Auditing and Consulting Business Plan

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Table of Contents
This is a business plan. It does not imply an offering of securities.
1.0 Executive Summary.....................................................................................................................1

Chart: Highlights...........................................................................................................................3
1.1 Mission...........................................................................................................................................3
1.2 Keys to Success.........................................................................................................................3
1.3 Objectives....................................................................................................................................4
2.0 Company Summary......................................................................................................................4
2.1 Company History.......................................................................................................................4
Table: Past Performance............................................................................................................5
Chart: Past Performance............................................................................................................6
2.2 Company Ownership................................................................................................................6
2.3 Company Locations and Facilities.......................................................................................6
3.0 Services.............................................................................................................................................6
3.1 Service Description...................................................................................................................7
3.2 Competitive Comparison........................................................................................................7
3.3 Fulfillment....................................................................................................................................8
3.4 Technology...................................................................................................................................8
4.0 Market Analysis Summary.........................................................................................................8
4.1 Market Segmentation..............................................................................................................8
Table: Market Analysis................................................................................................................9
Chart: Market Analysis (Pie).....................................................................................................9
4.2 Target Market Segment Strategy.......................................................................................9
4.2.1 Market Needs....................................................................................................................10
4.2.2 Market Trends...................................................................................................................10
4.2.3 Market Growth..................................................................................................................10
4.3 Service Business Analysis....................................................................................................11
4.3.1 Competition and Buying Patterns.............................................................................11
5.0 Strategy and Implementation Summary...........................................................................11
5.1 Competitive Edge....................................................................................................................11
5.2 Sales Strategy..........................................................................................................................12
Table: Sales Forecast................................................................................................................12
Chart: Sales Monthly.................................................................................................................12
Chart: Sales by Year..................................................................................................................13
6.0 Management Summary.............................................................................................................13
6.1 Personnel Plan..........................................................................................................................13
Table: Personnel..........................................................................................................................13
7.0 Financial Plan................................................................................................................................14
7.1 Important Assumptions........................................................................................................14
Table: General Assumptions...................................................................................................14
7.2 Key Financial Indicators.......................................................................................................15
Chart: Benchmarks....................................................................................................................15
7.3 Break-even Analysis...............................................................................................................16
Chart: Break-even Analysis....................................................................................................16
Table: Break-even Analysis....................................................................................................16
Page
Table of Contents
7.4 Projected Profit and Loss.....................................................................................................17

Table: Profit and Loss................................................................................................................17
Chart: Profit Monthly.................................................................................................................18
Chart: Profit Yearly.....................................................................................................................18
Chart: Gross Margin Monthly.................................................................................................19
Chart: Gross Margin Yearly.....................................................................................................19
7.5 Projected Cash Flow...............................................................................................................20
Chart: Cash...................................................................................................................................20
Table: Cash Flow.........................................................................................................................21
7.6 Projected Balance Sheet......................................................................................................22
Table: Balance Sheet.................................................................................................................22
7.7 Business Ratios........................................................................................................................23
Table: Ratios.................................................................................................................................23
Table: Sales Forecast..........................................................................................................................1
Table: Personnel....................................................................................................................................2
Table: Personnel....................................................................................................................................2
Table: General Assumptions.............................................................................................................3
Table: General Assumptions.............................................................................................................3
Table: Profit and Loss..........................................................................................................................4
Table: Profit and Loss..........................................................................................................................4
Table: Cash Flow...................................................................................................................................5
Table: Cash Flow...................................................................................................................................5
Table: Balance Sheet...........................................................................................................................6
Page
Artemide Auditing & Consulting AG
1.0 Executive Summary
Artemide Auditing & Consulting AG (Artemide AC) is in the process of being formed as an

ongoing sole proprietorship owned and operated by Sandor Artemide AC. The company is a
spinoff of Daten Riffwald-Ennetmoos AG. Between the owners of Daten Riffwald-Ennetmoos and
Artemide AC there will be 25% cross-participation. This plan is written as a guide for continuing
and managing the business under the new company, and will also serve as the basis for
marketing proposals. The two objectives of Artemide AC are to generate a profit and to grow at
a challenging and manageable rate.
The mission of Artemide AC is to provide fast and reliable services in auditing and consulting to
small and medium businesses (SMB), individuals, and other organizations.
The keys to success for Artemide AC are: visibility to generate new business leads, networking
with other professionals, responsiveness, and quality.
The initial primary service offered will be auditing, although specialized fields will be considered
in future growth.
The overall objective is to focus the activities towards the specialized services (analyses,

investigations, startups, etc.) and to become a leader in this niche in the Luzern area. The
company projects growth to be ~10% of sales in the next three years.
The most important keys to success for Artemide AC are developing visibility to generate new
business leads, strong concentration on relationships with clients, and a high level of quality in
our services.
The cooperation between Daten Riffwald-Ennetmoos and Artemide AC is flexible--with the

objective to change rapidly if the market demands.
The sole proprietorship company "Sandor Artemide dipl. Wirtschaftsprüfer" was founded on 8
March 1996. In the first 10-month period, the company generated sales of $50,000.
Artemide AC is established in a separate office from Daten Riffwald-Ennetmoos AG, in

