Business Plan: JustPark

Business Plan

Executive summary

The study has demonstrated the overview of the JustPark and its mission, vision and strategy. The study has also demonstrated the current financial analysis and the impact of Cvid-19 on the financial position of the company in the market. The report has explained the 4Ps marketing mix of the organisation. At the end pivot strategy and conclusion has been written.

Introduction

A business plan plays a very beneficial role in every firm as it helps to create strategic planning to run a business smoothly in the market. It is highly necessary to concentrate on the business strategy in order to proceed with the business plan successfully. The purpose of the study is to discuss the overview, strategy, mission and vision of JustPark. The study has also demonstrated the financial analysis, competitor analysis and marketing plan of the organisation.

Company description

JustPark is a technology company founded by Anthony Eskinazi in September 2006 in London, United Kingdom (growjo.com, 2021). The company has employed about 125 candidates in their business and their total funding is about $9.1 million. Their recent funding size is approximately about $3.63 million in 2020. The current annual revenue of the organisation is $41 million per year and their estimated revenue of per employee is about $328,000. In 2020, they have increased the number of employees by 16% than in 2019 (growjo.com, 2021). The company has few competitors in the market such as Keolis UK, SLC Rail, Crawfords of London and many more.

Vision, mission and values and current strategy

JustPark has focused highly on its vision, mission and current strategy that has helped the company to achieve its aim. It is important to focus highly on the strategy, mission and vision of an organisation to reach towards the goal.

Vision: The vision of JustPark is to contribute to the world and to work for the development of the environment. The main priority of the company is the local community and the environment and they want to make people smarter and seamless (unissu.com, 2021).

Mission: The mission of JustPark is to make parking easy for the community and it has helped 2.5 million drivers to enjoy cashless parking (unissu.com, 2021).

Strategy: Just Park has adopted the Customer Service (CS) strategy in their business. This strategy has helped the company to make a reputed position in the market (unissu.com, 2021).

Market analysis

JustPark has highly focused on their customers to make their customer base strong. They have targeted mostly the young generation as well they try to convince the older people as well. They have introduced advanced technology which has helped them to provide the best service to all their customers. According to the review sites, most of the customers are very satisfied with their service as their technology is easy to operate for every age of people. Many customers find their service very helpful as it is easy to communicate through their technology. Their service has allowed the customers to enjoy their trip without worrying about their car and parking (trusrpilot.com, 2021).

Covid-19 has caused a negative impact on every small and big business in the UK in 2020. The small companies have faced huge loss during the corona-virus outbreak and lockdown situation. As per a report, 6 million small businesses are affected due to the Covid-19 and 16.6 million jobs are in financially risky position due to the outbreak in London (theguardian.com, 2021). JustPark has faced huge loss due to the coronavirus and lockdown as the government has announced to shut all the companies and ordered the people to stay in their home for few months in order to stay safe and to maintain social distance. The economy growth has been highly impacted due to the pandemic.

Competitor analysis

JustPark has many competitors in the UK market such as SLC Rail, TransportAPI, c2c, Keolis UK, GB Railfreight Limited and many more (growjo.com, 2021). The organisation need to focus highly on its business model to develop its position and to stand properly against its rival companies. The biggest competitor of JustPark is GB Railfreight and their average revenue is $10.4 million per year. GB Railfreight has employed 367 candidates to operate their business properly in the market. In 2020, the company has increased its employees by approximately 9%. Keolis UK is in the second position among the rival companies and they have made an average revenue of $17.1 million per year. Keolis UK has 52 employees within their organisation and their employees have increased by 21% in 2020 (growjo.com, 2021).

In Britain, all business more or less has been effected and some companies have followed different tactics to maintain their position in the market. GB Railfreight has tried to provide the best service to its customers during the pandemic situation. The company has helped its customers by providing them with essential services across the country during the outbreak. They have helped their staffs to stay safe and healthy by following the government guidelines (gbrailfreight.com, 2021). This has helped the company to maintain its position in the market during the pandemic.

Organisation and management

Just has introduced an effective leadership team in their business that has helped the company to operate its business properly in the market. They have focused highly on their people which has allowed the company to provide better service to their customers. Till now the organisation has helped 4.5 million drivers to find suitable parking space for their cars across 45,000 locations in the UK (twitter.com, 2021). The company has concentrated highly on their technologies which have allowed its customers to enjoy the comfortable service during their journey. Just has introduced an effective leadership team and advanced technologies in their business which has helped them to gain many customers in the market. However, they need to focus more on their technologies in order to protect the data and personal information of their customers. As per a report in 2020, the company website has been hacked by the scammers and it has affected their business (bbc.com, 2021). They need to concentrate more on their online technologies to avoid fraud cases and to save the public from scams.

Marketing plan

The marketing plan is an effective framework and it is used to analyse the marketing mix of an organisation.

