It is a group assignment and I want just the last part done, that is the 4th part “Strategic Partnerships”. It is a very small part. I have attached the group assignment 1 and 2 just so you have the necessary background information as this assignment is a continuation of the previous 2 assignments.


Strategic Partnerships

Identify new suppliers and new customers

Identify potential operational/logistic/manufacturing partners

Other partners in eco-system – associations, influencers etc.

It is a group assignment and I want just the last part done, that is the 4th part “Strategic Partnerships”. Strategic Partnerships Identify new suppliers and new customers Identify potential operat
Components of a Strategic & Marketing Plan (Group Assignment #3) Here’s a guideline – extract conclusions (do not cut and paste analysis) from group assignment #2 and extrapolate/extend conclusions to provide recommendations (50/50): Strategic Plan Mission Statement – evolve from assignment #2 Vision Statement– evolve from assignment #2 SWOT Analysis – conclusions only (pairings and resulting strategies) Long-Term Objectives – In line with vision statement Focus on main strategies (i.e. product development, market penetration, vertical integration) Short-Term Priorities – feasible, within current constraints Action Plan – specifics of how goal will be achieved – high level Scorecard – Key Performance Indicators – measurable Final Assessment – Recommendations – high-level Marketing Plan Market Research – are there any market research needs based upon your findings from assignments #1/#2 Target Market Focus on target market segment(s), customer preferences/attributes/characteristics Positioning Focus on product value proposition, product differentiation/benefits Competitive Analysis Focus on Competitor Profile Matrix Competitive Advantage (from CPM) – distinctive competencies/capabilities Market Tactics Include Product/Price/Place/Promotional tactics Budget – monetarize recommendations, i.e. invest $x in social media, will generate $y in increased revenue Marketing Metrics – measurable Revenue model (make assumptions when and where necessary) Current revenue: define 3-year revenue projections based on current conditions/constraints Potential revenue projections: based on recommended investments (based on strategy/marketing plan recommendations above) – citing increased revenues from specific investments New product/services revenue: build revenue streams based on any new products/services (if appropriate) Note: a complete P & L does not need to be completed at this time. Trading partners Identify new suppliers and new customers Identify potential operational/logistic/manufacturing partners Other partners in eco-system – associations, influencers etc.
It is a group assignment and I want just the last part done, that is the 4th part “Strategic Partnerships”. Strategic Partnerships Identify new suppliers and new customers Identify potential operat
Sheridan College Integrated Industry Project Strategic Business Plan Current State Analysis For: Personal Banker Author: Insightful Impacts June 10, 2022 Table of Contents 1Introduction 3 2PESTLE 3 1Political Factors 3 2Economic Factors 3 3Social Factors 5 1Banking Culture and Accessibility 5 2Investments 5 3Changing Demographic and Buying Habits 5 4Technological Factors 5 1Banking Technology 5 2Personal Banking Online and Wealth 6 5Legal Factors 6 1Banking Regulations and Financial Services 6 2Investments 6 6Environmental Factors 7 3Michael Porter’s Five Forces 7 1Buyer Power 7 2Supplier’s Power 8 3Competitive Rivalry 8 4Threat of New Entrants 8 5Threat of Substitution 9 4Competitive Profile Matrix 10 5SWOT 11 6Strategic Pairing 13 7Vision and Mission statements 15 8Conclusion and Next Steps: 16 1Conclusion 16 2Next Steps 16 9SIGN-OFF 17 10References 18 Introduction This deliverable aims to present an analysis of the internal and external environment in which Personal Banker is operating. An-in depth understanding of the internal and external environment will provide a framework for developing a business strategy for the company. Insightful Impacts is following a structured approach to complete a strategic analysis of the business environment. Accordingly, PESTLE (Political, Economic, Social, Technological, Legal and Environmental) Analysis, Michael Porter’s Five Forces Model, Competitive Profile Matrix, SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats) and Strategic Pairing tools have been used to fully comprehend and document the internal and external environment of Personal Banker. PESTLE Political Factors Political factors, these are the factors which influence businesses including: taxes, policies, regulations, trade restrictions, tariffs, and the political situation of the country. The political situation determines the stability of the markets and industry which the company plans to enter or is existing in (Pathak, 2020). In the case of Canada, the political climate is very stable. In fact, the World Bank, calculates that Canada is in 90.09% stable condition in (Pathak, 2020). There are a number of different bodies, which aim to protect consumers. For example, financial services regulatory service of authority of Ontario (Financial Service Regulatory of Canada, 2022). Additionally, there are self-regulatory bodies such as Investment Industry Regulatory Organization of Canada or commonly known as IIROC (Investment Industry Regulatory Organization of Canada, 2022). Personal Banker is the company that is working towards providing each client a tailored service that would allow him or her to make a good decision that would yield a better and safe returns. There are different solutions that are offered under the entity, and it includes the Tax Solution continuum, and also the company helps in reducing the works that would capture most of the taxes and would not yield better returns. The analysis is done looking at the 10-year filing and it provides the best possible solution over what should be done with the amount recovered. Personal Banker is working in the consulting and solution providing industry where most of the individual investors and businesses are operating and are looking forward to the guidance that would allow them to move ahead with the best and feasible decision. Economic Factors Economic factors take into consideration the exchange rate of the country against another, economic growth and the indicators, inflation rate, interest rate, cost of living, labor costs, and also