Tuesday, April 12, 2011

Business Plan-Business Simulation-Free Essay

I. Introduction
1.1 Executive Summary…………………………………………………………………..3
1.2 Vision……………………………………………………………………….……..….3
1.3 Company Strategy………………………………………………………………...….4
II. Management Role and Responsibility.......................................................................................6
III.Product Description
3.1 Laser Mouse………………………………………………………………………….7
3.2 Slim Star Keyboard………………………………………………………….……….8
IV. Environment Analysis and Market Analysis
4.1 Industrial Analysis……………………………………………………………….…..9
4.2 Competitor Analysis…………………………………………………………..…….10
V. Marketing Plan
5.1 Marketing segmentation……………………………………………………………..11
5.2 Marketing goals and Key Performance Indicators (KPI’s)……………………...…..12
5.3 Marketing strategy………………………………………………………...……..….12
5.4 Marketing forecast..……………………………………………...……………..…....15
VI. Production Plan
6.1 Production goals and Key Performance Indicators (KPI’s)………………………....18
6.2 Production strategy…………………………………………………………………..19
6.3 Product forecast……………………………………………………………………...20
VII. Financial Plan
7.1 Financial goals…………………………………………………………………….…24
7.2 Financial strategy........................................................................................................24
7.3 Financial projection………………………………………………………………….27
VIII. Conclusion…………………………………………………………………………………31
IX. Reference…………………………………………………………………………………….32
I. Introduction
1.1 Executive Summary

Snake Company is one of ten new enterer company of high-tech market in Vietnam. The production company aims to manufacture are laser mouse and slim keyboard. Before beginning our business, we recognize that the hardware products in Vietnam, such as mouse and keyboard do not satisfy the requirement of customers. There are two main reasons. Firstly, because most of company decrease investment paying for quality in order to decrease price to attract more demand, the quality of mouse and keyboard products which are being sold in Vietnam is not good. Secondly, we found that customers are interesting in product which small and convenient. Therefore we will manufacture product which have high quality and easy to take bring. Our company pledge to provide high quality product with reasonable price.
This business plan is created in order to talk about what we are going to do in the first three years. There are three main departments: Marketing plan, Production plan and Finance plan.
By provide product which has acceptable price and good quality, Snakes will gain more 15% of market share in the first year. After that, get more 20% about sales is the goal that Snakes hopes to achieve in the next year. In addition, keeping short term loan under $ 500000 in the two first years and cut it down in each quarter is an important goal. Snakes also increase steadily quality for both of product in each quarter to meet the customer demands.
After three years join in market, we aim to dominate 20% market share of mouse and 10% on keyboard industry. Company will also reach one of top 3 companies in high tech industry in Vietnam.
1.2 Vision:
Company aims to manufacture the productions with high quality and reasonable cost. We also supply enough products for market in order to satisfy the demand of customers.
After finish 12 quarter, we will reach 15% of the whole high- tech industry in Vietnam.
1.2.1 Mission Statement
Our responsibility is to provide the products with higher quality, higher durability and more convenient than other companies. The target market we aim to is business man who need the small and modern products and be suitable for the need of their work as well as the need of moving; beside that our products also meet the needs of entertainment to customers. We will try to make the environment become more friendly and professional for employees and also the consumers. We are proud of supplying the highest quality products to the businessman and officers

1.2.2. Corporate objectives
In order to become one of top 3 companies in high- tech industry, company needs have specific goal and must try to achieve them. They are divided to three departments.
Marketing goal:
- Market share is 20% of mouse and 10% of keyboard
- Expand more show rooms to attract more customers
- Marketing forecast reach approximately 70% of accuracy per quarter
Production goal:
- Increase amount of product 500 units each quarter
- Invest more money on human resource development in order to increase worker productivity
- Reach top 3 high qualities in Vietnam high-tech industry.
Finance goal:
- Keeping the short-term loan minimal
- Avoid long-term mortgages and emergency loan as much as possible
- Increase net profit by 8 % in each quarter.
1.3 Company strategy
1.3.1 Corporate strategy
Since the market is highly competitive, product quality and market share are key factor that influence the company’s success. In order to reach the top 3 in industry, our company choose Product development as main strategy. In other word, we aim to generate higher profit by improving quality level, developing product’s design and feature.
1.3.2 Business level strategy

The most important thing that determinate whether a company is success is income. For this reason, our company needs to consider cost advantage and differentiate advantage.
• Mouse (Product 1): this product is our company main product which will help the company to gain the attention and loyalty of customers as well as 20% market share. For this reason, the company will invest highly on quality and advertisement. Clearly, the price of mouse may be higher than most competitors’ product.
• Keyboard (Product 2): the second product of company is still a question mark which needs a lot of money to invest. However, our company have just started the business; the amount of investment on keyboard is unaffordable in this period of time so the quality level, advertisement and price will be kept at medium, equal with industry average.

1.3.3 Departmental strategy

 Marketing department:
o Advertisement: Spending less than $400.000 on advertising per quarter. Increase newspaper advertise by 5 each quarter and magazine by 5 every 2 quarters
o Price: Increase price of 2 products by $1 each quarter except quarter 6.
 Production department:
o Product quantity: By increasing 1000 plan capacity per quarter we plan to produce
- Mouse: Increase by 600 – 700 unit each quarter
- Keyboard: Increase by 300-400 unit each quarter
o The investment on Human Resource Development will be fixed at $10.000 each 2 quarters
o The quality of product will be increased at least 0.25 and not more than 1 a product each quarter
o BEP will be keep under 4000 unit for Keyboard and under 8000 with Mouse
 Finance department:
o Taking less than $600.000 short term loan each quarter, avoid using emergency loan
o The amount of short term loan should be 30% larger than negative cash balance
o Calculating the important ratio such as ROA, current ratio, debt ratio to ensure the financial well being of company

II. Management role and responsibility

SNAKES Company includes three main departments: marketing, production and finance.
• Marketing: The role of marketing manager is to set up the marketing strategies and make decisions on marketing research for each quarter. The marketing manager will look at the reports such as Marketing Decision report, Selling and Administrative Costs report, and Marketing Research report; and then decide the price of the products, advertising and forecast the sales for next quarter basing on those reports.

