SabgaC-1.pdf

BUSINESS PLAN FOR CONEQ RENTALS LIMITED

Strictly Private & Confidential

Conrad J. Sabga BSc. (Hons)

MSc. Management

CASS Business School

City University, London

July, 2005

�This project was completed as a part of the MSc. Management degree at the CASS Business

School. This work is my own. Where the work of others is used or drawn on, it is attributed to

the relevant sources.�

Signed��.

Supervisor: Dr. Julia Balogun

©This project is protected by copyright. Do not copy any part of it for any purpose other than academic study without the permission of the author

Conrad J. Sabga MSc. Management

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Table of Contents

Contents ...��..��.�.�� - 2 -

Dedication ��..��...��..��.��...�..��.......� - 4 -

Abstract �.��..�..��..��..�....... - 5 -

Acknowledgments .��..��..��.. - 6 -

1.0 Chapter One - Introduction ��..��.��.. - 7 -

1.1 Introduction ��..��.��.. - 7 -

1.2 Objectives ��..��. - 7 -

2.0 Chapter Two - Literature Review ��. - 10 -

2.1 Scope ��.... - 11 -

2.2 The Business Plan ��..��.... - 11 -

2.3 Types of Business Plans ��..��.. - 12 -

2.3.1 General Plan ��.��.�.�� - 12 -

2.3.2 Operational Plan ��..��.��.��.�� - 12 -

2.3.3 Dehydrated Plan ��.��..��.��.�� - 12 -

2.4 Business Plan Format ��..��.��. - 13 -

2.4.1 Objectivity ��..��.. - 13 -

2.4.2 Assumptions ��..��.. - 13 -

2.4.3 Length of Projections ��..��..��. - 13 -

2.4.4 Length of Plan ��..��.�.. - 13 -

2.5 Contents of a Business Plan ��.�� - 14 -

2.5.1 Cover Page ��.��.�� - 14 -

2.5.2 Table of Contents ��.��.. - 14 -

2.5.3 Executive Summary ��... - 15 -

2.5.4 Market and Customer �� - 15 -


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2.5.5 Description of the Business ��.. - 16 -

2.5.6 Organisational Structure and Management Summary ��. - 16 -

2.5.7 The Service Provided ��. - 16 -

2.5.8 Pricing Strategy ��.. - 17 -

2.5.9 Business Strategy ��..� - 18 -

2.5.10 Financial Plan and Projections ��. - 19 -

3.0 Chapter Three - Research Methodology ��..�. - 20 -

3.1 Scope ��.... - 21 -

3.2 Literature Research Methodology ��. - 21 -

3.3 Interview Methodology ��.��.. - 22 -

3.3.1 Interview Questionnaire Rationale ��.. - 23 -

3.3.2 Interviewees ��... - 24 -

4.0 Chapter Four - Business Plan for ConEq Rentals Ltd ��..��. - 25 -

5.0 Chapter Five - Conclusion ��.�� - 26 -

5.1 Concluding Remarks ��...�.��.. - 27 -

5.2 Reflections ��.�..�. - 27 -

5.3 Learning Outcomes ��..��.. - 28 -

5.4 Recommendations ��..�� - 29 -

6.0 References ��..��.. - 30 -


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Dedication

For my parents, who have given me everything and made me the man that I am. I Love you.


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Abstract

Title: Business Plan for ConEq Rentals Limited Conrad J. Sabga Having been exposed to all facets of my family�s construction business, I have developed an

ardent interest in the efficiency of operations as I am a proponent of the notion that �efficiency

breeds profitability.� One of the main areas that captured my interest was the plant and

equipment department of the company. The recent shortage of skilled labour has caused

construction projects to become equipment intensive, and the general lack of control in these

operations has diminished efficiency and ensued in lost time and money.

It is with this is mind that I have proposed to divest the equipment operations from the core

company by means of establishing a subsidiary company to transfer all departmental

responsibilities and functions. Albeit a subsidiary company, it will operate as an independent

entity, with strict business policies and procedures to govern the way in which the equipment

and plant is being maintained and utilised and to ensure that value for money is achieved.

The scope of this project is to develop a business plan for this new subsidiary company to

present to the board of directors and the bank in order to gain acceptance and financial

support. I have done a great deal of research into the area of business planning and the

production of plans to ensure that all the relevant areas have been covered and that the

proper format was followed. It is my intention to present this business plan in August 2005

and to move forward assiduously thereafter.


