quantity Surveying business that will guide your growth and success.

Get Started with ClickUp’s Business Plan Template for Quantity Surveyor

Quantity surveying firms can use this Business Plan Template for Quantity Surveyors to create a comprehensive and professional business plan that showcases their expertise and attracts potential clients and investors.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a winning business plan:

• Use the Topics View to outline and organize the different sections of your business plan, such as Executive Summary, Company Overview, Services, Market Analysis, Financial Projections, and more.
• The Status View will help you track the progress of each section, with statuses like Complete, In Progress, Needs Revision, and To Do.
• Utilize the Timeline View to set deadlines and milestones for each section, ensuring that your business plan is completed on time.
• The Business Plan View provides a comprehensive overview of your entire plan, allowing you to review and edit it easily.
• Use the Getting Started Guide View to access helpful tips and instructions on how to use the template effectively.
• Customize the template by adding custom fields like Reference, Approved, and Section to provide additional context and information.
• Collaborate with team members to gather input and feedback, ensuring that your business plan accurately reflects your firm's capabilities and goals.
• Review and revise your business plan regularly to keep it up-to-date and aligned with your firm's evolving strategies and objectives.
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How to write a business plan for a surveying firm?

Putting together a business plan for a surveying firm can be daunting - especially if you're creating a business for the first time - but with this comprehensive guide, you'll have the necessary tools to do it confidently.

We will explore why writing one is so important in both starting up and growing an existing surveying firm, as well as what should go into making an effective plan - from its structure to content - and what tools can be used to streamline the process and avoid errors.

Without further ado, let us begin!

In this guide:

Why write a business plan for a surveying firm?

• What information is needed to create a business plan for a surveying firm?
• How do I build a financial forecast for a surveying firm?

The written part of a surveying firm business plan

• What tool should I use to write my surveying firm business plan?

Understanding the document's scope and goals will help you easily grasp its structure and content. Before diving into the specifics of the plan, let's take a moment to explore the key reasons why having a surveying firm business plan is so crucial.

To have a clear roadmap to grow the business

Running a small business is tough! Economic cycles bring growth and recessions, while the business landscape is ever-changing with new technologies, regulations, competitors, and consumer behaviours emerging constantly.

In such a dynamic context, operating a business without a clear roadmap is akin to driving blindfolded: it's risky, to say the least. That's why crafting a business plan for your surveying firm is vital to establish a successful and sustainable venture.

To create an effective business plan, you'll need to assess your current position (if you're already in business) and define where you want the business to be in the next three to five years.

Once you have a clear destination for your surveying firm, you'll have to:

• Identify the necessary resources (human, equipment, and capital) needed to reach your goals,
• Determine the pace at which the business needs to progress to meet its objectives as scheduled,
• Recognize and address the potential risks you may encounter along the way.

Engaging in this process regularly proves advantageous for both startups and established companies. It empowers you to make informed decisions about resource allocation, ensuring the long-term success of your business.

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To maintain visibility on future cash flows

Businesses can go for years without making a profit, but they go bust as soon as they run out of cash. That's why "cash is king", and maintaining visibility on your surveying firm's future cash flows is critical.

How do I do that? That's simple: you need an up-to-date financial forecast.

The good news is that your surveying firm business plan already contains a financial forecast (more on that later in this guide), so all you have to do is to keep it up-to-date.

To do this, you need to regularly compare the actual financial performance of your business to what was planned in your financial forecast, and adjust the forecast based on the current trajectory of your business.

Monitoring your surveying firm's financial health will enable you to identify potential financial problems (such as an unexpected cash shortfall) early and to put in place corrective measures. It will also allow you to detect and capitalize on potential growth opportunities (higher demand from a given segment of customers for example).

To secure financing

Crafting a comprehensive business plan for your surveying firm, whether you're starting up or already established, is paramount when you're seeking financing from banks or investors.

Given how fragile small businesses are, financiers will want to ensure that you have a clear roadmap in place as well as command and control of your future cash flows before entertaining the idea of funding you.

For banks, the information in your business plan will be used to assess your borrowing capacity - which is defined as the maximum amount of debt your business can afford alongside your ability to repay the loan. This evaluation helps them decide whether to extend credit to your business and under what terms (interest rate, duration, repayment options, collateral, etc.).

Similarly, investors will thoroughly review your plan to determine if their investment can yield an attractive return. They'll be looking for evidence that your surveying firm has the potential for healthy growth, profitability, and consistent cash flow generation over time.

Now that you understand the importance of creating a business plan for your surveying firm, let's delve into the necessary information needed to craft an effective plan.

Need inspiration for your business plan?

The Business Plan Shop has dozens of business plan templates that you can use to get a clear idea of what a complete business plan looks like.

Information needed to create a business plan for a surveying firm

You need the right data in order to project sales, investments and costs accurately in the financial forecast of your surveying firm business plan.

Below, we'll cover three key pieces of information you should gather before drafting your business plan.

Carrying out market research for a surveying firm

Carrying out market research before writing a business plan for a surveying firm is essential to ensure that the financial projections are accurate and realistic.

Market research helps you gain insight into your target customer base, competitors, pricing strategies and other key factors which can have an impact on the commercial success of your business.

In particular, it is useful in forecasting revenue as it provides valuable data regarding potential customers’ spending habits and preferences.

Your market research might reveal that your surveying firm may have an opportunity to increase its presence in the commercial real estate market. Additionally, it could show that there might be a need for your surveying services in new geographic markets.

This information can then be used to create more accurate financial projections which will help investors make informed decisions about investing in your surveying firm.

Developing the sales and marketing plan for a surveying firm

Budgeting sales and marketing expenses is essential before creating a surveying firm business plan.

A comprehensive sales and marketing plan should provide an accurate projection of what actions need to be implemented to acquire and retain customers, how many people are needed to carry out these initiatives, and how much needs to be spent on promotions, advertising, and other aspects.

This helps ensure that the right amount of resources is allocated to these activities in order to hit the sales and growth objectives forecasted in your business plan.

The staffing and equipment needs of a surveying firm

Whether you are at the beginning stages of your surveying firm or expanding its horizons, having a clear plan for recruitment and capital expenditures (investment in equipment and real estate) is vital to ensure your business's success.

To achieve this, both the recruitment and investment plans must align coherently with the projected timing and level of growth in your forecast. It is essential to secure appropriate funding for these plans.

A surveying firm may incur costs for staff salaries, benefits, and equipment. For example, they may pay their surveyors an average salary of $60,000 per year plus benefits, and they may need to purchase specialized surveying equipment such as total stations, GPS receivers, and drones. They may also need to rent or lease vehicles for field work, and they may need to invest in software and other tools to help them analyze and interpret the data they collect.

To create a financial forecast that accurately represents your business's outlook, remember to factor in other day-to-day operating expenses.

Now that you have all the necessary information, it's time to dive in and start creating your business plan and developing the financial forecast for your surveying firm.

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What goes into your surveying firm's financial forecast?

The objective of the financial forecast of your surveying firm's business plan is to show the growth, profitability, funding requirements, and cash generation potential of your business over the next 3 to 5 years.

The four key outputs of a financial forecast for a surveying firm are:

• The profit and loss (P&L) statement ,
• The projected balance sheet ,
• The cash flow forecast ,
• And the sources and uses table .

Let's look at each of these in a bit more detail.

The projected P&L statement

Your surveying firm forecasted P&L statement enables the reader of your business plan to get an idea of how much revenue and profits your business is expected to make in the near future.

Ideally, your reader will want to see:

• Growth above the inflation level
• Expanding profit margins
• Positive net profit throughout the plan

Expectations for an established surveying firm will of course be different than for a startup. Existing businesses which have reached their cruising altitude might have slower growth and higher margins than ventures just being started.

The projected balance sheet of your surveying firm

Your surveying firm's forecasted balance sheet enables the reader of your plan to assess your financial structure, working capital, and investment policy.

It is composed of three types of elements: assets, liabilities and equity:

• Assets: represent what the business owns and uses to produce cash flows. It includes resources such as cash, equipment, and accounts receivable (money owed by clients).
• Liabilities: represent funds advanced to the business by lenders and other creditors. It includes items such as accounts payable (money owed to suppliers), taxes due and loans.
• Equity: is the combination of what has been invested by the business owners and the cumulative profits and losses generated by the business to date (which are called retained earnings). Equity is a proxy for the value of the owner's stake in the business.

Your surveying firm's balance sheet will usually be analyzed in conjunction with the other financial statements included in your forecast.

Two key points of focus will be:

• Your surveying firm's liquidity: does your business have sufficient cash and short-term assets to pay what it owes over the next 12 months?
• And its solvency: does your business have the capacity to repay its debt over the medium-term?

The cash flow forecast

A projected cash flow statement for a surveying firm is used to show how much cash the business is generating or consuming.

The cash flow forecast is usually organized by nature to show three key metrics:

• The operating cash flow: do the core business activities generate or consume cash?
• The investing cash flow: how much is the business investing in long-term assets (this is usually compared to the level of fixed assets on the balance sheet to assess whether the business is regularly maintaining and renewing its equipment)?
• The financing cash flow: is the business raising new financing or repaying financiers (debt repayment, dividends)?

As we discussed earlier, cash is king and keeping an eye on future cash flows an imperative for running a successful business. Therefore, you can expect the reader of your surveying firm business plan to pay close attention to your cash flow forecast.

Also, note that it is customary to provide both yearly and monthly cash flow forecasts in a business plan - so that the reader can analyze seasonal variation and ensure the surveying firm is appropriately funded.

The initial financing plan

The sources and uses table or initial financing plan is a key component of your business plan when starting a surveying firm.

It shows where the capital needed to set up the business will come from (sources) and how it will be spent (uses).

