Project Proposal

Project ProposalVimukthi Adithya

MODERN CLASS TAILORING

Acknowledgment

I would like to thank Mrs.GunathmaGunawardena for sharing her valuable ideas with us regarding Managing Financial resources and decisions. Her lecture gave me some valuable points and the hand-outs that were given came in handy while doing the report. My friends at ICBT who helped at various situations and the books at the library helped me to gain a good knowledge.

Executive summary

Mr. Nassir Husain, a well educated young man was planning to set up his own business and was seeking for professional advice on whether to go ahead with the investment. I took the responsibility of helping him out. Firstly a SWOT analysis was undertaken, which identifies the Strengths, Weaknesses, Opportunities and the Threats of the organization. The environmental scanning was done, which was mainly a PESTEL analysis. Then moving on a Trading Profit and Loss account, Balance Sheet and cash flow statement were prepared for benchmarking for the first day of trading. Then Investment appraisal techniques were taken into account. Investment appraisal techniques could be identified as the methods used to evaluate the decisions taken by the business to invest in various projects. Under this Discounted payback method, Average Rate of Return, Net Present Value and Internal Rate OF Return was considered. The company is likely to receive profits after 4.68 years of operation and is likely to receive 7.3% as its ARR and a positive NPV of Rs. 4049750. IRR was calculated and an estimated figure of 11.01% was achieved. These techniques were later evaluated and these were also evaluated against depositing money in the bank.Then the most important area was taken into account, which is financing. Financing simply means providing funds for business activities, making purchases or investing. A large number of sources of finance were identified; both internal and external factors were taken into account. Few internal factors are owners own savings, retained profits, sale of assets and cutting down stock levels and few external factors that were identified are issuing of shares, debentures, bank overdraft, bank loans, leasing, higher purchase, creditors, debt factoring and government grants.Finally after considering all the available sources of finance it came down to owner own savings (own investment) and obtaining a bank loan. Both methods were studied carefully, evaluated and later it was decided to go in with the bank loan. Importance of financial reports was considered later and the ways it affects it affects financing source was considered. At the end of the report further enhancement methods were identified, these were the methods which Mr. Husain could use to improve his business, retain customers and also to attract new customers.In conclusion it was understood that the project cannot be evaluated only with financial factors. Non financial factors also should be taken in to account. Finally considering all the factors it was decided that going on with the investment and starting up a new business is good.Table of Contents

Contents1.Introduction12.SWOT Analysis2-4 2.1 Enviromental Scanning4-53. Financial Statements 5 3.1.Trading Profit and loss account 5-6 3.2.Balance Sheet ..7 3.3.Cash flow statement 84. Time line of Investment ....85. Investment Appraisal techniques . 9 5.1 Discounted payback period 9 5.2.Average Rate of Return. 10 5.3. Net Present Value ..10 -11 5.4. Evaluaton of the investment appraisal tecniques11 5.5. Evaluation of the investment appraisal techniques with respect to depositing money in the bank126. Calculation of IRR 12-137. Finance 13 7.1. Sources of finance ..14 -15 7.2.Evaluaton of sources of Fianace .15- 17 7.3 Ownersa own savings Vs Bank loan 17 -188. Imapct of financing source on prevously derived financial statements . 199. Futher enhancements .. 2010. Conclusion and recommendation ..21Refernces .22

1. IntroductionStarting up his or her own business and becoming an Entrepreneur is a dream of any person. It is not an easy task; it needs hard work, determination and commitment. Before starting up a business it is always advisable to do a good research about the market and to have a good understanding of what is happening market and in the economy. It is said that the entrepreneurs should be innovative, efficient, and creative and also be able to bear risks. An essential analysis that should be done when planning to set up a new business is a SWOT analysis.Mr Nassir Husain was seeking for professional advice on starting his own business. Mr. Husain, a well-educated young man is having a plan of starting his own Tailoring industry which is mainly providing clothes for weddings and also ready -made formal and casual clothes and he is lacking good professional knowledge about this industry. So I have taken the responsibility of helping him to make his decision a successful one by addressing on various important areas and aspects through this report. I hope that this report will be very helpful to him.

