...Business Planning I. Introduction A business plan is a formal document indicating a set of company goals, the plan for achieving those set goals and a description why the management believe that those goals are attainable and etc. Its primary value is to evaluate the viability of the potential projects and to analyze the business prospects. It may also contain background information about the company such as mission, vision and how suitable and feasible the project is, to the company. Business plans may also target changes in perception and branding by the customer, client, taxpayer, or larger community. A business plan will be useful to a company in many ways. Firstly it will clearly identify and focus the company objectives using suitable information and analysis. Also it can be used as a selling tool when dealing with lenders, investors and banks. A business plan is also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road. The time you spend making your business plan thorough and accurate, and keeping it up-to-date, is an investment that pays big dividends in the long term. Business planning is very significant because it is the first step toward success in your business venture. From obtaining funding to hiring employees to planning for expansion, a business plan can be your guide to keeping your business on track. Your business plan can keep you focused on your goals and keep you moving forward. ...
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...Business Plan Background Jane and John had a good idea, a good sense of their market, and a good location. They were great salespeople, and yet they were not making a profit. The reason was that they did not plan their business all the way through. When you are serious about your business or when a lot of money of your own or someone else's is at stake, creating a business plan is perhaps the most critical activity you can undertake. The plan is important, but what is even more important is the understanding you get from the planning process. The following pages will help you understand the thinking behind business plans and how to make and present your own. A business plan is a document designed to detail the major characteristics of a firm--its product or service, its industry, its market, its manner of operating (production, marketing, management), and its financial outcomes with an emphasis on the firm's present and future. There are two circumstances under which creating a business plan is absolutely necessary. One is when outsiders expect it. This is called external legitimacy. Creating a business plan is the acknowledged best way to build external legitimacy for your firm. When you are seeking outside support--whether financial or expert--you do a business plan to signal your professionalism and how serious you are about the business. Investors, whether they are venture capitalists, informal investors (called angels), bankers, or your two great aunts, are going to expect...
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...Ten things to ask yourself before you start a business Step One: The Idea Before you start a business, you need a good idea…Let's face it, the single most important step in creating a business is the idea. After all, a good idea can make a company millions or even billions of dollars, while a bad idea can lead it to bankruptcy. And without an idea, you can't create a business. So it's time to start brainstorming. Think up that next million-dollar idea. If you're stuck and can't think of anything, here are some questions to ask yourself to help you out a little: What are my interests? Get out a sheet of paper and start writing down some things that interest you. Are you good at sports? Do you like managing other people's money? Are you good with computers? Do you like pets? It always helps if you start a business in a field that interests you. That way when you're spending your time working on it, you'll have so much fun that you don't even think of it as work. For example, I enjoy money-related stuff. But once a week, I'm required to mow our lawn since I'm the "man of the house". Some of the neighbours need their lawns mowed too. However, because it doesn't interest me, I probably shouldn't start my own lawn-mowing business. If I had some money, what would I buy? Try to think of something that you think would be cool to buy. It helps if there isn't already something similar out there. If you think something is cool, there is always a chance that...
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...essential book to help entrepreneurs.” DALLAS MORNING NEWS How to Write a O RM D S ON C Business Plan THE LEADING BUSINESS PLAN BOOK FOR • Write a winning proposal • Prepare cash flow and profit & loss forecasts • Get backers to invest 25 YEARS Mike McKeever Free Legal Updates at Nolo.com R OM - AL L L F F e Story Dear friends, Founded in 1971, and based in an old clock factory in Berkeley, California, Nolo has always strived to offer clear legal information and solutions. Today we are proud to offer a full range of plain-English law books, legal forms, software and an award-winning website. Everything we publish is relentlessly researched and tested by a dedicated group of in-house legal editors, who together have more than 150 years’ experience. And when legal changes occur after publication, we promptly post free updates at Nolo.com. Tens of millions of Americans have looked to Nolo to help solve their legal and business problems. We work every day to be worthy of this trust. Ralph Warner Nolo co-founder Emma Cofod Products Books & Software & Services Get in-depth information. Nolo publishes hundreds of great books and software programs for consumers and business owners. ey’re all available in print or as downloads at Nolo.com. Legal Encyclopedia Free at Nolo.com. Here are more than 1,400 free articles and answers to common questions about everyday legal issues including wills, bankruptcy, small business formation...