• Production: set up the production goals and decide the amount of raw material the company will buy, the quality of the products, units to produce, the amount of plant capacity buy or sell, the number of worker will be hired or fired and lastly make decision on human resource development. The production manager will base on Inventory report, Labor and Cost of Production Report to make those decisions.

• Finance: establish the finance goals to make decision on short-term loan for business activities, long-term mortgages and also short term investment. The finance manager will look at the Income Statement, Balance Sheet and Cash Flow Statement reports to make good decisions.

III. Product Description
3.1. Laser Mouse

Make your life become simple by using ultra-portable Bluetooth mouse. Plug the world’s smallest USB receiver into your computer just once, and then forget about it. No more hassles. Enjoy it!
- The world’s smallest USB receiver but really powerful with 2.4 GHZ cordless
- Always ready to use and compatible with Window and Mac
- 8 months of use by super battery.
- Ultra-slim and sleek
- Advance functions:
• Hyper-fast scrolling: Fly through long documents at hyper speed
• Control the Internet with Forward and Back buttons.
• Easy to move on any surface with high sensitive.
Current Price: 66$

3.2. Slim Star Keyboard

Slim Star is the newest version slim multimedia keyboard with palm rest. You do not need use mouse too much because it includes many hotkeys to help you in multimedia, office, internet or game. We believe all function will satisfy any kind of customers.

- Ultra-slim design
- Great tactile feedback and low noise comfort
- Hot keys for Internet, office and multimedia and gaming.
- Easy to Internet browsing by 4 way pads.
- Water resistant: Now, you can drink coffee without worry.

Current Price: 49$

IV. Environment Analysis and Market Analysis
4.1. Industrial Analysis
It is said that the 21th century is the century of high technology. Therefore, the market of devices using for high technology is growing significantly. It is also the reason why the competition between the companies which provide keyboard and mouse is getting fierce day by day. This is really an attractive industry because this industry has existed a long time ago but it did not develop strongly until these days. There will be many opportunities for our company to become the big company which provides key board and mouse not only in the national market but also in the international market. Beside the good opportunities to develop, our company will also have a lot of disadvantages. Based on the theory BCG Growth-Share Matrix (Kotler et al, 2005), our company is in “question marks” situation, which means that we are in building company process to reach “star” position with high market growth and high market share. Therefore, it is important to analyze everything from the intensity of competition to the profitability and attractiveness of an industry; we look at five competitive forces to find out the potential threats our company may face (Polter, 1979).
4.1.1. Entry barriers:

To enter industry or join in new market, our company may encounter many disadvantages. Threat of new entrants may include strong competitors, more substitute goods, scarcity of resources, high fixed cost, or government restrictions. In order to avoid this, we need to set up good plan which consist of business, marketing, policies and so on. From that, we should point out the specific strategies and then achieve them step by step to get the best outcome.

4.1.2. Power of suppliers:

The number of suppliers which provide us materials or resources is still few. Thus, our company has to depend much on suppliers. We may face a lot of difficulties with our suppliers. Since most of them are overseas, It does not warrant that the suppliers will provide the materials enough quality or on time. To avoid this, we need to have detailed contracts with suppliers. Several punishments, compensations and requirement of material will be stated clearly in the contract to prevent loss of company in the case that they do not supply us the materials punctually or not enough quality. Besides, we also need to assure that we will be their loyal customers if they treat us well.

4.1.3. Power of buyers:

To develop the country as well as the knowledge of the citizens, Vietnamese government opens the market and encourages international and national companies which produce high – tech products invest into Vietnam. Therefore, the price of these goods decrease significantly leads to the increase in customers’ demands of key board and mouse. They also have more options to choose the products which are suitable for what they need. In the past, customers who used computers were youths, employers and employees. However, in these days, the diversity of customers has opened the potential market for high – tech products. Kotler et al (2005) stated that “today’s successful companies have one thing in common: They are strongly customer focused and heavily committed to marketing”. Thus, our company lets the satisfaction of customers be the most important objective. To achieve that objective, we need to analyse what the customers expect and want and which product is suitable for each customer. We look at the demographic environment which is one part of macroeconomics (Kotler et al, 2005). This will give us a clearly orientation about the customers we aim to.

4.1.4. Availability of substitutes:

The market of high – tech products is opening. More and more companies producing keyboard and mouse join in the market. That also results in the threat of substitute goods. The high – tech products from Japan and other European countries like America, Germany are more dominant of quality. Beside, Chinese high – tech products control the market because of the cheap price and diversity of color or types. This threat may lead our customers shift to other choices. Therefore, it is essential for our company to supply products with good quality, good services as well as the diversity of types, color or price which is suitable for customers’ needs.
4.1.5. Rivalry among competitors:

Opening the market of high – tech products also leads to the threat of the increasing number of competitors. According to the theory “Basic Market structures” of Jackson and Mclver (2004), we have monopolistic competition structure. There are many sellers who provide key board and mouse, for this reason the concentrate level of the market is not high. Moreover, the company also has to face up with several legal barriers of the government. In order to reduce this threat, we should set up the mission statement which is different from other competitors. Besides, we need to invest more in advertising, promise customers to produce the products with good quality, reasonable price and good after sale services.
4.2. Competitor Analysis

The successful company will always be aware of who their competitors are, what strengths or weakness they have. Therefore, competitor analysis is an important step for us before establishing specific strategies. There are two types of competitors: direct and indirect competitors. In this case, we have no indirect competitors who provide substitute goods. Instead of that, we have 8 direct competitors. Apple Company is considered as our main competitor. The first advantage this company has is they provide good quality products with medium price. Their objective is to make everyone can afford the innovation technology. Moreover, they also invest in training employees to improve services. These advantages will help Apple to attract a lot of customers because they provide customers with enough factors which customers demand such as medium price, high quality and good services. However, these strategies will lead this company to some disadvantages. Apple focuses on high quality but sells with cheap price, they can attract customers; however, in particular period, they may have problems with quantity demanded. While quantity demanded is so high, Apple cannot have enough products to provide customers. It will cause the shortage in supply. Moreover, selling high quality products with cheap price will result in the loss for Apple in some last quarters. To compare, the strength we have got is we set up clearly market segmentation. We will produce products with cheap price for low income customers and products with high quality for higher income customers. This will help us easy to market our products to each target market. Furthermore, we put the customers’ needs to be the first important thing. We use product concept and marketing concept based on the theory “Marketing Management Orientations” of Kotler et al (2005) during our business process. It means that we focus on the quality, performance and feature of products as well as the demand of customers. The strategy we will use to compete with others is building a good customer relationship management.
Competitor Matrix
Price Quality Growth Profit Market share Strategy
Your Company medium high high high 15% Aggressive
Competitor 1 medium high high high 15% Aggressive
Competitor 2 medium high high high 15% Aggressive
Competitor 3 medium high high high 15% Aggressive
Competitor 4 unclear high medium medium 7% Passive
Competitor 5 unclear high medium medium 7% Passive
Competitor 6 medium high medium medium 10% Aggressive
Competitor 7 medium upper medium medium medium 8% middle of the road
Competitor 8 medium upper medium medium medium 8% middle of the road