the purchasing power of the consumers. The inflation rate is important to take into consideration because it allows the businesses to gauge the market situation and make wise decisions regarding pricing and costs. The interest rate plays a vital role in determining the loan taking power of the business and if the interest rates are lower than the loans would increase, and companies would be able to expand their operations. Canada is a developed nation with improved standing in terms of inflation and interest rate where the inflation rate is 5.7% and the minimum wage set by the government is standing at $15.55 per hour and it is to save the consumers and allow them to live and support their families (Dodge, 2022). Furthermore, the economic indicators of Canada are optimal. Currently the literacy rate is at 99% which is quite impressive compared to other nations and one of the reasons why Canada is developed (Trends, 2022). Following the Covid-19, the global economy is under extreme inflationary pressure. Canada is also facing a 6.8% inflation rate, which is the highest in the last 31 years. Ukraine War has further aggravated the overall economic conditions. Personal Banker is established in Canada which is a sound country with a stable economic situation. Canada’s economic factors are quite healthy as more and more business opportunities, investors, and different entities are entering the markets of Canada which bodes well for Personal Banker as the entity provides solutions and financial assistance to individuals. Over 40 banks offer financial banking services to Canadians, IE: bank accounts, credit cards, investments, loans, etc. (Canadian Bankers Association, 2022). Only four percent of debt in Canada comes from credit card debt, the majority of debt comes from mortgages at 74 percent (Canadian Bankers Association, 2022). This information is valuable to Personal Banker as it shows that people in Canada are diligent with their money and have the means of learning how to be smart with it. The following additional economic factors are particularly relevant from Personal Banker’s perspective: The World Bank and many other economic gurus are forecasting an economic recession (Liang, 2022). The potential impact of this economic condition needs to be considered in developing a business strategy for Personal Banker. As per market data forecast, FinTech market is expected to grow at 25.18% rate during 20-27 to reach USD$324 billion (Market Data Forecast, 2022). The global financial services market is also expected to grow at a CAGR of 6% to reach 28.5 trillion, presenting an attractive opportunity (The Business Research Company, 2022). E-commerce market grew by $2019 billion in USA (Berthene, 2022). More and more financial institutions are aiming to offer more financial services, indicating increasing competition. The financial services as well as tax filing services market is characterized by many competitors Many financial services players employ certified individuals e.g., CFP, mutual fund license, etc. Social Factors Banking Culture and Accessibility Canada owns one of the world’s most accessible banking systems. More than 99 percent of Canadians have a bank account (Canadian Bankers Association, 2022). Over 90 percent of Canadians also believe that technology has made their way of banking much easier, this shows that in Canadian culture, they are eager to learn and grow as individuals, making personal banking services attractive to Canadians. Canadian behaviour also shows that they are wary of their debt and tend to focus on things that are marginally for bettering life rather than wasting money. Due the COVID-19 pandemic, we have also seen a shift of consumers wanting to do everything online rather than visiting a branch in person. Hence the culture of banking has slightly changed in terms of doing things in person (Young, 2021). Personal Banker can take advantage of this scenario as majority of their services are offered online. Investments In Canadian culture, it is quite apparent that most Canadians are investing regularly in some way or another, whether that be through RRSP, Stocks, Housing, etc. (Ray, 2019). Canadians are eager to improve their portfolio and grow their wealth. However not everyone takes advantage of personal banking services and information that is easily accessible to them. They have not taken the chance to learn about it which is why they haven’t invested more into personal banking. This is a great chance for Personal Banker to market how beneficial the service is and how easy it can make your life. Changing Demographic and Buying Habits The following factors are particularly relevant from Personal Banker’s perspective: Aging population is necessitating more and more retirement related financial services. Covid-19 has greatly increased acceptability of online services, which can enable financial services provider to reach across geographical boundaries and deliver services cost effectively Technological Factors Banking Technology Banks in Canada have been increasingly innovative in the technology sector and have been supporting the development of technologies to make the lives of customers easier (Technology-led innovation in Banking, .n.d.). The investments in the digital side of things have led to banks making all sorts of services available to their clients such as mobile banking, 24/7 service, easy to use web platforms, new account openings and many more. The main benefit of technology is the convenience it provides. However, traditional services are still available for those who prefer a personal touch. In house development of technologies and increasing the usage of AI systems can benefit any establishment, especially those that are providing a service for the public. Clients being able to access all of their data on a portal whether that be through their phone or their computer anytime they want is something that everyone is looking out for nowadays. More and more FinTech applications are being used, changing the financial services landscape (Market Data Forecast, 2022). Personal Banking Online and Wealth Almost every single bank operating in Canada currently offers an online banking or personal banking solution to its’ customers. TD offers a service called TD wealth financial planning, they pair you with an advisor and work with you to build your wealth (TD Wealth, n.d). Personal Banker can take advantage of people’s eagerness to building their portfolio and invite them to start with