2. SWOT AnalysisSWOT, Strengths, Weaknesses, Opportunities and Threats these are common things that is there in any organization. The business might be big, small, new and old but these are common to any of them. It is always advisable to do a good SWOT analysis before starting operations. SWOT is a strategic planning tool that helps a business owner to identify his or her own strengths and weaknesses, as well as any opportunities and threats that may exist in a specific business situation. A SWOT analysis is most commonly used as part of amarketing plan. The SWOT analysis can be usually categorized into two as Internal and External. Strengths and Weaknesses are the internal factors and Opportunities and Threats come under the External environment. Internal factors are usually inside the organization which could be controlled but external factors are outside the organization which is usually uncontrollable.

Figure 1 SWOT Analysis(http://mobile-cuisine.com/business/developing-a-swot-analysis-for-your-mobile-food-business)

I have done a brief SWOT Analysis for Mr Husain after doing a good research on the tailoring industry and also after getting ides, views from him and also by taking his mission and vision into account. The following is the SWOT Analysis.

STRENGTHS A good unique and strong name MODERN CLASS TAILORING which has the ability to attract customers. Well experience staff. Has recruited fashion designers who have at least 5 years of experience in the industry. Innovative ideas. Decision taken to design and make suits for the groom on his wedding and also for the homecoming and also to provide dresses for the brides too, where most of the competitors wont do. Affordable prices. Prices are set below the prices of competitors and also special discounts given for the first few days if operation. High customer satisfaction and valuation. Special air conditioned waiting areas for customers with WI-FI facility, magazines, novels, etc. A friendly and calm person, who has the ability to attract people and his qualities, will help to retain the customers in future. Have a large amount as own savings, which could be used as investment to the business.

WEEKNESSES Limited funds available and need to find sources to obtain funds. Less experience in the industry and lack of knowledge about the market. Higher costs Have certain issues when selling goods for the friends, where will have to offer them discounts and sell them at low prices

OPPORTUNITIES Possibility to expand into other areas of the county after some time. Collaboration with a small snack/juice bar. Technological advancements in machinery, which makes the production faster and efficient. Ability to capture higher market share and to get a high customer base since all the high income, middle income and the low income people are targeted.THREATS High competition. Changes in customer taste and preferences Various government policies and legislations

2.1 Environment ScanningEnvironmental scanning can be defined as the study and interpretation of the political, economic, social and technological events and trends which influence a business, an industry or even a total market. The factors which need to be considered for environmental scanning are events, trends, issues and expectations of the different interest groups. (This is how Wikipedia describes it) (wikipedia)

Manly a PESTEL Analysis is done under environmental scanning, whichincludesPolitical, Economic, Social, Technological, Environmental and Legal factors.

Political Should have a clear knowledge and an understanding of the political stability and also should consider the government rules and regulations on certain business.

Economical It is very important to have a clear view of the economic standard of the country and should consider the economical changes, the consumer behaviour patterns, their taste and preferences, changes on income levels and spending before starting up operations. The economic growth of the country, inflation rate, interest rate and exchange rates are also important factors that should be considered here.

Social Should take into account the culture, traditions and values of different people and should consider the various segments of population.

Technological In here the technological changes should be taken into account and should be updated with the latest changes in technology and most importantly must be willing to accept them and use it.Environmental Should have a special concern on the environment, the business should always try to be a company that doesnt harm or pollute the environment. The company should also be able to adapt to various environmental changes.

Legal Should take into account the various types of laws imposed by the government and should be willing to follow them.3. Financial statements3.1 Trading, Profit and Loss Account ( Income statement) for the 1st day of trading

Modern Art Tailoring1st Operation Date

Financial Statements in Sri Lankan Rupees (LKR)