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Acknowledgments

I would like to recognize the following individuals, without whom this project would not be

possible.

First and foremost, the Almighty God, for giving me the strength and patience to complete this

study.

Honourable mention must be given to Dr. Julia Balogun, whose patience and continued

guidance was most helpful and greatly appreciated.

Thanks must also be given to Mr. Stanley Ruiz for his generous advice and assistance in the

financial elements of this project.


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CHAPTER ONE

Introduction

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CHAPTER ONE

1.0 Project Introduction

1.1 Introduction

With an accelerated rate of construction activity in Trinidad and Tobago, the industry is faced

with a labour shortage and increased demands from both public and private sector clients.

Contractors are becoming hard pressed to find ways of becoming more efficient in their

operations and in maintaining their competitive advantage. Beaver Construction Limited

(Beaver), the largest private sector contractor, has realized this and has decided to divest

some of their operations in order to maintain control and improve efficiency in their daily

operations.

It is with this in mind that the board of directors of Beaver has proposed the establishment of

a subsidiary company to cater to the company�s construction equipment needs and to transfer

all departmental responsibilities. Although this newly formed company will be a wholly owned

subsidiary of the parent company, the BCL Group (BCL), it will operate as an independent

entity thus affording Beaver a quality service expected from a premier provider while keeping

the profit within the group.

1.2 Objectives

This project will serve to satisfy a number of aims and objectives; however its primary

purpose is to develop a competent business plan that can be used to aid the establishment of

the subsidiary company in January 2006. The main objectives are outlined hereafter.

1.2.1

To gain understanding of the purpose of business planning and the structure and production

of a business plan for a new company.


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1.2.2

To produce a comprehensive business plan for ConEq Rentals Ltd. for presentation to the

board of directors of the BCL Group in order to gain acceptance and to move the plan

forward. This plan will also outline the contractual conditions under which Beaver and ConEq

will operate to ensure that it is a mutually beneficial transaction.

1.2.3

To conduct a financial feasibility of the proposed company in order to gain the financial

support of the Royal Bank of Trinidad and Tobago (RBTT).

1.2.4

To gain an understanding of how financial accounts are produced and the procedure and

accounting principles that need to be followed.


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CHAPTER TWO

Literature Review

2


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CHAPTER TWO

2.0 Literature Review

2.1 Scope

The aim of this chapter is to give a concise account of the theoretical information researched

pertaining to the subject areas outlined in chapter one. The information shown in this chapter

has been compiled from all the sources used during the research phase of this dissertation

and the superlative information selected to best support the aims and objectives of this

project.

2.2 The Business Plan

A business plan is a systematic way of approaching future problems and overcoming them. It

is not however a form of clairvoyance which will predict what will happen to the company in

the future but rather the opposite (West, 1988). It defines the structure of the company and

the object of the business activity. It contains a market analysis and details of strategic

marketing, management structure, personnel and finance. A business plan plays an essential

role in business administration. When properly conceived, it acts as a valuable tool (Barrow,

2002).

�A well written business plan can provide a pathway to profit for new and existing businesses�

(Person, 1998). All businesses can potentially benefit from a well written and executed

business plan. (Person, 1998) outlines the three main purposes for writing a business plan:

1. A business plan will serve as a guide during the lifetime of the business. It is a

blueprint of the business and will provide the tools to analyse the business and

implement changes. It will also serve to provide benchmarks against which future

performance can be measured.


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2. A business plan is a requirement if you are planning to seek financing. It will provide

the potential lenders or investors with detailed information on all aspects of the

company�s past and current operations and provide future projections. A business

plan for a new company will have no history, and will therefore rely on the credit

records and financial statements of the individuals involved in the business.

3. If the scope of the business has international potential, the business plan will provide

a standard means of evaluating the business in a foreign marketplace. This is

becoming increasingly important as businesses today cannot overlook the potential of

international commerce brought about by changes in communications, technology

and transportation. The business plan will demonstrate ways in which the business

can compete in the global economy.

(Barrow, 2002) states that nearly two in every three businesses don�t have a business plan

and coincidently the same proportion of businesses fail within the first five years of setting up.