Luzern. Secretary and telephone response is assumed by Daten Riffwald-Ennetmoos.
There are four major classes of competition in the actual fiduciary business in Switzerland.
These include individual proprietors and small fiduciary and accounting offices and medium
fiduciary offices with between 6 and 25 employees, these offices are available for general
financial and tax consulting. There are also large auditing and consulting companies. These
companies have several hundred employees. They tend to operate more in the lucrative
consulting business. Banks, Assurances and other financial consultants are also new
competitors in this field. Banks are now active in start-up consulting, corporate finance,
mergers and acquisitions, and others.
Technology is, of course, very important to the success of Artemide AC. It is imperative that the
company stay up-to-date on technological developments and it will be important to devote a
reasonable portion of each year's revenues toward upgrading the equipment and software used
in normal operations.
Page 1
Artemide AC will adopt a focused market strategy. Logical segmentation breaks the market
down into the following: Individuals, Investors, Small Businesses, Medium Businesses, Large
Businesses, and Authorities and Public Organizations. For our further development, we consider
Individual persons and Investors plus Small and Medium Businesses to be crucial.
For our business, we do not have main competitors. We have a lot of widely-sized competitors
in a vast market of services.This market environment gives ample opportunity for Artemide
AC to create and expand a niche in the chosen market fields. Finally, worth noting is the growth
trend for the general market, estimated between 5% and 10%, annually.
There are three different major opportunities (needs) in the fiduciary business over the next
years:
 Bookkeeping and other services related to the operative financial management (payroll,
cost-accounting, accounting for pension funds, etc.).
 Consulting and special mandates such as financial planning, business

evaluation, merger and acquisition valuation, special audits, etc.
 Legal Auditing (incl. IAS and other standards) as an independent and responsible institution.
In addition, the company sees three primary market trends which seem to be most important in
our business.
 Rapid growth in the complexity of business that requires rapid adaptation in the strategy
and structures of companies.
 More litigation due to higher percentages of unsuccessful ventures.
 The growth of outsourced financial consulting.
All of this provides continuing opportunities for a dynamic company such as Artemide AC.
We believe our business is in a grand change. The competitors must be generalists and
specialists at the same time. For small and medium fiduciary businesses, a focus of one primary
segment of business is necessary. For example, if the "core" business is accounting, the other
fiduciary businesses like tax, auditing, consulting must be reduced to a general level. In the
core business, the company must be current with the services, while having the capacity to
innovate (like new accounting services related to the Internet).
Artemide AC's competitive edge is in the well-established reputation of Sandor Artemide who

has been in the consulting business for over a decade, and the company's ability to focus in this
niche market.
The company's sales strategy will be based on building long-term customer relationships, which
will result in repeat sales. The company estimates that revenues will be approximately
$232,000 by Year 3, yielding profits. The company will manage its assets and create profits
with no debt financing. It does not anticipate any cash flow problems.
Sandor Artemide, the majority owner of Artemide AC, will assume strategic management
functions. Brigitte Artemide will be in charge of market research and customer support. Since
Page 2
no major increases in personnel are expected in the next three years, Mr. Artemide will retain
his managerial functions throughout these years.
Chart: Highlights
Highlights
$240,000
$210,000
$180,000
Sales
$150,000
Gross Margin
$120,000
Net Profit
$90,000
$60,000
$30,000
$0
2003 2004 2005
1.1 Mission
Artemide AC's mission is simple and straightforward:
 Purpose - Artemide AC exists to provide complete, reliable and high quality services to
SMBs, individuals, lawyers, and authorities. Services must give solutions and results!
 Vision - By providing innovative services, Artemide AC generates a name in Luzern and the
surrounding area.
1.2 Keys to Success
The keys to success for Artemide AC are:
 Developing visibility to generate new business leads.

 Relationships with clients (developing loyal, respectful, and intensive contact with both
clients and potential clients).
 Marketing/strategy and networking with other professionals.
 Collaboration with Daten Riffwald-Ennetmoos AG for generally fiduciary services and IT
services.
 Responsiveness to clients (fast response time for special problems).
 Quality (especially in reporting information).
 Excellence in fulfilling the promise.
 Openness: languages and willpower for creating interregional and international contacts.
Page 3
1.3 Objectives
The objectives of this business plan are:
1. To provide a written guide for managing this business; a strategic framework for developing
a comprehensive tactical marketing philosophy.
2. This plan is not intended to obtain financing, it is purely for internal improvements.
3. The scope of this plan is to provide detailed monthly projections for the current plan year,
as well as yearly summaries for the following two years.
The objectives of Artemide Auditing & Consulting are:
1. The overall objective is to focus the activities towards the specialized services (analyses,

investigations, startups, etc.) and to become a leader in this niche in the Luzern area.
2. Cash flow - To generate sufficient cash flow to finance future growth and development, and
to provide the resources needed to achieve the other objectives of the company and its
owners.
3. Growth - To expand the business at a rate that is both challenging and manageable, serving
the market with innovation and adaptability. (Growth projected at 10% of sales in the next
three years.)
2.0 Company Summary
Artemide AC will be an ongoing company from the sole proprietorship company Sandor
Artemide dipl. Wirtschaftsprüfer with the following characteristics:
 The goal will be to continue the activities on a larger personal and organizational basis, still
with no debt financing.
 Artemide AC will assume operations of one of the Daten Riffwald-Ennetmoos AG's divisions.
 Between the owners of Daten Riffwald-Ennetmoos and Artemide AC there will be a 25%
cross-participation.
 The cooperation between Daten Riffwald-Ennetmoos and Artemide AC is flexible--with the
objective to change rapidly if the market demands.
2.1 Company History
The sole proprietorship company "Sandor Artemide dipl. Wirtschaftsprüfer" was founded 8

March 1996. In the first 10-month period, the company generated sales of $50,000.
In the time of general recession, between 1996 and 2000, with a concentrated basis work, the
owner created and assured his independent existence. The name Artemide was made known,
and he has established a good professional reputation in Luzern.
Before starting his own business, Sandor Artemide acquired extensive professional experience

as listed below:
 5 years ATAG Graff & Altern in Geneva, Switzerland.

