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Business Plan for a New Classical Music Non-Profit Company Named Piano Music Organization
This paper provides a business plan for a new classical music non-profit company named Piano Music Organization that operates in Korea, China, and U.S.A. Piano Music Organization has the mission to support performances of the world classical music. It consists of the following parts: introduction, marketing, competitive environment, HRM plan, operational structure, organizational structure, finance, accounting, legal documents, and conclusion.
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The introduction establishes the objectives for further description and reveal of the peculiarities of a new non-profit music company. What is more, it shows the mission of the organization, its vision, and values that are the basement of the business plan. The section devoted to marketing reveals the peculiarities of the target market, branding, online and offline practices, and public relations. Furthermore, it outlines the importance of marketing for the development of brand awareness and achievement of recognition among customers. The part related to competitive environment describes the competitors of Piano Music Organization. It also shows their strengths that Piano Music Organization should consider the exemplary ones. The HRM section describes the ways of the development of the competent and skillful staff. It, therefore, means that the company should consider it the priority since the employees are the driving forces of the non-profit organization. The section related to the operational structure reveals the main functions and operation of Piano Music Organization. The organizational structure highlights the peculiarities of governance and administration in Piano Music Organization. The part related to finances provides the predictions about its financial growth. The section devoted to accounting describes how the non-profit organization can practice this aspect following all legal regulations. In the chapter exploring legal documents, the attention is paid to laws and legal obligations that are necessary for creating non-profit company.
Piano Music Organization will be a classical music non-profit company that will develop and popularize the classical music performances in the USA, China, and Korea. It is important to note that the strength of this company is the fact that it focuses not only on profitability but also the increase of the interest to classical music as the essential aspect of culture. What is more, it aims at reaching customers of both younger and elder generations. The mission of Piano Music Organization will be to foster the significance of the classical music through the provision of volunteer opportunities for the young people, arts programs, festivals, and popular concerts. The vision of this non-profit music company will be based on music and arts presentation, promotion of artistic experimentation, and world classical music popularization. The values of this company will include corporate responsibility, organizational transparency, cross-generation skills sharing, creativity, and personal expression. Consequently, this essay is the sample of the future business plan that reveals the possible aspects of marketing, competitive environment, HRM plan, operational structure, organizational structure, financial framework, accounting, and legal documents that are necessary for the creation of a non-profit Piano Music Organization.
Marketing of Piano Music Organization will be based on the following aspects: target audience, branding, online practices, offline ways of promotion, and public relations. The target audience of this organization will include the customers of the young generation and elder people. It means that one of goals of the company is the reinforcement of the interest of both young and elder members of society to classical music as the basement of culture. Piano Music Organization will serve all classical music and art enthusiasts. Demographics of the customers will derive from the music projects and programs presented.
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The audience of Piano Music Organization will include musicians, artists, general public interested in classical music, sponsors, government officials, youth members as well as volunteers, and program participants. The organization would aim at segmenting its audience according to people needs to provide effective marketing strategies. Since it will popularize classical music, the company can devote its projects and programs to the works of particular composers or certain periods of time, during which they were working. In addition, the company should persuade the community that it will serve to satisfy the needs of members of this community and will not show the interest to profit.
Branding will be very important for this non-profit company. It is evident that Piano Music Organization should advertise its services according to the target. Branding presupposes the creation of design, motto, and logo. All these components should be related to the target audience, company services, and music. The brand of Piano Music Organization should be expressed through leadership, services, events, and communication. Branding in Piano Music Organization should be formed with attention to the following aspects: defining the internal and external messages, setting a message platform, building capacity for simple outreach, planning technological leaps, creating a media plan, and developing a marketing plan. Consequently, Piano Music Organization will promote its services through digital and direct marketing. One should say that both ways can be effective since they attract customers with different needs, of diverse ages, and from the various geographic locations.
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Piano Music will use such offline practices as the organization of music festivals and concerts as well as the creation of music programs. What is more, the company will form clubs and movements concerning classical music to unite people with common interests. Offline practices will be more suitable for the customers of the elder generation. The online ones presuppose the creation of the website that will present the information about Piano Music Organization. In addition, the company should have accounts in the social media since they are able to unite the young people. It means that Piano Music Organization should pay much attention to digital marketing as the most innovative way of promotion of its activities. Piano Music Organization will also practice public relations. For example, it will conduct the charity concerts that can attract not only customers but also sponsors and other non-profit organization. Consequently, the developed public relations will create positive social image of the company. Since Piano Music Organization is a non-profit structure, it will need costs for the implementation of its projects. Thus, sponsors participation will be very helpful in this case since they can involve other non-profit organizations that will be necessary for fundraising.