Barrow outlines the most common reasons for business failure as:

• Insufficient turnover

• Poor management and supervision

• Lack of proper accounting

• Competition

• Not enough capital

• Bad debts

• Excessive remuneration to owners

With this in mind the business plan will serve to provide management with focus and direction

to mediate against failure and to ensure the success of the endeavour. Lack of planning can

be attributed as the principal reason for business failures and it is important to remember that,

�the business that fails to plan, plans to fail� (Person, 1998).


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2.3 Types of Business Plans

There is no fixed format for a business plan, but rather it is adapted for its purpose.

(Timmons, 1990) identifies the main differences between business plan as the �length� of the

plan and the level of �detail� involved. Timmons summarizes the three main types of business

plans as:

2.3.1 General Plan

A general plan is geared towards equity investors or debt providers. It also serves as a good

�primer� for new employees or if you need to communicate the value of the enterprise to

various stakeholders (Timmons, 1990). The people reading these plans generally don�t read

the entire plan but rather spot read and the format of the plan must take account of this and

be structured in a way that is easy to follow and to hold the reader�s interest.

2.3.2 Operational Plan

An operational plan is typically for the entrepreneur and their team to guide the development,

launch, and initial growth of the venture. The length of these plans is usually longer that the

general plan as it contains more detailed specifications and information.

2.3.3 Dehydrated Business Plan

This type of business plan is the shortest of the three. The main purpose is to provide an

initial conception of the business, a more concise articulation of the people, the opportunity,

and the finances required. It is often used to test initial reactions of the business idea. It is a

preliminary document used to receive feedback before investing significant time and effort in

a more detailed business plan.

Although the different types of business plans can be used independently, the common

approach is an amalgamation of all three. There is a generally accepted format that venture

capitalist, banks, and investors are comfortable with and this should be followed to avoid the

frustration of an unfamiliar format (West, 1998). The contents of the business plan will vary


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depending on the business type, the complexity of the business and the person the business

plan is geared towards.

2.4 Business Plan Format

As stated earlier, the format of a business plan is dependent on a number of factors; however

there are certain areas that should be addressed to ensure that the plan is methodical,

constructive and helps to better the chance of the venture being successful. There are a

number of factors that should be considered when preparing a business plan. (West, 1988)

outlines the following criteria:

2.4.1 Objectivity

In order to be workable the plan must be pragmatic and must take account of all possible

shortcomings of the firm and the limitations of the people involved. This will ensure that the

plan is achievable with the resources available and it is also important that entrepreneurs

never deceive themselves about the likely future prospects or refrain from identifying

significant risks that can act to the detriment of the venture.

2.4.2 Assumptions

Every business plan will demand that the organisation makes certain assumptions about the

future. Some of these will be more important than others and it is vital that the key

assumptions are clearly identified.

2.4.3 Length of Projections

Many businesses have fixed ideas about the timescale that should be considered to forward

plan accurately. There is no fixed rule; however, for the average business a three year

projection will be adequate.


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2.4.4 Length of Business Plan

With regards to the suitable length of a business plan, there is no right or wrong answer. The

British Venture Capital Associations (BVCA) states that �it should be long enough to cover the

subject adequately and short enough to maintain interest�. However, the current trend is to

produce more succinct plans for maximum impact. There is no need to include every detail

because investors will usually follow up with their own detailed investigations (Pinson and

Jinnett, 1998).

2.5 Contents of a Business Plan

The content of a business plan will be governed by the information applicable to the business

type. Considering the capacity of this project, the following contents as outlined by (Pinson

and Jinnett, 1998) and the British Venture Capital Association (BVCA) are pertinent to the

scope of the venture and the people it is intended for.

2.5.1 Cover Page

The cover page of the business plan should include the following information:

• Company name

• Tagline

• Contact person and address

• Phone, fax and email information

• Disclaimer

Although these items are self explanatory the cover page is important to distinguish your

proposal from others and too ensure that readers have the necessary contact information

easily at hand if they wish to contact you.

2.5.2 Table of Contents

A detailed table of contents is important to allow spot reading as many investors� will not read

the entire document. The table of contents should include major sections, subsections,

exhibits and appendices.


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2.5.3 Executive Summary

This is often described as the most important and influential part of a business plan (West,

1988). (Timmons, 1988) states, �If you don�t capture the readers� attention in the executive

summary, it is unlikely that they will read any other part of the plan.� Timmons goes on to

state that the start of the executive summary should �lock the reader� and should avoid the

monotonous and common approach that is so often used. The executive summary should

include:

• Description of opportunity

• Business concept

• Industry Overview

• Target Market

• Competitive advantage

• Business model

• Compelling economics

• Team

Most of the areas will be explored in more detail in the body of the plan and the executive

summary should be no more than two to three pages long.