 3 years Ziegfeld in Bern, Switzerland.
 4 years KUGN in Bienne, Switzerland.
Page 4
Table: Past Performance
Past Performance
2000 2001 2002
Sales $111,182 $146,505 $162,140
Gross Margin $111,182 $145,347 $138,977
Gross Margin % 100.00% 99.21% 85.71%
Operating Expenses $43,430 $46,325 $49,221
Collection Period (days) 27 17 19
Balance Sheet
2000 2001 2002
Current Assets
Cash $5,211 $22,583 $92,651
Accounts Receivable $8,107 $5,211 $11,581
Other Current Assets $579 $1,158 $1,158
Total Current Assets $13,897 $28,952 $105,390
Long-term Assets
Long-term Assets $5,211 $5,211 $6,948
Accumulated Depreciation $0 $0 $0
Total Long-term Assets $5,211 $5,211 $6,948
Total Assets $19,108 $34,163 $112,338
Current Liabilities
Accounts Payable $9,256 $9,844 $11,581
Current Borrowing $4,053 $1,158 $2,895
Other Current Liabilities (interest free) $0 $0 $0
Total Current Liabilities $13,309 $11,002 $14,476
Long-term Liabilities $0 $0 $0
Total Liabilities $13,309 $11,002 $14,476
Paid-in Capital $5,000 $5,000 $5,000

Retained Earnings $799 $18,161 $92,862
Earnings $0 $0 $0
Total Capital $5,799 $23,161 $97,862
Total Capital and Liabilities $19,108 $34,163 $112,338
Other Inputs
Payment Days 45 45 45
Sales on Credit $111,182 $146,505 $162,140
Receivables Turnover 13.71 28.11 14.00
Page 5
Chart: Past Performance
Past Performance
$160,000
$140,000
$120,000
Sales
$100,000
Gross
$80,000
Net
$60,000
$40,000
$20,000
$0
2000 2001 2002
2.2 Company Ownership
Artemide Auditing & Consulting AG will be incorporated in the city of Luzern by Sandor
Artemide, who will be the majority owner. Twenty-five percent of the company will be owned by
Daten Riffwald-Ennetmoos AG, the parent company.
2.3 Company Locations and Facilities
Artemide AC is established in a separate office from Daten Riffwald-Ennetmoos AG, in

Luzern. Secretary and telephone response is assumed by Daten Riffwald-Ennetmoos. In the
same building, on the first level, is established ATO Geistesblitz (sale and consulting of SMB
software sage-KHK).
The structure is well established and satisfies the needs of both Daten Riffwald-Ennetmoos and
Artemide AC. Both companies intend to optimize the office location in the future.
3.0 Services
Artemide AC will be the number one company in the Luzern area for specialized and
investigative services in the modern business environment. Artemide AC also offers both
classic, auditing, and general consulting services.
 Artemide AC will offer three main services - Auditing, Consulting, and Investigation.
 There appear to be four main classes of competition, as indicated under section 3.2.
 Fulfillment of services will be provided in the future by Sandor Artemide and other equally
qualified professionals.
 It's important to be current with the classic and special business software.
Page 6
Detailed descriptions of these points are found in the sections below.
3.1 Service Description
Artemide Auditing & Consulting AG offers three main services:
1. Auditing - Financial data must be checked and confirmed, we consider this normal, as a
service related to auditing. Most of these services are legal audits in the sense of Swiss
company law. A Legal Audit is the most comprehensive assessment of the presentation of
financial data. By contrast, a Review is generally prepared for the assurance of the
management and as a minimum requirement of financial institutions for the propose of
extending credit. Finally an Analysis is limited on the plausibility and the ratios. An Analysis
is normally based on audited or reviewed financial statements.
An essential part of all audit activities is understanding the business environment in which a
company operates and to evaluate the risks of financial losses. In fact it's necessary to
check past financial statements, but the key for a modern audit is to have time to move
from an accounting approach to a planning approach--from present to future.
2. Consulting - Includes business planning, business evaluation, merger and acquisition,

start-up planning, restructuring, and business-succession planning, etc.
3. Investigation - Our auditing and business expertise provides us with the ability to perform
analysis, specialized audits, and valuation of businesses in business disputes, fraud, or other
cases of incertitude and disputes.
3.2 Competitive Comparison
There seems to be four major classes of competition in the actual fiduciary business in
Switzerland:
1. Individual proprietors and small fiduciary and accounting offices. The primary

business of these competitors is accounting and tax compliance (for individuals and
companies). This offices normally employ between 1 and 5 people. These offices deal in a
large spectrum on a general level, but without specialization. These offices are often
members of the STV.
2. Medium fiduciary offices with between 6 and 25 or more employees. These offices are
also dealing in a large and general spectrum. If there are several partners--with different
formation and specialties--these offices are available for general financial and tax
consulting. This offices are member of the STV or/and the TK.
3. Large auditing and consulting companies. These companies have several hundred

employees. They tend to operate more in the lucrative consulting business. Public
companies are normally audited by these companies. Large companies are normally not
interested in dealing with small and medium business. All large companies have an
international network.
4. Banks, Assurances and other Financial Consultants are new competitors. Financial