V.Marketing Plan:

5.1.Marketing segmentation:

It is difficult for our company to serve all customers efficiently and effectively in the market. The key of marketing is to know exactly about the customers who we want to provide the products. Therefore, we base on the theory “Marketing segmentation” (Kotler et al, 2005) to divide customers into different groups which relate to the demographic. We focus on the occupation of customers, especially business men, officers, students, gamers who have high demand of using high – tech products for their work or entertainment. Students are often attracted by high tech and fashionable products. Unlikely, business men, officers and gamers concentrate much more on the durability as well as the quality of the products. In the first 6 quarters, we produce products with cheap price for low income customers. However, in the last 6 quarters, we will improve the quality of products and aim for the higher income customers.

5.2.Marketing goals and Key Performance Indicators (KPI’s)

5.1.1. Advertising

Advertising is the important key which affects the success of the company a lot. The more we invest in advertising, the more profit we get. However, our company is still new. We need money for establishing fee, operating activities and so on. We cannot spend much more on advertising. So, we decide to spend less than 400 000 per quarter for advertising.

5.1.2. Sales forecast

The goal we want to achieve for sales forecast is to reach approximately 70% of accuracy per quarter, compared to the actual demand. If the accuracy of sales forecast is from 50% to 70%, our company is still in the safe situation. However, if the accuracy is less than 50% which means the actual demand is too different with the sales forecast, we may encounter the big problem of losing money due to storage fee for that quarter. In addition, from the quarter 2, we will expand our company by opening more showrooms in other cities like Nam Dinh, Ho Chi Minh City, Da Nang to bring our brand name and image to customers all over the country. To increase the demand, we will increase the quality of our services by opening training courses for employees in the quarter 3. Our main objectives are to control the high – tech market in the country and also have large amount of loyal customers at the end of the quarter 12.

5.1.3. Market share

Because there are 8 direct competitors, it is unreliable for the company to dominate more than 20% of market share. Moreover, in the last 6 quarters, our company tends to produce high quality product with high price, so the market share of the company will probably decrease a little bit. For this reason, we only want to maintain 20% of market share for product 1(mouse). For product 2 (keyboard), because it is in the growth state, our company plans to take 10% of the market share.
5.3.Marketing strategy

A. Marketing Mix

Defining clearly the marketing strategies is a decisive element to achieve the marketing goals. To set up marketing strategies, we depend on 4 factors of Marketing Mix concept (Kotler et al, 2005):

5.3.1 Product

We apply three levels of products and services: core benefit, actual product and augmented product (Kotler et al, 2005) for product strategies.
• Mouse:
 Core benefit: Mouse is the high – tech device to help users easily to control the computers. It not only brings to users convenience, but also the fashionable and professional.
 Actual product: mouse will be produced with high quality and also high price. It will be designed in small form, especially easy to use. We focus on the colour of mouse to attract customers at the first look.
 Augmented product: Our Company will provide customers instruction to explain how to use the products and also the repair services. We also promotion price for the potential customers who buy more than 3 products. Our goal is to try to serve them with the best services.
• Keyboard:
 Core benefit: Keyboard is the necessary device for customers to use computers. It brings customers the convenience, fashionable, professional and also the high durability. It is not only useful for customers’ work, but also the entertainment.
 Actual product: Keyboard is also concentrated on its colour and form. Because it is not our main product, we do not focus much on its quality and price. But it does not mean that we ignore its quality, we also make sure that it will be enough quality as customers expect. Keyboard will have the maximum length of 30 centimeter. It ensures the convenience and fashionable of the product.
 Augmented product: Like mouse product, we also provide instruction as well as repair services for customers who buy keyboard. We also sale off price for customers who buy keyboard with the large amount.
5.3.2 Price

Price of the products is the first factor which customers concern about. If the product is too expensive comparing to the performance as well as the quality of the products, customers will not purchase it. Therefore, to attract customers, we need to set up reasonable price for each product. We choose product 1 (mouse) as the main product. According to the theory “BCG Growth – Share Matrix” (Kotler et al, 2005), product 1 is in cash cow stage while product 2 is in question mark stage. Therefore, we concentrate much more on product 1. We set up the price for mouse with the start of 66$, higher than the price for keyboard which only starts at 49$. We still maintain the big difference about the price of both products until the quarter 12. Our strategy for price of products is to set up the price for both products in the first 6 quarters lower than competitors because in that time, we aim to the customers who have low income. However, in the last 6 quarters, we change that strategy. We will increase price of both products because we will shift to the customers who have higher income.

