It has always been a dream of mine to open a business. The business plan assignment made me truly think about what that would look like…
Slaughter Financial Advisory Business Plan
Slaughter Financial Advisory is a new firm that will offer fee-only financial and tax planning, while following a fiduciary standard. Slaughter Financial Advisory will begin operations on August 15, 2015 and will be owned and operated by Jamie Slaughter.
Slaughter Financial Advisory will offer fee-only financial planning services to include: tax planning, college planning, insurance review, estate planning review, as well as management of investments. In addition, the firm will provide ongoing and regular appointments to analyze clients’ overall finances as well as one-time reviews, as requested.
The target market for Slaughter Financial Advisory will be primarily young, military families, female executives, and widows of military members in Colorado Springs area. Eventually the firm will seek to expand to other military bases as clients relocate. The city has a large military presence with Schriever and Peterson Air Force Bases, the Air Force Academy, Fort Carson Army Base, and NORAD, which creates the need for a well-suited financial planning firm.
Slaughter Financial Advisory will define itself in the industry by having Jamie Slaughter, a CFP and veteran as a financial planner. Also by offering fee-only advice without receiving commissions, offer a fiduciary standard, meaning the clients’ interests will be put over my own interests.
In order to help clients with tax planning and estate planning, alliances with estate planning attorneys and CPAs will be made to assist with additional services. However, no referral fees or payments will be received for such referrals. In addition, the firm will refer clients to government offices such as Judge Advocate General’s (JAG) to assist in provide estate planning documents.
It is estimated that the business will cost approximately $350,000 to start, with annual ongoing costs of $85,000. These costs will be covered by business loans initially. Revenue and new client fees will cover the ongoing costs. The initial business loan will be requested for $500,000 to help cover ongoing costs for the first three years.
Industry Description and Outlook
Slaughter Financial Advisory will provide financial services to military families, female executives, and widows of military members to help them deal with financial changes in their life, as well as assist them with overall financial planning to meet their retirement dreams and goals. This financial advisory firm will bring specific value to the market because the owner, Jamie Slaughter, possesses knowledge of current military benefits and retirement plans, and also is a Certified Financial Planner (CFP). Additionally, the firm operates on a fee-only basis and provides a fiduciary standard to clients, which is quite unique in the industry.
The need for financial planning and financial planning firms is intended to increase over the years, as more planners age and retire. Also, with an increase in the baby boomer generation, more planners will be needed to assist with retirement planning. As stated by TD Ameritrade (2013), “jobs in financial planning are booming and expected to grow at more than double the average growth rate for all occupations by 2020.” There is also expected to actually be a shortage of financial planners in the field over the next few years.
The target market for Slaughter Financial Advisory will be young military families, female executives, and widows of military members. The majority of qualified prospects will be between the ages of 18-40. While the income will be varied, typically prospects will earn between $45,000 and $100,000 and reside in the Colorado Springs area. With the constant relocation experienced by military families, this may change and become more varied as the business grows. The firm will use virtual meetings and will travel to meet with clients as this happens.
The majority of clients will be current or retired military or family members of military personnel. Many of the clients will be married and have children, although, the firm will also specialize in financial planning for widows of military personnel also. Slaughter Financial Advisory has designed a specific process to assist widows and families that have experienced the loss of loved one. The process was exclusively designed to walk widows through the tragic time in their lives, while also assisting them with the difficulties and stress involved.
The business will be located within an office suite in the northern part of Colorado Springs, Colorado. To begin with, there will be two employees, Jamie Slaughter, the owner, and one administrative assistant. The company will be privately owned and operate only in the financial planning industry, without selling any products, and only working on a fee-only basis. There will be monthly spending budgets and an annual budget designed initially for the first five years, but will be reevaluated on an ongoing basis.
There will be many various competitors in the industry. Competitors will range from large-scale broker-dealer firms to small Registered Investments Advisors (RIAs). While, competition will be present, Slaughter Financial Advisory will distinguish itself by offering such comprehensive and detailed financial planning on a fee-only basis. The college and tax planning, in addition to the typically financial management will offer a distinct service that most advisors do not include.