services are "in." Banks are active in start-up consulting, corporate finance, mergers and
acquisitions, and others.
Page 7
3.3 Fulfillment
The fulfillment of services was provided in the past by the owner himself. The
ultimate delivery was the owner's expertise and problem solving capability, coupled with an
open mind and ease of communication. The end result is an established trust with complete
customer confidence and satisfaction.
In the future, the clients must also accept the work of other qualified personnel--it is necessary
to transfer and expand the established personal goodwill into company goodwill. This will only
be possible with qualified and motivated employees.
3.4 Technology
Technology is, of course, very important to the success of Artemide Auditing & Cconsulting. It is
imperative that the company stay up-to-date on the technological developments in the classic
business software like MS-Office, etc. as well as in the special software and tools for auditing,
financial planning, business planning, etc.
In addition, it will be important to devote a reasonable portion of each year's revenues toward
upgrading the equipment and software used by Artemide AC in its normal operations.
4.0 Market Analysis Summary
Artemide Auditing & Consulting AG will adopt a focused market strategy.
 Logical segmentation breaks the market down into the following: Individuals, Investors,
Small Businesses, Medium Businesses, Large Businesses, and Authorities and Public
Organizations. Descriptions are provided below.
 The largest and most logical target markets for Artemide AC at the present are small and
medium businesses. In a new "Financial Industry" Individuals and Investors become an
important market segment.
 For our business, we do not have main competitors. We have a lot of widely-sized
competitors in a vast market of services. This market environment gives ample opportunity
for Artemide AC to create and expand a niche in the chosen market fields.
 Finally, worth noting is the growth trend for the general market, estimated between 5%
and 10%, annually.
4.1 Market Segmentation
The following chart and table reflect the estimated market segmentation and growth for this
business.
 Individual persons and Investors

 Small Businesses - Defined as businesses with 1 to 24 employees, this is the second largest
and fastest growing segment in our region.
 Medium Businesses - 25 to 499 employees.
 Large Businesses - 500 or more employees.
 Authorities and Public Organizations
Page 8
Table: Market Analysis
Market Analysis
2003 2004 2005 2006 2007
Potential Customers Growth CAGR
Individuals and Investors 20% 3 4 5 6 7 23.59%
Small Businesses 10% 20 22 24 26 29 9.73%
Medium Businesses 10% 33 36 40 44 48 9.82%
Large Businesses 5% 34 36 38 40 42 5.42%
Authorities and Public 5% 10 11 12 13 14 8.78%
Organisations
Total 8.78% 100 109 119 129 140 8.78%
Chart: Market Analysis (Pie)
Market Analysis (Pie)
Individuals and Investors
Small Businesses
Medium Businesses
Large Businesses
Authorities and Public Organisations
4.2 Target Market Segment Strategy
For our further development, we consider the following market segments to be very important:
 Individual persons and Investors.

 Small and Medium Businesses.
Artemide AC will focus its marketing strategy primarily on these market segments.
Page 9
4.2.1 Market Needs
There are three different major opportunities (needs) in the fiduciary business over the next
years:
1. Bookkeeping and other services related to the operative financial management (payroll,
cost-accounting, accounting for pension funds, etc.).
2. Consulting and special mandates.
o Financial-Planning
o Business-Planning
o Business-Evaluation
o Merger & Acquisition
o Startup-Planning
o Restructuring
o Business Succession-Planning
o Coaching in Financial-Managing
o Recovery
o Special Audits, Reviews
o Analyses
o Investigation, Forensic Services
o Other
3. Legal Auditing (incl. IAS and other standards) as an independent and responsible institution.
We think that the need for consulting and other specialized fields has a strong growth potential.
4.2.2 Market Trends
Three primary market trends seem to be most important in our business:
 Trend 1- (most important) Rapid growth in complexity of business in an ever-changing

market and competitive environment needs continuous and rapid adaptation in both
strategy and structures of companies.
 Trend 2- (moderately important) In the future there will be a percentage of unsuccessful

ventures resulting in more litigation, which, in turn, will emphasize the need for specialized
audits, investigation, restructuring, etc.
 Trend 3- (least important) Predicted continued growth in consulting because companies will

be unwilling to pay fixed costs of salaries, choosing instead to treat specialized financial
knowledge and needs as variable costs from external sources.
Economically it is more expedient to acquire specialized services from a consulting firm that has
its own specialized employees.
4.2.3 Market Growth
As noted in the previous section, several factors are predicted to continue well into the next
decade, not the least of which we estimate the annual market growth rate between 5% and
10%.
Page 10
4.3 Service Business Analysis
The fiduciary and consulting business for the local area is already well established, yet still
allows ample opportunity for us. This is supported by the following points:
 Already in existence are a large number of firms - we think that most of the small and
medium firms are operating in a limited spectrum of traditional fiduciary services
(accounting and tax) and they do not have enough knowledge and/or time for entering the
field of specialized services - so we have new participants like banks, assurances, lawyers,
and others entering the market.
 Customers in the fiduciary business tend to be loyal, relying on the same consultant for
future needs once a relationship has been established - this fact requires establishing a
good and intensive personal relationship with client. This, in the large, "big 6," firms,
is often not realizable because of staff turn over and inaccessibility of personnel.
 The globalization of markets will increase the demands for expansion of new services
related to our business.
We believe our business is in a in a period of grand change. The competitors must be

generalists and specialists at the same time. For small and medium fiduciary businesses, a
focus of one primary segment of business is necessary. For example, if the "core" business is
accounting, the other fiduciary businesses like tax, auditing, consulting must be reduced to a
general level. In the core business, the company must be current with the services, while
having the capacity to innovate (like new accounting services related to the Internet).
For our business, we do not have main competitors: We have many competitors in diversified
services. More important than the competitors, is the need to get established in the right
market and to develop this market with a strong and flexible strategy.
4.3.1 Competition and Buying Patterns
Competition in the general field of business consulting in the Luzern area is quite intense.
Although numerous established companies offer a variety of services to different customer
segments, Artemide Auditing & Consulting AG considers competition in our focus market niche
of small and medium businesses to be modest. Customers in this segment strongly rely on the
consultant's professional qualifications and the ability to come up with viable solutions in a
time- and cost-effective manner.
5.0 Strategy and Implementation Summary
Artemide AC will offer auditing, consulting, and investigation services to small and medium
businesses in the Luzern area. The company will focus on providing excellent customer service,
and that will generate favorable client referrals and increase customer retention.
5.1 Competitive Edge
Artemide Auditing & Consulting's competitive edge is in the well-established reputation of