minimal amounts of funding and resources, because everyone starts somewhere, the most important thing is the mindset. Legal Factors Banking Regulations and Financial Services Banks and banking services in Canada are highly regulated by the following, Minister of Finance Canada, Office of the Superintendent of Financial Institutions, Bank of Canada, Canada Deposit Insurance Corporation and Financial Institutions Supervisory Committee (Graham et al., n.d). All these services ensure that everything is regulated, and that responsibility always falls on someone. No banks in Canada are allowed to carry on business in Canada without obtaining the proper approval necessary (Graham et al., n.d). Since banks can only do services related to banking, the role of a personal banker is safe and ensures that everything is done properly and under the right regulations. In Canada, financial services such as planning and advising is also regulated. Financial advisors must be approved by a Financial Services Regulatory Authority of Ontario (Financial Services Regulatory Authority of Ontario, n.d). This process and regulation make it safe for both the consumers and advisors so that proper service is being conducted within the organizations (Financial Services Regulatory Authority of Ontario, n.d). Investments There is a large section in the Investment Canada Act that talks about Investment in Canada under. This act is designed “to provide for the review of significant investments in Canada by non-Canadians in a manner that encourages investment, economic growth and employment opportunities in Canada and to provide for the review of investments in Canada by non-Canadians that could be injurious to national security.” (Sector, 2022). Simply put, there are a lot of rules and regulations that are in place that Canadians should make themselves aware about before they invest in something. This is also something that Personal Banker should be aware of so that they provide the best and most accurate information to customers. As long as everyone in the situation is educated about the ruling and regulations in place about investments and how they work, this would make the customer feel more informed and confident in the services that Personal Banker is providing to them. Environmental Factors These are the factors that includes climate as it plays a vital role for a business to operate because if the country is not having right suitable climate conditions, then the infrastructure facilities would be on risk and of increased costs. 196 nations around the world signed Paris Accord in 2015 targeting to achieve total de-carbonization by the end of this century (Wang, 2018). The idea is that global temperature should only increase by no more that two degrees Celsius when compared to the pre-industrial era. Each nation is setting its own goals for de-carbonization. Canada is also setting aggressive targets to achieve 17 sustainable goals for sustainable development (Government of Canada, 2022). Given the seriousness of the climate change, everybody needs to participate towards achievement of these goals. Already initiatives such as Green Banking, and green bonds are taking place (Wang, 2018). In general, the entity would not have serious problems from environmental conditions as its business does not cause any serious damage in the form of smoke or burning of fossil fuels. However, Personal Banker can also contribute by minimizing paperwork. The FinTech application can play a pivotal role in this regard. Personal Banker may also consider development of an environmental policy. Michael Porter’s Five Forces The purpose of this section is to analyze Personal Banker against a competitive analysis model known as Porter’s Five Forces. Created by Harvard Professor Michael Porter in 1980, the five forces analyze a company’s standing in relation to the external market (David & David, 2017). These five forces include the power of suppliers and buyers, the rivalry of competition, and the threat of substitute products new entrants. This analysis will be conducted from the perspective of Personal Banker’s ambition to become a multi-faceted financial services company, with acknowledgement paid to the fact that the client has informed Insightful Insights that tax services (namely Tax ReClaim) are the company’s primary business at the moment. Buyer Power The power of customers is high when it comes to financial services. Whilst the product offerings amongst institutions may be similar, a customer’s ability to move from one firm to another easily does empower them to explore new alternatives. Similarly, customers wield a lot of power when it comes to tax preparation. An increase in competition amongst firms may drive prices and margins lower (Kanda, 2022). Couple this with the low cost of switching service providers and clearly the importance of each customer increases as the industry grows. Key Takeaways Customers in this space can be “easy come, easy go” To acquire and retain customers, Personal Banker must establish brand credibility and create a brand that customers are enthusiastic about. Supplier’s Power Suppliers hold a low to medium amount of power in their relationship with Personal Banker. Looking at the core functions of Personal Bankers, suppliers of computers are plentiful, leaving them with a low level of power. Similarly, office stationery suppliers are easy to substitute as well. However, this power dynamic shifts slightly towards the supplier when in comes to internet services. The backbone of Personal Banker’s business presently is the ability to communicate with clients remotely and looking forward the ability to update the app and host the servers (possibly onsite). This leaves Personal Banker vulnerable to price increases from Internet Service Providers as there are two predominant suppliers in Ontario, Bell and Rogers (O’Day, 2022). Competitive Rivalry The competition in both tax preparation and all-inclusive banking is remarkably high. In tax preparation, 33.2% of the market share is split between H&R Block and Inuit Inc (Kanda, 2022). However, the overall concentration or saturation of the market is low as there are many small local practitioners and that leaves an opportunity for another major player (Kanda, 2022). In contrast, the top six bank in Canada account for a market share of approximately 90% (Kanda, 2021). This translates to an elevated level of competition and concentration. Key Takeaways The niche that Personal Banker is trying to