This table helps size the investment required to set up the surveying firm, and understand how risks will be distributed between the business owners, and the financiers.

The sources and uses table also highlights what the starting cash position will be. This is key for startups as the business needs to have sufficient funding to sustain operations until the break-even point is reached.

Now that you have a clear understanding of what will go into the financial forecast of your surveying firm business plan, let's have a look at the written part of the plan.

The written part of the business plan is where you will explain what your business does and how it operates, what your target market is, whom you compete against, and what strategy you will put in place to seize the commercial opportunity you've identified.

Having this context is key for the reader to form a view on whether or not they believe that your plan is achievable and the numbers in your forecast realistic.

The written part of a surveying firm business plan is composed of 7 main sections:

• The executive summary
• The presentation of the company
• The products and services
• The market analysis
• The strategy
• The operations
• The financial plan

Let's go through the content of each section in more detail!

1. The executive summary

The first section of your surveying firm's business plan is the executive summary which provides, as its name suggests, an enticing summary of your plan which should hook the reader and make them want to know more about your business.

When writing the executive summary, it is important to provide an overview of the business, the market, the key financials, and what you are asking from the reader.

Start with a brief introduction of the business, its name, concept, location, how long it has been in operation, and what makes it unique. Mention any services or products you plan to offer and who you sell to.

Then you should follow with an overview of the addressable market for your surveying firm, current trends, and potential growth opportunities.

You should then include a summary of your key financial figures such as projected revenues, profits, and cash flows.

Finally, you should detail any funding requirements in the ask section.

2. The presentation of the company

As you build your surveying firm business plan, the second section deserves attention as it delves into the structure and ownership, location, and management team of your company.

In the structure and ownership part, you'll provide valuable insights into the legal structure of the business, the identities of the owners, and their respective investments and ownership stakes. This level of transparency is vital, particularly if you're seeking financing, as it clarifies which legal entity will receive the funds and who holds the reins of the business.

Moving to the location part, you'll offer a comprehensive view of the company's premises and articulate why this specific location is strategic for the business, emphasizing factors like catchment area, accessibility, and nearby amenities.

When describing the location of your surveying firm, you could emphasize the potential for growth in the area. The region may have a favorable economic climate that is conducive to business and could represent a great opportunity for a financier. You could also mention the availability of qualified talent in the area, which could be a great asset for your firm. Additionally, you could point out the potential for increased customer base due to the area's population and proximity to other key markets. Overall, the region could be a great fit for a third party financier.

Lastly, you should introduce your esteemed management team. Provide a thorough explanation of each member's role, background, and extensive experience.

It's equally important to highlight any past successes the management team has achieved and underscore the duration they've been working together. This information will instil trust in potential lenders or investors, showcasing the strength and expertise of your leadership team and their ability to deliver the business plan.

3. The products and services section

The products and services section of your business plan should include a detailed description of what your company offers, who are the target customers, and what distribution channels are part of your go-to-market. 

For example, your surveying firm might offer site surveys, boundary surveys and topographical surveys to customers. Site surveys are used to determine the size and layout of a piece of land, boundary surveys are used to identify the boundaries of a piece of land, and topographical surveys are used to measure the elevation changes of a piece of land. All of these services are important pieces of information for customers who are looking to build or develop a piece of land.

4. The market analysis

When outlining your market analysis in the surveying firm business plan, it's essential to include comprehensive details about customers' demographics and segmentation, target market, competition, barriers to entry, and relevant regulations.

The primary aim of this section is to give the reader an understanding of the market size and appeal while demonstrating your expertise in the industry.

To begin, delve into the demographics and segmentation subsection, providing an overview of the addressable market for your surveying firm, key marketplace trends, and introducing various customer segments and their preferences in terms of purchasing habits and budgets.

Next, shift your focus to the target market subsection, where you can zoom in on the specific customer segments your surveying firm targets. Explain how your products and services are tailored to meet the unique needs of these customers.

For example, your target market might include businesses that are in need of surveying services for a specific project. This could be a construction or engineering firm that needs accurate measurements for a building project. Additionally, this could be a mining firm that needs to determine the size of a mineral deposit or any other firm that requires surveying services for a specific task.

In the competition subsection, introduce your main competitors and explain what sets your surveying firm apart from them.

Finally, round off your market analysis by providing an overview of the main regulations that apply to your surveying firm.

5. The strategy section

When writing the strategy section of a business plan for your surveying firm, it is essential to include information about your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

The competitive edge subsection should explain what sets your company apart from its competitors. This part is especially key if you are writing the business plan of a startup, as you have to make a name for yourself in the marketplace against established players.

The pricing strategy subsection should demonstrate how you intend to remain profitable while still offering competitive prices to your customers.

The sales & marketing plan should outline how you intend to reach out and acquire new customers, as well as retain existing ones with loyalty programs or special offers. 

The milestones subsection should outline what your company has achieved to date, and its main objectives for the years to come - along with dates so that everyone involved has clear expectations of when progress can be expected.

The risks and mitigants subsection should list the main risks that jeopardize the execution of your plan and explain what measures you have taken to minimize these. This is essential in order for investors or lenders to feel secure in investing in your venture.

Your surveying firm could face risks related to its physical office or workplace. These may include natural disasters, such as a flood or fire, which could destroy or damage office equipment or documents. Additionally, your surveying firm could be liable if a client is injured on your premises, such as if a client slips and falls on a wet floor. Your surveying firm could also face risks related to its operations. These may include liability if a surveying report is inaccurate or incomplete and results in losses, or if a surveyor damages a client’s property while performing a survey. Additionally, your surveying firm could be exposed to cyber risks, such as a data breach or malware attack, that could result in the theft of confidential information or the disruption of operations.

6. The operations section

The operations of your surveying firm must be presented in detail in your business plan.

The first thing you should cover in this section is your staffing team, the main roles, and the overall recruitment plan to support the growth expected in your business plan. You should also outline the qualifications and experience necessary to fulfil each role, and how you intend to recruit (using job boards, referrals, or headhunters).

You should then state the operating hours of your surveying firm - so that the reader can check the adequacy of your staffing levels - and any plans for varying opening times during peak season. Additionally, the plan should include details on how you will handle customer queries outside of normal operating hours.

The next part of this section should focus on the key assets and IP required to operate your business. If you depend on any licenses or trademarks, physical structures (equipment or property) or lease agreements, these should all go in there.

You may have key assets such as surveying equipment and software that could be used for mapping and land surveying. Additionally, your firm might have intellectual property such as proprietary methods or formulas that are used to analyze survey data and could be protected by copyright or patent.

Finally, you should include a list of suppliers that you plan to work with and a breakdown of their services and main commercial terms (price, payment terms, contract duration, etc.). Investors are always keen to know if there is a particular reason why you have chosen to work with a specific supplier (higher-quality products or past relationships for example).

7. The presentation of the financial plan

The financial plan section is where we will present the financial forecast we talked about earlier in this guide.

Now that you have a clear idea of what goes in your surveying firm business plan, let's look at the solutions you can use to draft yours.

What tool should I use to write my surveying firm's business plan?

In this section, we will be reviewing the two main solutions for creating a surveying firm business plan:

• Using specialized online business plan software,
• Outsourcing the plan to the business plan writer.

Using an online business plan software for your surveying firm's business plan

Using online business planning software is the most efficient and modern way to write a surveying firm business plan.

There are several advantages to using specialized software:

• You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can access a library of dozens of complete business plan samples and templates for inspiration
• You get a professional business plan, formatted and ready to be sent to your bank or investors
• You can easily track your actual financial performance against your financial forecast
• You can create scenarios to stress test your forecast's main assumptions
• You can easily update your forecast as time goes by to maintain visibility on future cash flows
• You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Hiring a business plan writer to write your surveying firm's business plan

Outsourcing your surveying firm business plan to a business plan writer can also be a viable option.

Business plan writers are experienced in writing business plans and adept at creating financial forecasts without errors. Furthermore, hiring a consultant can save you time and allow you to focus on the day-to-day operations of your business.

However, hiring business plan writers is expensive as you are paying for the software used by the consultant, plus their time, and their profit margin of course.

From experience, you need to budget at least £1.5k ($2.0k) excluding tax for a complete business plan, more if you need to make changes after the initial version (which happens frequently after the initial meetings with lenders or investors).

You also need to be careful when seeking investment. Investors want their money to be used to grow the business, not spent on consulting fees. Therefore, the amount you spend on business plan writing services (and other consulting services such as legal services) needs to be negligible relative to the amount raised.

The other drawback is that you usually don't own the business plan itself: you just get the output, while the actual document is saved in the consultant's business plan software - which makes it difficult to maintain the document up to date without hiring the consultant on a retainer.

For these reasons, outsourcing the surveying firm business plan to a business plan writer should be considered carefully, weighing both the advantages and disadvantages of hiring outside help.

Ultimately, it may be the right decision for some businesses, while others may find it beneficial to write their business plan using online software.

Why not create your surveying firm's business plan using Word or Excel?

Using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write a surveying firm business plan is a terrible idea.

For starters, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is very technical and requires both a strong grasp of accounting principles and solid skills in financial modelling.

As a result, it is unlikely anyone will trust your numbers unless - like us at The Business Plan Shop - you hold a degree in finance and accounting and have significant financial modelling experience in your past.

The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the 1990s and early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Also, using software makes it easy to compare actuals vs. forecasts and maintain our forecasts up to date to maintain visibility on future cash flows - as we discussed earlier in this guide - whereas this is a pain to do with a spreadsheet.

That's for the forecast, but what about the written part of my surveying firm business plan?