Sandor Artemide who has been in the consulting business for over a decade. Combining his
professional expertise with the financial, marketing, and technical support of Daten Riffwald-
Ennetmoos AG, the company is positioned to further entrench itself in the growing market of
small and medium business consulting in the Luzern area.
Page 11
5.2 Sales Strategy
The company's sales strategy will be based on building long-term customer relationships, which
will result in repeat sales. Customer service and 'face time' with clients will be aimed to
maintain a high level of customer retention. The charts and table below outline the Sales
Aug Sep Oct Nov Dec

Forecast for the next three years.
Table: Sales Forecast
Sales Forecast
2003 2004 2005
Sales
Jan Feb Mar Apr May Jun Jul

Audit services $80,492 $96,590 $115,908
Consulting services $48,291 $57,949 $69,539
Investigation services $32,194 $38,633 $46,359
Total Sales $160,977 $193,172 $231,807
Direct Cost of Sales 2003 2004 2005

Audit services $12,077 $13,889 $15,972
Consulting services $7,243 $8,329 $9,579
Investigation services $6,438 $7,404 $8,514
Subtotal Direct Cost of Sales $25,758 $29,622 $34,065
Chart: Sales Monthly
Sales Monthly
$20,000
$18,000
$16,000
$14,000
Audit services
$12,000
Consulting services
$10,000
Investigation services
$8,000
$6,000
$4,000
$2,000
$0
Page 12
Chart: Sales by Year
Sales by Year
$240,000
$210,000
$180,000
Audit services
$150,000
Consulting services
$120,000
Investigation services
$90,000
$60,000
$30,000
$0
2003 2004 2005
6.0 Management Summary
Sandor Artemide, the majority owner of Artemide AC, will assume strategic management
functions. Brigitte Artemide will be in charge of market research and customer support. No
major increases in personnel are expected in the next three years.
6.1 Personnel Plan
The following table outlines the two-person management system of Artemide AC.
Table: Personnel
Personnel Plan
2003 2004 2005
Sandor Artemide $48,000 $51,000 $56,000
Brigitte Artemide $24,000 $26,000 $30,000
Total People 2 2 2
Total Payroll $72,000 $77,000 $86,000
Page 13
7.0 Financial Plan
The following sections include the annual estimates for the standard set of financial tables.
Detailed monthly pro-forma tables are included in the appendix.
7.1 Important Assumptions
This information is presented in the table below.
Table: General Assumptions
General Assumptions
2003 2004 2005
Plan Month 1 2 3
Current Interest Rate 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00%
Tax Rate 25.00% 25.00% 25.00%
Other 0 0 0
Page 14
7.2 Key Financial Indicators
The Benchmark chart below uses index values to compare past and future financial indicators.
The bars show relative change, not absolute values.
Chart: Benchmarks
Benchmarks
3.0
2000
2001
2.0
2002
2003
2004
1.0
2005
0.0
Sales Operating Expenses
Gross Margin% Collection Days
Page 15
7.3 Break-even Analysis
With our average monthly fixed costs, Artemide will surpass break even consistently throughout
the next year of operations.
Chart: Break-even Analysis
Break-even Analysis
$10,000
$8,000
$6,000
$4,000
$2,000
$0
($2,000)
($4,000)
($6,000)
($8,000)
$0 $4,000 $8,000 $12,000 $16,000 $20,000
$2,000 $6,000 $10,000 $14,000 $18,000 $22,000
Table: Break-even Analysis
Break-even Analysis
Monthly Revenue Break-even $9,744
Assumptions:
Average Percent Variable Cost 16%
Estimated Monthly Fixed Cost $8,185
Page 16
7.4 Projected Profit and Loss
The projected profit and loss information is presented in the table and charts below.
Table: Profit and Loss
Pro Forma Profit and Loss

2003 2004 2005
Sales $160,977 $193,172 $231,807
Direct Cost of Sales $25,758 $29,622 $34,065
Other $0 $0 $0
Total Cost of Sales $25,758 $29,622 $34,065
Gross Margin $135,219 $163,551 $197,742

Gross Margin % 84.00% 84.67% 85.30%
Expenses
Payroll $72,000 $77,000 $86,000
Sales and Marketing and Other Expenses $6,897 $9,500 $13,000
Depreciation $2,400 $2,500 $2,500
Leased Equipment (incl. office rental) $2,400 $2,500 $3,000
Utilities (incl. office furniture, etc.) $1,800 $2,000 $2,500
Insurance $1,200 $1,500 $2,000
Rent $0 $0 $0
Payroll Taxes $11,520 $12,320 $13,760
Other $0 $0 $0
Total Operating Expenses $98,217 $107,320 $122,760
Profit Before Interest and Taxes $37,003 $56,231 $74,982

EBITDA $39,403 $58,731 $77,482
Interest Expense $0 $0 $0
Taxes Incurred $9,251 $14,058 $18,745
Net Profit $27,752 $42,173 $56,236

Net Profit/Sales 17.24% 21.83% 24.26%
Page 17
Chart: Profit Monthly
Profit Monthly
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Chart: Profit Yearly
Profit Yearly
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$0
2003 2004 2005
Page 18
Chart: Gross Margin Monthly
Gross Margin Monthly
$16,000
$14,000
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
Chart: Gross Margin Yearly
Gross Margin Yearly
$200,000
$180,000
$160,000
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$0
2003 2004 2005
Page 19
Jul
May Jun
Apr
7.5 Projected Cash Flow
Feb Mar
The projected cash flow and cash balance information is presented in the chart and table below.
Jan
Chart: Cash
Cash
$80,000
$70,000
$60,000
$50,000
$40,000 Net Cash Flow
$30,000 Cash Balance