fill is surrounded by bevy of competition There is a tremendous opportunity for Personal Banker to establish itself in the tax preparation space Moving forward with risk, asset and cash management services needs will require an exceptional customer experience to avoid customers being poached by the big banks Competitors such as WealthSimple and the big banks all offer a facsimile of the risk, asset and cash management services that TRAC recommends Threat of New Entrants As Personal Banker presently uses its’ proprietary TRAC (Tax, Risk, Asset and Cash) model to enrich the financial standing of Canadians, leading with tax, it would be best to split the threat of new entrants into two sections: tax preparation and all-inclusive banking. From a tax preparation perspective, the barrier to new entrants is low (Kanda, 2022). As such, 58.3% of tax preparation businesses in 2022 are expected to be independent businesses (Kanda, 2022) as there are no formal accreditations to become a tax preparer in Canada, as well as very low overhead costs. Moreover, tax preparation is an attractive field to enter as demand for tax preparation services is set to increase. This is driven by three reasons: Canada’s population is expected to grow by 5.3% over the next 5 years (O’Neill, 2022). Canada’s unemployment rate is expected to hold steady around 5% over the next 5 years (O’Neill, 2022) The number of households earning over $100,000 is growing by 2.9% annually (Kanda, 2022) When tax preparation is removed from the equation, and all-inclusive banking (risk, asset and cash) is the barometer then a comparison to Canada’s top five retail banks would be appropriate as they provide risk, asset and cash management services. Canadian retail banking has a high barrier to entry meaning the threat of new entrants is low (Government of Canada, 2021). These barriers include but are not limited to: regulations, compliance costs, and capital requirements (Logan, 2021). With that said, the industry remains attractive. According to a 2022 Statista survey, more than half of Canadians aged 18-64 intended to purchase a financial product in 2022 (Kunst, 2022). As well, industry revenue is expected to grow at annualized pace of 2.4% over the next 5 years (Kanda, 2021). Key Takeaways Personal Banker’s use of tax services to acquire clients works well in this environment as the barrier to entry is low Personal Banker must be cognizant of easy it is for a competitor to arise and offer a similar service The eventual move into other financial services will come with added costs, especially asset management. Specifically, costs related to compliance and accreditation Threat of Substitution The threat of substitute products is high for both tax preparation and financial services. In tax preparation, consumers have a plethora of choices to complete their tax returns, but the threat comes from self-serve options provided by sources outside of the industry, including the Government of Canada’s free NetFile service and free community clinics. Moreover, free software assisted returns from financial services companies such as WealthSimple are a threat to Personal Banker’s tax services. Additionally, free money management tools such has Intuit’s Mint software that amalgamates information from all of a client’s accounts (cash, credit, and investments) and returns personalized advice, does pose a strong threat to Personal Banker’s future plans. Key Takeaways It is integral to the success of Personal Banker that the marketing strategy highlight what makes Personal Banker different. Specifically, why TRAC is the right choice. With switching cost being low, Personal Banker must create a value proposition for its wholistic view of client’s financial success. Competitive Profile Matrix The purpose of the competitive profile matrix is to determine the relative position of Personal Banker against key competitors. As the focus of Personal Banker is on tax reclaim and financial services, the three competitors chosen to compare the relative position of Personal Banker are Tax Recovery Inc, Wealth Simple, and Disability Credit Canada. A set of eight key success factors have been identified to carry out this comparison. These factors are explained below: Current market penetration and strength can provide a company with the ability to further grow the business through referrals and word of mouth. For example, Tax Recovery Inc claiming 11000 successful claims puts them in a stronger position to gain more business through referrals by satisfied customers. Financial strength provides the company necessary to invest and grow its business and sustain setbacks if any. Marketing efforts are pivotal for the success of the company. One way to measure marketing efforts could be ranking on google search or google reviews, etc. The breadth of services provides the company to grow revenue by upselling additional services to the same clients. FinTech Application is critical for the business to deliver quality services in the most productive way. Customer Satisfaction plays a key role in repeat business as well as referral business. In the absence of any other objective means, the number of Google Reviews and average ratings have been used to assess customer satisfaction The strength of the team provides the ability to deliver services effectively when the business starts growing Years in business build creditability for the service provider. Critical Success Factor Weight Personal Banker Tax Recovery Inc Wealth Simple Disability Credit Canada Rating Score Rating Score Rating Score Rating Score Current Market Penetration/Strength 0.15 2.0 0.30 3.0 0.45 3.5 0.53 3.5 0.53 Financial Strength 0.15 1.5 0.23 2.0 0.30 4.0 0.60 3.0 0.45 Marketing 0.10 2.5 0.25 3.0 0.30 3.5 0.35 3.0 0.30 Breadth of Services 0.15 2.0 0.30 1.5 0.23 3.0 0.45 3.0 0.45 FinTech Application 0.20 2.0 0.40 3.0 0.60 3.0 0.60 3.0 0.60 Customer Satisfaction (Based on the number of Google reviews and ratings) 0.10 3.0 0.30 3.0 0.30 4.0 0.40 3.0 0.30 Strength of team 0.10 1.0 0.10 3.0 0.30 3.0 0.30 4.0 0.40 Years in Business 0.05 2.0 0.10 4.0 0.20 3.0 0.15 3.0 0.15 Total 1.00 1.98 2.68 3.38 3.18 The competitive profile matrix indicates that Personal Banker is relatively in a weaker position compared with more established players. Tax Recovery Inc. has been in business for over 10 years, with a narrow focus, but with a larger volume. Both Wealth Simple and Disability Credit Canada started their business in 2014 and have significant penetration