2.5.4 Market and Customers

This section is designed to familiarise the reader with the nature and potential of the general

market. It should be brief and the include information such as:

• Description of the industry

• Current size

• Historical and forecasted rate of growth over next five years

Once the plan has defined the market, the target customer should be examined. (Timman,

1989) recounts the statement by a venture capitalist who stated, �The most impressive

entrepreneur is one who comes into the office and not only identifies the customer but who

can also name the customer by address, phone number and email address.�


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2.5.6 Description of the Business

This section presents a brief summary of the organisation of the business, the business

history, present state, and future projections. The description should include:

• When and why the company was formed

• Form of organisation

• The nature of the services provided

• The development of the company

• The future projections

• Location

• Ownership

• Project readiness

2.5.7 Organisational Structure and Management Summary

This section should give an overview of the company�s organisational structure and is often

portrayed in a diagrammatic form. The British Venture Capitalist Association (BVCA) states,

�The importance of this area cannot be over emphasized. Special care should be taken to

emphasize the experience and competence of each key management executive.� The data

on the company executives should include the following:

• Business experience

• Educational Background

• Significant Awards

2.5.9 The Service Provided

The section helps to define the scope of the services that will be offered and provided. The

review should include:

• What the service is

• Why is the company able to provide the service

• How is the service to be provided

• Where will the service be provided


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2.5.10 Pricing Strategy

The pricing structure is �critical� to the success of a business and is determined through

research and analysis of financial considerations. (Pinson and Jinnett, 1998) states that the

basic market strategy is to price within the �price ceiling� and the �price floor�.

The price ceiling is the highest cost a consumer will pay for a service based on the perceived

value. This considers:

• What is the competition charging

• What is the quality of the service

• What is the nature of the demand

• What is the image being projected

The price floor is the lowest amount at which a service can be offered in order to satisfy all

associated costs and the projected profit margins. This considers:

• Variable expenses

• Office overheads

• Interest Expense

• Tax expense

Pricing should be justified based on the above considerations and there should be ample

contingency within the pricing structure for unforeseen events.

2.5.5 Business Strategy

The business objectives and the steps that will be taken to achieve the objectives must be

considered. Any risks that may prevent the organisation from reaching its goals and

objectives should be identified and the mitigating measures outlined. A strengths,

weaknesses, opportunities and threat (SWOT) analysis should be conducted to demonstrate

that these factors have been considered.


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2.5.8 Financial Information

This section will provide a summarised review of the financial information regarding the

venture coupled with assumptions adopted in preparing the projections. Typically the

projections should cover the upcoming three to five years and the financial information should

include:

• Profit and loss account

• Summarised cash flow statement

• Balance sheet

• Source and use of funds

The British Venture Capitalist Association (BVCA) suggests that the financial projections

should be accompanied by a commentary summary identifying the main components and

results of the financial projections. Charts and graphs can also be used to enhance the

presentation of information and to illustrate the key data clearly.


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CHAPTER THREE

Research Methodology

3


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CHAPTER THREE

3.0 Research Methodology

3.1 Scope

The aim of this chapter is to give a concise account of the methods used in obtaining the data

and information needed to produce the business plan.

Since this project is practical in nature most of the information and data was gained from first

hand experiences and from documentation obtained from the BCL Group. The researched

information provided a theoretical foundation on which the business plan was constructed. It

provided a suitable structure and ensured that all relevant content was included and that there

were no critical omissions.

3.2 Literature Research Methodology

There have been many publications pertaining to the importance of business planning and

how plans are to be constructed. Although there is no hard fast rule, the structure used is

best suited given the nature of the business and the people it is intended for.

The CASS Business School library provided ample literature regarding business plans and

the starting up of new companies. The internet served as a helpful tool for data collection, and

allowed the author to gain different views from sources simultaneously as well as access

online data bases quickly and easily. The internet also allowed information to be viewed from

sources around the world which enabled cross references to be made.

The review of the process of business planning and the content of plans show the need for

the following practical information and data to be collected:

1. Full list of heavy construction equipment owned by Beaver Construction Ltd. with the

associated book value.