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...20 Reasons Why You Need a Business Plan Written by Pete Kennedy Categories: * Business Planning 1. To prove that you’re serious about your business. A formal business plan is necessary to show all interested parties -- employees, investors, partners and yourself -- that you are committed to building the business. 2. To establish business milestones. The business plan should clearly lay out the long-term milestones that are most important to the success of your business. To paraphrase Guy Kawasaki, a milestone is something significant enough to come home and tell your spouse about (without boring him or her to death). Would you tell your spouse that you tweaked the company brochure? Probably not. But you'd certainly share the news that you launched your new website or reached $1M in annual revenues. 3. To better understand your competition. Creating the business plan forces you to analyze the competition. All companies have competition in the form of either direct or indirect competitors, and it is critical to understand your company's competitive advantages. 4. To better understand your customer. Why do they buy when they buy? Why don’t they when they don't? An in-depth customer analysis is essential to an effective business plan and to a successful business. 5. To enunciate previously unstated assumptions. The process of actually writing the business plan helps to bring previously "hidden" assumptions to the foreground. By writing them down and assessing...
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...Talent Management The process of determining staffing levels aims to identify the numbers and types of employees needed to be successful in solidifying the business plans and strategies for an organization. Organizations apply several different techniques to accomplish this task. However, there are ways to implement fundamental building blocks to set a baseline for success; but due to numerous variables, a step-by-step concrete solution for determining staffing levels cannot exist. Consistent within any stage of strategic staffing, it is crucial to understand the overall plans and strategies of the business and what factors are driving staffing. As discussed by Heneman, “organization effectiveness and staffing systems exist, and should be used, to contribute to the attainment of organizational goals such as survival, profitability, and growth. A macro view of staffing like this is often lost or ignored because most of the day-to-day operations of staffing systems involve micro activities that are procedural, transactional, and routine in nature. While these micro activities are essential for staffing systems, they must be viewed within the broader macro context of the positive impacts staffing can have on organization effectiveness” (6). Managers and Human Resources must share a common understanding of the business needs and react through implementing corresponding staffing levels. Only with a common perspective between management and human resources can staffing levels...
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...Business Case Research Paper IST 7020 Analysis, Modeling and Design Wilmington University Business Case Research Paper Business Case A business case is a document which is used to help in starting a task or a project. It can be in any format of text, presentation or a discussion. A basic justification to implement the given task can also be called as a Business Case. Typically, a Business Case would be documented for future reference or sometimes stated orally for better understanding. It usually depends on the business ideology and its practical implementation(TechTarget, n.d.). Before thinking of building a business case, an individual should understand thoroughly the core of the project. It may take huge efforts in achieving this goal but a rough estimate of the same would be beneficiary(TechTarget, n.d.). Example: If the manager of a sunglasses store notices that the business is very slow in the winter, he can tell the owner by preparing a business case for store renovation in winter with winter stuff along with the sunglasses. It might create some good business(TechTarget, n.d.). Method in developing business case: * Complete Overview and Thorough Analysis: While submitting a business case, the analysis done should be covered all around in order to achieve a better result of the Project and a feasible Solution to overcome the same(TechTarget, n.d.). * Validating if the business case built is actually stating the exact problem and thereby resolving...
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...Marketing Plan- Your T-Shirt! Every business must start at the bottom before they become successful. One of the first ways a business must work on becoming successful is coming up with a business plan. By preparing a business plan, a company will not only have an outline as to knowing who their target audience will be and what kind of funds will be needed for the business, but it will help the business keep track of the progress they made with the building of an empire. According to the journal entitled Starting a Business from Home, it discusses why it is important to have a business plan. The article states “As most businesses start without a business plan you could be forgiven for believing that preparing one is a luxury you can live without. Time is short and it surely more important to find some customers and get selling. Beguiling though this may sound the statistics is against you. According to research carried out at Cranfield School of Management, over 70 percent of the fastest-growing and most successful businesses started out with a written business plan.” (Barrow, 2008). This business entitled Your T-Shirt! A business plan must be created in order for the business to become successful. Your T-Shirt! Is a new business venture which allows people to design a t-shirt any way they would like. The customer can design the front and back of the shirt. Your T-Shirt! Not only provides the experience of designing your own shirt, but it also allows the customers...