Revenue

Gross Sales of services350000.00

Less: Allowances and Discounts30000.00

Net Sales320000.00

Cost of Sales

Beginning Inventory0.00

Add:Purchases 150000.00

Indirect Expenses6,500.00

Inventory Available0.00

Less: Ending Inventory0.00

Cost of Goods Sold156500.00

Gross Profit / Loss163500.00

Expenses

Printing of broachers/Advertising30000.00

Bank Charges3000.00

Insurance 1500.00

Miscellaneous12500.00

Office Expense8,500.00

Telephone550.00

Travel3500.00

Utilities4000.00

Vehicle Expenses7000.00

Wages6000.00

Total Expenses76550.00

Net operating Income86950.00

Other Income

Interest Income13500.00

Total Other Income13500.00

Net Profit / Loss100,450.00

3.2 Balance Sheet (Statement Of financial Position) for the first day of trading

ASSETS

Current Assets

Cash55,000.00

Total Current Assets55000.00

Fixed Assets

Land2,000,000.00

Buildings 5,800,000.00

Equipment (net)325,700.00

Furniture & fixtures (net)500,000.00

Total Net Fixed Assets8,625,700.00

TOTAL ASSETS8,680,700.00

LIABILITIES

Current Liabilities

Accounts payable30,700.00

Bank O/D150,000.00

Total Current Liabilities180,700.00

Long-term Liabilities

Bank Loans3,500,000.00

Other long-term liabilities0.00

Total Long-term Liabilities3,500,000.00

SHAREHOLDERS' EQUITY

Capital 5,000,000.00

Total Shareholders' Equity5,000,000.00

TOTAL LIABILITIES & EQUITY8,680,700.00

DescriptionYear 1Year 2Year 3Year 4Year 5

Total Cash inflows3000000050000000550000006000000050000000

Total cash outflows(10000000)(15000000)(25000000)(35000000)(30000000)

Net Cash flows2000000035000000300000002500000020000000

3.3 Cash Flow statement

Table 1 Cash flow statement

4. Time line of investmentDescriptionYear 1Year 2Year 3Year 4Year 5

Net Cash flows2000000035000000300000002500000020000000

Market growth rate5%5%5%5%5%

Net Cash flows after the market growth2100000036750000315000002625000021000000

The Initial investment of the project is at Rs. 100000000 and the market growth rate is at 5%. The Following figures which are included in the investment time line are arrived by increasing the net cash flow which obtained each year by 5%.

Table 1.1 Cash flow statement

After developing the time line of investment which has a market growth of 5%. The following is understood.

The Initial investment of the project is Rs. 100000000 and it has cash flows as followsYear 1 21000000Year 2 36750000Year 3 31500000Year 4 26250000Year 5 21000000

5. Investment Appraisal TechniquesInvestment appraisal techniques could be identified as the methods used to evaluate the decisions taken by the business to invest in various projects. E.g. Construction of a building. These methods could also be referred to as financial methods. They play a major role in helping a business to select the most suitable, profitable and the best option. Few investment appraisal techniques are the payback period, Average Rate of Return (ARR), Net Present Value (NPV) and Internal Rate of Return (IRR).

5.1 Discounted Payback Period

Payback period refers to the amount of time taken to recover the cost of a project; if it takes more time, then the project should not be selected because any investor would like to recover the cost as quickly as possible.The Discounted Payback Period for the above mentioned time line is calculated below. The discount rate is at 10%

YearCash FlowPresent value factorDiscounted cash flowCumulative discounted cash flow

0(100000000)1.00(100000000)(100000000)

1210000000.90919089000(80911000)

2367500000.82630355500(50555500)

3315000000.75123656500(26899000)

4262500000.68317928750(8970250)

5210000000.620130393474069097

Table 1.3 Discounted payback period

So the Discounted payback period = 4 + [-8970250] / 13039437 = 0.687, which is 4.687 yearsSo according to the calculated discounted cash flow method the project will give a profit after 4.687 years.

5.2 Average Rate of Return (ARR)ARR will show the profitability of the project. It is the amount of profit or return that an individual can expect from a certain investment.ARR = Average Profit / Cost of Investment *100

So the calculation of ARR for the above Investment isTotal cash flow136500000

(-) Cost of Investment(100000000)

Total Profit36500000

Average Profit7300000

Table 1.4 Average Rate of ReturnSo Therefore the ARR of The Project is = 7300000 / 100000000 * 100, which is at 7.3%

5.3 Net Present Value (NPV)In this method the profitability of the project can be calculated, but in this method all the cash flows are discounted for Inflation so this method is very accurate.

YearCash FlowDiscount factor (10%)Discounted cash flow

0(100000000)1.00(100000000)

1210000000.90919089000

2367500000.82630355500

3315000000.75123656500

4262500000.68317928750

5210000000.620130020000

Table 1.5 Net Present Value

NPV = Discounted cash flows initial investmentDiscounted cash flows = 19089000 + 30355500 + 23656500 + 17928750 + 13020000

Discounted cash flows104049750

Initial investment(100000000)

Net Present Value4049750

Table 1.6 Net Present Value So the NPV is at 4049750 which is a positive figure so it is good and the project is acceptable.

