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Brooklyn’s Meadows: Five Year Plan
Brooklyn’s Meadows: Five Year Plan
Accounting for Strategic Decision Making (MBA 525)
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Brooklyn’s Meadows: Five Year Plan
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Contents
Company Profile …………………………………………………………………………………………………………….. 3
Business Plan …………………………………………………………………………………………………………………. 3
Overall goals of Five Year Plan …………………………………………………………………………………….. 3
Five Year Plan Details …………………………………………………………………………………………………. 4
Property Purchase ……………………………………………………………………………………………………. 4
Renovations and work………………………………………………………………………………………………. 4
Advertising ……………………………………………………………………………………………………………… 4
Labor Plans …………………………………………………………………………………………………………….. 4
Types of Income Generation ……………………………………………………………………………………… 4
SWOT Analysis ………………………………………………………………………………………………………. 4
Financial Plan…………………………………………………………………………………………………………………. 6
Revenue Forecasts ………………………………………………………………………………………………………. 6
Startup Budget ……………………………………………………………………………………………………………. 6
Yearly Expense Descriptions ………………………………………………………………………………………… 7
Annual Budget – Five Years …………………………………………………………………………………………. 7
Break Even Analysis ……………………………………………………………………………………………………. 7
References ……………………………………………………………………………………………………………………… 8
Brooklyn’s Meadows: Five Year Plan
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Company Profile
As customers are planning their special event, we want to provide a one stop shop for
their venue needs.
Nestled on 34 acres in the Appalachian foothills, this sprawling farm north of
Birmingham boasts a vintage apple orchard (not sure where exactly the property is) well suited
to an outdoor ceremony in the late afternoon or early evening, with 16 church pews arrayed in
front of an altar canopied by naturally arching trees.
The large Dutch-style barn offers a rustic yet elegant reception space, from the roughhewn timbers and heart pine flooring to the vaulted ceiling and vintage chandeliers. The adjacent
cross-tie patio and croquet lawn give guests an opportunity to mingle outside.
Exclusive access to the grounds (including the Carriage House—wonderful for bridal
party prep) is included in every wedding package, as is the extensive collection of antique
decorations. You can also add on full photography coverage and a one-night honeymoon stay.
Business Plan
Overall goals of Five Year Plan
•
•
The growth of Brooklyn’s Meadows will rely primarily on marketing and on client satisfaction. An
example could be a bride that was extremely satisfied with the venue and posted a positive
review on a popular wedding site such as theknot.com. This type of public review could make or
break the company. The primary goal would be to ensure each client leaves satisfied.
The second portion that should be part of the five-year plan would be to increase profits. During
the first few years, there will be a lot of funds that are allocated to investing in the property and
Brooklyn’s Meadows: Five Year Plan
•
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making improvements. The venue is already in neglect and there will be significant costs to get it
in great condition.
Thirdly, once the event venue is creating profit, there should be additional staff added. Along
with the additional staffing, more services can be added which will in turn add more profit.
*( I will combine these two to create one set of goals – MV)*
1. Create venue for weddings, showers, birthday parties, etc. with everything the guests need to create the
perfect event
2. Have the property rented at least 75% of time (we need to make this number match the whatever we have
in the budget)
3. Provide 100% customer satisfaction
Five Year Plan Details
Property Purchase*
Renovations and work*
Advertising
We will create a website to showcase the property and the features available. In addition,
a Facebook page will help draw attention to property and multiple venue options it offers. We
can partner with wedding expos and promote it that way as well.
Labor Plans*
Types of Income Generation*
SWOT Analysis
Strengths
Brooklyn’s Meadows: Five Year Plan
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4 revenue centers Cottage Rent, Stahl Rent, Events Rent, and Vacation Rent
Ability to host large gatherings due to acreage
Ability to hold events rain or shine
Offering of Accommodations right on property
Offers a Honey Moon Cottage on property for newly weds
Weaknesses
Budget to finish property is rather high
Amenities have deteriorated over the past few years of neglect
6 miles from the beach
Yearly maintenance of a property that large is time consuming and pricey
Opportunities
Potential to become the premiere wedding destination in the area
Ability to host corporate events, holiday company dinners, haunted hay rides and many
other events.
With slight upgrades to horse stalls, rental increases will be justified
(+25/stall/month) +$4,550 a year increase
Partner with multiple wedding coordinators in order to fill Spring and Fall weekends
Threats
Rising Competition in the market
Hotels in area finally lowering prices
Decline in Tourism
Property Taxes rise
Stalls sit empty
Measurements
•
The ROI is very important; however, it will be several years before the return is realized. This will
be measured by percentage of profit that each event generates, also by the amount of positive
reviews received. Another way that ROI can be measured is by tracking customer growth. This
will requires several years as weddings are generally seasonal.
Brooklyn’s Meadows: Five Year Plan
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•
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The goal is to be at capacity during the entire event season, while still maintaining client
satisfaction. This will require long hours by management, as there will be light staffing due to
budget constraints.
Advertising should be of utmost importance. The best way to get the word out about the venue
is by using social media. This can be tracked by setting defined goals on social media followers
and likes. These accounts will need to be actively managed and will need to include a functional
website which allows online booking, etc
Financial Plan
Revenue Forecasts*
Startup Budget
$300,000.00 Financed at 2.5% on a takedown schedule or draw schedule. 6 Months completion,
interest
Mechanicals
Plumbing
$18,900
Electric
HVAC
Natural Gas
$24,600
$24,000
$7000
Sprinkler System
$6,000
23 Fixtures @ $800/Fixture Includes tie in
Of well and septic which are already
installed.
4,100 square foot @ $6.00 / square foot
2 5ton systems 1 3ton system and duct work
Gas Pipe and Labor and fire place insert
H2O tank, fire place, range
Required by new building code
Construction (framing, siding, roofing, doors, windows already completed before purchase)
$169,500
Drywall, Paint, Insulation, trim, flooring
kitchen(minus appliances)
Landscaping
$28,000
$12,000
$5,000
Medium size in ground pool
Fencing, concrete and pool surroundings
Additional White Gravel for driveway,
plants etc.
Brooklyn’s Meadows: Five Year Plan
Furnishings
$24,000
$6000
Budget Surplus
$5,000
All Furniture
Stainless Appliances
Used for interest on construction loan
(interest only) until completion.
Yearly Expense Descriptions*
Facility Expenses
Monthly Expenses Based on similar size house / but not land
Electric
$800
Gas
$100
Water / Sewage
Well and Septic
Pool
$250
Comcast
$275
Lawn care
$350
$3000 / per year for budget sake monthly
$4200/ year cuts and fertilizing monthly
Weekly Maintenance $200
General upkeep and small fixes
Monthly Expenses
Utilities and General Maintenance.
$1975.00
Labor and Event Expenses*
Annual Budget – Five Years *
Break Even Analysis *
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Brooklyn’s Meadows: Five Year Plan
References
8
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