in their respective areas. Wealth Simple has over 2500 Google Reviews compared to only 11 reviews for Personal Banker. The strategic implications for Personal Banker may be to develop a niche strategy in the area of strength. However, a business strategy will be developed during the next phase of the project. SWOT Based on publicly available information and input provided by the client, the following SWOT analysis has been carried out. Strength The partners have a combined experience of 30 years (Personal Banker, 2022) Evolving FinTech application with Robo Advisor capability e.g., mobile application in development User-friendly FinTech application 5 years in business gives rich experience through successes and failures Ability to deliver services without seeking too much paperwork from the client. Lean and agile operations Client base is spread across the country, 30% in Ontario, and 70% in the rest of Canada. Complementing automated service with personal interaction with advisors Weakness Very limited professional licensing in financial advisory area e.g., no Certified Financial Planner Lack of growth funding Limited marketing activities e.g., no blogs for the last one year, limited social media activities (older posts, small following) A small team limits the capacity to grow a business effectively Current business does not compensate partners sufficiently to gain full focus of partners The current client base is in less affluent segments (survival, safety), which means less revenue per customer Opportunity Global FinTech Market is growing at a 25.18% compound annual rate over the forecast period of 2022-2027 and is expected to grow to US$324 billion by 2026 (Market Data Forecast, 2022). Similar trends are expected in Canada Covid-19 has increased acceptance of online businesses e.g., coronavirus added $219 billion to US e-commerce sales (Berthene, 2022) The global financial services market is expected to grow at a rate of 6% to 28.5 trillion by 2025 (The Business Research Company, 2022) The aging population will necessitate more retirement-related financial services needs Threat Major financial institutions (Banks and investment advisors) offering more and more services for additional revenues and customer stickiness (loyalty) Increasing signs of recession e.g., world bank warning over global recession (Liang, 2022) More established competitors in tax reclaim e.g., Tax Recovery Inc. has served 11000 clients Strong tax filing players (H&R Block, Liberty Tax Services, etc.) Competitors with licensed financial planners/advisor Strategic Pairing The purpose of strategic pairing is to provide input into the strategy development by comparing numerous factors. Strength-Opportunities pairing enables the company to focus on capturing opportunities where they have a high level of strength. Strength-Threat enables the company to identify the way the company can use its strengths to minimize the impact of external threats. Weakness-Opportunities pairing indicates areas of opportunity where it is best not to focus because a weak position may lead to failures. If the opportunity is large enough, the company should first focus on addressing its weaknesses. Weakness-Threat is a risk area, and the company must focus on addressing weaknesses to respond to threats. The following is a strategic pairing matrix for Personal Banker. Strength-Opportunities (SO) Personal Banker have been developing and enhancing FinTech application, a market, which is projected to grow by 25.18% during 2022 to 2027. The company should absolutely focus on continuously enhancing this application to more productively and cost effectively deliver financial services, as this can help penetrate high growth market The combined experience of 30 years in financial services industry will help seize opportunities in a market that is growing at 6% annually. The ability to deliver services without seeking a lot of paperwork can help serve a growing aging population that may find it difficult to come up with extensive paperwork. The key is to define and deliver the most relevant financial services The fact that the current client base is across Canada, gives the ability to address opportunity in a larger market Strength-Threat (ST) Leverage FinTech application (Strength) to compete against large financial institutions (threat) in a niche. The key is to continuously enhance FinTech application to deliver high value Leverage lean and agile operations (strength) to effectively deal with the expected recession. Leverage industry experience to create financial planning/tax filing/reclaim/ family bundles to compete against large tax filing services (e.g., H&R Block) and large tax reclaim players such as Tax Recovery Inc. Leverage personal interaction with clients to gain repeat business and upsell other services Weakness-Opportunities (WO) Lack of financial planning/advisory Licenses limits the opportunity to address the growing financial services market, particularly for the aging population. It is proposed that Personal Banker initiate a plan to have some of there resources certified for financial planning/advisory services, e.g., CFP Limited financial strength is a major barrier to capture market opportunities e.g., limited marketing, insufficient funds to develop a powerful FinTech application or to recruit/ compensate human resources Entire Canada is the target market but limited capacity to penetrate Weakness-Threat (WT) Limited marketing activities while competing against larger firms offering financial services minimize chances of success. To overcome this situation, Insightful Impacts team will recommend certain marketing activities in next deliverable, which is strategic and marketing plan. Meagre financial resources may make it more difficult to sail through the expected recession. Limited means to enhance/develop FinTech application into a robust solution for financial services, beyond reclaim, may make growth more difficult to achieve requiring a longer period of time Vision and Mission statements Current Vision Statement: “Financial Success and Significance for Canada’s middle class (98% of the population), by taking our members through the 5 Stages of Wealth, from Survival to Significance.” (Personal Banker, 2022). The above statement does not clearly mention the industry it operates in and what does it offer. New Vision statement: To empower and enable Canada’s middle class to take control of their financial futures by guiding them to Wealth Significance