This part is less error-prone, but here also software brings tremendous gains in productivity:

• Word processors don't include instructions and examples for each part of your business plan
• Word processors don't update your numbers automatically when they change in your forecast
• Word processors don't handle the formatting for you

Overall, while Word or Excel may be viable options for creating a surveying firm business plan for some entrepreneurs, it is by far not the best or most efficient solution.

• Using business plan software is a modern and cost-effective way of writing and maintaining business plans.
• A business plan is not a one-shot exercise as maintaining it current is the only way to keep visibility on your future cash flows.
• A business plan has 2 main parts: a financial forecast outlining the funding requirements of your surveying firm and the expected growth, profits and cash flows for the next 3 to 5 years; and a written part which gives the reader the information needed to decide if they believe the forecast is achievable.

We hope that this in-depth guide met your expectations and that you now have a clear understanding of how to write your surveying firm business plan. Do not hesitate to contact our friendly team if you have questions additional questions we haven't addressed here.

Also on The Business Plan Shop

• How to write a business plan to secure a bank loan?
• Key steps to write a business plan?
• Top mistakes to avoid in your business plan

Do you know entrepreneurs interested in starting or growing a surveying firm? Share this article with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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How To Write a Business Plan for Quantity Surveying and Estimation in 9 Steps: Checklist

By alex ryzhkov, resources on quantity surveying and estimation.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan
• SWOT Analysis
• Business Model
• Marketing Plan

Are you looking to start a business in the quantity surveying and estimation field? With the rapid growth of the construction industry, there is a huge demand for efficient and accurate quantity surveying and estimation services. In fact, according to recent statistics, the global construction industry is expected to reach a value of $10.5 trillion by 2023. If you want to tap into this market and build a successful business, it's crucial to have a well-written business plan in place.

So, where do you start? In this blog post, we will take you through a step-by-step guide on how to write a business plan for quantity surveying and estimation. Whether you're a seasoned professional or just starting out, these nine steps will help you establish a solid foundation for your business and set you up for success.

• Conduct market research: Before diving into the business plan, it's essential to understand the current market trends, customer needs, and potential competition. This research will provide valuable insights that will shape your business strategy.
• Identify target market and customer needs: Knowing your target market and their specific needs will allow you to tailor your services to meet their requirements. This customer-centric approach will give you a competitive edge and help attract potential clients.
• Define unique selling proposition and competitive advantage: With a crowded market, it's crucial to differentiate yourself from the competition. Determine what sets you apart and develop a clear value proposition that will appeal to your target market.
• Analyze industry trends and competition: Stay up-to-date with the latest industry trends and keep a close eye on your competitors. This information will help you identify potential opportunities and threats, allowing you to make informed business decisions.
• Determine business goals and objectives: Set specific, measurable, achievable, relevant, and time-bound (SMART) goals for your business. These goals will serve as a roadmap and provide direction for your future endeavors.
• Evaluate financial feasibility and resources required: Assess the financial viability of your business idea and determine the resources you'll need to get started. This step will help you determine whether your idea is financially sustainable and identify potential funding sources.
• Develop a marketing strategy: Create a comprehensive marketing strategy that outlines how you'll promote your services and reach your target market. This strategy should include both online and offline marketing tactics to maximize your visibility and attract clients.
• Create a detailed operational plan: Outline the day-to-day operations of your business, including staff requirements, technology needs, and workflow processes. This plan will provide a clear roadmap for running your business efficiently and effectively.
• Seek professional advice and support: Don't hesitate to reach out to industry experts, mentors, or professional advisors who can provide guidance and support throughout the process. Their expertise and insights can be invaluable in navigating the challenges of starting and growing a business.

By following these nine steps and incorporating them into your business plan, you'll be well on your way to launching a successful quantity surveying and estimation business. Remember, a well-thought-out and comprehensive plan is the key to turning your business idea into a reality. Good luck!

Conduct Market Research

Market research is a crucial step in developing a successful business plan for a quantity surveying and estimation service. By thoroughly understanding the market, you can identify opportunities, analyze competition, and validate the demand for your solution. Here are some key steps to take during the market research phase:

• Identify your target market: Determine the specific industries or sectors that will benefit from your digital platform. This could include construction companies, architectural firms, and property developers.
• Understand customer needs: Dive deep into the pain points and challenges faced by potential customers in the quantity surveying and estimation process. This will help you tailor your solution to address their specific needs and requirements.
• Analyze market trends: Stay up-to-date with the latest trends and developments in the quantity surveying and estimation industry. This will enable you to identify emerging technologies, changing regulations, and evolving customer preferences.
• Assess the competition: Research and analyze your competitors to understand their strengths, weaknesses, and market positioning. This will help you identify gaps in the market that your digital platform can fill.

Tips for conducting market research:

• Utilize online resources such as industry reports, market studies, and statistical data to gather relevant information.
• Reach out to industry experts, professionals, and potential customers to gain insights into their needs and pain points.
• Consider conducting surveys or interviews to gather valuable feedback from your target market.
• Stay updated with industry publications, forums, and conferences to stay informed about the latest industry trends and developments.

By conducting thorough market research, you will be able to build a solid foundation for your business plan and make informed decisions throughout the process. This will increase the chances of success for your quantity surveying and estimation digital platform.

Identify Target Market And Customer Needs

In order to develop a successful business plan for quantity surveying and estimation, it is crucial to identify your target market and understand their specific needs and requirements. This step will lay the foundation for your digital platform's success as it determines the direction and focus of your business.

Start by conducting market research to gain insights into the construction industry and the specific sector you wish to target. This research will help you identify market trends, current practices, and potential opportunities for your digital platform. Analyze data from industry reports, professional associations, and online resources to gather important information.

Once you have a clear understanding of the market, identify your target customer base. This could include construction companies, contractors, architects, or any other stakeholders involved in the construction process. Consider their size, geographic location, and specific needs when defining your target market.

To truly understand your customers' needs, engage with them directly. Conduct surveys, interviews, or focus groups to gather information about their pain points, challenges, and expectations from a quantity surveying and estimation platform. This will provide valuable insights into the features and functionalities you should prioritize in your digital solution.

Tips for identifying target market and customer needs:

• Use online survey tools such as SurveyMonkey or Google Forms to reach a wider audience and gather feedback efficiently.
• Attend industry conferences, trade shows, or networking events to connect with potential customers and gain firsthand knowledge about their needs.
• Explore online forums, social media groups, and construction-specific communities to engage in discussions and gather insights from industry professionals.
• Consider partnering with industry experts or consultants who can provide guidance and advice on identifying target market needs.

By identifying your target market and understanding their needs, you can tailor your digital platform to meet their requirements effectively. This will increase the chances of customer adoption and satisfaction, ultimately contributing to the success of your business.

Define Unique Selling Proposition And Competitive Advantage

Defining your unique selling proposition (USP) and understanding your competitive advantage is vital for the success of your quantity surveying and estimation business. Your USP is what sets you apart from your competitors and communicates the value you offer to your customers. It's the reason why customers should choose your digital platform over other options available in the market.

To define your USP, consider the following:

• Identify your target market: Understand the specific needs and pain points of your target customers within the construction industry. This will help you tailor your USP to address their unique challenges and requirements.
• Highlight your solution's key benefits: Determine the key benefits and advantages that your digital platform offers compared to traditional quantity surveying and estimation methods. This could include aspects such as time-saving features, increased accuracy, improved efficiency, or cost-effectiveness.
• Focus on your competitive advantage: Research your competitors and identify what makes your digital platform stand out. This could be exclusive features, advanced algorithms, user-friendly interface, or integration with other construction software systems.
• Conduct a thorough analysis of your competitors to identify any gaps or weaknesses in their offerings that you can address with your USP.
• Consider the evolving needs of the construction industry and adapt your USP accordingly to stay ahead of the competition.
• Communicate your USP clearly and effectively in your marketing materials and promotional activities to grab the attention of potential customers.

By defining your unique selling proposition and understanding your competitive advantage, you can position your quantity surveying and estimation digital platform as the go-to solution in the market. This will resonate with your target customers and differentiate your business from competitors, ultimately leading to greater success and growth.

Analyze Industry Trends And Competition

When starting a business in the quantity surveying and estimation industry, it is crucial to analyze industry trends and competition to gain a clear understanding of the market landscape. By doing so, you can identify opportunities and challenges that may arise in the industry and develop strategies to stay ahead of the competition.

One important aspect of analyzing industry trends is to stay informed about the latest technological advancements and innovations in the quantity surveying and estimation field. This includes keeping track of developments in digital tools and software that can enhance the efficiency and accuracy of the processes involved in construction projects.

Additionally, it is vital to research and understand the current and emerging trends in the construction industry as a whole. This could involve identifying shifts in construction methods, materials, sustainability practices, and regulatory requirements. By staying up-to-date on these trends, you can position your business to meet the changing needs of clients and adapt your services accordingly.

Furthermore, conducting a comprehensive analysis of your competitors is an essential step in developing a successful business plan. Identify key competitors in the market and assess their strengths, weaknesses, and market share. This information can help you differentiate your business by offering unique services or targeting an underserved niche in the market.

Here are some tips for analyzing industry trends and competition:

Stay updated with industry publications:

Conduct competitor analysis:, utilize market research tools:, stay connected through networking:, adapt and innovate:.

By diligently analyzing industry trends and competition, you can position your quantity surveying and estimation business for success and ensure that you are well-prepared to meet the evolving needs of clients in the construction industry.

Determine Business Goals And Objectives

Determining clear business goals and objectives is essential for the success of your quantity surveying and estimation business. These goals will serve as a roadmap and guide your decision-making process throughout the development and growth of your business.

When determining your business goals and objectives, it is important to consider both short-term and long-term objectives. Short-term goals typically focus on immediate targets and milestones, while long-term goals are geared towards the overall vision and direction of your business.