$20,000
$10,000
$0
($10,000)
Page 20
Table: Cash Flow
Pro Forma Cash Flow

2003 2004 2005
Cash Received
Cash from Operations

Cash Sales $0 $0 $0
Cash from Receivables $149,782 $188,617 $226,341
Subtotal Cash from Operations $149,782 $188,617 $226,341
Additional Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0
New Current Borrowing $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0
New Long-term Liabilities $0 $0 $0
Sales of Other Current Assets $0 $0 $0
Sales of Long-term Assets $0 $0 $0
New Investment Received $0 $0 $0
Subtotal Cash Received $149,782 $188,617 $226,341
Expenditures 2003 2004 2005
Expenditures from Operations

Cash Spending $72,000 $77,000 $86,000
Bill Payments $66,312 $69,717 $85,791
Subtotal Spent on Operations $138,312 $146,717 $171,791
Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
Principal Repayment of Current Borrowing $2,895 $0 $0
Other Liabilities Principal Repayment $0 $0 $0
Long-term Liabilities Principal Repayment $0 $0 $0
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $24,000 $0 $0
Dividends $0 $0 $0
Subtotal Cash Spent $165,207 $146,717 $171,791
Net Cash Flow ($15,425) $41,901 $54,550

Cash Balance $77,226 $119,126 $173,676
Page 21
7.6 Projected Balance Sheet
The projected balance sheet information is presented in the table below.
Table: Balance Sheet
Pro Forma Balance Sheet

2003 2004 2005
Assets
Current Assets
Cash $77,226 $119,126 $173,676
Accounts Receivable $22,776 $27,331 $32,797
Other Current Assets $1,158 $1,158 $1,158
Total Current Assets $101,160 $147,616 $207,632
Long-term Assets
Long-term Assets $30,948 $30,948 $30,948
Accumulated Depreciation $2,400 $4,900 $7,400
Total Long-term Assets $28,548 $26,048 $23,548
Total Assets $129,708 $173,664 $231,180
Liabilities and Capital 2003 2004 2005
Current Liabilities
Accounts Payable $4,094 $5,877 $7,156
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $4,094 $5,877 $7,156
Long-term Liabilities $0 $0 $0
Total Liabilities $4,094 $5,877 $7,156
Paid-in Capital $5,000 $5,000 $5,000

Retained Earnings $92,862 $120,614 $162,787
Earnings $27,752 $42,173 $56,236
Total Capital $125,614 $167,787 $224,023
Total Liabilities and Capital $129,708 $173,664 $231,180
Net Worth $125,614 $167,787 $224,023
Page 22
7.7 Business Ratios
Business ratios for the years of this plan are shown below. Industry profile ratios based on the
Standard Industrial Classification (SIC) code 8721.01 - Auditing services, are shown for
comparison.
Table: Ratios
Ratio Analysis
2003 2004 2005 Industry Profile
Sales Growth -0.72% 20.00% 20.00% 8.60%
Percent of Total Assets

Accounts Receivable 17.56% 15.74% 14.19% 24.40%
Other Current Assets 0.89% 0.67% 0.50% 46.70%
Total Current Assets 77.99% 85.00% 89.81% 74.90%
Long-term Assets 22.01% 15.00% 10.19% 25.10%
Total Assets 100.00% 100.00% 100.00% 100.00%
Current Liabilities 3.16% 3.38% 3.10% 42.80%

Long-term Liabilities 0.00% 0.00% 0.00% 17.20%
Total Liabilities 3.16% 3.38% 3.10% 60.00%
Net Worth 96.84% 96.62% 96.90% 40.00%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 84.00% 84.67% 85.30% 0.00%
Selling, General & Administrative Expenses 66.89% 62.95% 61.14% 83.50%
Advertising Expenses 2.05% 2.07% 2.59% 1.20%
Profit Before Interest and Taxes 22.99% 29.11% 32.35% 2.60%
Main Ratios
Current 24.71 25.12 29.01 1.59
Quick 24.71 25.12 29.01 1.26
Total Debt to Total Assets 3.16% 3.38% 3.10% 60.00%
Pre-tax Return on Net Worth 29.46% 33.51% 33.47% 4.40%
Pre-tax Return on Assets 28.53% 32.38% 32.43% 10.90%
Additional Ratios 2003 2004 2005

Net Profit Margin 17.24% 21.83% 24.26% n.a
Return on Equity 22.09% 25.13% 25.10% n.a
Activity Ratios
Accounts Receivable Turnover 7.07 7.07 7.07 n.a
Collection Days 59 47 47 n.a
Accounts Payable Turnover 14.37 12.17 12.17 n.a
Payment Days 33 25 27 n.a
Total Asset Turnover 1.24 1.11 1.00 n.a
Debt Ratios
Debt to Net Worth 0.03 0.04 0.03 n.a
Current Liab. to Liab. 1.00 1.00 1.00 n.a
Liquidity Ratios
Net Working Capital $97,066 $141,739 $200,475 n.a
Interest Coverage 0.00 0.00 0.00 n.a
Additional Ratios
Assets to Sales 0.81 0.90 1.00 n.a
Current Debt/Total Assets 3% 3% 3% n.a
Acid Test 19.15 20.47 24.43 n.a
Page 23
Sales/Net Worth 1.28 1.15 1.03 n.a