One major competition in the area would be another financial planning firm called, First Command Financial Services. This firm was also established specifically to assist and advise military families. An advantage that they have over Slaughter Financial Advisory is the fact that the business has been around since the 1950s and will have already established a share of the target market. Also, the size of that firm will offer it a competitive advantage against Slaughter Financial Advisory, since it will be a one-advisor firm to begin with. However, my firm will offer an advantage for the fact that it is owned and operated by the main advisor, so the level of personal service received will be second-to-none.
Overview of Competition
Over the years the competition for financial planning firms has been increasing constantly as various businesses begin to incorporate financial advice into their service offerings. The competition varies from small firms to corporate giants vying for a piece of the pie.
Commercial banks and credit unions may be a source of competition, as many are starting to offer more types of planning services. Many of them try to use this as a starting point before conducting sales of various products they offer. Since many people are already using these banks for other offerings, they have a convenience advantage over Slaughter Financial Advisory (Morrow, 2001).
Traditional brokerage firms also offer competitive planning services. Various firms from companies like Merrill Lynch and Edward Jones are beginning to offer more advice. They are also becoming more relative to the small Registered Investment Advisor (RIA) firms because they are altering their pay so that it is more of a fee-based approach, compared to formerly being transaction based. Also, some of these giant companies are beginning to add small offices and hire financial advisors to do planning (Morrow, 2001).
As Morrow (2001) explained, specific financial planning firms are also competition. There are so many specific variations among even RIAs that can make certain firms more successful than others. Also, there are firms that sell insurance, while some are more oriented towards investments only. The way that firms charge also differentiates them. For example, there are fee-only planners, hourly planners, and even planners that focus on life planning. This plan focuses on specifically which firms will be the biggest threat and competition, based on the niche market that Slaughter Financial Advisory will focus on.
First Command Financial Services
As First Command Financial Services website shows, they offer planning, insurance, investments, and banking. They assist clients with everything from debt reduction to offering assistance with goals and savings. The site also mentions and offers a “complimentary initial financial plan” to active military members who are grades E-6 and above. The planners also act as fiduciaries, meaning “guardians of our clients’ best interests” as they describe it. This is important to note because that is a major strength for the competition and is congruent with Slaughter Financial Advisory’s practice as well.
First Command Financial Services website also mentions they offer insurance and banking services. By offering additional products and services that would provide convenience to customers that Slaughter Financial Advisory could not. Also, there could be a relationship already formed with military members and the target market if they are current customers of any of those services. It is also important to note that the military families tend to move around so the firm will be targeting the same niche as our firm and will also have the ability to offer services to them in multiple areas, rather than just in Colorado Springs. While First Command Financial Services will have many strengths and abilities to assist clients effectively, Slaughter Financial Advisory will offer a personalized service that is next to none. The ability to have the owner acting as a client’s Financial Advisor helps offer them experience and consistency.
USAA is another company that will be a major competitor to Slaughter Financial Advisory. As USAA’s (2013) website shows, they offer insurance, banking, investing, real estate, retirement planning and health insurance. The company also specializes in helping military and veterans. Similar to First Command Financial Services, USAA also has multiple locations and advisors to assist military families in locations outside of the Colorado Springs area. This will serve as an advantage over its competition.
USAA (2013) could have an impact on Slaughter Financial Advisory due to its offerings of financial planning, and other various products. However, the company will not offer any tax planning and also does not work on a fiduciary standard. USAA works on a suitability standard which means that it can sell products that are suitable for a client, but will not be forced to put clients’ interests above their own. Because of this, you see products on the site being sold such as annuities. With annuity and insurance being sold by the company, a firm like Slaughter Financial Advisory will stand out, due to the lack of sales-oriented advice.
In order to gain competitive advantage over the giant companies that offer such variety and convenience, Slaughter Financial Advisory will strive to offer relationships that cannot be maintained by such large firms. As Bergeron and Fallu (2008) mention in their study, advisors should offer surprises or “extras.” They described the extras as “a specific and unexpected gesture by the advisor toward the client.” There were various examples given as ways of offering an added bonus, in addition to the great service received regularly.
Essentially for Slaughter Financial Advisory to stand out and gain market share exceptional service and relationship building will be done. As Bergeron and Fallu (2008) mentioned, the idea is to surprise clients by going out of your way to provide a friendship and maintain the relationship. This could be done by calling them just to see how things are going and ask about travel, etc. Also, the firm could send wedding anniversary, birthday, and holiday cards or small gifts. Notes can also be made to note children’s and pets names to help the advisor make key comments to show that there is a desire to know the client on a personal level.