• Identify your primary objectives: Begin by identifying the main objectives you want to achieve with your business. These could include increasing profitability, expanding market share, or establishing a strong reputation in the industry.
• Set specific and measurable goals: Once you have determined your primary objectives, break them down into specific and measurable goals. For example, if your objective is to increase profitability, a specific goal could be to achieve a 20% increase in revenue within the next year.
• Align goals with your target market: Consider the needs and expectations of your target market when setting your business goals. Understanding your customers' requirements will help you prioritize and shape your objectives in a way that will attract and retain customers.
• Ensure your goals are challenging yet realistic to maintain motivation and focus.
• Regularly review and update your goals as your business evolves and circumstances change.
• Break down long-term goals into smaller milestones to track progress and celebrate achievements along the way.

Determining your business goals and objectives is a crucial step in developing a solid business plan for your quantity surveying and estimation venture. These goals will guide your decision-making, help you allocate resources effectively, and measure your progress towards success.

Evaluate Financial Feasibility And Resources Required

Evaluating the financial feasibility of your quantity surveying and estimation business idea is crucial to ensure its sustainability. This step involves assessing the financial aspects of your business plan and determining the resources required to successfully execute your operations.

Firstly, you need to consider the initial investment required to develop and launch your digital platform. This includes expenses for software development, website design, and any other technical infrastructure needed for the smooth functioning of your platform. Conduct thorough market research to estimate the costs involved in creating a high-quality and user-friendly system.

In addition to the initial investment, it is essential to assess the ongoing expenses of your business. This includes costs for marketing and advertising, ongoing software maintenance, hosting fees, and any other recurring expenses. Accurately estimating these costs will enable you to determine the resources needed to keep your platform running smoothly and ensure consistent growth.

Evaluate your revenue streams to understand how your digital platform will generate income. This may include charging contractors or construction companies a subscription fee or a commission for using your services. Consider different pricing models and carefully analyze the feasibility and profitability of each option.

Furthermore, identify potential sources of funding for your business if required. This could include private investors, venture capital firms, or loans from financial institutions. Selecting the right funding option that aligns with your business goals and financial needs is critical for the success of your venture.

Important Tips:

• Consult with industry experts or financial advisors to gain insights into the financial feasibility of your business idea.
• Create detailed financial projections, including revenue forecasts and anticipated expenses, to assess the profitability and sustainability of your venture.
• Regularly review and update your financial plan to adapt to changing market conditions and ensure long-term success.

Develop A Marketing Strategy

Developing a robust marketing strategy is crucial for the success of your quantity surveying and estimation business. It helps you effectively promote your services, reach your target market, and ultimately generate leads and sales.

Here are some important steps to consider when developing your marketing strategy:

• Identify your target market: Clearly define the specific industries, construction companies, or professionals that are most likely to benefit from your automated quantity surveying and estimation platform. Understand their pain points, needs, and preferences to tailor your marketing efforts accordingly.
• Define your unique selling proposition (USP): Determine what sets your platform apart from competitors. Highlight the key features, benefits, or advantages that make it a compelling solution for potential customers. Use this USP as a central messaging theme in your marketing materials.
• Choose the right marketing channels: Identify the most effective marketing channels to reach your target market. Consider a mix of online and offline channels such as website, social media, content marketing, email campaigns, industry events, and networking opportunities.
• Create compelling content: Develop high-quality content that educates and engages your target audience. This could include blog posts, industry insights, case studies, white papers, and video tutorials. Share this content across your chosen marketing channels to attract and nurture leads.
• Optimize your website: Ensure your website is user-friendly, mobile-responsive, and optimized for search engines. Include clear calls-to-action, such as a demo request or contact form, to encourage visitors to take the next step and engage with your platform.
• Implement search engine optimization (SEO): Research relevant keywords and incorporate them into your website content, meta tags, and headings to improve your website's visibility in search engine results.
• Track and analyze results: Regularly monitor and analyze the performance of your marketing activities. Use web analytics tools to track website traffic, user behavior, and conversion rates. Adjust your marketing strategy based on data-driven insights to optimize your efforts.
• Consider leveraging social media platforms popular among construction professionals, such as LinkedIn and Twitter, to connect with your target market and share industry-related content.
• Collaborate with industry influencers or associations to increase your brand's exposure and credibility.
• Offer free resources or trials to encourage potential customers to experience the value of your platform firsthand.

By carefully developing a comprehensive marketing strategy, you can effectively promote your quantity surveying and estimation platform, differentiate yourself from competitors, and attract the right audience to drive your business forward.

Create A Detailed Operational Plan

After conducting extensive market research and analyzing industry trends and competition, it is crucial to create a detailed operational plan for your quantity surveying and estimation business. This plan will outline how you will execute your strategies and achieve your business goals.

The operational plan should cover various aspects of your business, including:

• Organizational Structure: Define the roles and responsibilities of each team member in your organization. This will ensure clarity and streamline the workflow.
• Processes and Procedures: Identify the step-by-step processes and procedures for conducting quantity surveying and estimation for construction projects. Clearly document these processes to ensure consistency and efficiency.
• Resource Allocation: Determine the resources required for your business, such as software, hardware, and human resources. Make a detailed inventory of these resources and allocate them accordingly.
• Timeline and Milestones: Create a timeline that outlines the key milestones and deadlines for your business. This will help you track progress and stay on track.
• Risk Management: Identify potential risks and develop strategies to mitigate them. This could include factors such as project delays, budget overruns, or changes in regulations.
• Regularly review and update your operational plan to adapt to changing market conditions and customer needs.
• Engage your team members in the planning process to ensure their buy-in and commitment to the operational plan.
• Consider using project management software to streamline your processes and enhance collaboration.
• Stay informed about industry best practices and incorporate them into your operational plan for continuous improvement.

By creating a detailed operational plan, you will have a roadmap that guides your daily operations, ensures efficiency, and helps you achieve your business goals. It will also provide a foundation for monitoring and evaluating your performance, making necessary adjustments, and seizing new opportunities as they arise.

Seek Professional Advice And Support

As you navigate the process of writing a business plan for quantity surveying and estimation, seeking professional advice and support can greatly enhance your chances of success. Here are some important considerations to keep in mind:

• Engage with industry experts: Reach out to professionals in the quantity surveying and estimation field who can provide valuable insights and guidance. These experts can offer advice on best practices, industry trends, and potential challenges to consider in your business plan.
• Consult with a business advisor: Working with a business advisor or consultant can be highly beneficial, especially if you are new to entrepreneurship or the construction industry. They can provide a fresh perspective, help you refine your business strategy, and assist in identifying potential areas of improvement.
• Network with fellow entrepreneurs: Building a strong network of fellow entrepreneurs, especially those in the construction and technology sectors, can provide you with a support system as you embark on your business plan journey. Share experiences, gain insights, and learn from their successes and challenges.
• Evaluate funding opportunities: Seek professional advice on potential funding opportunities available to start and grow your quantity surveying and estimation business. Professionals can help you identify sources such as loans, grants, or venture capitalists that align with your business goals and financial needs.
• Attend industry conferences and workshops: Access educational resources and valuable networking opportunities by attending conferences and workshops specific to the quantity surveying and estimation industry. These events often have experts and professionals who can offer valuable advice and support in developing your business plan.
• Seek specialized advice specific to the construction industry and the unique challenges it presents.
• Consider joining industry associations and organizations for access to a broader network of professionals and resources.
• Regularly review and update your business plan with the guidance of professionals to ensure it remains relevant and aligned with your goals.

Remember, seeking professional advice and support is a sign of strength and demonstrates your commitment to building a successful quantity surveying and estimation business. Embrace the guidance, insights, and expertise that others can offer, and use it to refine your business plan for optimal results.

Writing a business plan for quantity surveying and estimation for your digital platform is crucial for success. By following these 9 steps, you can ensure that you have a comprehensive plan in place to identify your target market, analyze industry trends and competition, determine your business goals, and seek professional advice and support. With a well-thought-out business plan, you can confidently navigate the competitive landscape and position your platform as a valuable solution in the construction industry.

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Surveyor Instrument Business Plan

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Bottlieb Innovations

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Introduction Bottlieb Innovations, Inc., is a start-up company that manufactures a product that will revolutionize the land assessment industry. Bottlieb’s Digital Geographer product is a simple device which, through patented technology, computes the area of a walked perimeter.

The marketing and financial strategies presented in this plan serve as a set of guidelines for management as the start-up company enters its first year of production.  The most conservative possible numbers and projections are used throughout the plan. 

The Company Bottlieb Innovations, Inc. is located in an industrial district of Escondido, CA.  The approximately 1,500 square-foot, freeway-close facility includes office, workshop, and assembly space, as well as ample parking.

George S. Bottlieb, president and CEO, is responsible for product design, development, sales, and overall business management.  Jay Rosenburg, Jr., vice-president, shares the responsibility for business management, with a particular focus on operations, marketing, and finance.  Since the company is very small, both the president and VP will initially have to focus on tasks such as product assembly, packaging, order processing, and shipping. Other management personnel will be added as the company grows. Production personnel will initially be contracted from temporary employment agencies to eliminate the overhead associated with benefits. 

The company will institute an aggressive bonus plan, linked to exceptional company performance.  The bonus plan, coupled with the opportunity to work for a company that has such tremendous growth potential, should help attract and retain key personnel. 

The Product The company has developed, and is preparing to manufacture, a simple device, the Digital Geographer, which will compute the area of a walked perimeter in a fraction of the time required by current area measurement techniques, which rely on distance measuring wheel technology. Because the Digital Geographer contains few components, its manufacturing process is expected to be relatively simple.