Dividend Payout 0.00 0.00 0.00 n.a
Page 24
Appendix
Table: Sales Forecast
Sales Forecast
Sales
Audit services 0% $4,343 $5,791 $5,791 $5,791 $7,238 $9,844 $8,686 $9,844 $5,791 $5,791 $5,791 $5,791
Consulting services 0% $2,606 $3,474 $3,474 $3,474 $4,343 $5,906 $5,212 $5,906 $3,474 $3,474 $3,474 $3,474
Investigation services 0% $1,737 $2,316 $2,316 $2,316 $2,895 $3,938 $3,474 $3,938 $2,316 $2,316 $2,316 $2,316
Total Sales $8,686 $11,581 $11,581 $11,581 $14,476 $19,688 $17,372 $19,688 $11,581 $11,581 $11,581 $11,581
Direct Cost of Sales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Audit services $651 $869 $869 $869 $1,086 $1,477 $1,303 $1,477 $869 $869 $869 $869
Consulting services $391 $521 $521 $521 $651 $886 $782 $886 $521 $521 $521 $521
Investigation services $347 $463 $463 $463 $579 $788 $695 $788 $463 $463 $463 $463
Subtotal Direct Cost of Sales $1,389 $1,853 $1,853 $1,853 $2,316 $3,151 $2,780 $3,151 $1,853 $1,853 $1,853 $1,853
Page 1
Appendix
Table: Personnel
Personnel Plan
Sandor Artemide 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000
Brigitte Artemide 0% $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Total People 2 2 2 2 2 2 2 2 2 2 2 2
Total Payroll $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
Page 2
Appendix
Table: General Assumptions
General Assumptions
Plan Month 1 2 3 4 5 6 7 8 9 10 11 12
Current Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
Other 0 0 0 0 0 0 0 0 0 0 0 0
Page 3
Appendix
Table: Profit and Loss
Pro Forma Profit and Loss

Sales $8,686 $11,581 $11,581 $11,581 $14,476 $19,688 $17,372 $19,688 $11,581 $11,581 $11,581 $11,581
Direct Cost of Sales $1,389 $1,853 $1,853 $1,853 $2,316 $3,151 $2,780 $3,151 $1,853 $1,853 $1,853 $1,853
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $1,389 $1,853 $1,853 $1,853 $2,316 $3,151 $2,780 $3,151 $1,853 $1,853 $1,853 $1,853
Gross Margin $7,297 $9,728 $9,728 $9,728 $12,160 $16,537 $14,592 $16,537 $9,728 $9,728 $9,728 $9,728
Gross Margin % 84.01% 84.00% 84.00% 84.00% 84.00% 84.00% 84.00% 84.00% 84.00% 84.00% 84.00% 84.00%
Expenses
Payroll $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
Sales and Marketing and Other $400 $590 $590 $590 $590 $599 $590 $590 $590 $590 $590 $590
Expenses
Depreciation $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Leased Equipment (incl. office $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
rental)
Utilities (incl. office furniture, etc.) $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150
Insurance $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100
Rent $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Payroll Taxes 16% $960 $960 $960 $960 $960 $960 $960 $960 $960 $960 $960 $960
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $8,010 $8,200 $8,200 $8,200 $8,200 $8,209 $8,200 $8,200 $8,200 $8,200 $8,200 $8,200
Profit Before Interest and Taxes ($713) $1,528 $1,528 $1,528 $3,961 $8,329 $6,393 $8,338 $1,529 $1,528 $1,528 $1,528
EBITDA ($513) $1,728 $1,728 $1,728 $4,161 $8,529 $6,593 $8,538 $1,729 $1,728 $1,728 $1,728
Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Taxes Incurred ($178) $382 $382 $382 $990 $2,082 $1,598 $2,084 $382 $382 $382 $382
Net Profit ($535) $1,146 $1,146 $1,146 $2,970 $6,246 $4,794 $6,253 $1,146 $1,146 $1,146 $1,146
Net Profit/Sales -6.16% 9.90% 9.90% 9.90% 20.52% 31.73% 27.60% 31.76% 9.90% 9.90% 9.90% 9.90%
Page 4
Appendix
Table: Cash Flow
Pro Forma Cash Flow

Cash Received
Cash from Operations

Cash Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cash from Receivables $5,791 $6,080 $8,783 $11,581 $11,581 $11,678 $14,650 $19,611 $17,449 $19,418 $11,581 $11,581
Subtotal Cash from Operations $5,791 $6,080 $8,783 $11,581 $11,581 $11,678 $14,650 $19,611 $17,449 $19,418 $11,581 $11,581
Additional Cash Received

Sales Tax, VAT, HST/GST Received 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Investment Received $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Received $5,791 $6,080 $8,783 $11,581 $11,581 $11,678 $14,650 $19,611 $17,449 $19,418 $11,581 $11,581
Expenditures Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Expenditures from Operations

Cash Spending $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
Bill Payments $11,682 $3,061 $4,235 $4,235 $4,271 $5,370 $7,213 $6,406 $7,135 $4,235 $4,235 $4,235
Subtotal Spent on Operations $17,682 $9,061 $10,235 $10,235 $10,271 $11,370 $13,213 $12,406 $13,135 $10,235 $10,235 $10,235
Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Principal Repayment of Current Borrowing $2,895 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-term Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchase Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchase Long-term Assets $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Spent $22,577 $11,061 $12,235 $12,235 $12,271 $13,370 $15,213 $14,406 $15,135 $12,235 $12,235 $12,235
Page 5
Appendix
Net Cash Flow ($16,786) ($4,981) ($3,453) ($654) ($690) ($1,693) ($563) $5,205 $2,314 $7,183 ($654) ($654)
Cash Balance $75,865 $70,884 $67,431 $66,777 $66,087 $64,395 $63,832 $69,036 $71,351 $78,534 $77,880 $77,226
Table: Balance Sheet
Pro Forma Balance Sheet