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2. Direct and Indirect costs incurred in the equipment operations.

3. Financing structure (i.e. type of loan, interest, payback period, and collateral

requirement)

4. Industry charges for equipment rentals.

5. Board of Directors particulars (i.e. experience, education, etc.)

6. Deal structure between Beaver Construction Ltd. and ConEq Rentals Ltd.

7. Current and projected position of Beaver Construction and the BCL Group.

8. Current and projected state of the local economy and the construction industry.

9. Accounting particulars (i.e. depreciation rate, income tax, levies etc)

Although the author has personal experience with most of these areas, confirmation was still

required to ensure the accuracy and reliability of the business plan and the conclusions made.

All of the information was available from reviewing records held by Beaver and from speaking

to company personnel in the applicable departments.

Financial data such as direct and indirect costs, equipment inventory, financing requirements

and company revenue projections was obtained from the records held in the accounts and

operations departments and from the interviews conducted with senior personnel. Market

information pertaining to external equipment rental costs was taken from the database

maintained by the senior procurement officer.

It is important to note that since this company is an internal services company and will not

initially be competing in the broader sense that there is no need to explore and analyze the

environment, market and customers in which it operates within the scope of this project.

However, if entering the broader market becomes an option, this research will then be

necessary.

3.3 Interview Methodology

The main form of data collection came from a semi- structured question list which formed the

basis of interviews from seven individuals from varying professions and departments within


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the BCL Group. Interviewing a cross section of people helped to give an accurate perspective

on the equipment operations, the problems being encountered and other financial and

statistical data.

3.3.1 Interview Questionnaire Rationale

The purpose of the interviews was to establish the general view of different professionals

within the BCL group pertaining to the business plan and purpose. This was done in a semi-

structured format, although, to maintain consistency in the topics discussed, a fixed set of

questions were asked. Before conducting these interviews, a question bank and format of the

interview was discussed with a construction executive to ensure that the correct questions

were being asked and that nothing was overlooked.

Question 1: What are your professional qualifications, education and business experience?

This question served to identify the information needed for section of the business plan

relating to the board of directors.

Question 2: In your experience, how would you describe the current equipment operations?

This question served to establish the interviewee�s overall view and to introduce the line of

subsequent questioning.

Question 3: What are the shortcomings in the equipment department and what do you think

are the effects of these shortcomings on overall construction operations?

This question served to indicate how the problems were viewed by different departments and

the problems specific to those departments.

Question 4: From a strictly operational level, what are your views on outsourcing the

equipment needs of the company?

This question was to gain individual perspective on the proposed venture.


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Question 5: Based on current booked work and projected work over the next five years, what

do you predict the equipment load to be?

This question was meant to help projections.

During the interviews, the questionnaire was issued verbally. The information discussed in the

interviews and the individual views of the interviewee was documented by hand as the

interview progressed.

The questions answered in these interviews would enable cross-referencing between

interviewees as well as comparison to the views of different departments. Six interviews were

conducted in total, and the individuals chosen from different professions and departments

within the company to avoid biased views.

3.3.2 Interviewees

The following professionals were interviewed at separate times by telephone conversation in

April 2005.

Conrad Sabga Sr. Chairman and Chief Executive, BCL Group of Companies

Howard Sabga Sr. Managing Director, BCL Group of Companies

Stanley Ruiz Chief Financial Officer, BCL Group of Companies

Imtiaz Razack Procurement Officer/Logistic, Beaver Construction Limited

Andros Belfonte Site Coordinator/Engineer, Beaver Construction Limited

Roderick Aqui Plant and Equipment Manager, Beaver Construction Limited

Steve Alvarez Senior Project Manager, Beaver Construction limited

All of the individuals were enthusiastic and generous with the degree of information they

provided, Most of the individuals selected for the interviews have had more than fifteen years

experience in the construction industry in Trinidad and Tobago.


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CHAPTER FOUR

The Business Plan

4


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CHAPTER FIVE

Conclusion

5


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CHAPTER FIVE

5.0 Conclusion 5.1 Concluding Remarks With the increasing demand for the construction process to become more efficient and

sustainable, it must be appreciated that anything that can potentially improve site productivity

should be capitalized on. This said, construction plant and equipment brings a level of

consistency to a project and tasks that were previously done by numerous employees are

being replaced by equipment, drastically increasing the overall efficiency.

