Outline1. Introduction1.1. What is Business plan?1.2. Scope of the report2. Business Plan of Mad Keen Motors 2.1. Executive summary2.2. Strong point of the plan2.3. Weak point of the plan3. Business Plan of Phaethon's Chariot Restorations3.1. Executive summary3.2. Strong point of the plan3.3. Weak point of the plan4. Suggestions for improvements5. Lessons learnt6. Conclusion7. Reference

1. IntroductionThis report is a comparison of two companys business plans. The business plans of two companies are analysed. It mainly emphasises about the merits, demerits and some recommendations for their current plans.

1.1 What is Business plan?Business plan is a roadmap for a business that summaries goals and details how one can plan to achieve those goals. It mainly describes about the objective, strategies, target market and financial forecasts. Basically it is the blue print for every business. Business plan may vary in lengths, style and content, but the main feature is to ensure that the plan is realistic, practical and regularly reviewed. It also acts as the reference point for measuring the performance. (Meloy, 1998).

1.2 Scope of the reportHere two companies which are related to automotive industry is compared and reviewed. The first company is Mad Keen Motors (Bplans, 2015a). It was an automotive repair- sales- valet company. It is a family-owned business for more than 35 years, so analysing this companys plan will give a good idea about the business development. The second company is Phaethons Chariot Restorations (Bplans, 2015b). It is one of the biggest auto-restoration shop of old American cars. It is a state charted corporation. So both companies will have entire different business strategies and various short-term planning processes. 2. Business Plan of Mad Keen Motors 2.1 Executive summeryMad Keen Motors is one of the family owned business in Backwater Downs, London. It was started as a single mechanical repair shop and it was owned by Keen family for more than 35 years. Now they have five shops which deals with mechanical repairs, body repairs, vehicle storage and towing, washing, valeting and used car sales(Bplans, 2015a). Coping up with the other competitors are one of the key elements for the long-term business. One of the important business plan is adding a website for the company. This report discusses about the effect of this action. The companys website proves the details about the services they offer, staff, location and regular discount.They segmented their customers by type of car they own. They believe that they can understand the need of the customers from the car they own and therefore requirements. The five categories are New car owners- customers who owns new car. Old or luxury car owners- customers who owns luxury or old cars. Sports car owner- customers who owns sports cars. Lifetime owners- customers who owns car for more than 5 or 6 years. Buyers- customers who are looking to buy new cars.They concentrate more on the old car customers as they need more service and they also concentrate on the sports car owners, since that will provide greater revenue(Bplans, 2015a). 2.2 Strong points of the plan Offering Web-based promotions that will encourage customers to book for the services using the website.Internet is one of the powerful tool in the modern society. It provides comfort for the individual in locating the information and accessing various information from a computer desktop/laptop (Akhter, 2015). It is always the topmost advantage of having a website. Now-a-days when a person wants anything, the first thing they do is search in the internet. Their website allows the customers to book for a service when they wanted. They can take their time, plan and book for the service. Some websites do not offer necessaries amenities like booking for a service. They do not opt for such things because it is difficult to manage it and there will be getting many fake bookings. Maintaining booking service is really an advantage for the website.

Communicating the sites existence to the local area.Advertising is one of the key factor to improve the business. People usually look for places which are near to their home or near their work place for servicing or doing repairs to their car. Even though if the service provider is new, people tend to go there because it is more comfortable and time-saving. They can give for a service on the way back to home or collect the vehicle when they go to work. They can even give for a service while they go for work and collect it back when they come from work.

Compiling an extensive and thorough list of questions and answerThe website has a compilation of the questions asked by the customers and their answers. This encourages the customers to return to the site and read the comments. This will help the customer to understand about the problem and it will also show the customers about the in-depth knowledge of the mechanics working in their garage.

2.2 Weak point of the plan Price quoteThe website does not provide a package or bundle which lists a rough quote and the services offered for that price. Some customers who are looking forward to saving some money will opt for the one which provides a cheap quote. This list of services will help the customers to know in detail about the services they offer.

Revealing too much information The advise section of the website allows the customers to ask about the small problems and repairs, and the mechanics advices them how to fix it. Mad Keen Motors is a small garage repair shop. They might lose some customers by revealing too much information. They can give some advice about the maintenance but they should not how to fix some problems. Not focused on new car ownersMost of the car manufactures suggests to do the repairs in their exclusive service centres. But by providing a log book service they can attract some new car owners by doing the same service at cheaper rate. 3. Business Plan of Phaethon's Chariot Restorations 8. 9. 10. 10.1. Executive summaryPhaethons Chariot is a start-up auto restoration shop located in Ohmstate. It is a state charted corporation owned by Isoroku Tarnmaclahan. The company is engaged in the restoration of old American cars, and the designing and building of hot rods, and street rods. Phaethons Chariot has recently rented a new state-of-the art restoration shop located at Centerton, Ohmstate (Bplans, 2015b). This new space allows the company to retain more work. Some of their strategies are Advertising Joining the chamber of commerce Participation in car show

They segmented their customers based on the income basket and the type of work they required. Material Outlets- Supply of various parts Simple jobs- simple cosmetic repair and other repairs Paint- custom paint jobs Restoration- complete restoration job Custom Work- custom body work

10.2. Strong point of the plan PricingPhaethons Chariots labour rate is $45 per hour. The other shops charge $65 per hour. This price margin will definitely attract customers. Customers who wants to finish their restoration with a budget will definitely consider Phaethons Chariot as an option (Mybusiness.com.pk, 2014).