5.4. Evaluation of the investment appraisal techniquesIn brief, what we can see is that there is no problem with going on with this investment. The discounted payback period is approximately 4.68 years, which means the business is able to cover the cost of investment during this period, which is actually not bad. But the problem here is that it is debatable whether this could be achieved as calculated and expected, the reason for this is that all these figures are forecasted cash flows, you are not 100% sure whether you will be able to obtain the above mentioned cash flows and whether you are able to cover the cost in exactly 4.68 years. This might take more time, which will then cause problems for the business, but one thing you should keep in mind is that in every coin there are two sides, so in here also sometimes a lower payback period could be obtained than of forecasted, which is below the forecasted 4.68 years, Then it would be really great for the company.When we consider the ARR of the investment it is looking fair at 7.3%. It is actually not a bad figure for a business to receive but not a very good figure too. When calculating the ARR all the cash flows are taken in to account so this tends to be more accurate method. ARR is a very simple method which will help to analyze the profitability of the business too. But once again the problem here is that they are forecasted figures and under ARR these cash flows havent been discounted, so this doesnt include the inflation or the real value of money.The NPV of the investment is looking strong at Rs.4049750 and it is positive, having a positive NPV means that it is always good to go into the investment and this indicates that the business is profitable. Under NPV all the cash flows are discounted for inflation, so it is a very accurate method. But the problem is that the NPV depends on the discount factor, which in here is 10%.

5.5. Evaluation of the investment appraisal techniques with respect to depositing the money in the bank.Now comes the real question, this is where the decision making power, ability to take risks of an entrepreneur comes in to play. It is really a tricky question. What do you do with your Money? Save it in the bank and enjoy interest or take the risk and go and invest it. So what could be understood here is that the initial investment is Rs. 100000000. So you have two options either save it or go for it. If the decision is taken to invest it, then you clearly can see that the cost could be covered within 5 years, you have a strong Average Rate of Return and also the NPV is positive, which indicates that profits could be earned in future with ease. Well if option B is selected, which is to deposit the money in the bank you are able to enjoy a good amount of interest and also loans could be received with ease from the banks. Well Rs. 100000000 is quite a large amount and well saving it in the banks will only give you that right?, but imagine investing this amount in the business enjoying very large profits in future with covering the cost within 5 years and here too if you are doing well in business you still will be able to go for a bank loan if you need additional finance into the business, it is not a necessity to save money in the bank to obtain a loan and receive benefits.In conclusion after analysing both the options, what I feel is that it is good to go with the investment and start up the business rather than just keeping the money in the bank. And also the Investment Appraisal Techniques proves that the business will do well in future.

6. Calculation of IRRIRR will show the rate at which the NPV of the project is Zero. When the NPV is zero then it is break even. The following shows the NPV of the business when the discounting factor is 10%, when the discounting factor is 10%, the investment receives a positive NPV of Rs. 4049750 and under the IRR method, this NPV should be zero, which means that the discounting factor should be changed accordingly. The following is calculated by changing the discounting factor into 11%, which was at 10% initially.

YearCash FlowDiscount factor (11%)Discounted cash flow

0(100000000)1.00(100000000)

1210000000.90018900000

2367500000.81129804250

3315000000.73123026500

4262500000.65817272500

5210000000.59312453000

Table 1.7 Calculation of IRR

When the discounting factor is changed from 10% to 11%, the discounted cash flows changes to Rs. 101456250, which gives a NPV of 1456250 (101456250 10000000)So we can clearly see that when the rate changes from 10% to 11% the NPV changes by 2593500 (i.e. 4049750 1456250).Therefore 1% / 2593500 * 4049750 = 0.0156This means that in order to make the NPV zero and break even the discounting factor should be changed into 11.0156%(The figure might not be accurate, it is an estimation)So in here we can clearly see that there is not much of a difference, in order to break even the discounting factor should only be changed by 1.0156%, which I think that it will be easy to negotiate since there is not much of a difference.

7. FinanceFinancing simply means providing funds for business activities, making purchases or investing. Well it is clearly understood that without money no business could be set up but the challenge is to how to find this money, which in terms referred to as capital required. Decision that any businessman could make is to how to obtain finance, when to obtain it and from whom should it be obtained. Regardless of whether the business is new or old finance is needed and there are a number of methods available to finance a business.