Marketing and Networking
It will be important for Slaughter Financial Advisory to develop multiple marketing strategies to bring in new financial planning clients. The firm will focus on attracting new clients with 5-10 new clients per month during the first year and 3-5 per quarter in the following quarters of the second and third years. Slaughter Financial Advisory will initially target a younger client base offering financial reviews and assessments and after five years in business will begin to shift to focus on clients who are closer to retirement as well as gain longer relationships to provide ongoing planning.
Primarily the firm will utilize networking events, as well as produce and mail direct marketing advertisements to prospects. In the following section, the implementation of these concepts will be explored, in addition to the costs and overall goals associated with each strategy.
One commonly successful way to attract new prospects to a business is through networking events. In order to fulfill this marketing concept, Jamie Slaughter, the owner of Slaughter Financial Advisory will set goals to participate in a specific number of networking events per month. The networking groups that Jamie will belong to are: Colorado Springs Regional Business Alliance, and Southern Colorado Women’s Chamber.
Colorado Springs Business Alliance
Another marketing strategy that Slaughter Financial Advisory will incorporate is joining the Colorado Springs Business Alliance. As the website states the Colorado Springs Business Alliance is there “to enhance the quality of our community by serving the business development needs of our region so that economic growth exceeds population growth.” Jamie Slaughter, the owner and principal financial advisor, will actively participate in the events held by the business alliance, especially the Rising Professionals group because this will allow the firm to gain valuable prospect and alliance partners. She will be held to a standard to attend of two meetings or event per month while gaining two new alliance partners overall and four new clients annually.
The business alliance allows a business to join once the $1,000 is paid. Slaughter Financial Advisory will join within the first six months of business. This membership will entitle to the business to be a part of the alliance at the “Member Mover” level, which also includes access to free advertising in some of the organization’s publications as well as access to numerous business events in the community.
Southern Colorado Women’s Chamber
The Southern Colorado Women’s Chamber of Commerce (SCWCC) will be another organization that Slaughter Financial Advisory and specifically Jamie Slaughter will join. This group is specifically designed to create events for businesswomen in the community. Since a target market for the firm will be women it will be important to make connections within other businesses as well as work to attract female executives to the business for their own financial planning.
As shown on the website for SCWCC the annual cost at the Business level is $225 per year. There is also an additional cost for events and on average they cost approximately $25.00 per event. The budgeted amount will be $600 to allow Jamie to attend 12-15 events throughout the year. The costs will also include a listing on the SCWCC website and discounted rates for attending events. By joining the SCWCC, Slaughter Financial Advisory can help make new connections within the world of businesswomen. The firm will have a goal to earn five new clients per year by joining this organization.
Direct Mailing Campaign
While attending networking events and increasing involvement in the community will help develop Slaughter Financial Advisory, it will also be imperative to directly contact prospective clients in some way. The firm will do this by sending out direct mailings to certain clients that meet the two or more of the following demographics: Colorado Springs resident, female, military, widow, executive. Slaughter Financial Advisory will gather these given demographics using resources through the public library that offer an assortment of various information.
When sending direct mailings to females in the area the material will focus on the fact that the principal advisor at Slaughter Financial Advisory is female by placing a picture of Jamie somewhere on it. As Krebsbach (2001) mentions females tend to prefer gaining knowledge from other women and are also more likely to be attracted to attending “gender-based seminars” compared to men. These specific mailings will also address putting fears at ease because it was also noted that women, on average tend to be more fear-filled when it comes to investments.
The overall mailing distributions will be sent to over 1500 people. The costs are estimated to be $3000, which will include basic design work so that the project can be easily recreated if it is successful. The campaign will have a goal to bring in 15 new clients.
Slaughter Financial Advisory will specialize in tax planning, estate planning, investment management, and retirement planning. There will be a flat cost for creating the initial plan, in addition to quarterly management fees based on a percentage. Slaughter Financial Advisory will primarily market to the Colorado Springs area by joining networking events and sending marketing materials to prospects in the region. It is also important for the owner to be able to volunteer time and services to the community. Some of the marketing plan objectives include: meeting financial goals and obligations set, gain a larger proportion of target clients, measure and monitor results of efforts, and to create specific marketing and networking channels that can be repeated.