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...Business planning is essential for the success of any business. A business plan provides direction, keeps you on track and is usually a requirement when you seek finance. Read Why do I need a business plan to find out how writing a business plan can assist your business. Once you've read Before starting a business plan and conducted research into the feasibility of your new business you're ready to write your plan. We have a number of free templates and downloads to help you get started. This section is based on our free business template and guide and steps through the various areas and information you need to include in your business plan. Your business plan may vary from this depending on the type and structure of your business. Tips when writing your business plan When writing your business plan and before you start using it, consider the following: Do your research - You will need to make quite a few decisions about your business including structure, marketing strategies and finances before you can complete your plan. By having the right information to hand you also can be more accurate in your forecasts and analysis. Determine who the plan is for - Does it have more than one purpose? Will it be used internally or will third parties be involved? Deciding the purpose of the plan can help you target your answers. If third parties are involved, what are they interested in? Although don't assume they are just interested in the finance part of your business. They will...
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...final semester in the MBA program at Harvard Business School (HBS), and things were not going as expected. Spring break was about to start, but Henry, like many others in the class of 2002, was feeling the pain of the worst job market in over a decade. Henry recalled the troubled sentiment around campus: Going to business school during the aftermath of the Internet crash changed everything. Before the crash, the feeling was that if you graduated from HBS, you could take on the world. Now people were feeling a lot more insecurity. I was having some doubt about my own capabilities—about what I could accomplish on my own. Anxious to test his abilities and distinguish himself beyond the standard curriculum, Henry had decided to enter the School’s annual business plan contest. About six weeks earlier, in late January, Henry had teamed with HBS classmate Dana Soiman and the founders of start-up company Music Games International (MGI). The MGI founders—an HBS alumnus (MBA ’87) and two professional musicians—later brought two additional students from other institutions onto the team, creating a group composed of diverse views and talents. (See Exhibit 1 for team member bios.) The team was dynamic but very conflicted, and progress on the business plan had been slow. They had a promising product: a CD-ROM music game that children enjoyed playing while learning about music. The team could not agree, however, on a fundamental aspect of the plan—the target market for the product—which made...
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...Trend Setters Hair Studio Hair and Beauty Salon Business Plan PAGE Start your own business plan » (/create_your_business_plan.php?link=create_top-b) BLACK FRIDAY SALE: Save 62% on the #1 Business Planning Software Sign Up Now (http://www.liveplan.com/?pm=LIVEPLAN12MONTH_62AB) 1 (executive_summary_fc.php) « PREVIOUS PAGE () NEXT PAGE » (COMPANY_SUMMARY_FC.PHP) 2 (company_summary_fc.php) 3 (products_and_services_fc.php) 4 (strategy_and_implementation_summary_fc.php) 5 (management_summary_fc.php) 6 (financial_plan_fc.php) 7 (appendix_fc.php) Executive Summary Trend Setters is a full-service beauty salon dedicated to consistently providing high customer satisfaction by rendering excellent service, quality products, and furnishing an enjoyable atmosphere at an acceptable price/value relationship. We will also maintain a friendly, fair, and creative work environment, which respects diversity, ideas, and hard work. Our Mission: To supply services and products that enhance our clients' physical appearance and mental relaxation. Our Motto: "The Trend Begins Here!" The timing is right for starting this new venture. Patiently searching for six months for the perfect location, one was finally found. The demand from the owner's clients, as well as the ambitions of the owner to one day start her own salon, and the procurement of highly professional and qualified beauticians to support the salon, has made this business one of great potential. Curley Comb, co-owner with Roller Comb, Jr...