AdvertisingUsing a top quality logo and photography in the ads, brochures, name cards, etc. will uplift the name of the company. This will really create an impression among the people. Advertising in local telephone directories and in the websites is also a good strategy of advertising (Mybusiness.com.pk, 2014).

Participating in Car ShowsThis is another image building tactic. A photo album can never express a beauty of the real work. Many car fans will attend these shows. Displaying their finest work will definitely create an impact. This will definitely draw customers.

10.3. Weak point of the plan No specific geographyFor a restoration company customers will come from many parts of the country. Some customers will travel for days to restore their cars. Their business plan did not emphasise much on the customers from far distance. It did not tell about the prioritising the customers.

Unseen costThe business plan did not include many details about some of the unseen costs like pre-order parts, rework cost, damage cost, maintenance cost of the equipment, etc. When they start a project there will be many unseen troubles. They should be ready to afford these cost. A separate planning must be included in the sales forecast of the plan.

LocationTheir work shop is located in a place where the competitions are really high. For example Car Barn Renewals are located in the same place and they are in the business for more than 20 years. So they really have a good reputation. Some customers really dont mind waiting for few years to restore their car from a well reputed place.

11. Suggestions for improvements4.1 Mad Keen Motors They can provide a car pick-up service. This will allow the mechanic to collect the car from the customers, drive them to the garage and after the service drop the car back. This will even increase the customers. They can give some discounts to the first time customers. They can offer an in-a-day delivery services or express services. This will attract customers who wants their car to be serviced in short time.

4.2 PHAETHONS CHARIOT RESTORATIONS They can have a contract with the auto part suppliers, so they can get the parts fr cheaper price and faster. They can hire staff who have good experience in car restoring. This will help to improve the quality of the work. They can fabricate some parts in their shop because some parts cannot be found in the market. If the customer is satisfied with the fabrication of the part, they can continue the process.

12. Lessons learnt Break-even analysisThe Break-even Analysis is based on the average of the first-year figures for total sales and average cost of sales, and by the average annual monthly operating expenses. These conservative assumptions make for a more accurate estimate of real risk, showing that we need to have themonthly sales shown in the table and chart below (Mybusiness.com.pk, 2014). Market Segmentation.Every company is focused on the customers. Segmenting the customers according to the services they require or by the revenue is market segmentation.

Marketing StrategiesMarketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large ("The American Marketing Association Releases New Definition for Marketing," 2008). Marketing must be done with a strategy to attract the customers which will intern increase the revenue.

13. ConclusionThus, the business plans of the two companies are analysed. The first company; Mad Keen Motors is a family owned company which is in business for 35 years. Their new strategy was to start a website for the company. This is a good managerial decision and it will definitely improve the business. The second company is Phaethons Chariot Restorations. This is a new start-up company but the owner has a good experience in automobile restoration. They have a good business plan. They analysed the business situation for the restoration and started the company. Since, it is new company they decided to spend more on advertising. This will help them to attract some customers. They can expand the business by good quality work. Both companies can improve their revenue by adopting the above mentioned suggestions.

14. ReferenceAkhter, S. H. (2015). Impact of Internet Usage Comfort and Internet Technical Comfort on Online Shopping and Online Banking. Journal of International Consumer Marketing, 27(3), 207-219. doi:10.1080/08961530.2014.994086The American Marketing Association Releases New Definition for Marketing. (2008, 01/14/2008 Jan 14). US Fed News Service, Including US State News. Retrieved from http://ezproxy.ecu.edu.au/login?url=http://search.proquest.com/docview/468588510?accountid=10675http://kx7gx4pm8t.search.serialssolutions.com/?&genre=article&sid=ProQ:&atitle=The+American+Marketing+Association+Releases+New+Definition+for+Marketing&title=US+Fed+News+Service%2C+Including+US+State+News&issn=&date=2008-01-14&volume=&issue=&spage=&author=Bplans. (2015a). Mad Keen Motors. Automotive Repair - Sales - Valet Business Plan. Retrieved from http://www.bplans.com/automotive_repair_-_sales_-_valet_business_plan/executive_summary_fc.phpBplans. (2015b). Phaethon's Chariot Restorations. Automobile Restoration Business Plan. Retrieved from http://www.bplans.com/automobile_restoration_business_plan/executive_summary_fc.phpMeloy, R. G. (1998, 1998/03//). Business planning. The CPA Journal, 68, 74+.Mybusiness.com.pk. (2014). Automobile restoration business plan. Business Plans. Retrieved from http://mybusiness.com.pk/automobile-restoration-business-plan-2/