No fair comparisons can be made between the functionality of Bottlieb’s Digital Geographer and the distance wheels offered by a range of other manufacturers.  The Digital Geographer transforms complex area measurements into a simple task.  What used to require several measurements, a large degree of estimation, and a lot of geometric calculations, now only requires the abilities to walk and push a button. The importance of accurate area measurement is well known by contractors. Better knowing the scope of a job can help to eliminate the costs associated with underestimating in a competitive market.

Bottlieb Innovations, Inc. assembles its own products, using local vendors for materials and services.  The company owns molds for making plastic components such as the wheel and encoder box. 

Plans for a follow on product, the DG-3000, are already underway. The DG-3000 will use two wheels and a differential-based system, instead of an electronic compass, for determining directional changes. Bottlieb Innovations is also developing plans for future products that include software interfaces, as well as future iterations of the DG-3000 which may utilize a Global Positioning Satellite (GPS) system.

The Market Analysis has shown that the annual global revenue from the sales of measuring wheels is roughly $100M, with the average price about $50 (U.S. dollars).  This implies that approximately two million distance wheels are sold annually worldwide.  Bottlieb Innovations conservatively estimates that within this market, one-third of the demand is generated due to customer need to calculate area and distance versus distance measurement only.  If this estimate is reasonable, there is potential demand for 600,000+ units per year in the area measurement segment.

If Bottlieb Innovations can capture 1% of this segment, the company will sell 6,000 units per year.  As long as the market recognizes and values the superiority of the Digital Geographer and customer buying habits can be changed, the market potential is very strong.

There are three basic market segments in the current distance-wheel market: 

• Construction, including appraising, engineering, and small-scale surveying.
• Agricultural, including large-scale surveying.

Bottlieb Innovations will target current buyers of 10″ to 18″ distance wheels in the construction, appraising, small-scale surveying industries.  More specifically, the Digital Geographer is targeted specifically at buyers who use their distance wheels to measure area.  The majority of Bottlieb’s initial sales will be directly to customers in California’s fast-growing construction industry, but the company plans to swiftly expand its domestic and worldwide sales.

Since Bottlieb’s product represents a leap in technology, there are no direct competitors for the Digital Geographer product.  However, Bottlieb expects to sell the Digital Geographer to a significant portion of the current distance wheel market. The current distance wheel market: Rollertape, Measure Man, TruMeasure, and Rollersure can be considered Bottlieb’s competitors.

Competitors in the distance wheel market typically sell through tool distributors.  Some of the larger wheels are sold through agricultural supply distributors.  Distributors handle the burden of product placement issues as well as the issues encountered in dealing with individual customers.  Distance wheels are also sold at large retail home improvement chains (e.g. Home Depot). 

Current measuring wheel industry growth is difficult to forecast because of the large number of privately-owned companies that operate in the industry. Although worldwide growth in construction is a strong indicator that the market is growing, Bottlieb Innovations does not necessarily anticipate a unit sales growth in the measuring wheel industry over the next few years because it expects to gain market share from the existing market. Bottlieb’s growth is not as dependent upon the entire market size growing as it is upon generating interest, awareness, and excitement for the Digital Geographer product.

Bottlieb expects direct marketing and product reputation, as well as sales through major distributors and home improvement stores, to briskly expand market demand throughout the state, region, and nation within the next five years.  Initial domestic success and favorable Web-based sales will determine whether Bottlieb Innovations will be able to focus on global expansion within this period. 

Financial Projections Bottlieb Innovations’ sales forecast assumes constant, non-seasonal growth and an average revenue of $425 per unit.  Since volume requirements will drive production, and our suppliers have substantial discounts associated with larger volumes, it is possible that we will lower the price of the Digital Geographer if the sales volume increases substantially.  However, we will not allow the price decrease to cut into our profit margin.

It is difficult to know how many of our customers will pay in the neighborhood of $600 for a Digital Geographer, but we expect to ramp up to 100 units per month within the first year.  If demand for the product turns out to be greater than expected, the facility in Escondido is capable of producing up to 500 units per month. The company expects to make excellently large profits on sales by Year 2. 

1.1 Objectives

Bottlieb’s management seeks to make the business profitable within one year of the start of production, scheduled to begin early in the third quarter of Year 1.  Production capacity can quickly ramp up as needed.  It may be increased to as many as 500 units per month in the current facility if demand is sufficient.

Management’s challenge is to generate enough interest for the product in local and regional distance-wheel markets to reach sales of 100 units per month by the last month of Year1.  This will ensure that the profitability goal is met, and will allow for further expansion into national and global markets.

1.2 Mission

Bottlieb Innovations strives “through relentless innovation and creativity, to extend the overwhelming power of technology to practical, accurate, time-saving devices that enable increases in customer productivity.”  The company’s mission statement reflects the blend of creativity and pragmatism that Bottlieb’s management believes is necessary to successfully invent, market, produce, and sell breakthrough products.

Although the Digital Geographer is Bottlieb Innovations’ first and only product, the founder and management are constantly evaluating the market feasibility of a wide range of breakthrough product ideas.  The anticipated revenues generated by the Digital Geographer product will be used to improve future iterations of the product, as well as to fund research and development of future innovative products, possibly in unrelated fields.

1.3 Keys to Success

• Since Bottlieb’s Digital Geographer product is so revolutionary, it essentially creates a new, segmented market. Bottlieb’s management has targeted existing distance-wheel buyers, and needs to convince these customers of the Digital Geographer’s added value. 
• Product quality must be exceptional, since the company’s reputation will initially be driven by the experiences of users as well as word of mouth advertising.
• Accurate production planning, cost controlling, and accurate budgeting are needed to ensure the financial health of the business. 
• The temptation to concentrate only on growth, while neglecting profitability, must be avoided.

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

George S. Bottlieb founded Bottlieb Innovations, Inc.  The Escondido, California-based company has developed, and is preparing to manufacture, a simple device which will compute the area of a walked perimeter.  Bottlieb’s patented Digital Geographer product accurately computes area in a fraction of the time required by current area measurement techniques which rely on distance measuring wheel technology. 

Development of Bottlieb’s Digital Geographer product is complete, and the manufacturing component of the business is well into the planning stages.  Because the Digital Geographer contains few components, its manufacturing process is expected to be relatively simple.

The majority of Bottlieb’s initial sales will be directly to customers in California’s fast-growing construction industry, but the company plans to swiftly expand its domestic and worldwide sales.

2.1 Company Ownership

Bottlieb Innovations is a privately held corporation, registered in the state of California.  Ownership is broken down as follows:

70%:  George Bottlieb – founder, president and CEO.

10%:  Jay Rosenburg, Jr.–vice-president.

10%:  Britney Bottlieb – CFO.

10%:  Albert Bottlieb.

2.1.1 Start-up Summary

Bottlieb Innovations’ start-up expenses are illustrated in the following chart and table.  The molds required to manufacture the plastic wheel and encoder box represent the largest single start-up expense. 

100 shares of company stock were issued at a price of $50 per share.  The sale of stock, combined with an interest free short-term loan, satisfied the start-up funding requirements.

2.2 Company Locations and Facilities

Bottlieb Innovations, Inc. is located in an industrial district of Escondido, CA.  The approximately 1,500 square-foot, freeway-close facility includes office, workshop, and assembly space, as well as ample parking.

In terms of capital equipment, manufacturing is not heavily automated.  Product assembly requires minimal skills and tools.  The company owns several well-lighted workbenches and ample tools required for assembly.  Additionally, the company owns four networked computers with a DSL connection to the Internet, as well as financial and CAD software packages.

Contact Information:

Bottlieb Innovations, Inc. 1800 Simpleton Way #404 Escondido, CA 92029

The Digital Geographer product is what makes Bottlieb Innovations a unique business.  The product contains the power to revolutionize all industries that require accurate land-based area measurement.  When properly marketed, the patented Digital Geographer has the potential to quickly transform Bottlieb Innovations into a very successful business.

No fair comparisons can be made between the functionality of Bottlieb’s Digital Geographer and the distance wheels offered by a range of other manufacturers.  The Digital Geographer transforms complex area measurements into a simple task.  What used to require several measurements, a large degree of estimation, and a lot of geometric calculations, now only requires the abilities to walk and push a button.

3.1 Product Description

As of December 2000, Bottlieb Innovations has a single Digital Geographer product, the DG-2000.  The professional grade product is constructed of high-quality plastic and metal components. 

An excerpt from the Web page:

Bottlieb Innovations, Inc. has created a new type of land survey equipment that will revolutionize the industry.   Our newest device, the Digital Geographer, DG-2000, has the look and feel of a traditional distance wheel – but with one amazing new feature. When wheeled around the perimeter of ANY area, the DG-2000 will calculate the area inside!

The DG-2000 eliminates all of the problems and inconveniences associated with current area estimation methods. Before the DG-2000, an estimator had to somehow break odd-shaped areas into simple geometric shapes (squares, triangles, circles, etc.) and add up the areas of those shapes. The result was usually both inaccurate and time-consuming.

The importance of accurate area measurement is well known by contractors. Better knowing the scope of a job can help to eliminate the costs associated with underestimating in a competitive market.

The DG-2000 is the perfect tool to help with that next driveway, patio, roof, or landscaping job. It can display results in square feet, square yards, or square meters at the touch of a button.   The DG-2000 can also be used as a traditional distance wheel, offering results in feet, yards, or meters.

3.2 Competitive Comparison

Since the Digital Geographer is a breakthrough product, it currently has no direct competition.

The Digital Geographer is expected to segment and take a portion of market share from companies that manufacture distance wheels.  Every major distance wheel manufacturer has excellent distribution and product support structures in place.

The following table gives a brief summary of the largest worldwide distance-wheel manufacturers:

* Estimated Sales reported annually, worldwide and in thousands of U.S. dollars.

3.3 Sales Literature

Online product ordering and sales capabilities will be added to the company website as soon as product is available.