by way of education, financial advice, and technological innovation. Current Mission Statement: “We Provide Tax Strategies by Leveraging Innovative Technologies and a Holistic Approach to Financial Independence, empowering Canadians to embrace and experience their life’s purpose with finance” (Personal Banker, 2022). New Mission Statement: To add value to the financial well-being of consumers across Canada by providing high-value financial services that leverage cutting edge technology and financial industry expertise, while deriving profitable growth for the company. Our team of highly motivated individuals actively support customers in the use of our technology supplemented by expert advice to help them make important financial decisions. We believe that the financial well-being of our customers contributes toward the overall prosperity of communities and result in economic growth. The mission statement proposed by Insightful Impacts satisfies all nine characteristics of a good mission statement. Customer – Consumers Products and Services – High-value financial services Market – Across Canada Technology – Cutting edge Growth – Profitable growth Philosophy – Financial well being Self-concept – We Public Image – Prosperity of communities Concern for employees – Highly motivated individuals Conclusion and Next Steps: Conclusion After thoroughly analyzing the internal and external environment Personal Banker competes in, there are clearly avenues of opportunity for Personal Banker to become a significant company in the financial services field. Those opportunities include: The growing appetite amongst Canadians for technology centric financial services A growing tax preparation space that is ripe for an innovative service like Tax ReClaim to flourish as the company’s best tool to acquire new clientele The number of affluent Canadians (those making over $100,000 per year) is growing at a steady pace and in turn their need for financial advice (Kanda, 2022). Personal Bankers’ ambition of launching a four-pronged service of Tax, Risk, Asset and Cash management is viable as per this analysis. Moving forward, the development of a comprehensive marketing plan that accentuates the uniqueness of Personal Bankers’ product offering should be a priority. As well as ensuring a Human Resources strategy is in place to have the right people hired, trained, and accredited to add to Personal Bankers’ creditability and execute its’ vision. Next Steps The following next steps are envisaged: Review of internal and external analysis by the client Based on input of client, initiate next milestone focused on Strategic and Marketing Plan SIGN-OFF Insightful Impacts Team: Umer Amir Rashid: Umer Amir Shiza Akthar: Shiza Akhtar Adel Osaki: Adel Osaki Yudav Rambali: Yudav Rambali Muhmmad Riaz: M. Arsal Riaz Accepted By: Name: Title: Client: Personal Banker References Berthene, A. (2022, March 15). 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It is a group assignment and I want just the last part done, that is the 4th part “Strategic Partnerships”. Strategic Partnerships Identify new suppliers and new customers Identify potential operat
Sheridan College Integrated Industry Project Strategic Business Plan Statement of Work and Project Plan For: Personal Banker Authored By: Insightful Impacts May 27, 2022 Table of Contents 1EXECUTIVE SUMMARY 3 2CLIENT BACKGROUND 3 3SHERIDAN STUDENT CONSULTING INTRODUCTION 4 3.1Profile of Team members 5 4PROJECT SCOPE 6 4.1Scope and Methodology 6 4.1.1Situational Analysis 6 4.1.2Strategic and Marketing Plan 7 4.1.3Operational Plan 7 4.1.4Executive Report and Presentation 8 4.2Out-of-Scope 8 4.3Responsibility Matrix 9 5CONSULTING CHARGES AND EXPENSES 9 6Work Plan and Gantt Chart 9 6.1Work Plan 9 6.2Gantt Chart 10 7KEY ASSUMPTIONS/POTENTIAL RISKS 11 8SIGN-OFF 12 Accepted By: 12 EXECUTIVE SUMMARY As a fledgling financial services company looking to grow, Personal Banker has enlisted the expertise of Insightful Impacts to facilitate this goal. To do so, Insightful Impacts will produce several deliverables over the next several weeks including: an analysis of Personal Banker’s current state versus the market, a strategic business and marketing plan, and a proposed operational plan. This will culminate in a holistic overview of Personal Banker and Insightful Impacts’ recommendation moving forward. The attached document is a statement of work, dated May 27th, 2022 between Insightful Impacts and Personal Banker. The purpose of the statement of work is to provide a detailed look at Personal Banker’s business goals as Insightful Impacts understands them. Moreover, this document establishes the scope of Insightful Impacts’ work, as well as the deliverables, roles, and responsibilities of both Insightful Impacts and Personal Banker in this endeavour. CLIENT BACKGROUND Personal Banker is an aspiring financial service provider specializing in the review of personal taxes. Collectively, the team has over 30+ years of experience in financial services. It’s goal is to elevate Canadians’ financial standing through education and services, starting with its’ proprietary Tax ReClaim service. Operating out of north Toronto, Personal Banker operates utilizes a business to consumer framework and breaks from a traditional brick and mortar setup in favour a strictly digital service model. Doing business digitally allows Personal Banker to extend its ability to help Canadians nationwide. Target Customers While Personal Banker’s business model is designed to help Canadians from all walks of life, the ideal customer is in their prime earning and accumulation years. This demographic spans ages 30 – 50 years old. These customers are looking at more than just TaxReclaim, they need wholistic financial planning advice for their retirement, their family and future generations. Competitors Personal Banker’s main competitors focus on disability claims and RRSP reviews which directly competes with the Tax ReClaim service. As Personal Banker grows its’ suite of financial service offerings, they will see increased competition from banks, tax preparers and independent financial planners. Direct Indirect Family Tax Recovery Services Disability Services Wealth Simple Services Canada Tax Recovery Services Banks Tax Cycles What makes Personal Banker different? The Tax ReClaim service is the gateway to truly understanding a client’s financial position and the catalyst to introduce Personal Bankers other financial services. Personal Banker doesn’t impede