5.3.3 Promotion

We will use all of media (television advertising, newspaper and magazine) to promote our products during 12 quarters. In the first 6 quarters, we concentrate much more on newspaper which is not only cheaper than others, but also wide spreading. However, from quarter 7, the quality of products has been improved a lot, so we shift gradually to magazine which helps us to reach higher income customers. Middle and higher classes tend to read magazine rather than newspaper because the life period of magazine is much longer than newspaper and it is also more fashionable than newspapers. Customers will probably keep it and read for a long time. Therefore, this will make the demand of customers last until the next quarter. In this quarter, we will also care more about the television. We will invest in television much more than the first 6 quarters, increasing by 2 units for each product.
5.3.4 Place

We choose shop – online to be the main way we sell products to customers. According to Vietnam high – technology Info (2008), the number of people using internet has reached to 19.5 million until May 2008. It means that more and more people are using the internet, especially the customer targets we aim for such as students, business men, gamers and so on. So, using shop – online may be the efficient way for us to market our products and spread our company’s brand name to customers quickly. In addition, shop – online will make customers feel convenient of selecting and ordering products. Beside that, we are also going to open a new showroom on Lang Ha Street where many companies and universities locate. It may be the potential place for us to sell mouse and key board to customers. At the end of quarter 2, we will open more showrooms in other districts in Hanoi. From the quarter 3, we will expand more showrooms to other provinces in the countries. Ho Chi Minh City is also the potential market we aim for because the population in HCM City is higher than other cities. Furthermore, the economy of this city is developing significantly. This is the open market for every kind of product. We will focus much more on this market at the end of quarter 4.
< http://www.thongtincongnghe.com/article/5932 >

B. Marketing Key Information Indicator:

5.3.5.Sales forecast/ Actual demand:

1. Define: The difference between forecast and actual demand for each quarter will be measure by the forecast error number.
2. Measure: The accuracy will be shown clearly in Quarter Performance Report. As a result of the forecast error number, we can know exactly about how much difference between sales forecast and actual demand we got.
3. Target: We want to achieve 70% of accuracy, compared to the actual demand. The error of forecast up to 1500 units will not allowed.
5.3.6.Market Share:
1. Define: The percentage of market share is calculated by the formula:
Market Share (%) =
2. Measure: This number will show us clearly how many percent of the market share we gain in that quarter.
3. Target: We will maintain 20% of market share for Product 1, only 10% of market share for Product 2 during 12 quarters.
5.4 Marketing forecast
5.4.1 Price
The demand of buyers depends much on the price of products. The quantity demanded will not increase or even decrease if the price of products increases too much each quarter. Therefore, in the first stage from the quarter 1 to the quarter 6, we let price of both products increase by only 1 unit for each quarter to attract more customers and go up the quantity demanded, even though that price is lower than competitors. However, from the quarter 6, we start to focus on the quality of products. So we let the price of both products increases by 2 units for each quarter. The graph below will show clearly the price we forecast for 12 quarters.

5.4.2 Advertising
Advertising is the efficient way to bring image as well as the brand of products to customers. It is necessary to know clearly about what we intend to do with advertising for each quarter. For television, we try to maintain 2 minutes for product 1 and 1 minute for product 2 until the quarter 6. From quarter 7, we are going to increase by 1 minute for each product. For newspaper, in the first stage from quarter 1 to quarter 6, we consider newspapers as the main media we use to advertise our products. We spend on newspapers 10 times as much as television and twice as much as magazines. The reasons why we choose newspapers to be the most important media in the first 6 quarters are stated above. Newspaper is cheaper and wider spreading than others. Moreover, lower income people tend to use newspaper much more than another media. So, newspaper seems to be the intelligent choice for our first stage. However, in the last 6 quarters, the quality of products will be improved. The higher income customers will become the main target market we aim for. Therefore, magazine will be concentrated much more than the first 6 quarters. We decide to invest 15 pages for magazine in quarter 7 and increase it by 5 units gradually in the next quarters until quarter 12.

Quarter 1 Quarter 2 Quarter 3 Quarter 4
Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2
Tv Ad 2 1 2 1 2 1 2 1
News paper 20 20 20 30 25 25 25 25
Magazine 10 10 10 10 10 10 10 10
Quarter 5 Quarter 6 Quarter 7 Quarter 8
Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2
Tv Ad 2 1 2 1 3 2 4 3
News paper 30 25 33 26 50 40 50 45
Magazine 10 10 10 10 15 15 20 20
Quarter 9 Quarter 10 Quarter 11 Quarter 12
Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2
Tv Ad 5 3 5 3 5 4 5 4
News paper 50 45 55 50 60 50 60 50
Magazine 25 25 30 30 35 35 40 40

5.4.3 Marketing Research
To have good marketing strategies for future, we need to know about the strengths and weaknesses of competitors. We are planning to use marketing research for every quarter. For the first 2 quarters, we will buy all information about price, advertising, product quality and units sold of competitors because all information will help us to know clearly about the marketing strategies of competitors and how these strategies affect the number of products they can sell. From quarter 3 to quarter 6, we intend to make market research decisions on price, quality, newspaper advertisement and units sold of competitors. We buy information of only newspaper because in that stage, we care much more about newspaper advertisement; moreover, information of television and magazine advertisement costs too expensive. In the last 6 quarters, we will focus on information of price, quality, magazine advertisement and units sold of competitors because magazine will be concentrated much more in this stage.

5.4.4 Sales Forecast
With strategies we set up above, we forecast the sales will increase by 1500 units for each product from quarter 1 to quarter 6. In that stage, the price of our products is low, that leads the demand to rise. However, from quarter 7 to quarter 12, the price of products will go up because we focus much more on the quality of products in this stage. According to the Law of Demand, high price will make the quantity demanded go down. Thus, the sales will go up by only 500 units for each product in the last 6 quarters.

Q 1 Q 2 Q 3 Q4 Q5 Q6 Q7 Q8 Q9 Q 10 Q 11 Q12
Unit Sales
Mouse 6500 7200 7700 8500 8500 8800 10500 11000 11500 12000 12500 13500
Keyboard 5500 6000 6500 6200 7500 8000 8000 8200 8800 9200 9400 10500
Total units 12000 13200 14200 14700 16000 16800 18500 19200 20300 21200 21900 24000
Unit Price
Mouse 66 67 68 69 70 72 74 76 78 80 82 84
Keyboard 49 50 51 52 53 55 57 59 61 63 65 67
Mouse($000) 429 482.4 523.6 586.5 595 633.6 777 836 897 960 1025 1134
Keyboard($000) 269.5 300 331.5 322.4 397 440. 456 483.8 536.8 579.6 611 703
Total units 698.5 782.4 855.1 908.9 992.5 1073.6 1233 1319.8 1433.8 1539.6 1636 1837.5