Assets Starting Balances
Current Assets
Cash $92,651 $75,865 $70,884 $67,431 $66,777 $66,087 $64,395 $63,832 $69,036 $71,351 $78,534 $77,880 $77,226
Accounts Receivable $11,581 $14,477 $19,977 $22,776 $22,776 $25,671 $33,681 $36,404 $36,481 $30,613 $22,776 $22,776 $22,776
Other Current Assets $1,158 $1,158 $1,158 $1,158 $1,158 $1,158 $1,158 $1,158 $1,158 $1,158 $1,158 $1,158 $1,158
Total Current Assets $105,390 $91,499 $92,019 $91,365 $90,711 $92,916 $99,234 $101,393 $106,675 $103,121 $102,468 $101,814 $101,160
Long-term Assets
Long-term Assets $6,948 $8,948 $10,948 $12,948 $14,948 $16,948 $18,948 $20,948 $22,948 $24,948 $26,948 $28,948 $30,948
Accumulated Depreciation $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400
Total Long-term Assets $6,948 $8,748 $10,548 $12,348 $14,148 $15,948 $17,748 $19,548 $21,348 $23,148 $24,948 $26,748 $28,548
Total Assets $112,338 $100,247 $102,567 $103,713 $104,859 $108,864 $116,982 $120,941 $128,023 $126,269 $127,416 $128,562 $129,708
Liabilities and Capital Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Current Liabilities
Accounts Payable $11,581 $2,920 $4,094 $4,094 $4,094 $5,129 $7,000 $6,165 $6,994 $4,093 $4,094 $4,094 $4,094
Current Borrowing $2,895 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Current Liabilities $14,476 $2,920 $4,094 $4,094 $4,094 $5,129 $7,000 $6,165 $6,994 $4,093 $4,094 $4,094 $4,094
Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Liabilities $14,476 $2,920 $4,094 $4,094 $4,094 $5,129 $7,000 $6,165 $6,994 $4,093 $4,094 $4,094 $4,094
Paid-in Capital $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
Retained Earnings $92,862 $92,862 $92,862 $92,862 $92,862 $92,862 $92,862 $92,862 $92,862 $92,862 $92,862 $92,862 $92,862
Earnings $0 ($535) $611 $1,757 $2,903 $5,874 $12,120 $16,914 $23,168 $24,314 $25,460 $26,606 $27,752
Total Capital $97,862 $97,327 $98,473 $99,619 $100,765 $103,736 $109,982 $114,776 $121,030 $122,176 $123,322 $124,468 $125,614
Total Liabilities and Capital $112,338 $100,247 $102,567 $103,713 $104,859 $108,864 $116,982 $120,941 $128,023 $126,269 $127,416 $128,562 $129,708
Net Worth $97,862 $97,327 $98,473 $99,619 $100,765 $103,736 $109,982 $114,776 $121,030 $122,176 $123,322 $124,468 $125,614
Page 6
Appendix
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Auditing and Consulting Business Plan

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Auditing and Consulting Business Plan

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This is a business plan. It does not imply an offering of securities.

1.0 Executive Summary.....................................................................................................................1

7.4 Projected Profit and Loss.....................................................................................................17

1.0 Executive Summary

Artemide Auditing & Consulting AG (Artemide AC) is in the process of being formed as an

The overall objective is to focus the activities towards the specialized services (analyses,

The cooperation between Daten Riffwald-Ennetmoos and Artemide AC is flexible--with the

Artemide AC is established in a separate office from Daten Riffwald-Ennetmoos AG, in

 Consulting and special mandates such as financial planning, business

 More litigation due to higher percentages of unsuccessful ventures.

 The growth of outsourced financial consulting.

Artemide AC's competitive edge is in the well-established reputation of Sandor Artemide who

Artemide AC's mission is simple and straightforward:

1.2 Keys to Success

The keys to success for Artemide AC are:

 Developing visibility to generate new business leads.

The objectives of this business plan are:

The objectives of Artemide Auditing & Consulting are:

1. The overall objective is to focus the activities towards the specialized services (analyses,

2.0 Company Summary

2.1 Company History

The sole proprietorship company "Sandor Artemide dipl. Wirtschaftsprüfer" was founded 8

Before starting his own business, Sandor Artemide acquired extensive professional experience

 5 years ATAG Graff & Altern in Geneva, Switzerland.

Table: Past Performance

Total Assets $19,108 $34,163 $112,338

Paid-in Capital $5,000 $5,000 $5,000

Total Capital and Liabilities $19,108 $34,163 $112,338

Chart: Past Performance

2.2 Company Ownership

2.3 Company Locations and Facilities

Artemide AC is established in a separate office from Daten Riffwald-Ennetmoos AG, in

Detailed descriptions of these points are found in the sections below.

3.1 Service Description

Artemide Auditing & Consulting AG offers three main services:

2. Consulting - Includes business planning, business evaluation, merger and acquisition,

3.2 Competitive Comparison

1. Individual proprietors and small fiduciary and accounting offices. The primary

3. Large auditing and consulting companies. These companies have several hundred

4. Banks, Assurances and other Financial Consultants are new competitors. Financial

4.0 Market Analysis Summary

Artemide Auditing & Consulting AG will adopt a focused market strategy.

4.1 Market Segmentation

 Individual persons and Investors

Table: Market Analysis

Chart: Market Analysis (Pie)

Market Analysis (Pie)

Individuals and Investors

Authorities and Public Organisations

4.2 Target Market Segment Strategy

 Individual persons and Investors.

4.2.1 Market Needs

4.2.2 Market Trends

Three primary market trends seem to be most important in our business:

 Trend 1- (most important) Rapid growth in complexity of business in an ever-changing

 Trend 2- (moderately important) In the future there will be a percentage of unsuccessful

 Trend 3- (least important) Predicted continued growth in consulting because companies will

4.2.3 Market Growth

4.3 Service Business Analysis