7.1 Sources of Finance

Sources of finance are mainly categorized into two as internal sources and External sources. Internal simply means the finance that could be obtained within or inside the organization. Few examples of internal sources of finance are the owners own savings, retained profits, sale of assets and cutting down stock levels. External sources of finance are the ways where an organization could obtain finance from outside sources such as through issuing of shares, debentures, bank overdraft, bank loans, leasing, higher purchase, creditors, debt factoring and government grants. The following diagram clearly shows the sources of finance available.Diagram 1.2- Sources of finance(http://www.dineshbakshi.com/mind-maps)

When talking about Finance it could also be classified into two as debt finance and equity finance, other than internal and externalDebt Finance This is when a firm raises money by selling bonds, bills or notes to individuals and institutional investors. Few methods under debt financing are: Financial institution mainly the banks fall under this and few methods such as building societies and credit unions provide you finance too Family or friends Factor companies Finance companies Suppliers RetailersEquity finance This means raising finance through issuing shares of stocks to public. Few methods are: Self-funding owners own savings/ investment Government grants Stock market Private investors Venture capitalists

7.2 Evaluation of sources of financeWell, the above mentioned methods are the sources available for Mr. Husain to use as finance, and it is debatable whether all of the methods could be used. By analyzing well and investigating, a proper, suitable method should be chosen

Internal Owners own savings (owners investment)This is the least risky method, but this depends on how much money currently you (Mr. Husain) have and how much he is willing to use as an investment. This could be used as a long term source of finance.Under this method no interest should be paid and no need to repay this, but the problem here is that there is no certain limit the owner can invest, so the capital will not be enough. Choosing this as the source of finance is clearly in the hands Mr. Husain.

Retained ProfitsEven though this Method is included by me, actually this is of no use now, because in order to have some retained profits the business should have traded for at least 1 year. So this cannot be included into a new business. Sale of stockThis method should also be omitted, because the business should be functioning for some time in order to have some stocks. This is not suitable in this situation.

Sale of fixed assetsIts doubtful whether a business could sell its fixed assets brought even before trading begins, so this method is also not suitable in this situation.

Debt collectionThis method should be used after some time of trading. Debtors are people who owe money to the company. It is highly unlikely and impossible to have debts before trading.

External Sources

Bank LoanWell, this is one of the most important and a suitable method to finance the new business. This could be identified as a long or medium source of finance. By using this method you (Mr. Husain) is able o obtain a higher amount and this method is good for budgeting.

Additional partnersThis is mainly suitable for a partnership business, if you (Mr. Husain) wish to convert the business into a partnership and then new partners could be taken and with them more capital come into the business. This is not a suitable method in this situation.

Share issueLong term source of finance, which is mainly suitable for a limited company, but the problem, is that in order to issue shares the company should be established well, should have a good name and recognition and should be trading for some time with a strong financial background.

Government grantsAnother method that Mr. Husain could obtain, but all the businesses are not able to receive grants from the government, the possibility of getting the grant is actually low, but still he can try for it. This method has various conditions too. For example if it is located in a highly unemployed area then grants could be received, because the people in that area receives jobs so the unemployment level in the country falls.

Mortgage This is a loan secured on property and under this method this has to be repaid on installments. There are restrictions in this method and it is risky, because if the company is unable to repay it then the property will be taken over,Other external methods such as leasing, hire purchase and trade credit are not suitable in this situation.

So finally it comes down to owners own savings (own investments) and bank loan

7.3 Owners own savings (own investments vs. Bank Loan)Well, thats so eventually it comes down to the best two options available to Mr. Husain to finance his business. It is own savings of him and obtaining a bank loan. His own savings, which is also referred to as the own investment is an internal source and obtaining a bank loan is an external source of finance. It is really debatable to which method to be used. In order to make it more sensible and easy to understand I have done a small analysis of the two methods, which will help you to have a understanding on which is the most suitable method to use. The following table shows it clearly.

Owners own InvestmentBank Loan

This is a type of long term investment

Less risk involved under this method, since the owner doesnt have to pay it back or rather here is no need of paying any interest

The owner has the authority and the decision making power on how much he should invest and bring in as capital, but the problem under this method is that whether this amount is enough for the business. There is a limit to the amount that the owner can invest.

There are actually no legal documents or any other paper work required here and the owner will not have to travel to various places and get the work done, and most importantly he will not have to keep any securities or granters. Type of long term or medium term investment

This will have to be repaid in future, and also an interest will be charged, where this is not applicable when using own savings.

Unlike in the first option in here the owner is able to go for a higher amount depending on his requirement and the bank too will give him advice and provide assistance.