The business model of Piano Music Organization should be based on innovation. Consequently, it will presuppose orientation on growth strategies, value proposition, market segments, value-chain structure, revenue model, and competitive strategy (Armstrong & Kotler, 2012). Innovation should touch not only marketing practices but also the ways of distribution of company programs and promotion (Jobber, 2010). The value proposition of this organization will be connected with the creation of the unique services that are not typical for its competitors. It should also include conduction of classical music festivals and concerts that will attract customers from Korea, China, and USA. However, the company should take into consideration the fact that music tastes of Korean, Chinese, and American customers are different. It means that Piano Music Company should adapt its music programs and projects according to clients preferences.
The main aim of the company will be the widening of the target market. It has been suggested that marketing strategy should be based on getting new customers (individual and corporate), attracting the community (advertising, public relations) and winning all worldwide markets. Widening of the circle of individual and corporate customers will lead to the constant financial benefits, incomes, and stability. The use of economic growth rates to promote motivation, geographical diversity, finding new markets for raising the funds, and globalization influence will be the ways for finding new customers and widening of target market (Jobber, 2010). Consequently, fulfilling these marketing strategies can help to increase financial stability, achieve local and international recognition, attract young people and volunteers, develop music art, popularize classical music, and attract other non-profit organizations.
It is also recommended to identify communication methods since they represent the ways of influencing the target audience. Thus, social advertising and traditional advertisement will be helpful in communicating company mission, values, and objectives. What is more, Piano Music Organization can create alliances with other music non-profit companies in Korean, U.S. and Chinese markets. These alliances will assist in finding the new methods of influencing customers.
The competitive environment will be tough enough since Piano Music Organization aims at winning the markets of China, USA, and Korea. It should be mentioned that the company can achieve the competitive advantage if it uses the growth strategies that include market penetration and service diversification. For example, American Music Project can be the competitor of Piano Music Organization since it is also a non-profit organization. The first supports American classical music of the past and American composers (American Music Project, 2016). Thus, it has enough experience in this area. It is obvious that Piano Music Organization should orient on this company practices but, at the same time, has a unique business model. In addition, it should not only promote classical music of one country but also orient on the world market.
It is necessary to say that Piano Music Organization will face other competitors such as Ground Zero Teen Center, Old Fire House, and Youngstown Cultural Arts Center in the Unites States, Korean Music Festival in the Korean market, Chinese Arts and Music Association in China. It is worth mentioning that such kind of business is becoming popular. Consequently, the attraction of new customers, penetration in new markets, and growth of the interest to music will be the main tasks of non-profit music organizations. It means that Piano Music should also follow these goals and add the new directions in order to differ from its competitors. What is more, the music organization should create the unique services to achieve its competitive advantage. All decisions should be made with taking into consideration the future perspectives and past mistakes.
HRM plan of Piano Music Organization should be based on the following objectives: creating a safe and supportive workplace, establishing a safety plan, having preferred employers, reducing employee turn-over, developing a learning organization, and implementing workforce planning (Ferrell & Hartline, 2014). It means that the company should be committed to its employees since they can drive and significantly influence its performance and productivity.
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A safe and supportive workplace of Piano Music Organization will presuppose the development of a safety checklist and ensuring all safety regulations. What is more, the company should create such conditions of work that will not endanger employees physical and mental health. The increase in preferred workers should be achieved through the implementation of training and learning programs. The reduction of employee turn-over and employee retention should be provided with the help of mentorship programs, recognition projects, offering of competitive employee compensation as well as new employee orientation programs (Ferrell & Pride, 2013). Piano Music Organization can become a learning organization through appropriate training programs that will make employees be committed to their job. Workforce planning will presuppose forecasting professional labors needs. It is evident that HRM plan should be based on innovation and growth strategies.
HRM of Piano Music Organization is aimed at creating a competitive environment that will motivate personal and professional development, which is essential for the popularization of classical music among youth. HRM will build a perspective for future, generate strategic capability, and motivate employees to be more committed, skillful, and creative.
Since the company will specialize in conduction of music operations, popularization of classical music, and organization of performances, it should maintain steady workflow to build the most competent and skillful staff. It means that every employee should be responsible for a certain operation in order to achieve positive outcome. The operational structure of Piano Music Organization will be connected with the development of inbound and outbound logistics, operations, marketing and sales, services, company infrastructure, Human Resource Management, technology, and procurement.