3.4 Sourcing

Most other components, including the LCD display, printed-circuit board, microprocessor and other electronic components are available from multiple distributors and manufacturers.  Bottlieb Innovations currently has an excellent working relationship with Cartwright Plastics and American Distributors, key suppliers of parts for the Digital Geographer.  The current Digital Geographer product, the DG-2000, contains an electronic compass integrated circuit.  The electronic compass device is manufactured exclusively by Precise Notation, Inc.  Bottlieb Innovations is working to establish a relationship with Precise Notation.

3.5 Technology

Bottlieb Innovations has filed for a U.S. patent on “ground-contact area measurement devices.”  This patent is pending.

3.6 Future Products

Plans for the DG-3000 product are already underway. The DG-3000 will use two wheels and a differential-based system, instead of an electronic compass, for determining directional changes.

Bottlieb Innovations is also developing plans for personal computer software and Palm Pilot interfaces to the Digital Geographer products.  These products from Bottlieb Innovations will allow customers to transfer information stored in the Digital Geographer to common standardized systems with more powerful processing and graphical display capabilities.  The software algorithm used in the DG-2000 product is applicable to the DG-3000, as well as any future iterations of the product which may utilize a Global Positioning Satellite (GPS) system.

Market Analysis Summary how to do a market analysis for your business plan.">

Analysis has shown that the annual global revenue from the sales of measuring wheels is roughly $100M, spread among four major competitors, with the average price about $50 (U.S. dollars).  This implies that approximately two million distance wheels are sold annually worldwide.  Bottlieb Innovations conservatively estimates that within this market, one-third of the demand is generated due to customer need to calculate area and distance versus distance measurement only.  If this estimate is reasonable, there is potential demand for 600,000+ units per year in the area measurement segment.

4.1 Market Segmentation

TSM offers the Model 100 Measuring Wheel and is an excellent example of a company that fills a local niche market.  The TSM wheel is specifically designed for cable TV strand mappers, to be primarily operated from a vehicle, and claims superior wheel bearing durability and life over competitors.  TSM’s primary customer currently appears to be its own TSM Cable TV business.

Dandy focuses on professionals in the agriculture and land management industries, with minimal emphasis on other industries such as construction.  Dandy’s customers generally need to calculate distance and area of large sites one acre plus, and are not a major factor in the market in comparison to the other four.  Dandy hesitantly related that their sales per year in the professional agricultural and land management segment was “under 2,000 units.” 

Rollertape, Measure Man, TruMeasure, and Rollersure all focus primarily on professionals in construction, engineering/surveying, and assessment industries (real estate, insurance, etc.).  The greatest customer demand is in the professional market segment and probably accounts for over 90% of distance-wheel sales.  Rollertape quoted a surprising yearly revenue from measuring wheel sales at $20-25M nationally (U.S. dollars) and another $20-25M internationally.

Current distance wheels are a largely homogeneous product, so Bottlieb’s competitors do not enjoy much differentiation based upon individual product uniqueness.  Each competitor offers a product line of several wheels with different diameters and tire treads designed for use over various surfaces and distances.  The competitors do, however, seek to differentiate their products based on superior accuracy, reliability, and service.

The small-diameter (4″-10″) distance wheels are typically designed for measurement of shorter distances over paved ground.  They offer excellent precision and are easy to carry because of their small size.  For added convenience and portability, Meter-Man sells hard carrying cases for their small diameter distance wheels.  Competing distance-wheel manufacturers have designed and positioned their small-diameter wheels for use by decorators, appraisers, painters, realtors, insurance agents, and other related professions in mind.  

The large-diameter (18″-25″) wheels are better-suited to uneven terrain and longer distances.  They do not have the pinpoint accuracy of the smaller wheels, but they typically do not need it.  Typically, they have tires designed for traction over rough terrain or mud.  Competing manufacturers position the large-diameter wheels for use by big contractors, fencing companies, irrigation contractors, and anyone else who needs to take large-scale outdoor measurements.  “Tractor pull operators” is one of the more amusing specific professional applications listed on one manufacturer’s large-distance wheel information Web page.

In addition to the small and large-diameter wheels, competing distance wheel manufacturers offer a more flexible line of wheels with diameters between 10″ and 18″.  These wheels are a good compromise between the small and large diameter wheels and cover a very wide range of applications, including general construction, athletic fields, and landscapers.  The mid-range diameter wheels represent the broadest range of applications and, consequently, the largest number of sales for distance wheel manufacturers. 

Wheels with simple analog distance counters are typically priced between $30-70 (U.S. dollars).  A large portion of wheels are sold through tool distributors.  Wheels are also available at retail stores such as Home Depot, HomeBase, etc.  Wheels with digital liquid crystal displays (LCDs) are less common than analog wheels, but they may be purchased for between $55-75 (U.S. dollars).  The digital wheels offer the added functionality of standard and metric measurements and usually have a hold function to store more than one measured value.

Comparing the functionality of any distance wheel to that of the Digital Geographer is unfair.  For applications that currently use distance wheels to compute area, the Digital Geographer offers superior accuracy and simplicity.  However, current distance wheel products do have manufacturing benefits brought about by years of evolution, a lower retail price, and an established customer base.

4.2 Target Market Segment Strategy

Bottlieb Innovations will target current buyers of 10″ to 18″ distance wheels in the construction, appraising, small-scale surveying industries.  More specifically, the Digital Geographer is targeted specifically at buyers who use their distance wheels to measure area. 

Although the Digital Geographer has the ability to measure distance, it is not cost-competitive with other distance wheels on the market.  The Digital Geographer must be marketed as an area-measurement wheel as opposed to a mere distance wheel. Bottlieb’s expected customer base is shown in the following chart.

4.2.1 Market Needs

Bottlieb’s customers are those currently using measuring wheels to calculate area.  Small and large businesses alike can rapidly reduce surveying and appraising costs, while increasing accuracy, with the Digital Geographer.  Bottlieb hopes to build solid local product reputation through direct marketing and exposure in retail home improvement stores.  Superior capability, cost benefits, and local reputation will provide the Digital Geographer the foothold it needs for further expansion.

4.2.2 Market Growth

Current measuring wheel industry growth is difficult to forecast because of the large number of privately-owned companies that operate in the industry.  The wheels themselves are simple, mechanical devices which do not need to be replaced often and so have a long, useful life.  Although worldwide growth in construction is a strong indicator that the market is growing, Bottlieb Innovations does not necessarily anticipate a unit sales growth in the measuring wheel industry over the next few years because it expects to gain market share from the existing market.

Bottlieb’s Digital Geographer product represents a leap in technology, essentially creating a new product for an established market. Bottlieb’s growth is not as dependent upon the entire market size growing as it is upon generating interest, awareness, and excitement for the Digital Geographer product, which has yet to be released.

4.3 Industry Analysis

E. S. “Dandy” Gandrud invented and patented an improved land-measuring wheel and founded Dandy Co. in 1936.  His motivation was to produce a measuring wheel accurate enough for New Deal farm programs.  Previous to this, measuring wheels were custom-made devices.  Today, Dandy Co. produces measuring wheels, lawn, and nursery equipment with annual sales of about $3M.  Dandy died in 1988 at age 85.

Rollertape Corp. today claims to be the industry leader in measuring wheels and the inventor and pioneer of the “Modern Measuring Wheel industry,” setting “the standards for the industry for over 50 years.”  Rollertape claims to have “reinvented the wheel” in 1950 and to be the industry benchmark for measuring wheels.

Distance measurement has always been critical, especially in construction and agriculture.  Since the invention of the modern measuring wheel in this century, demand has grown swiftly due to booms and constant overall growth in population and construction.  Although recently the number of small farms has been declining, the need for precision application of new soil and chemical technologies has increased.  As populations grow and the urban sprawl continues, the demand for distance and area measurement is estimated to at least exceed the growth rate to compensate for replacement demand and new demand. 

Advances in technology, however, such as Global Positioning Satellite (GPS) systems, could threaten the measuring wheel market as GPS systems become increasingly more accurate and less expensive.  Theoretically, GPS technology could allow an individual to simply walk a perimeter carrying a small GPS device, calculating distance and/or area automatically.

Overall sales of measuring wheels worldwide are unknown.  A local San Diego HomeBase store sold 88 measuring wheels during a six month period.  There are hundreds of HomeBase stores nationwide, and thousands of similar retailers (e.g. Home Depot, Lowe’s) nationwide.

Measuring wheels are the sole products of several companies in the industry.  Rollertape, Measure Man, and Rollersure are focused almost exclusively on the production of measuring wheels for the professional market.  A large portion of TruMeasure’s revenue also comes from the sale of measuring wheels.

4.3.1 Main Competitors

Although the Digital Geographer has no direct competition, sales of the device may impact the sales revenues of other companies.  Therefore, these companies may view Bottlieb Innovations as a competitor with a replacement, not a substitute, product.

The companies most likely to be impacted by Bottlieb Innovations will be the previously discussed distance measuring wheel manufacturers, namely:

• Measure Man

4.3.2 Industry Participants

The following table shows a breakdown of major distance wheel manufacturers, their market share, and their target markets.

All of the above named companies are privately owned, well-established companies.  It is difficult to estimate their financial strength, although sales revenue data received from Rollertape indicated that yearly revenue is very strong ($20-25M within the U.S. and another $20-25M globally). It is probably safe to assume that other competitor’s financial posture is solid due to their established positions in the measuring-wheel industry and their distribution throughout the world.

4.3.3 Distribution Patterns

Competitors in the distance wheel market typically sell through tool distributors.  Some of the larger wheels are sold through agricultural supply distributors.  Distributors handle the burden of product placement issues as well as the issues encountered in dealing with individual customers.  Distance wheels are also sold at large retail home improvement chains (e.g. Home Depot).  Despite the volume of customers in retail outlets, overall demand from this segment is relatively low in comparison to the professional customer base.