its’ interaction with clients by asking for previous tax year paperwork. Personal Banker’s digital platform is both user friendly and aesthetically pleasing Challenges Personal Banker needs to increase both its sources of internal and external funding. Internal marketing communication needs to be streamlined and disseminated company wide. Need to re-evaluate current operational strategy to assist with operational bottlenecks. Acquiring accredited staffing to execute expansion into financial planning. Objectives Increase client base by 100% within the next 12 months – May 27, 2023. Expand service suite via educational services, asset management and app launch within the next 36 months – May 27, 2025. Acquire educational accreditation to provide educational services and certifications within the next 18 months – December 1, 2023. Double sales revenue from $163,000 to $326,000 (100%) by December 31, 2022. Attract third party funding to assist with company growth within the next 12 months – May 27, 2023. Create and implement a comprehensive marketing campaign prior to the tax return cycle – Feb 1, 2023. SHERIDAN STUDENT CONSULTING INTRODUCTION The following section introduces the team that will be delivering this consulting project. A brief profile of each team member is also provided. Name  Role  Contact Number  Email Address  Umer Amir Rashid Accounting/Finance 647-704-8357 [email protected] Adel Osaki Marketing 647-786-7923 [email protected] Shiza Akthar Finance 647-914-2736 [email protected] Yudav Rambali Human Resources 416-878-3740 [email protected] Muhammad Arsal Riaz Accounting 204-333-4007 [email protected] Profile of Team members Umer Amir Rashid Mr. Umer Amir Rashid is a student in the final year of the Honours BBA program at Sheridan College. Although his primary focus has been on accounting, he has studied numerous courses in finance, marketing, strategic management, supply chain, and others. He has acquired practical experience through multiple co-op semesters, summer jobs and part-time work. This includes taxation work at Hotay Financial, accounting work at Virtuous Bookkeeping, and accounting work at Markitech (Downtown Toronto Startup). He has also done part-time accounting work at BlueSurge Technologies and Skopos Limited. Most recently he completed a 14 weeks internship at SunLife Financial, where he was given the role of Financial Analyst Co-op. He had the opportunity to analyze financial data by capturing the data from Oracle Hyperion financial system. Adel Osaki Mr. Adel Osaki is a student at Pilon School of Business in the Honours BBA program. Currently in his final year, he is now focusing on garnering more experience in the industry. His focus is based around marketing and other disciplines related to marketing. Almost 5 years of work experience in the industry allows him to provide a valuable input in a consultation. Shiza Akhtar Shiza is a finance student in the BBA program. She is a focused individual in her field and is ready to put in efforts to be in a state of growth professionally and personally. She holds customer service experience as she just finished her 4-month co-op at Sheridan College as a Financial Aid Associate with prior experience as a finance intern at a bank. This role gave her a worldview of the banking industry. She believes in taking risks and exploring new things while living life to the fullest and doing what you love as your profession so you enjoy working every day in the same role. She is an emotionally intelligent individual who is oriented towards working in teams that are moving towards a common goal. Yudav Rambali A veteran of the financial services industry, Yudav Rambali brings with him several years of experience selling mutual funds and financial planning services at RBC and Scotiabank. Along the way he has completed multiple banking certifications including the Canadian Securities Course and a Certificate in Advanced Financial Advice. In addition, Yudav has a diploma in finance from the Pilon School of Business at Sheridan College, which will be complimented with a BBA in Human Resources this summer. An avid academic, Yudav is en route to completing a Master of Industrial Relations and Human Resources next fall at the University of Toronto. Yudav’s knowledge of the financial industry, academic horsepower, and passion for understanding the intersection of people and organizations make him a strong addition to this consulting team. Muhammad Arsal Riaz Arsal is an accounting student in the Honours BBA program, currently in his final year. He has gained some relevant industry experience through his co-op but has also been working for the past 2 years under supervisory roles. His agility and adaptability skills allow him to accommodate according to the requirements alongside teamwork and collaboration. He always welcomes criticism as that’s what helps him in moving forward and making the right decision. He plans on pursuing his CPA once he’s graduated. PROJECT SCOPE Scope and Methodology The scope of this consulting engagement includes the following: Situation analysis comprising of the internal and external analysis Strategic Business Plan Marketing Plan Operation Plan Executive report and presentation. The following section further explains activities that will be carried out by the Team in connection with the scope of this project and activities that fall outside the scope of this project. Situational Analysis This part of the project will cover a detailed internal and external analysis of the current situation. The consulting team will carry out an internal analysis based on information provided by the client. The team may raise certain questions and seek a response to those questions from the client. The situational analysis will also review the current product /service offerings of the company concerning the value proposition for the customers. The external analysis will be based upon secondary research into the financial services industry, relevant services segments of the industry, competition and any other information that may be relevant and useful to the analysis. In this connection, Insightful Impacts may leverage the Internet and other freely available secondary sources. The consulting team may use a number of different strategic tools to carry out a situational analysis. These may include but are not limited to PESTEL Analysis, Porter’s Five Forces Model, competitive matrix, SWOT analysis, and strategic pairing. The output of this situational