Sample Business Plans -> Employee Benefits Administration
"Employee Benefits Administration" Business Plan:
1.0 Executive Summary
Business Ideas applicable for this business plan:
This business plan was originally published
1.0 Executive Summary
Employee Benefits Administrators (EBA) will provide benefits administration outsourcing for small to medium sized companies. The office, located in Morgantown, Pennsylvania, opened for business on April 2, 2001.
The trend today for many employers is to outsource any function within their business that is not directly related to the generation of income. Consequently the Human Resources Administration function is one of the first to be considered for it has no direct link to bringing revenue across the threshold.
Outsourcing is a proactive approach that can improve productivity as well as reduce costs. Employee Benefits Administrators' goal is to provide high quality benefits administration and customer service, allowing its clients to focus on their core competencies and other strategic initiatives.
At the inception of the business, EBA will target clients with ten to five hundred employees. Clients will be able to select from four levels of service, which will be tailored to their needs:
EBA will market its services through business associates, insurance brokers, local businesses, and professional associations. EBA also has plans to become certified in the state of Pennsylvania as a "WBE", Womens Business Enterprise in order to do business on the Federal, State and Local government levels.
Employee Benefits Administrators has been established as an LLC (Limited Liability Company). Cindy Wells and Diane Davis are equal owners (principals) in the business. They have over 25 years of combined experience in corporate benefits administration, employee relations and communications, legal compliance, and a history of providing outstanding customer service. Their experience in dealing with all levels of management as well as employees, gives them an edge over their competitors.
This business plan has been prepared to forecast all financial statements for three years, as well as to obtain initial funding of $50,000. This will cover initial start-up costs of $20,000 as well as operating expenses for the first year. Employee Benefits Administrators projects revenue of $93,000 by the end of year one, and $290,000 by the end of year two.
Over the next three years, EBA hopes to achieve:
Employee Benefits Administrators provides high quality benefits administration and customer service for small to medium sized companies, allowing them to focus on their strategic initiatives.
1.3 Critical Success Factors
EBA's keys to success are: