The organisation wants to generate revenue through its limited liability Company. To  generate maximum profit, the following steps are recommended.

1. Determination of the organization's mission, vision and objectives.

2. Environmental scan.

3. Strategy formulation.

4. Strategy implementation.

5. Evaluation and Control.

 

 1. Determination of the organization's mission, vision and objectives.

- Vision: This is what and where your limited liability aspires to be in future.

- mission (value proposition): This is what differentiates your limited liability company from other organizations. It is what your organization offers in terms of value.

- Goal: This is the main aim as to why the business is established. In this case, this business is established to generate revenue.

 

2. Environmental Scan: This is the analysis, monitoring and examination of the internal and external environment to identify the opportunities and threats that exists within your organization's environment. The internal environment of an organization are the factors within the control of an organization (i.e staff, policies ), while the external environment are the factors beyond the control of na organization ( i.e government policies, laws, competition). Environmental scan can be done using the following tools:

- Micheal Porter's Five Forces: This is an evaluation and analysis on new organizations entering into the market, substitute product or services, bargaining power of customers, bargaining power of suppliers  and the intensity of competitive rivalry (the war between business competitors for sales and customers).

- SWOT analysis: This is the evaluation and analysis of the organization's business environment to determine the organization's strengths and weaknesses (in it's internal environment ), as well as it's threats and opportunities (in it's external environment).

- PESTEL analysis: This is the analysis of the categories of the political environment, economic environment, social environment, technological environment, environmental environment and legal environment).

- Market research:  This is the evaluation and analysis of the target market of the organisation to understand the competition, preference, target audience and consumer behavior. This is essentially helpful in positioning in the market place to attract customers.

 

3. Strategy formulation: Once the results from the environmental scanning is derived. Strategies are formulated based on these results to ensure maximization of the organization's strengths and opportunities.

 

- Financial Planning.

I. Start up budget: Calculate and budget all the initial start-up costs for your limited liability company(i.e equipment, licensing)

II. Operating budget: Calculate and budget the costs the organization will  incure in the first 2 years of operation( i.e salaries, running expenses, utilities).

III. Cash flow forecast: Create a futuristic analysis for the liquidity of the business and it's expenses.

IV. Revenue projection statement: This should be created based on the research done on the market. It should include the expected sales volume of the organization, growth rate and pricing.

V. Expenses: Identify all the expenses you might incure and plan for them. Make provisions monetarily for unplanned expenses as well.

 

- Legal and tax matters.

I. LLC formation: Contact all the bodies involved in forming a limited liability company. Find out the requirements and documentation involved to ensure proper formation of the limited liability company.

II. Taxes: It is important to consult with a professional on tax laws and relations  to ensure proper adherence to procedured.

III. Allocation of profit: The goal of the Limited liability company is to generate revenue. Therefore, It is important to plan how the profit will be allocated to Hyacinth's Place and the Limited liability Company, for business growth and expansion.

 

- Management strategy.

I. Organizational structure: Develop the organization structure of the limited liability company by determining roles, responsibilities and hierarchy l.

II. Operation process: The process of operations should be well established and defined in each segment of the limited liability company such as sales, marketing, transportation, finance and other segments.

III. Key Performance Indicators ( KPI): Key Performance Indicators must be put in place to evaluate and track the performance of the limited liability company to ensure alignment with its goals.

 

- Marketing strategy.

I. Branding: Develop and craft a unique brand identity for the limited liability company in relation to it's vision, mission and goals.

II. Marketing plan: Create a marketing plan that details all the strategies to be used in reaching your potential customers (target audience).

III. Sales and distribution: Identify the best way to deliver to your customers. It could be through retail stores, online e-commerce platforms, direct sales and other sales channels.

 

- Risk management strategy.

I. Risk assessment: It is Important to conduct a risk assessment to detect potential challenges that may arise in the limited liability company.

II. Contingency planning: These are back-up plans that are developed to solve the problems of the potential challenges that may arise in the limited liability company.

III. Mitigation strategy: It is very similar to contingency planning. It involves developing strategies to reduce risks in the business.

 

4. Strategy implementation: The strategy formulated are being carried out.

-  Effective communication: Proper and detailed communication with all the parties involved in the strategy implementation is important. This aids in the proper implementation of the strategy without setbacks.

- Timeline: A detailed timeline should be created with a deadline for the implementation of the limited liability company strategy.

 

5. Evaluation and Control: The strategy implemented is checked, evaluated and monitored to detect errors and faults which are  corrected.

- Feedback mechanism: Put mechanisms in place to get feedback from employees, customers and stakeholders for continuous improvement.

- Corrections: Corrections and adjustment should be made immediately a problem is detected. Lingering can lead to a rundown of the Limited liability company.

 

By following these steps. The limited Liability Company can be planned and implemented effectively, generating revenue for the organisation.