This method takes time, more legal documents to be done, more expenses on travelling and will have to keep securities or use granters, and you are not 100% sure whether you will receive the loan from the bank

Table 1.8 Owners own investment vs Bank loan

In my opinion I feel that the above done comparison will help you to identify which method to choose, it is actually up to you (Mr. Husain) to decide, which is the best method that could be used to finance the business. If you feel that you have enough money with you then you can go with option, but if more is needed for financing then bank loan is the most suitable method because you will be able to the amount according to your requirement. What I feel is that it is better to go with a bank loan.

8. Impact of financing source on previously derived financial statementsFinancial reports are prepared at the end of the financial year and these are usually the statements that show the financial position of the company. "The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions."Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position. (This is according to Wikipedia) (wikipedia)The financial statements of the company are as follows Comprehensive income statement Statement of financial position Cash flow statement Statement of changes in equity Notes to financial statementThese financial reports are prepared for later reference and play a major role in future. These financial statements play a huge role when a company goes to obtain finance, especially when it wishes to obtain a bank loan and one of the most important aspects that the banks will consider is the financial statements, they will have a good look at the financial statements of the company especially the income statement and the statement of financial position and depending on the profits obtained by the company the banks will decide whether to grant the loans or not. The company should always prepare their final accounts in a true and fair way.When talking about managing the operational activities in order to achieve the planned results, the company will have to be very careful and will have to manage it in a way that it will not affect their final accounts. The company will have to try and increase their sales and also the profits and will have to manage the expenses well

9. Further EnhancementsIf the decision is taken to go for a new investment then Mr. Husain will have to implement various things and will have to consider few factors.

He should provide a good, quick service to the customers. Customer satisfaction is the most essential element and the retention of existing customers and the attraction of new customers will depend on the service given to them and also on their satisfaction. Cleanliness is also a one major factor that should be taken into account, the building should look clean and pleasant and the employees should wear proper and clean clothes. Should have good, experienced and talented designers who are able to adjust according to the customer needs and preferences. Good attractive packaging, after sales services and good return policies.The above mentioned points are few factors that would help Mr. Husain to make his new business a success.

10. Conclusion and RecommendationsIn conclusion, what I feel is that there is no issue with going on with this investment. Quicker payback period, higher profits, positive NPV. Considering these factors Mr. Husain should invest his money for the new business, but one thing that we should keep in mind is that only with financial factors this decision cannot be justified. Non-financial factors also should be taken into account before investing in to a new business. Non-financial factors can influence the investment decision in that it can influence the viability and success, as well as affect the financial analysis through the cash flows and the discount rate of the project. The problem here is that problem is that there are many non-financial aspects that are not easily translated into monetary terms, because some factors are difficult to estimate and produce evaluation errors easily. The difficulty in evaluating these aspects is related to their intangible nature and measurement problems, which make this analysis highly subjective. (Nuno Moutinho)A few non-financial factors are:

Should consider whether they are receiving planning permission. If there is a delay in planning permission then the project will get delayed. The environment impact on the project must be considered. E.g. the construction of the building can cause pollution, noise. It can abstract the view, the people mat protest, may not be ethical to put up the organization, etc. The risk of failure must be considered. Should be able and willing to meet the requirements of current and future legislation Should be competitive and should be matching industry standards and good practice. Changes in customer taste and preferences.So, what I feel is that it is always good to consider the non- financial factors together with the financial factors, and go for the new investment.

Referenceshttp://mobile-cuisine.com/business/developing-a-swot-analysis-for-your-mobile-food-business. (n.d.). Retrieved 03 15, 2014, from http://mobile-cuisine.com/business/developing-a-swot-analysis-for-your-mobile-food-business

http://www.dineshbakshi.com/mind-maps. (n.d.). Mind maps. Retrieved 03 18, 2014, from http://www.google.lk/imgres?newwindow=1&sa=X&rlz=1C2CHMO_enLK557LK557&biw=1366&bih=667&tbm=isch&tbnid=rzHtq2wyc3Rc3M%3A&imgrefurl=http%3A%2F%2Fwww.dineshbakshi.com%2Fmind-maps&docid=nveLxhYu9Mf22M&imgurl=http%3A%2F%2Fwww.dineshbakshi.com%2Fphocadownload%2

Nuno Moutinho. (n.d.). fma.org. Retrieved 03 20, 2014, from http://www.fma.org/Porto/Papers/PROJECT_EVALUATION.pdf

wikipedia. (n.d.). Retrieved from wikipedia: http://en.wikipedia.org/wiki/Environmental_scanning

wikipedia. (n.d.). Retrieved from http://en.wikipedia.org/wiki/Financial_statementwikipedia. (n.d.).

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