Distributors typically receive discounts based upon volume orders, and add markups to wholesale prices to set the retail prices. Some distributors have opened online stores (e.g. “MyToolStore.com”).  Foreign manufacturers such as TruMeasure (UK) and Rollersure (S. Africa) depend heavily on worldwide distributors, since international sales represent such a large part of their revenues.  Domestic manufacturers such as Meter-Man and Rollertape depend more on domestic and local distribution networks.

Retail stores represent another substantial portion of domestic distance wheel company sales.  Since large chains like Home Depot typically have their own professional buyers, and since they purchase such large quantities, distance wheel companies can effectively sell directly to retail stores.

4.3.4 Competition and Buying Patterns

Distance wheels have a wide range of applications, and as such, a very wide range of promotional options.  However, distance wheels are tools for professionals, not novelty or luxury items targeted at the general public.  Competing distance-wheel manufacturers promote their products through the same channels as other tool manufacturers.   Rollertape has indicated that it only “dabbles” in the home improvement market segment, fully realizing that the greatest potential for sales lies among industry professionals and business owners.  This strategy certainly does not bar the “non-professional” from acquiring distance wheels readily available through retail chains and on the Internet, although it does little to stimulate any potential demand in this segment.

Each manufacturer has a professionally-designed company website with detailed product specifications.  The Measure Man website offers a video file download–the content is essentially a television commercial for Measure Man.  Most websites offer links to distributors’ websites or at least distributor phone numbers and addresses.

Since the market for distance wheels is not universal, competitive distance-wheel manufacturers do not promote products through primetime television advertisements.  That would be a waste of resources.  The majority of the population has no practical use for a distance wheel.  Distance-wheel manufacturers target professional markets by using tool distributors and by attending trade shows.  Some examples of such trade shows in the U.S. include the annual “World of Concrete” show, and the “International Hardware Show.” The companies typically rent floor space at these shows for direct contact with customers and interactive demonstrations of products.

Distance-wheel manufacturers use promotional strategies very similar to other professional industries that use distributors to advertise to a defined customer base.  A professional user of measuring wheels will probably base his buying decisions on personal preference, prior use, reputation within his industry, and exposure at industry trade shows.  Once the decision is made, the customer will work through a distributor.  If a retail home improvement or hardware store stocks distance wheels, a customer will not find all five major brands lined up, as might be the case with other products.

Although it is difficult to determine useful information regarding internal allocations to product development and R&D, it is apparent that Bottlieb’s competitors actively seek to improve their products.  Advertised improvements in durability and accuracy are common, not to mention minor changes relating to ease of use and style.

Allocations to selling and promotion appear to be minimal and focused on professions within various industries.  With the exception of Rollertape, mass advertising to the general public or within its retail distributors is not common probably due to cost constraints and low “non-professional” demand in the population overall.  Rollertape recently used a national magazine advertising campaign, with ads appearing in “Home Center News,” “Do-It-Yourself,” and “Equipment Today.” The ads appeared four times in each publication, and reached a combined total subscriber population of 330,000.  Rollertape, however, still relies primarily on the professional market.  Its most cost-effective advertising is still done at trade shows and in industry journals.

Most of the Digital Geographer’s competition offers excellent customer service.  The professional user who buys his measuring wheel through a distributor can easily return his wheel to the distributor or manufacturer for repair.  Retail purchasers may experience slight delays as they must work through the retail chain.  Although not every one of the four major distance-wheel makers manufacture every single component in their measuring wheels, they generally can quickly replace any defective component under warranty and turn the product around fairly quickly.

All products from Rollertape of Spokane, Washington, have a three-year warranty.  Rollertape also offers a seven-day return from the time they receive a product for repair.  Rollertape is very concerned with customer service and standing behind their fifty-year reputation.  Meter-Man offers a lifetime warranty–the best in the industry.  TruMeasure, of Manchester, England, offers online support for their products.  Customers may email the company with any questions or concerns regarding their product.  The TruMeasure website advertises the company’s concern for after-sales service.  Rollersure, a South African measuring wheel manufacturer, backs their products with a two year warranty.  Customers must go through the Rollersure distributor for warranty claims.  The company then reimburses the distributor.  If the customer is unable to make a warranty claim through the distributor, they may then contact the company directly.

Types of service organizations consist of online support, answering questions about products and providing information about repair.  Rollertape maintains its own repair shop at its Spokane, Washington factory.  Customers simply send their product back to the factory, and Rollertape will have it back to them within seven days.

Since Bottlieb Innovations has yet to launch the Digital Geographer product line, all competitors have a significant advantage in the customer service department.  Both Rollertape and TruMeasure have been in business for over fifty years, which gives them a significant edge in customer service.  Bottlieb Innovations must first focus on the technology and retail aspects of the Digital Geographer before answering the customer service question.  However, once the product line is operational, Bottlieb Innovations must focus on the customer service aspects.

Strategy and Implementation Summary

Bottlieb Innovations will focus on professional customers who can benefit from the advantages offered by the Digital Geographer–accurate and timely area measurement.  Customers will come from large corporations and small businesses alike. 

Bottlieb’s marketing strategy assumes that production of the Digital Geographer will start in low volume and grow to a significant volume over time.  Initially, Bottlieb will rely most heavily on word-of-mouth advertising and online promotion through the Internet.  Any subsequent formal advertising budget will depend on the success of the product and the profitability of the company.  The Digital Geographer’s unique capability is the product’s strongest selling point.

5.1 Competitive Edge

Bottlieb Innovations’ competitive edge is the superiority of its breakthrough product in applications requiring measurement of odd-shaped areas.  The company expects to receive a patent on the Digital Geographer, which will clearly provide further competitive advantages.

5.2 Marketing Strategy

Bottlieb Innovations intends to seize market share of the existing measuring wheel market within the local San Diego area and its surrounding region in the first year of production.  Bottlieb expects direct marketing and product reputation, as well as sales through major distributors and home improvement stores, to briskly expand market demand throughout the state, region, and nation within the next five years.  Initial domestic success and favorable Web-based sales will determine whether Bottlieb Innovations will be able to focus on global expansion within this period.  However, Web-based marketing, sales, and existing global distribution methods may very well allow Bottlieb to rapidly exploit global demand with production capacity as the only significant constraint within the initial five year period.

5.2.1 Positioning Statement

For professionals in the construction, contracting, and other industries who frequently need to accurately assess the area of land or buildings, the Digital Geographer offers simple operation and state-of-the-art technology which combine to offer huge time savings.

5.2.2 Pricing Strategy

Exact Digital Geographer pricing has not been determined, but it will significantly exceed that of current measuring wheels from existing manufacturers.  The Digital Geographer is expected to retail in the $550 to $600 range.  Bottlieb intends to hype the obvious cost saving benefits of the Digital Geographer.  The Digital Geographer can realistically be promoted to be able to pay for itself within its first several uses.

5.2.3 Promotion Strategy

The management of Bottlieb Innovations is tasked with promoting its unique product through the most cost effective methods.  The Digital Geographer is targeted at customers who currently use distance wheels for area calculation.  Several evaluation versions of the Digital Geographer will be loaned out to construction companies, contractors, and real-estate appraisers in an attempt to generate interest for the product, and speed up adoption of the new technology.

Tool distributors and large tool retailers will be targeted as an efficient method of obtaining both sales and industry exposure.  Presence and advertising at industry trade shows will also help to stimulate interest and demand for the Digital Geographer product.  Finally, a company website will provide customers with information about the product, as well as the opportunity to buy the product over the Internet.

Several magazines, such as “Popular Science” have sections that describe innovative new products and services.  Bottlieb Innovations expects to gain broad, inexpensive advertising and exposure by submitting the Digital Geographer to these magazines for review.

Since the product is new, generating a positive company image and good reputation within the industry is essential for quick growth.  Establishing the product’s quality and reliability are both essential to forming the basis for a good reputation.  If the initial production run of the Digital Geographer has any functional problems, then subsequent revisions, no matter how reliable they might be, will not be as well-received by the market.  Management recognizes the need to “get it right the first time.” The benefits of the product will be readily obvious to the market, but reliability and reputation will be the determining factors in order to break any possible existing customer brand loyalties.

5.3 Sales Strategy

Within the first year of production, Bottlieb Innovations expects to establish several strong sales relationships with local or regional construction and surveying equipment distributors and several retail home improvement chains such as Home Base, Ace Hardware, etc. 

Additionally, Bottlieb will rely on direct, face-to-face marketing and promotion of the Digital Geographer to local small and large construction companies and real estate agencies in order to promote superior product features and thus establish a core reputation on which to base further expansion.  Online sales are expected to eventually exceed distributor and traditional retail sales.

5.3.1 Sales Forecast

Bottlieb Innovations’ sales forecast assumes constant, non-seasonal growth and an average revenue of $425 per unit.  Since volume requirements will drive production, and our suppliers have substantial discounts associated with larger volumes, it is possible that we will lower the price of the Digital Geographer if the sales volume increases substantially.  However, we will not allow the price decrease to cut into our profit margin.

It is difficult to know how many of our customers will pay in the neighborhood of $600 for a Digital Geographer, but we expect to ramp up to 100 units per month within the first year.  If demand for the product turns out to be greater than expected, the facility in Escondido is capable of producing up to 500 units per month.  The following table contains the annual sales forecast for FY2001 through FY2003.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Bottlieb Innovations is a small corporation owned and operated by George S. Bottlieb.  George is the developer and designer of the Digital Geographer.

George is aided by his friend Jay Rosenburg, Jr.  The two have been friends and co-workers for over four years.  They have worked together at several semiconductor companies in San Diego.