VI. Production Plan
6.1. Production Goals and Key Performance Indicators (KPI’s)
a) Production goal
A.1. Amount of units to produce:
In the first year, our company plans to produce about 27000 units of product 1 and about 23000 units of product 2.In the next two years, we hope to achieve the average of annual growth of 25 per cent in order to satisfy customer needs as well as increasing sales. The total quantity products after three year joining in market will be hoped as 208300 units.
A.2. Quality
Since quarter six, our targets are businessman and officer who require high quality of product they buy. Therefore, we need spend more money for develop the durability as well as improve the feature of product in order to satisfy their demand. Money for developing quality rises 10% in each quarter.
A.3. Working condition.
Workers are the life of company. In order to increase the productivity of production worker, our company invests more capital on human resource, about $70000 in the first year and increase dramatically in the next two years. This money is spent for training program to improve employees working skills as well as working condition. We hope to give employees the friendly working environment as much as possible.
b) Key Performance Indicators (KPI’s)

B.1. Inventory
According to Cambridge Dictionary, Inventory is the amount of material or finished good company has. Too much Inventory can lead to company will pay more money for warehouse expenses. However, the company also need to keep enough inventory in their store to satisfy the demand of consumers when the market changing. Therefore controlling inventory is one of the most important things to keep company run well
B.2. Quality
Our company should focus on this part in order to make different with other competitors. We aim to create high quality product, such as durability and convenient. Therefore we increase more investment in quality through quarter by quarter.
B.3. Quantity
If the number of finished goods is too much, it will cost more money for warehouse. Company should plan carefully before produce.
B.4. Human Resource
It is an important tool to make employees work more efficiently. The money is invested to this part in order to create a good working condition and improve skills for employees. Therefore, company pays $340000 for human resource development.
B.5. Cost of Production
Cost of production is the total cost to produce finished products. It is one of important key information to recognize source of production cost in order to control and avoid expenses.

6.2 Production strategy

After researching market carefully, our company recognized that customers are interested in Laser Mouse more than Slim Star keyboard because the advantages of laser mouse are convenient, easy to move and easy to use. Based on this information, company decides to choose Laser Mouse as the major product of Snake Company. We invest more money in product 1, including for purchasing more material to produce, spending money for quality and also investing in advertising Laser Mouse. We also keep producing keyboard at a different level.
Snake Company aims at products for business men, who require high quality of product. Therefore, we put more investment to improve the quality of product as much as possible. It leads to the price of our products increasing through quarter by quarter in order to pay off for expense in developing technology of products. However, company always controls the price rise reasonably so as to compete with others in market.
Human resource is one of the most important parts which company focuses on in order to increase worker productivity. In the first six quarters, the investment pay for human resource rise dramatically from $10000 to $35000. From quarter 7, the money for this part fluctuated at $35000 in each quarter because company realizes that this is sensible cost for invests in human resource.
6.3 Production Forecast
Quarter 1 Quarter 2 Quarter 3 Quarter 4
Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2
Raw Material 7000 6000 7000 5500 7500 6500 8500 7000
Quality 3 2 3.5 2.5 4 3 4.5 3.5
Produce 6200 5100 6700 5600 7200 6100 7700 6600

Table 1- Production forecast of the first year (Buying raw material, quality and unit to produce)

Quarter 5 Quarter 6 Quarter 7 Quarter 8
Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2
Raw Material 9000 7500 11000 8500 15000 8700 12000 9000
Quality 5 4 5.5 4.5 6.25 5.25 7 6
Produce 8200 7100 8700 7600 10000 8200 10500 8700

Table 2- Production forecast of the second year (Buying raw material, quality and unit to produce)
Quarter 9 Quarter 10 Quarter 11 Quarter 12
Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2
Raw marterial 10000 9500 12500 10000 13000 10000 12500 10000
Quality 7.75 6.75 8.25 7.25 9 8 9.75 8.75
Produce 11000 9200 12000 9700 12500 10200 13000 10500

Table 3- Production forecast of the thirst year (Buying raw material, quality and unit to produce)
Q*1 Q*2 Q*3 Q*4 Q*5 Q*6 Q*7 Q*8 Q*9 Q*10 Q*11 Q*12
Hiring labour 8 8 8 8 8 8 10 10 10 10 10 10
Fire labour 0 0 0 0 0 0 0 0 0 0 0 0
Layoff 0 0 0 0 0 0 0 0 0 0 0 0
Total 41 45 48 51 54 57 59 63 67 70 73 76
Buy plant capacity 1000 1000 1000 1000 1000 1000 2000 1000 1000 1000 1000 1000
Sell plant capacity 0 0 0 0 0 0 0 0 0 0 0 0
Total plant capacity 11100 12100 13100 14100 15100 16100 18100 19100 20100 21100 22100 23100
Hunman resource 10000 15000 20000 25000 30000 35000 35000 30000 35000 35000 35000 35000

Table 4- Production for labour and capacity
6.3.1. Quantity of units to product

The major product of company is Laser Mouse so we pay more attention to manufacture production 1. After three year joining market, the amount of Mouse units were produced increasing dramatically from 6200 units to 13000 units were produced among this period. The number of keyboard product or production 2 also rises from 5100 in quarter 1 to 10500 in the last quarter.
6.3.2. Quality of Product

The one of the most important strategy of company is paying more attention in quality of product because the target customer company aims to are businessman and gamer. This people have high standard living so they are interested in quality rather than price. The investment company pays for improving quality increase dramatically, about 10% quarter by quarter. In addition, mouse product has high quality than keyboard because they are major product of company.
6.3.3. Human resource development

Base on the fact that company may lose 10% turnover instead of firing or lying off any labor in each quarter, we plan to hire more worker to supplement the number lost and catch up with the rising of capacity. Moreover, in order to increase worker productivity, Snake company also pays more investment for human resource, including training program designed for worker to improve ability and work skills. The number of money invested for human resource has increased by 10% in each quarter.
6.3.4 Plant capacity
Company believes that after three years, company can have ability to produce 23000 units for both mouse and keyboard. Therefore we invest more in capacity by buying 1000 plant capacity in each quarter. It can help company change the productivity to process the large material we purchase and reduce expense for working overtime.
Cost for breakdown of Manufacturing or COGS