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The main operations of Piano Music Organization will include fostering collaboration between the Board of Directors, staff, volunteers, and single customers.
The organizational structure of Piano Music Organization will be based on the following aspects: governance, administration, programs, and unique management areas. Since the proposed company is a non-profit one, the board of directors will govern it. The number of the members of the board of directors will be increasing along with the growth and development of the organization. The administration of Piano Music Organization will consist of the office personnel and an executive director. One should mention that this organization will have many programs related to music growth and the development of the employee staff. They will refer to the organizational structure and influence the quality of services as well as employees competencies and skills. The unique management areas of Piano Music Organization will include public policy and volunteer programs. The typical ones should be related to the planning, publicity, marketing, volunteer coordination, human resources, development, operations, and fundraising.
Financial plan of Piano Music Organization will be based on revenue, costs of revenue, marketing, general and administrative selling, acquisition, total operating and prepaid expenses, losses from operations, net losses, cash equivalents, receivable accounts, prepaid expenses, total current assets, property equipment net, goodwill, and income taxes (Table 1). Fundraising will be an essential aspect of the financial sector of Piano Music Organization. Its development can be provided due to the growth of annual funds, conduction of special events, and grants. However, it is evident that Piano Music Organization should pay less attention to financial questions than its mission and serving the communitys needs.
Table 1. Financial Plan
|Cost of Revenue||$30,789||$60,879||$90, 675|
|Marketing||$100, 569||$200, 476||$300, 654|
|Selling, general, and administrative||$50,637||$60,002||$80, 987|
|Acquisition Related||$100,183||$203,450||$300, 865|
|Total Operating Expenses||$50,286||$100,816||$150, 765|
|Loss from Operations||$50,345||$60,386||$70, 000|
|Net Loss||$20,386||$30,762||$40, 000|
|Cash and Cash Equivalents||$10, 313||$15, 833||$20, 000|
|Accounts Receivable||$10, 000||$20, 407||$30, 654|
|Prepaid Expenses||$1, 293||$2, 615||$4, 986|
|Property Equipment Net||$1,000||$2, 000||$3, 000|
|Goodwill||$2,000||$3, 000||$7, 000|
|Intangible Assets||–||$10, 540||$12, 000|
|Income Taxes||$500||$3, 600||$5, 986|
|Other Non-Current Assets||$242||$3, 656||$5, 000|
|Total Assets||$14, 962||$30, 570||$40, 000|
Accounting in a non-profit organization will differ from the profit organization one since it will not set the profitability as the main task. It means that Piano Music Organization will prioritize pursuing the mission and addressing the needs of society to increasing profit. Thus, this music company should rely on funds from the investment income, public and private grants, fundraising events, program revenues, membership dues, and contributions. Piano Music Organization has to conduct additional annual reporting according to the Internal Revenue Service Form 999.
The source of money for Piano Music Organization will be borrowing from lenders. The non-profit expenses of this company will include fundraising, management, and programs. The examples of revenues for such organizations as Piano Music Company will be the following: investment income, grants, fundraising events, program fees, membership dues, and donor contributions. Consequently, the company reports them as unrestricted, permanently restricted, and temporarily restricted contributions.
The legal documents of such non-profit organization as Piano Music Organization will include the following ones: the Income Tax Law, The Act of Equality, and the Code of Ethics. The Income Tax Law will require the next legal obligations: maintaining books and records as well as annual reporting.
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Piano Music Organization should also follow the states laws if it operates in more than one state. Following legal documents will be a must since there are many companies that can violate the laws and regulations and use donations and sponsors aid illegally and provoke tax issues. It is evident that all profit and non-profit organizations should pay taxes (Saxena, 2009). Piano Music Company should also follow regulatory requirements related to health and safety, equality, discrimination, and employments rights and responsibilities. Consequently, it should do its business according to Equal Pay Acts, Employment Relation Act, Disability Discrimination Act, Sex Discrimination Act, and Race Discrimination Act.
In conclusion, it is necessary to say that Piano Music Organization should develop a business plan to grow and achieve the set objectives. First, it should pay attention to marketing since it is the way of promoting its goals and values. Second, Piano Music Organization should use the competitive environment as a driving force for further growth. In addition, HRM plan can be essential thing since it presents the way to having the most skillful and creative employees that are committed to the mission of company. The organization should perform all legal regulations and requirements to operate effectively in Korea, China, and USA.
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