Beaver Construction, like many other companies has realized the need for more control of

their equipment operations and has decided to explore the option of outsourcing to a

subsidiary company. Although this has proven to be quite beneficial with other companies and

on paper may appear feasible, the true evaluation of its success will only be determined after

the plan is implemented.

Some final words for consideration: �An unproductive site in an inefficient site, an inefficient

site is an unprofitable site, an unprofitable site is an unsuccessful company and an

unsuccessful company is unsatisfied stakeholders� (BCL Group, 2004).

5.2 Reflections

Although the main objective of the ConEq business plan it to obtain start up finance, a

business plan also serves as an internal tool to aid management in the successful running of

the company. As stated earlier, the construction equipment market shows tremendous

potential and while ConEq will initially serve the needs of Beaver Construction exclusively; the

future may see the company competing in the broader market. In order to allow the company

to explore this opportunity, there are competencies that must be developed to allow them to


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satisfy the industry requirements and to provide a level of service expected from a premier

provide.

With the passing of the health and safety bill by the Government of Trinidad and Tobago,

safety in the workplace has become a number one priority with companies spending millions

of dollars to ensure that they are in compliance with the standards. Additionally, companies

are also only dealing with other companies who have similar HSE standards and procedures.

ConEq intends on following an integrated health, safety and environmental policy adapted by

the OSHA standards from inception. This ensures that their operations are executed in a

manner acceptable to any international organisation and that all employees receive the

necessary training and resources to allow them to expedite their work without compromise.

Their affiliation with the Construction Equipment Institute (CEI) is also an accreditation that is

not sought after by any of the current construction equipment providers. This will give ConEq

a strategic advantage in the future as it will demonstrate that they have gone one step further

that the competition, bringing a higher level of service excellence to the market place.

However, in order to successfully penetrate the broader market in the upcoming years,

ConEq must ensure that their operations are run truly independent of Beaver in order to

create a unique identity and brand name. Their affiliation with the BCL Group can potentially

have a drawback effect as other contractors may not wish to deal with them due to their

association with Beaver Construction. Nevertheless �money talks� and once a competitive

pricing strategy is adopted ConEq can potentially overcome this barrier. Since the demand

has exceeded the supply in certain areas, most of the equipment companies do not market

aggressively. An effective marketing campaign will also need to be implemented to build

public awareness, capture customers and to service the market overflow.

ConEq will be well poised to expand their scope of activities from being strictly an internal

service company to a viable market contender once these areas are identified and a strategic

plan is implemented.


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5.3 Learning Outcomes

Having undertaken this project, there are three main areas of learning from which I benefited.

• I now understand the importance of business planning and the purpose of a properly

formatted business plan. My research into the area showed me what a

comprehensive business plan must entail and the way in which it should be

presented in order to serve its purpose.

• Since I will play a vital role in the project implementation, having personally

undertaken the business planning helped me to gain a deeper understanding of the

company and where the potential obstacles lie. I also feel very confident that I can

present this project to the bank and board of directors as I am comfortable with the

content of the plan and I feel certain that I can answer any questions that are directed

my way.

• Developing the financial aspects of the business plan, although quite difficult at times,

helped me to gain a true appreciation for the compilation of company accounts and

the method of producing the balance sheet, cash flow statement and income

statement with the associated accounting policies.

5.4 Recommendations

Producing a business plan was an interesting experience and although I gained a lot of

knowledge from my research I was at times overwhelmed with the amount of work involved. I

would recommend a team approach to benefit from different perspectives and educational

backgrounds.

Objectivity is also a crucial characteristic of a business plan and cannot be stressed enough.

It is important to always remain impartial towards the content of the plan even if negative

things have been identified. This will ensure that the plan will be accurate and really satisfy its

purpose and not just be utopian.


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References

Barrow C. 2002, �Setting up and Managing your own Business�, Kensington West

Productions

West A. 1988, �A Business Plan�, Pitman

Pinson L. & Jannett J. 1996, �Business Plans for Small Companies�, CIB Publishing

Ormerod J. & Kirk D. 1993, �Business Plans and Finance Proposals�, BVCA

Timmons J. et al 2004, �Business Plans that Work�, McGraw-Hill

Hargreaves R. 1987, �Starting a Business�, Heinemann Publishing 2nd Edition

BCL Construction Group

URL: www.beavertt.com (Accessed on 23/04/05)

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