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...Running head: DEVELOPING A STRATEGIC BUSINESS PLAN DEVELOPING A STRATEGIC BUSINESS PLAN Student Name: Tutor’s Name: Submission date: Developing a Strategic Business Plan A strategic business plan is a tool developed in preparation for establishment of a new business ventures and additionally, in improving business operations. Kolter (2009) stresses the importance of this tool as a prerequisite to business modeling. However, it is likewise important to understand what constitutes a strategic business plan before attempting to develop one. A strategic business plan takes into consideration all the variables that affect business performance. This includes internal and external variables. Kaye (2007) states that a strategic business plan must incorporate all the likely variables regardless of the magnitude of effect associated with them. An effective strategic business plan can be defined as one which identifies, analyzes, and draws conclusions with respect to variables that dictate business equilibrium shift. Such a plan is constituted of three important elements, namely: resources available, market scope and business operations (Kolter, 2009). Resources determine how successfully a business operates. This includes financial resources, human resource, and material requirements. Strategic business plans help an entity in determination of staff requirements, financial obligations, and raw materials required in advance making it possible for easy budgeting...
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...Business plan models Name: Institution: Class: Instructor: Date: Question 1 Business plan models are very crucial in any business organization. This is because they help the entrepreneur to outline what it is required to have a successful business. Here we discuss four different business plan models in the food industry. Each business plan model is different and designed to suit the type of business that one needs to start. The four business plan models that I am going to review are catering and ballroom rental business plan, catering business plan, non- profit food bank business plan and bakery business plan. These four business plan models are similar but they differ in different ways to suite the targeted market. One of the things that is evident in the four models is that they are all aimed at making profit. This is because the main aim to start any business is for the profits. The other thing that is similar in the four plans is that they all aim at acquiring the largest market share in the industry. This is done by implementing ways and means of attracting and retaining customers that will enable them to achieve the largest market share. The other thing that is similar in the four business models is the cultures and the policies adopted i.e. to offer the best customer service. The other thing that is similar is the business strengths, weaknesses, opportunities and threats (Osterwalder & Pigneur, 2013). One of the strengths is that the four models that are in the food...
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...Thanks for downloading this business plan template from Bplans.com This template is a simplified version of an outline created with Business Plan Pro, the best selling business planning software. A template is a good way to get started, but as you know, you can’t just type in your details, print it, and turn it in to the bank. Every business is unique, and every business plan should be, too. Business Plan Pro can help. With Business Plan Pro, you can easily create a custom business plan, with all the financial tables and graphs to go with it. You’ll also be able to: • View and edit over 500 complete sample business plans • Save time with linked financial tables (the formulas are built in, so you don’t have to do the calculations!) • Benefit from tons of help, advice, and resources • Present your plan with confidence, with automatic charts and graphs corresponding to your financial data Click here and claim your $20 credit for Business Plan Pro today! [pic] Cover Page INSTRUCTIONS: The Cover Page should include the following: plan name, company name, company address, company phone and fax, an email address and possibly a revision number or copy number. Type your Cover Page text here. [pic] Legal Page Confidentiality Agreement The undersigned reader acknowledges that the information provided by Yumekco Little-Singletary in this business plan is confidential; therefore, reader agrees not to disclose...
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...An executive summary summarizes, or reviews the main points of, a longer document or report for a reader that does not have time to read the entire report. An effective executive summary analyzes and summarizes the most important points in the paper or report, and will often make a recommendation based on the analysis. Executive summaries are “stand alone” documents that are almost always read independently of the reports they summarize. When preparing to write an executive summary, ask yourself the following questions: * Who will read your executive summary? Sometimes your executive summary may have an “intended” audience: your professor might require you to write it for a CEO, department head, or supervisor, for example. On other assignments, your audience won’t have a specific identity, but always keep in mind that the reader of an executive summary needs to know all of the important information in the main document without reading the actual document. Even if you know that your instructor will be reading everything that you submit, write the executive summary as a “stand alone” document. * What is the main document’s main topic, theme, or idea? Most reports have a “thesis” or central point that they are seeking to communicate. Try to sum this up in two or three sentences. If you are having trouble with this, imagine that someone has asked you, “what’s this report about?” and that you have to explain it in only a few sentences. Once you’re able to say what the main...
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