The next section reviews the strengths, weaknesses, opportunities, and threats that Slaughter Financial Advisory has at this point in time. Some of the company’s strengths include: Fee-only, fiduciary model; Capacity to grow; Effective and efficient use of technology; Exceptional client service and follow up. Weaknesses are made up of:long sales cycles, new client pipeline is not constantly full, dependency on owner, and complexity of clients’ situations constantly increasing. Opportunities include: all staff is involved in client service and business development; expand service area; market specifically to: military members, women, and executives. Threats include: competition; regulation; and market risk.
Slaughter Financial Advisory will specialize in offering estate and tax planning, investment management, tax planning, in addition to answering other financial questions as they arise for clients. The firm will primarily market to young, military families, female executives, and widows of military members in Colorado Springs area. The main age groups that Slaughter Financial Advisory will market to are those people within the ages of 30-45. According to the City of Colorado Springs (2012) website shows, the median age is 33.6, which should be a good match for the business. In addition, the median household income is $50,982 as of 2008.
Keys to Success
There will be certain factors that will help contribute to the success of Slaughter Financial Advisory. The firm will strive to overcome the competition by offering service levels that go above and beyond that which broker-dealer and other large firms would provide. As De’Armond and Durband (2011) explain, service will be one of the elements that sets firms apart from the competition. With that said, it will be imperative that Slaughter Financial Advisory employs staff members with a similar mindset.
Some of these key factors for Slaughter Financial Advisory’s success are listed below:
- Understanding needs of future clients
- Creating and utilizing networking relationships with CPAs and Attorneys
- Specialized service offering for widows and military families
- Service offering for women
- Offering exemplary service and creating personal touch
Critical Issues Facing Slaughter Financial Advisory
While Slaughter Financial Advisory has multiple strengths, which will help the business, there are still certain issues that face the company and could stand in the way of success. Some of the issues that face the firm are the needs to focus on obtaining new clients, creating a clear service that puts the firm above the competition, and clearly defined marketing activities. In addition, the follow through of the marketing activities will be imperative for the firm to find success. It will be important to identify a timeline for the efforts and continuously monitor those efforts.
Timeline for Marketing Efforts
Slaughter Financial Advisory will begin marketing efforts in August 2015 soon after opening. The initial goal will be to contact the BNI Group so that Jamie can begin attended events as soon as the company is accepted. Once accepted, Jamie will have a goal to attend three meetings per month. The company will allot $1,000 per year for this membership which will allow for the travel, lunch, or other additional expenses that will be associated with attending meetings and events. Slaughter Financial Advisory will measure the success of the networking group will be a goal to gain one new alliance partner or client per quarter from the group or one of the group’s members. This goal will be re-evaluated quarterly the first year of membership and then at least annually thereafter.
For the Colorado Springs Business Alliance, Slaughter Financial Advisory will join immediately after becoming a business. Jamie will begin attending meetings within the first month of business. She will have a goal to attend two events per month In addition, the business will cost $1,000 to join, in addition to another $1,000 being budgeted for travel expenses, etc. Slaughter Financial Advisory will join within the first six months of business. This membership will entitle to the business to be a part of the alliance at the “Member Mover” level, which also includes access to free advertising in some of the organization’s publications as well as access to numerous business events in the community.
The Southern Colorado Women’s Chamber of Commerce (SCWCC) will be another organization that Slaughter Financial Advisory and specifically Jamie Slaughter will join. For SCWCC the annual cost at the Business level is $225 per year. There is also an additional cost for events and on average they cost approximately $25.00 per event. The budgeted amount will be $600 to allow Jamie to attend 12-15 events throughout the year.
The direct mailing efforts will also need to begin within the first 6-12 months of business. Initially the firm will send out a mailing with regards to the opening of the business. It will be a way to notify prospects of a new financial planning firm and will offer an initial consultation, which will answer a prospect’s one-most pressing financial question. From the initial appointment, Jamie will outline the additional planning services that she could offer the prospect in hopes of them continuing a long-term relationship.
As Dom (1997) explains sending direct mailings can have a significant impact on obtaining new clients. With this in mind, Slaughter Financial Advisory will continue to send mailings after the initial one. The subsequent mailings will be sent based on specific demographics. The firm will create these in-house but will run them by the compliance attorneys on an individual basis.