analysis will be provided to the client, in the form of a report through the professor for review and feedback. Strategic and Marketing Plan This part of the engagement will cover the development of the strategic plan and action-oriented marketing plan. Based on the situational analysis, the consulting team will develop a strategic plan for the client. This strategic plan will be developed through extensive brainstorming between the consulting team members and in consultation with the client and Professor. The strategic plan may cover: Proposed vision, mission statement and values developed in consultation with the client If appropriate Identification of alternative courses of action Evaluation of alternatives based on defined criteria Recommending an overall business strategy This phase of consulting will also entail the development of a marketing plan, which will be within the framework of the overall strategy. The Sheridan team will attempt to cover product strategy, high-level distribution strategy, pricing, and promotional components, to cover the marketing mix. The promotional plan may cover a high-level digital marketing strategy in order to create awareness as well as demand for Personal Banker services. The Team will make recommendations on leveraging social media, based on its research. Operational Plan The Operational Plan will entail putting the strategic and marketing plan into action. It will elaborate upon necessary actions for the execution of the strategic and marketing plan. Based on the information provided by the client, as well as based on the strategic and marketing plan, a financial forecasting model will be developed, which will entail at least three years of P&L forecast as well as cash flow forecast. A risk assessment will also be carried out. The team will consider possible internal and external funding needs/ sources to implement the business plan. Executive Report and Presentation On completion of the four phases/milestones of the consulting engagement a summary report comprising of the conclusion of recommendations and action plan be submitted to the client through the professor. The same executive report will be presented to the client in a pre-scheduled meeting. Out-of-Scope The following activities are excluded from the scope of this engagement: Any primary market research activities such as surveys or interviews of third parties, except those of Personal Banker Management Any intentional effort by the consulting team to undertake marketing activities on behalf of the client during this project Any intentional effort to sell the client’s services by any member of the consulting during this project Purchase of any report from any research or publishing organization Approaching any competitor of the client to capture any information, i.e., the competitive analysis will be solely based on publicly available information of the competitor Responsibility Matrix S/NO Task Responsibility 1 Providing information on client’s current stage of business Client 2 Responding promptly to team inquiry’s questions Client 3 Carrying out internal analysis based on available information Team 4 Carrying out secondary research, capturing and analyzing external information Team 5 Carrying out a strategic analysis using tools such as PESTEL, SWOT, Porter’s Five Forces Model, Competitive Analysis, etc. Team 6 Submission of situational analysis report Team 7 Reviewing situational analysis report and feedback Client 8 Development of vision, mission, and values Team/Client 9 Submission of strategic and marketing plan Team 10 Review and feedback on strategic and marketing plan Client 11 Providing financial information on the existing business including margins for use in financial model Client 12 Submission of the operational plan Team 13 Review and feedback of operational plan Client 14 Submission of Executive Report Team 15 Final Presentation Team/ Client CONSULTING CHARGES AND EXPENSES The scope of work contained in the document will be delivered without any fee or expenses. Work Plan and Gantt Chart Work Plan The following represents a work plan for the project. The work assignments have been allocated for the Internal/External Analysis deliverable. For remining deliverable tasks will be assigned in due course. Activity Name June 10th July 8th July 22nd Aug 5th Internal/External Analysis SWOT Analysis Umer Strategic Pairing Umer PESTLE Analysis Shiza/Adel Porter 5 Forces Model Yudav Competitive Matrix Riaz Strategic and Marketing Plan -Vision & Mission Umer -Goals and Objectives Shiza -Strategic Alternatives Adel -Evaluation of Strategic Alternatives Yudav -Strategy Recommendation Riaz -Marketing Plan Adel Operational Plan -Financial Model Umer/Shiza -Key Actions Adel/Riaz -Implementation and Evaluation & Recommendation Yudav Executive Report and Presentation Team Gantt Chart The following is the project plan for the scope of work elaborated in this document. Task: W1 W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 W12 W13 W14 Completing Work Contract Submitting Confidentiality Statement of Work (SOW) Internal and External Analysis Carryout Secondary Research Develop Questions for Client Meeting Client Meeting Carryout SWOT Analysis Carryout PESTLE Carryout Competitive Profile Matrix Create Report Submit Report Strategic and Marketing Plan Vision & Mission Develop Questions for Client Meeting Client Meeting Goals and Objectives Strategic Alternatives Evaluation of Strategic Alternatives Create Deliverable Report Submission of Report Operational Plan Client Meeting Financial Model Key Actions Implementation and Evaluation Create Report Submission of Report Executive Report & Presentation Client Meeting Preparation of Presentation Presentation and Submission KEY ASSUMPTIONS/POTENTIAL RISKS Information and data that are vital to the success of the project will be shared freely between client and consultancy All information shared between the client and consultancy will be handled with the utmost regard for confidentiality All material and resources needed to complete the project will have zero effect on project cost Both client and consultancy will operate in good faith towards project success There will be no change in costs during the lifespan of this project Project scope will remain unchanged during the lifespan of this project Project deliverables will be delivered according to schedule and feedback from client will delivered in a timely fashion SIGN-OFF Accepted By: Name: Title: Client: Personal Banker