All there table showed that the expense company pays for raw material and labour always reach the highest value. It means that company invests more in the quantities of product in order to satisfy demand and attract more customers. In the next year, we should decrease the cost for raw material and invest more money in quality of product.
VII. Financial Plan
7.1 Financial goal
The financial goal of our company in the first 12 quarters is to produce enough cash to cover the marketing strategies and production cost. Our primary financial goal for the Snake Company is to control short term loans under 600,000$ every quarter and decrease it until no short term loan is required in quarter 12. Snake Company also plans to borrow mortgage loan because we don’t want to pay the high interest in each quarter. In addition, return on asset (ROA) and current ratio are two important ratios that our company will monitor. The company’s goal is rising ROA as well as keeping current ration in safe area.
7.2 Financial Strategies
A. Avoid emergency loan
The Snake Company will forecast carefully the cash that is required for marketing strategies and production cost in every quarter. Always keeping emergency loan is zero as the best solution if the Snake Company does not want to pay double the short time interest.
Besides, our company also realised the negative effect of mortgage loan. Although it must be paid in quarter 25, high interest in every quarter is really a big trouble of company in the future. However, if the short term loan exceeds $500,000, the company will take the mortgage loan to reduce burden of short term loan and funds extra capacity. The Snake Company don’t borrow mortgage loan in every quarter to avoid very high interest. We will borrow them in quarter 1,3,5,7,9,11 and it will be around $45,000.
B. Keeping short term loan minimal
Snake want to ensure that the net cash balance never become negative. Therefore, the company always checks the cash flow statement carefully in each quarter to know how much short term loan should be taken.
In order of this, Snake always concerns about forecast sales. It cannot be too high or too low. High forecast sale leads to higher net sales and short term loan will decrease. It is really dangerous if the actual sale fails down too much and the company will face the emergency loan. In contrast, high interest of borrowing too much short term loan also makes the current libraries as well as debt ratio increase.
Snake usually keeps the amount of short term loan is between 110% and 130% of net cash flow as a safe area. As a result, increasing of cash on hand and decreasing amount of loan in next quarter. Snakes will achieve the goal that cut down interest and get free from short term loan in last quarter. This is the detail company’s short term loan plan:

C. Finance KPI
C.1.Net income
Net income represents profit that the company gained after subtracting total expenses from the total revenue.
Formula: Net income = Total revenue – total expenses
Predicting carefully about how many raw materials should be purchased for the next quarter, amount of unit was sold in this quarter as well as approximate required labor and advertising will be an important standard to calculate net income.
As many companies, Snakes also want to gain maximum income in the each quarter because net income is one of important factors to evaluate the business of company. In addition, Snakes realizes that it is very difficult to achieve goal immediately. As mentioned in the marketing strategy, in first 5 quarters, net income can be under 100,000 USD. However, it will increase quickly to 100,000 USD from quarter 6 and Snakes will achieve the goal when net income climbs to more 200,000 USD in last three quarters.
C.2. Ratio
C.2.1 Return on Asset (ROA)
The return on assets (ROA) percentage shows how profitable a company's assets are in generating revenue. In other, it shows that how many profits that the company gain from each dollar in the asset.
ROA= Net Income
Total Asset
ROA is significant numbers to compare between Snakes and other 9 companies in same industry. According to Microeconomics, the current market is oligopoly. It is a common market form which has few of sellers but no one controls market trends. All decision of each company influence other companies. Therefore, Snakes always has many opportunities to become 1st company.
In the first 6 quarters, Snakes want to keep ROA ratio between 3.5 and 5 but it will increase over 6.5 from quarter 6 and a significant change in last three quarters.

C.2.2 Current Ratio
The ratio indicates how much the company’s current asset can cover the current liabilities. Although there is no point for this ratio on the ranking board, SIMS insist that in order to manage the finance well, the current ratio need to be kept in the safe area which is 1.0-2.0 throughout the whole 3 years ( 12 quarters). In addition, our company aims to have current ratio more than 3.0 in the end of quarter 12.
The current ratio measures ability about paying all debt of a company by comparison between current assets and current liabilities.
Current ratio = Current Asset
Current liabilities
The current ratio is not too high or too low. If it too low, it means that the company is really trouble with liabilities. In contracts, the too high current ratio show the current asset of company is not be used effectively. Therefore, keeping current ratio between 1.0 and 2.0 is the goal of Snakes. However, in the end of quarter 12, it will be better if Snakes have a higher ratio; it can be around 2.5 because it means that the company will have enough cash to pay mortgage loan or eliminate short term loan.
C.2.3.Debt coverage ratio
The ratio represents how many times total asset was covered by total liabilities. It help the company’s management decided how many loan should be generated in the next quarter.

The formula shows that the lower ratio should be better. It indicates the more assets are financed through equity. Therefore, follow the cut down short time loan strategy, Snakes want to keep the debt ratio is around 0.5 to 0.6 in every quarter and make it decrease steadily in each quarter.
7.3 Financial projection and analysis
7.3.1 Break even analysis
Break-even point (BEP) indicates the point at which cost or expenses and revenue are equal. The company should calculate about their production. If it is lower than Break event point, it means that they are loss.
BEP = Total Fixed Cost/ Contribution margin per unit

As the graph showed, in the 12 quarters, product 2 (keyboard) always has higher BEP than product 1 (Mouse). Overall, the product 1’s BEP increased slowly from 2996 to 5792 and the gap between two consecutive quarters is just a small amount. In contrast, the BEP of product 2 is really fluctuated. The graph shows that it is very difficult to get profit from product 2 because it always requires nearly 8000 units to break the point while it is just 3000 units of product 1. The period from quarter 2 to quarter 5 is really a big trouble when the required units of product 2 climb to 14180. The reason for this situation might be the unsuitability between sell price and cash which is used for advertising as well as quality for product 2. However, this issue is repaired since Snakes apply new marketing strategy. The BEP of product 2 become more stable when it was kept around 7800 units. Beside, the BEP of product 1 is nearly 6000 units in quarter 12. As a result, the gap between BEP of product 1 and product 2 is smaller. It changes around 3000 units. In quarter 10, it is just 1000 units.