This section will outline the specific requirements for opening Slaughter Financial Advisory. The firm will be run by Jamie Slaughter, the owner, but will certainly need other employees to help deal with administrative as well as a broker-dealer to provide custody for the clients’ investments. In addition details about the office and how it will be run, compliance specifics, continuing education requirements, and the costs associated with all of these pieces of the business will be explored.
Initially, Slaughter Financial Advisory will open with two employees, Jamie Slaughter, the owner, and one administrative assistant. As the firm grows, the goal is to add more staff. Once the first two years of financial goals for revenues are met, Jamie will hire a Financial Planning Associate to assist her during appointments. This person will take notes and provide client service to investors. Eventually there could be room for advancement for employees in this role to become a Financial Planner of the firm. There will be specific goals and requirements before this can be used, for example a Financial Planner must pass the Certified Financial Planner (CFP) exam before that person could be the sole planner.
Slaughter Financial Advisory will also eventually need a specific employee to handle operations. The job duties would range from dealing with attorneys for compliance, provide human resources support, and also handle bookkeeping. The firm will not hire anyone in this role until there is a capacity in the budge and it will also be imperative that this employee is someone who has built a tremendous amount of trust and would need to display exemplary skills.
After working in the financial planning industry, it was obvious that there will be many ongoing costs monthly and annually for software and technology that is imperative in the business. In order to track these costs monthly spending budgets and an annual budget have been designed initially for the first five years, but will be reevaluated on a bi-monthly basis and will change as business needs change. It is estimated that the business will cost approximately $350,000 to start, with annual ongoing costs of $85,000. These costs will be covered by business loans initially. Revenue and new client fees will cover the ongoing costs. The initial business loan will be requested for $500,000 to help cover ongoing costs for the first three years.
As Moore (2013) explained in his article, technology is imperative for a financial planning firm that serves Gen Y clients. Knowing many of the technology products and services that were mentioned, Slaughter Financial Advisory will implement them as described, which will cost approximately $13,374.35 per year. The monthly subscriptions will cost $970.40 and the annual subscriptions will run $1729.55.
Another major cost that the firm will have on an ongoing basis is the costs associated with being compliant. The firm will start off being registered through the State of Colorado. Initially the firm will also have costs of having a compliance attorney create an ADV, becoming registered as an LLC or corporation, and also creating employee manuals, privacy notices, and other initial policies. While the costs of this can vary greatly as RIA Compliance Consultants (2014) website mentions, the upfront costs for filling paperwork and consulting fees generally run from $2600-$3600. In addition, there will be attorney fees for drafting various documents, it will be estimated that will cost $350 per hour and approximately 20 hours will be needed initially and 5 hours will be needed per quarter after that.
Human resources, finance, compliance, and marketing and other operational requirements will begin by fulfilling basic needs and grow in parallel to the business itself. As mentioned below some of the basic operations will include weekly staff meetings, quarterly reviews, and monthly budget/performance reviews.. Each section below will discuss these operational requirements in more detail with specifics on what will need to be implemented to help create successful operations.
Operational Requirements for Staff
When Slaughter Financial Advisory initially opens there will only be two employees; Jamie Slaughter, the owner, and one administrative assistant which will be hired upon the firm opening its doors. Slaughter, a CFP and experienced financial planner also has a Bachelor’s of Science degree in Business and a Master’s of Science degree in Management, with a concentration in business. She has over five years of experience serving 50 clients at a time with each client having $500,000 – $3,000,000.
It will be imperative to continue to add more staff as the firm sees growth. The specific requirements established to hire more staff will be once the first two years of financial goals for revenues are met, Jamie will hire a Financial Planning Associate to assist her during appointments. The Financial Planning Associate will take notes and provide client service to investors. Eventually there could be room for advancement for employees in this role to become a Financial Planner of the firm. There will be specific goals and requirements before this can be used, for example a Financial Planner must pass the Certified Financial Planner (CFP) exam before that person could be the sole planner.
Eventually, Slaughter Financial Advisory will also require a designated employee to handle operations. This person would have multiple duties ranging from dealing with attorneys for compliance, provide human resources support, and also handle bookkeeping. The firm will not hire anyone in this role until there is a capacity in the budget and it will also be imperative that this employee is someone who has built a tremendous amount of trust and would need to display exemplary skills. In addition, both the operations employee and any other staff will be required to have a Bachelor’s Degree, and two years of related work experience will be required for the operations employee, but just desired for the Administrative Assistant.