George’s management style reflects his personality.  All employees of the company are motivated by a personal stake in the company’s success.  The company is not hierarchical, and all employees work together cooperatively to reach the company’s goals.

6.1 Management Team Gaps

The management of Bottlieb Innovations is young and enthusiastic.  The founder and vice-president have excellent engineering and marketing backgrounds, but little experience in operations, finance, sales, and general business management.

As the company grows, it plans to hire an assembly supervisor towards the end of FY2001 and a product manager responsible for sales and business development in FY2002.  Other management personnel will be added as needed.

6.2 Personnel Plan

The personnel table assumes slow growth in employees, and moderate pay raises.  Production personnel will initially be contracted from temporary employment agencies to eliminate the overhead associated with benefits.  The president and vice-president will have to assume several roles and “wear many different hats” during the first few years.

Salaries are quite low across the board.  The company will institute an aggressive bonus plan, linked to exceptional company performance.  The bonus plan, coupled with the opportunity to work for a company that has such tremendous growth potential, should help attract and retain key personnel.  The personnel plan is shown in the following table.

6.3 Organizational Structure

George S. Bottlieb, president and CEO, is responsible for product design, development, sales, and overall business management.  Jay Rosenburg, Jr., vice-president, shares the responsibility for business management, with a particular focus on operations, marketing, and finance.  Since the company is very small, both the president and VP will initially have to focus on tasks such as product assembly, packaging, order processing, and shipping.

6.4 Management Team

George S. Bottlieb, 28, president, had a successful career as an engineer before founding Bottlieb Innovations, Inc.  George was employed as a senior application engineer at Conexus Systems and Riteon Electronics, focusing on complex video and cable modem integrated circuits.  George has both a B.S. and M.S. in electrical engineering from Northern Illinois University.

Jay Rosenburg, Jr., 26, vice-president, is currently employed as a senior application engineer at Conexus Systems.  He also worked with George at Riteon Electronics.  Jay has a bachelor’s degree in electrical engineering from the University of California, San Diego, and expects to receive an MBA from California State University, San Marcos in December of 2000.

Britney Bottlieb, George’s wife, is a CPA.  Although Britney is not an official employee of the business, she serves on the Board of Directors.  The fact that Britney has worked as an accountant at several major companies in Illinois and California makes her an excellent resource for financial and accounting advice.

Albert Bottlieb, George’s father, also serves on the Board of Directors.  Albert was formerly the president of Albert B. & Co., a large pinball manufacturing company.  Having successfully managed a large manufacturing organization for several years, Albert’s insights and advice are very valuable to Bottlieb Innovations.

Financial Plan investor-ready personnel plan .">

The financial picture is very encouraging.  Bottlieb Innovations has a great product.  If the company can successfully segment the market and generate interest in the Digital Geographer product, as well as meet the production volumes required, the financial targets are very achievable.

7.1 Important Assumptions

The financial plan depends on important assumptions, shown in the following General Assumptions table.

7.2 Key Financial Indicators

The following chart shows changes in the following benchmark financial indicators:  sales, gross margin, operating expenses, collection days, and inventory turnover.  Sales are expected to almost double between FY2002 and FY2003, while operating expenses are only expected to increase by 22%.

7.3 Break-even Analysis

Bottlieb Innovations’ break-even analysis is based on running costs, the “burn-rate” costs incurred to keep the business running, not on theoretical fixed costs that would be relevant only if the company were closing. Between payroll, rent, utilities, and basic marketing costs, a good estimate of monthly fixed costs is shown in the following chart and table, which details the break-even information.

The break-even analysis is based on an average sales revenue of $425 per unit.  An exact average is not necessary, $425 is close enough to help us understand what a real break-even point might be.  The essential insight here is that the expected sales level will keep the business running comfortably above break-even.

7.4 Projected Profit and Loss

Management’s primary goal is to make Bottlieb Innovations profitable before the end of FY2001.  More specifically, management is aiming to make the business turn a profit in the month of September, the final month of FY2001.  Maintaining a high gross margin in the first year is a key component of the profitability goal.  The following chart illustrates the expected FY2001 monthly profit numbers.

Projected yearly profit numbers are shown in the following chart and table.  Although Bottlieb Innovations is expected to be profitable in September of 2001, it will still lose money in FY2001 overall, due to losses in earlier months of the fiscal year.  The business is expected to earn healthy profits in FY2001 and FY2002.

7.5 Projected Cash Flow

Although Bottlieb Innovations is expected to be profitable by the end of FY2001, there are still drains on the cash flow.  The cash flow numbers illustrated in the following chart are based on very conservative estimates of first year sales.  Since manufacturing and assembling the Digital Geographer is not capital intensive, profits should be directly tied to sales and variable costs.  Personnel costs will start to impact the cash flow more severely in FY2002.

7.6 Projected Balance Sheet

The projected balance sheet, shown in the following table, shows a healthy increase in net worth.  The company’s value is projected to increase steadily over the first three years.

7.7 Business Ratios

Standard business ratios are included in the following table. Industry profile ratios based on the Standard Industrial Classification (SIC) code 8713, Surveying services, are shown for comparison. Bottlieb Innovations’ ratios show a plan for healthy, solid growth.  Gross margin, net profit margin and ROA all show increases over time.

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The Business of Surveying: Creating Your Firm’s Business Plan

Last month, I wrote about business planning in general. This column is specifically about a business plan.

Whether you are the principal, owner, or partner of an existing survey practice, or your about to start a new business, taking the time to write a business plan is a worthwhile investment of your time.

In 2016, David Gardy, LS, a Virginia surveyor and a past President of the Virginia Association of Surveyors, was the instructor of a seminar on “ Starting Your Own Surveying Practice ” at the fall conference of the Maryland Society of Surveyors. He noted, “there are numerous resources available to help in developing a business plan. Your business plan will be an invaluable tool in developing your thoughts and presenting your ideas for the business to potential business partners”.

In a blog on the U.S. Small Business Administration’s (SBA) website, Allen Gutierrez, Associate Administrator of SBA’s Office of Entrepreneurial Development provides reasons for a business plan, including to help steer the business; set milestones, benchmarks, and metrics to monitor growth and goal attainment; and obtain funding from banks or other investors. The blog also includes links to numerous SBA resources.

A business plan need not be voluminous. It should not fill a three-ring binder or be so cumbersome that upon completion it sits on a shelf never to be seen or used again. There are some advisers who advocate a one-page business plan, with one simple sentence for each category, or using a “GPS” method of stating an overall goal, three priorities to reaching the goal, and five strategies items for each priority. But a more thorough plan can easily be less than 10 pages in length. Some of the sections of a business plan could include:

In an existing firm, development of the business plan should be a team effort, including all employees or, at a minimum, senior staff. It can be compiled by in-house staff or with an outside consultant and facilitator. Assistance is available from several SBA programs, such as the Service Corps of Retired Executives (SCORE), Small Business Development Centers (SBDC) or a Women’s Business Center. There are several SBDC offices throughout the United States . There is also online SBA assistance on writing a business plan .

Upon completion, it should be shared with all employees. Most importantly, it should be reviewed on a periodic basis with an analysis of how well the firm is doing in meeting the plan.

The 12 elements of a business plan need not go into great detail. Next month, we’ll discuss creating a strategic plan, which is a supplement, not a duplicate of a business plan.

John Palatiello is Executive Director of the Maryland Society of Surveyors (MSS) and Virginia Association of Surveyors (VAS), and Vice President Miller/Wenhold Capitol Strategies, a public affairs consulting firm based in Fairfax, VA, providing government relations, public relations, association management, strategic planning, event planning, and management and marketing consulting services to private firms, associations, and government agencies. He is also national government affairs consultant to the National Society of Professional Surveyors (NSPS). He has more with 30 years of experience working in the architecture and engineering; geospatial, mapping and GIS; information technology; construction; transportation and infrastructure, and land use sectors. This article is an edited version of what first appeared in the MSS and VAS newsletters.

How to Write a Business Plan for a Surveying Company

by Leslie Truex

Published on 26 Sep 2017

Business plans provide a surveying company with the ability to get financing or investors as well as a way to set goals, focus on business building activities, and measure success. Here's how to write a business plan for a surveying company.

Facts and figures on your company

Facts and figures about your competitors

Write an executive summary. This introductory section of the business plan summarizes all the aspects of your surveying company. It should include your mission statement and surveying company's history. Describe your facilities and indicate the number of employees. Finally, outline your goals for the surveying company for the next year.

Do a market analysis. Describe who will use your business. Do you do surveys for large land developing companies, or will you contract with government agencies? Describe your customers by demographics, and explain where and how you will be able to reach them through your marketing efforts.

Analyze your competition. What other surveying companies do you compete with? Who do they target for business? Do they do business the same or different from you? What are their strengths and weaknesses? How can you set your business apart from the competition?

Outline the management team of your surveying company. Who runs the business on a day-to-day basis? Who are the others involved in the management of your company and what do they do? What are you and your team's skills, experiences, and education as they relate to providing surveying services and running a business?

Describe the daily operations. What activities take place on a day-to-day basis to run the business? What sort of marketing is done? How are surveying services provided? Who takes care of the clients and sending out surveyors?

Give the financial details. What are the expenses and earnings projected over the next year? What are the company's liabilities (e.g. loans) and assets (e.g. surveying equipment)? In this section include financial statements that show the cash flow of the business.

Create an appendix for other information. Any details that don't fit into a category already listed, add to the appendix. This would be the section to include copies of contracts and forms, brochures, and permits and licenses.

Package the information into a business plan. If you will be applying for a loan or looking for investors, package the information with a professional cover letter in a quality folder. If the document is simply to help you and your management team, keep it available for easy reference when decisions about the company need to be made.

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