Figure 1: 4p’s marketing mix

Table 1: Marketing Plan of JustPark

Financial analysis

JustPark has able to make a recognisable position in the market through its service and facilities. Their technology has allowed the company to retain a number of customers in their business. The customers are very happy with their service as well as their advanced and technology has helped the customers to enjoy their journey without distressing about their cars. The company has able to maintain its financial position through their organisational performance and service. The organisation has raised £1,338,490 in 2020 and they have 335 investors in the UK market (crowdcube.com, 2021). They make annual revenue of about $41 million every year (growjo.com, 2021).

The firm has faced loss during the Covid-19 and lockdown situation as the people are ordered to stay in their house for some months in order to stay safe from the diseases. All companies have been closed during the pandemic as per government. They have provided free parking to the NHS staffs and the critical care workers during Christmas in 2020 (twitter.com, 2021). This has helped the company to maintain its position in the market as well as they have been nominated for their campaign. The pandemic has affected the economic position of the business but the organisation has tried their best to maintain their recognisable position in the market. The company has provided its service to its customers during the outbreak and it has helped them to maintain their financial position of the business. They have collaborated with many companies to offer their service to the people in the market (twitter.com, 2021).

SWOT analysis

SWOT analysis is an effective framework use to analyse the competitive advantages of an organisation in the market.

Figure 2: SWOT analysis

Table 2: Swot analysis of JustPark

Pivot Strategy

According to McKenzie and Sansone (2019), every company needs to focus highly on its business plan to run successfully in the market. JustPark can develop their technologies to gain new customers in their business. They need to focus more on their technologies as people have become more comfortable with technologies. They can hire skilled employees in the organisation that will help them to operate their business effectively in the market. They would able to increase the business value as well as it will allow them to enhance their financial profit margin. JustPark can concentrate more on their service to develop their position after the Corona-virus pandemic and lockdown situation.

According to Turner and Endres (2017), the business plan makes a huge impact on every business as it helps the business to create an effective business strategy to run efficiently in the market. JustPark can change the strategy of their business to run more smoothly in the market. They can follow an innovative strategy for their business. There are many rival companies in the market and they need to focus highly on their strategies to maintain their position in the market. The innovative strategy would help the company to change its process as well as it would help them to retain several customers towards their business. JustPark can introduce training and development practise for their employees to enhance their performance and productivity. They can provide various facilities to their employees to retain skilled candidates in their business. JustPark can improve its customer service to develop the communication process with their customers. It will help the company to reach to their customers easily and to make them know about their technology and service.

JustPark can update their websites to maintain their profile and to stay up-to-date for their customers. It will allow the customers to know about their company and their comfortable service as well as it helps the firm to get more new customers. They can follow a low price strategy to make their business more valuable and through this strategy, other people can afford their service. The organisation can adopt consumer to consumer (C2C) business model to make business more effective and to stand confidently against their competitors. The parking organisation can focus on its business plan to make it more effective and valuable in the UK market.

Conclusion

From the above, it can be concluded that every organisation need to focus on a business plan to enhance the value and position of the company in the market. It helps a company to build an effective strategic plan through which the firm able to run profitably and smoothly among all over rival companies. Just Park is a small business and they need to focus highly on their business plan to develop their position in the market. It would also help them to increase their profit and to face competitive challenges in the market.

Reference list

bbc.com, 2021 Infrastructure minister orders review after app data breach [Online] Available at: https://www.bbc.com/news/uk-northern-ireland-51430737 [Accessed 10 February]

bbc.com, 2021 Just Park apologises after scammers place fake parking space ads [Online] Available at: https://www.bbc.com/news/business-54840335 [Accessed 10 February]

crowdcube.com, 2021 Justpark Parking Limited [Online] Available at: https://www.crowdcube.com/companies/justpark-1 [Accessed 10 February]

gbrailfreight.com, 2021 GB Railfreight [Online] Available at: https://www.gbrailfreight.com/our-support-for-the-uks-covid-19-response/ [Accessed 10 February]

growjo.com, 2021 JustPark Competitors, Revenue, Alternatives and Pricing [Online] Available at: https://growjo.com/company/JustPark#:~:text=Estimated%20Revenue%20%26%20Financials,currently%20%2441M%20per%20year. [Accessed 10 February]

McKenzie, D. and Sansone, D., 2019. Predicting entrepreneurial success is hard: Evidence from a business plan competition in Nigeria. Journal of Development Economics, 141, p.102369.

theguardian.com, 2021 Covid leaves 6m UK small businesses and 16m jobs in 'precarious position' [Online] Available at: https://www.theguardian.com/business/2020/oct/26/covid-threatens-6m-uk-small-businesses-16m-jobs [Accessed 10 February]

trustpilot.com, 2021 JustPark [Online] Available at: https://www.trustpilot.com/review/justpark.com?page=128 [Accessed 10 February]

Turner, S. and Endres, A., 2017. Strategies for enhancing small business owners' success rates. International Journal of Applied Management and Technology, 16(1), p.3.

twitter.com, 2021 Just Park [Online] Available at: https://twitter.com/justpark?lang=en [Accessed 10 February]

unissu.com, 2021 JustPark [Online] Available at: https://www.unissu.com/proptech-company/justpark [Accessed 10 February]