One of the major factors used when hiring employees, as the business grows and even from the beginning, will be to make sure that they fit in with the culture and are extremely service-oriented. It will be imperative that the service provided to clients stay consistent and error-free, even if it is another employee providing service, rather than the owner. Also, considering that the firm will be helping clients in every aspect of their financial lives and conducting trades, transfers, and other large financial transactions, employees must be extremely detail oriented and diligent to ensure that no or very few mistakes are made. Processes for nearly every task will be created to ensure that there are guidelines for how things are done and also to help make sure that each task is completed the same each time it may occur.
Slaughter Financial Advisory will implement what it will refer to as Operational Reviews. These will consist of quarterly employee reviews to help develop goals, long-term planning, and discuss performance. The employee meetings will be informal and on a conversational basis to allow the employees to express any concerns or questions they may have, in addition to using this as an opportunity to set goals, and discuss which goals have been met/not met.
Another component of the Operational Reviews will be the Monthly Budget Review. In the beginning this will be Jamie reviewing the financials and as the company grows the employee who is in charge of operations will be heading these meetings eventually. One goal of these meetings will be to review the balance sheet, in addition to determining how many new clients the company has, how many current full retainer clients the company has, and how many new clients were earned through marketing efforts. This will help determine if the marketing needs to be adjusted as well as help Jamie be aware of where her networking and marketing efforts are paying off.
Another part of the Operational Reviews will be weekly staff meetings. At first this will consist of Jamie and the Administrative Assistant but as the business grows, these meetings will include every employee. The meetings will have an agenda and each employee will be able to contribute to each section of the agenda as needed and new business can be added by individuals as they see fit.
Some of the potential risks that Slaughter Financial Advisory will face include the risks involved with the stock market, compliance/regulation, and the risks involved when dealing with confidential information in connection with technology. There are also risks involved with Jamie, the owner, being the sole financial planner in the beginning and a succession plan should be created.
Market risk is a major factor to consider when analyzing risks involved with a small financial planning firm. Most fee-only financial planners make money by calculating fees off of clients’ investable assets. This means that if there is a huge decrease in the market, a planner’s income decreases as well.
There are many ways to attempt to reduce risk involved with the markets. One way would be to diversify assets with more than just stocks and bonds. As Jahnke (1999) mentions “Risk is controlled or managed by diversifying across and within asset classes.” This would involve purchasing not only Small-Cap, Large-Cap, and Fixed Income funds, but also including Commodities, Emerging Markets, and Real-Estate Investment Trusts. By doing this the alternative positions will help offer non-correlation which means they will move in an opposite direction of the stock market, typically.
Slaughter Financial Advisory will be registered through the State of Colorado. Eventually if the firm has over $100 million under management it will be necessary to move to SEC registration. There are certainly risks involved with compliance and regulation because simple mistakes can turn into large fines or even a planner losing their license. It will be imperative to hire compliance attorneys to draft documents to help reduce the risk that the company faces. Written policies and procedures must be followed in order to stay compliant.
With Jamie, the owner, as the sole financial planner, it will be imperative that the firm develops a succession plan. As the business grows this plan will need to be adjusted to accommodate for growth and development for additional planners will be required. While it will not be required from a compliance standpoint, it will still be helpful for the firm to have such a plan in place to help reduce risks involved with being unprepared. It will be a goal to annually review the succession plan and implement its goals into employee development plans as well.
One other risk that Slaughter Financial Advisory will face is that Jamie will be the sole employee bringing in new clients. Since she is also the only employee that will conduct meetings with clients, it is imperative that there is a plan in place, in the event that something happens to Jamie. The succession plans should also help to reduce this risk because as the company grows, the plan will help ensure that another employee is developed and registered to also give advice to clients. However, in the interim it will be imperative that there is another plan in place. One way that the firm will help reduce the risk is by working out an agreement with another fee-only financial planner in town to be able to assist the firm as needed, in the event that something happens to Jamie. This would only serve as a short-term solution but will help reduce some of the risks.
Overall, Slaughter Financial Advisory will attempt to have a plan in place and will make adjustments as needed. Marketing, Operations, and Human Resources will play a large part in the business initially to get everything up and running. As the company grows the plans will continue to evolve. As the profits increase the firm will be able to have better solutions, to include additional employees.
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