Business Plan for Prashanti's sauces
Executive Summary
Prashanti's is a manufacturer of authentic Indian foods including atjar and spices. Prashanti's has been in business now for three years and has grown in popularity. What was once a business targeting solely the Indian community has grown into a business that has nationwide appeal.
Currently, Prashanti's has two main line of products. Their flagship product is their atjar, renowned for its freshness, uniqueness, and quality ingredients. Originally introduced in one temperature, hot, the market demand has asked for milder temperatures and Prashanti's has responded with both a medium and mild version. To compliment their product line, Prashanti's offers dried spices.
Prashanti's strong management team of Krish and Prashanti Naidoo will ensure sustainable growth for Prashanti's. Prashanti is the President and has 12 years of food industry experience which has provided Prashanti with incredible insight and industry knowledge that reinforced the idea to start a business from scratch. Krish brings Prashanti's over six years of financial control experience that was gained while he worked for PWC.
Objectives
Increase sales to more than R1 million over the next three years.
Add products and services to meet market demand, again at 55% margin or above.
Improve inventory turnover, reduce the cost of goods sold while maintaining the high quality of the products.
Mission
Offering the highest quality and value in its authentic hot atjar, and to keep on improving on what is available and providing new products and services to the areas of need.
Keys to Success
Delivering high quality products that set themselves apart from the others in taste and value.
Providing service, support, and a better than average margin to our dealers.
Increase gross margin to over 55%.
Bring new products into the mix to increase sales volume
Company Summary
Prashanti's is in its third year of operation, increasing sales five-fold in its second year, and is on track to repeat this in its third year. It has a good reputation, excellent people, and an increasing position in the local market. Starting with a few outlets for our products, we now have over 5 large grocery.
Company Ownership
Prashanti's is a Closed Corporation owned in total by its co-founders, Krish and Prashanti Naidoo.
Products
Prashanti's sells its authentic Indian atjar and spices to an ever-growing clientele. Originally geared toward the local Indian community, the market has expanded to include a much larger geographical area, in addition to a very broad consumer response.
We are selling quality and product-uniqueness in a market segment filled with competition. Our approach is to take our product image up-market because of our uncompromising view of product quality. This focus has enabled us to view the voids in the market, and add product to our line that will fill it.
Target Market Segment Strategy
We are initially focusing on the Indian community. They will be able to appreciate more readily the authenticity of the product. The market will observe the products they choose, and they will indirectly become promoters of our products.
Industry Analysis
In an industry currently in a steady upward growth curve, Prashanti's is poised to capitalize on the consumer's desire for authentic, high quality, Indian cuisine.
While a troubling economy can affect many areas, food items are generally not as affected, with specialty items seeming to always find favor in the market place.
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