7.3.2 Net Income (profit)

The first 5 quarters are really challenges for Snakes because the company is not enough cash for advertisement, purchasing raw materials and labour costs. In this period, Snakes depends on short term loan too much. However, because of buying more plan capacity as well as increase price of both products in quarter 6, the net income reach out to more $1milion rapidly. Moreover, when Snakes decides to promote advertisement and produce more than 10,000 units in quarter 7, the net income increase quickly. The company gain more $30,000 profit in each quarter instead of $10,000 units in last quarters. As a result, it helps Snakes cut down interests and become independent of short term loan in quarter 12.
7.3.3 Projected Cash Flow

In overall, the cash payment line is upper the cash receipt line, except quarter 12. It means that short term loan usually is an important factor to balance between cash receipt and cash payment. Through 12 quarters, both of cash receipt and payment increased with different speeds. At the quarter 8, the cash payments just increase nearly $2000 in each quarter while it is more than $10,000 in cash receipt. In addition, the short term loan also decreases steadily. As a result, the gap among two lines as well as short term loan becomes smaller. In the quarter 12, the cash receipt is higher than the cash payment and short term loan also disappear immediately. Snake work well in the first 3 years and the trend in graph also predicts a good growth of company in the next 12 quarters.
7.3.4 Balance Sheet Analysis

As a graph showed, both of total asset and total liabilities increase from quarter 1 to quarter 6. However, total asset increased rapidly in the quarter 7 while total liabilities are constant. There is a significant change in quarter 8 when the trend of total liabilities is decreasing while the total asset continues increase steadily. As a result, the gap between total liabilities and total asset become larger and it showed that Snakes has a well working. On the other hand, the reason for decreasing slightly of long term liabilities is no mortgage loan was generated through 12 quarters.

7.3.5 Business Ratio

Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 5 Quarter 6
ROA 4.64% 4.85% 5.36% 5.85% 6.76% 9.00%
Current Ratio 1.10 1.23 1.79 1.55 1.34 1.25
Debt Ratio 0.69 0.61 0.47 0.48 0.51 0.52
Quarter 7 Quarter 8 Quarter 9 Quarter 10 Quarter 11 Quarter 12
ROA 9.37% 8.92% 10.69% 11.11% 12.32% 13.12%
Current Ratio 1.43 1.36 1.49 1.71 1.99 2.84
Debt Ratio 0.45 0.46 0.42 0.38 0.32 0.24

- Current ratio: In the period from quarter 1 to quarter 9, the current ratio fluctuated from 1.1 to 1.5. However, it increases to more than 1.7 in the last 3 quarters because of Snakes achieve to cut down short term loan. In the quarter 12, the current ratio reaches out to nearly 3.0. It represents that Snakes seem to be avoid liabilities and get more profits in the next year.
- Return to Asset (ROA): The statistics indicates the steady increase of ROA through 12 quarters although it still decreases in quarter 8. Snakes keep ROA stable between 4.5 and 6 from quarter 1 to quarter 2. After that, ROA climb to more than 9 at the quarter 6 and it is over 13 at the last quarter. In other say, Snakes gain more income in each quarter, especially, last three quarters.
- Debt Ratio: Although the debt ratio is increase slightly in quarter 5 and 6, it is not a big problem because of the debt ratio always is under 1. Therefore, Snakes do not need to concentrate too much on debt. In the last quarter, when income of company is ready to cover expenses, the debt ratio is just 0.24.
VIII. Conclusion
As a new enterer of high- tech Indus try when starting business plan, Snake company and other competitor have same condition to develop as well as same market share. With more investment paying for quality and human resource, company pledge to create small, convenient products with high quality and reasonable price. It makes different of company with other competitors in market. By applying massive marketing strategy to take attendance of customers, Snake company hopes that we can occupy 20% market share and become one of the most three company in the technology market.


I. Breakeven Analysis
Break Even Analysis Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 5 Quarter 6
Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2
Total Sales 409200 249900 448900 280000 489600 311100 531300 343200 574000 376300 626400 418000
Manufacturing COGS 230497 188103 254600 212800 294606 228363 322444 255216 331668 286138 333218 307415
Gross Profit 178703 61797 194300 67200 194994 82737 208856 87984 242332 90162 293182 110585
Units produced 6200 5100 6700 5600 7700 6000 8300 6500 8500 7000 8500 7000
CM per units 29 10 28 9 29 9 29 9 29 9 31 11
Fixed cost
S & A expense 78655 70345 78520 80480 83406 75594 83308 75692 88222 75778 91147 76853
Warehouse expense 500 400 1300 3600 1600 4400 1400 3200 1200 3000 1500 2800
Interest expense 7215 5935 6904 5771 5363 49048 5757 4935 6309 5463 6482 5663
Total fixed cost 86370 76680 86725 89850 90369 129042 90465 83827 95732 84241 99130 85316
BEP 2996 7549 3049 10250 3162 14810 3159 9736 3249 9066 3175 7806
Quarter 7 Quarter 8 Quarter 9 Quarter 10 Quarter 11 Quarter 12
Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2 Prod 1 Prod 2
Total Sales 740000 467400 798000 513300 858000 561200 960000 611100 1025000 663000 1092000 703500
Manufacturing COGS 383251 309938 406022 337350 426791 309293 494067 313661 469862 356474 492190 363752
Gross Profit 356749 157462 391978 175950 431209 251907 465933 297439 555138 306526 599810 339748
Units produced 10000 7500 10500 8000 11000 8500 11500 9000 12000 9500 12500 10000
CM per units 33 16 35 17 36 22 34 25 39 23 40 24
Fixed cost
S & A expense 128681 110319 148594 135406 168515 150485 188802 170198 208722 190278 223809 205191
Warehouse expense 1800 2600 2800 3200 7300 3200 8300 2800 6300 2400 6300 2000
Interest expense 6212 5094 6973 5777 6385 5340 5794 4684 4408 3597 2243 1812
Total fixed cost 136693 118012 158367 144384 182200 159025 202896 177682 219430 196274 232351 209003
BEP 4115 7525 4578 8257 5072 7190 6019 7099 5631 8716 5792 8841
II. Income Statement
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 5 Quarter 6 Quarter 7 Quarter 8 Quarter 9 Quarter 10 Quarter 11 Quarter 12
Net sales Product 1 409200 448900 489600 531300 574000 626400 740000 798000 858000 960000 1025000 1092000
Net sales Product 2 249900 280000 311100 343200 376300 418000 467400 513300 561200 611100 663000 703500
Total Net Sales 659100 728900 800700 874500 950300 1044400 1207400 1311300 1419200 1571100 1688000 1795500
COGS 418600 467400 522969 577660 617806 640633 693189 743372 736084 807728 826336 855942
Gross Profit 240500 261500 277731 296840 332494 403767 514211 567928 683116 763372 861664 939558
Sell & Ad 149000 159000 159000 159000 164000 168000 239000 284000 319000 359000 399000 429000
FnGood Warehouse 0 0 0 0 0 0 0 0 0 0 0 0
Operating profit 91500 102500 118731 137840 168494 235767 275211 283928 364116 404372 462664 510558
Net interest 13150 12675 9908 10692 11773 12145 11306 12750 11725 10478 8005 4054
Income Taxes 39175 44913 54412 63574 78361 111811 131953 135589 176195 196947 227330 253252
Net Income 39175 44913 54412 63574 78361 111811 131953 135589 176195 196947 227330 253252
Net income/Sales 5.94% 6.16% 6.80% 7.27% 8.25% 10.71% 10.93% 10.34% 12.42% 12.54% 13.47% 14.10%

