Small Business Analysis: Artemis Images

The enterprise that will be discussed got started when Chris, who has 2 years’ worth of work experience, realized that she could set up her own business that would provide content digitizing services to clients...

Small Business Analysis: Artemis Images

Creation

The enterprise that will be discussed got started when Chris, who has 2 years’ worth of work experience, realized that she could set up her own business that would provide content digitizing services to clients. She had been working with a company that provided similar services. Chris’ business idea presupposed that a client who wants to digitize their company’s documentation, or simply some old images, would contact Chris’ company, which he named ‘Artemis Images’. She committed to archiving entire inventories of companies, which was her best selling point. The digital content would then be the shared property of the client and Artemis Images. Chris planned to store the content online, with the income shared between the two parties.

Chris initially presented the idea to her then-boss, but he was not interested in investing in it. Driven by the passion to pursue this idea, Chris left her job and went on to set up her own company with 3 of her friends. 2 of them did not leave their main jobs and joined Chris as part-timers whereas one of the friends, George, did resign from his job. They shared the ownership equally (25% for each).

Competitive Environment

The company had to face competition from technological companies who also provided digitizing services to clients. Chris had a contact of a large company from among these, IMSC, for 5 years, hence initially Chris did not need to worry about the start-up cost. However, in the long run, the company will have to develop efficient marketing and branding strategies so that the competition can be dealt with.

SWOT Analysis

A major strength of the company is the technical expertise of each of the team members. All have done work for large companies in the past. Chris herself was equipped with the required expertise for digitizing, as well as managing the archived content. George had an MBA and had been working as a management consultant. The two other friends were also working at management positions in reputed companies prior to joining Artemis Images. This ended up contributing to the strengths of the enterprise. There was a high level of mutual trust between the team members; Chris did not assign any titles to any of the group members as they were assumed to share all the responsibilities as well as the ownership of the company.

The weakness of the enterprise is the lack of strategic planning and risk assessment. Initially, the owners’ shares were kept equal but very soon the team realized that each member was not contributing equally so the shares were re-divided and made 66/30/2/2, which resulted in two members’ loss of interest. Moreover, except the initial long-term contract attained by Chris, the company does not have a clear idea about how to find clients for the future. None of the team members have any experience in setting up and running their own venture. Although all of them are skilled and have worked for large companies before, establishing an independent business is altogether a different task. Due to this weakness, the team has made various mistakes; for example, Chris took on the leadership role in the company but, as previously mentioned, did not assign titles to any of the team members assuming that they will always be working as a team.

The company has opportunities in the market as there has been an increasing trend of content digitization. Companies are interested in such technology because of the need to preserve their history; a large number of these technologies have been developed to this end. Therefore, if managed efficiently, the company can generate considerable profits in the near future.

Threats are present due to the lack of strategic vision and planning. Very soon, talks arose within the team about splitting and abandoning the company. The latter could also experience loss due to the absence of plans regarding future investments. The company was founded on the idea that it would develop long term plans with its clients, but has no plans developed about attracting them long-term for the provision of such services. Also, Chris has decided to offer to digitize the entire inventory of any given client, which could again lead to a major loss in the case of no customers being attracted to the content.

Growth Plan & Promotion, Strategic Suggestions

According to Chris, the enterprise plans to grow at least 10 times in the next two years. She wants to hire new employees as well as attract more clients, and is currently searching for options to promote the business.

For promoting business growth, it is recommended that Chris invests in social media marketing campaigns as these have been very profitable in recent times. To deal with internal dangers, there is a need for the team members to clearly develop roles and responsibilities and a suitable title to be assigned to each. Based on the time and efforts each team member inputs into the company, the ownership should be divided accordingly. Finally, rather than archiving the entire data contents of the companies, Artemis Images should select an appropriate number of files for each company and try selling them in those amounts. If Artemis Images finds a good number of customers for the content of a particular type, more of the corresponding content should then be digitized. Following these suggestions would aid the company in sustaining itself for a long period.

This professional paper on business theme was prepared by writer from EssaysWorld.net

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