III. Cash Flow
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 5 Quarter 6 Quarter 7 Quarter 8 Quarter 9 Quarter 10 Quarter 11 Quarter 12
Cash on hand 48875 29137 33000 34700 30683 25258 25891 32321 28943 31044 21593 14134
Collection of A/R 634687 694000 764800 837600 912400 997350 1125900 1259350 1365250 1495150 1629550 1741750
Investment Interest 0 0 0 0 0 0 0 0 0 0 0 0
Mortgage 0 0 0 0 0 0 0 0 0 0 0 0
Sale of Plant 0 0 0 0 0 0 0 0 0 0 0 0
ST investment Withdrawal 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL CASH RECEIPT 683562 723137 797800 872300 943083 1022608 1151791 1291671 1394193 1526194 1651143 1755884

Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 5 Quarter 6 Quarter 7 Quarter 8 Quarter 9 Quarter 10 Quarter 11 Quarter 12
RM Purchase + Inv Cost 135300 124500 128000 142600 146000 142000 194400 196740 200100 193100 195700 232300
Labor & Overhead 269000 309000 339680 372002 393292 414710 427262 442950 468778 485751 502874 520150
Product quality 28800 37450 47100 57750 69400 82050 105550 125700 147350 169325 194100 218625
FG Total Warehouse Cost 0 0 0 0 0 0 0 0 0 0 0 0
Sell & Ad 149000 16600 179000 200000 194000 204000 219000 264000 264000 304000 304000 364000
Short-term Interest Expense 7750 7500 5250 6500 8000 8750 8250 10000 9250 8250 6000 2250
Short-term Loan Payment 310000 300000 210000 260000 320000 350000 330000 400000 370000 330000 240000 90000
Mortgage Interest 5400 5175 4658 4192 3773 3395 3056 2750 2475 2228 2005 1804
Mortgage Retirement 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000
Income Taxes Paid 39175 44913 54412 63574 78361 111811 131953 135589 176195 196947 227330 253252
ST Investment Deposit 0 0 0 0 0 0 0 0 0 0 0 0
Purchase Plant Capacity 0 45000 45000 45000 45000 0 90000 45000 45000 45000 45000 45000
TOTAL CASH PAYMENT 954425 900138 1023099 1161617 1267825 1326717 1519470 1632729 1693149 1744601 1727008 1737381

Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 5 Quarter 6 Quarter 7 Quarter 8 Quarter 9 Quarter 10 Quarter 11 Quarter 12
NET CASH FLOW -270863 -177001 -225300 -289317 -324742 -304109 -367679 -341057 -298956 -218407 -75866 18503
ST LOAN GRANTED 300000 210000 260000 320000 350000 330000 400000 370000 330000 240000 90000 0
EMERGENCY LOAN 0 0 0 0 0 0 0 0 0 0 0 0
NET CASH BALANCE 29137 33000 34700 30683 25258 25891 32321 28943 31044 21593 14134 18503
IV. Balance Sheet
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 5 Quarter 6 Quarter 7 Quarter 8 Quarter 9 Quarter 10 Quarter 11 Quarter 12
Cash on hand 48875 29137 33000 34700 30683 25258 25891 32321 28943 31044 21593 14134
Accounts Receivable 329550 364450 400350 437250 475150 522200 603700 655650 709600 785550 844000 897750
Investments 0 0 0 0 0 0 0 0 0 0 0 0
Raw Material 6400 32000 39200 30400 27600 28800 30000 41600 77600 83200 64800 62400
Finished Goods 0 0 0 0 0 0 0 0 0 0 0 0
Total Current Assets 384825 425587 472550 502350 533433 576258 659591 729571 816143 899794 930393 974284

Plant & Equipment 499500 544500 589500 634500 679500 724500 814500 859500 904500 949500 994500 1039500
Less Depreciation 39960 43560 47160 50760 54360 57960 65160 68760 72360 75960 79560 83160
Long Term Assets: 459540 500940 542340 583740 625140 666540 749340 790740 832140 873540 914940 956340
TOTAL ASSETS 844365 926527 1014890 1086090 1158573 1242798 1408931 1520311 1648283 1773334 1845333 1930624

Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 5 Quarter 6 Quarter 7 Quarter 8 Quarter 9 Quarter 10 Quarter 11 Quarter 12
Short-Term payable 310000 300000 210000 260000 320000 350000 330000 400000 370000 330000 240000 90000
Taxes Payable 39175 44913 54412 63574 78361 111811 131953 135589 176195 196947 227330 253252
Total Current Liabilities 349175 344913 264412 323574 398361 461811 461953 535589 546195 526947 467330 343252

Mortgage Payable 230000 220000 210000 200000 190000 180000 170000 160000 150000 140000 130000 120000
Total Liabilities 579175 564913 474412 523574 588361 641811 631953 695589 696195 666947 597330 463252

Owners Equity 265190 361615 540478 562516 570212 600987 776979 824722 952087 1106387 1248003 1467372

TOTAL LIABILITIES $ OWNER EQUITY 844365 926527 1014890 1086090 1158573 1242798 1408931 1520311 1648283 1773334 1845333 1930624

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