Individual Sections Development Exercise # 3 (Due Week 6)
How would you prefer to read and search for information from the above article?
Additions and changes can easily be placed in the binders. For the business plan that is to be circulated to a lender and/or investor, many types of appropriate folders and binders can be purchased at office supply stores. Once the business plan is completed, it should become an operational tool to measure the success of the business. This plan should be updated as milestones are reached. Often companies will spend enormous time, energy and financial resources to complete this arduous task just for the purpose of obtaining additional capital.
The companies that shelve the business plan after its completion and presentation to lenders lose out on the real value of this useful tool in the growth and development of small and large businesses. This section of the plan is extremely important, because if there is no need or desire for your product or service there won't be any customers. If a business has no customers, there is no business.
Write 5 major points in the article that are important.
For a business to be successful and profitable, the owners and the managing directors must have a clear understanding of the firm's customers, strengths and competition. It doesn't matter if you are using the business plan to seek financial resources or to evaluate future growth, define a mission, or provide guidance for running your business -- you are the one that knows the most about the business. Potential investors will look at this section carefully to make sure there is a viable method to reach the target market identified at a price point that makes sense.
In essence, your plan must communicate management's capabilities in obtaining the objectives outlined in the plan. You must include any documents that lend support to statements made in the body of your company's business plan. The following is a list of some items for your consideration.
Explain 5 reasons why one should read the above article when preparing to design an important business plan on any topic?
Because there are a number of software packages in addition to this article that can assist you in the formatting process: Business Plan Pro, Palo Alto Software are only two of many available. Consultants can be hired to assist you in the process of formulating a business plan, but in reality you must do a majority of the work.
Only you can come up with the financial data, the purpose of your business, the key employees, and management styles to mention a few items. You may still choose to use a consultant, but realize that you will still need to do most of the work, so why not tackle the plan yourself? If you need further help in one area, then seek the assistance of the consultant.
Write a paragraph explaining a business situation where a business plan is necessary.
The business plan is only useful if you use it. Ninety percent of new businesses fail in the first two years. Failure is often attributed to a lack of planning. To enhance your success, use your plan! A comprehensive, well constructed business plan can prevent a business from a downward spiral. Finally, your business plan provides the information needed to communicate with others. This is especially true if you are seeking financing. A thorough business plan will have the information to serve as a financial proposal and should be accepted by most lenders.
Consultants can be hired to assist you in the process of formulating a business plan, but in reality you must do a majority of the work. Only you can come up with the financial data, the purpose of your business, the key employees, and management styles to mention a few items. You may still choose to use a consultant, but realize that you will still need to do most of the work, so why not tackle the plan yourself? If you need further help in one area, then seek the assistance of the consultant.
Person:2 Explain the overall idea for designing a business plan as is mentioned in the article above. (50 words minimum)
This article will take you by a phased process of developing the business plan. To complete an effective business plan, you should dedicate time to complete the plan. The business plan is very specific in each specific business. All the business plans are the same as a basic element though each business needs a unique plan. Finally, your business plan offers information necessary to communicate with other one.
Talk about a business plan that you want to prepare. Explain at least 10 major points you will include in this business plan of your choice. What will be the purpose of the plan?
The finished report serves as an operational tool to define the company's present status and future possibilities. It can help you manage the business and prepare you for success. The process of putting a business plan together forces the person preparing the plan to look at the business in an objective and critical manner. It helps to focus ideas and serves as a feasibility study of the business's chances for success and growth. It is a strong communication tool for your business.
The process of constructing a business plan can be a strong reality check. The finished business plan provides the basis for your financing proposal. It defines your purpose, your competition, your management and personnel. If the enterprise will survive, the plan is very important. You can specify the section of the weak point and strength by taking an objective glance to your business.
Write five sentences explaining how a company should approach the design of a business plan.
The company should approach an easy explanation of the history of the company and object of the company. It is necessary to do an easy explanation of the product of the company or service. The company is width in which growth that to be projected onto the market is shown the company. The company should be used the time line and the fund or describe the fund requirement including. The company should think how the business succeeds.
Write down five key words and its meaning that you read in the above article.
Market: A time when people buy and sell goods, food etc, or the place, usually outside or in a large building, where this happens Business: The activity of making money by producing or buying and selling goods, or providing services Product: The activity of making money by producing or buying and selling goods, or providing services Service: The official system for providing something, especially something that everyone in a country needs to have, or the official organization that provides it Plan: A set of actions for achieving something in the future
Person:3 A. http://www.slideshare.net/s1170031/plan-a-4285081 B. http://www.slideshare.net/s1170031/plan-b-4285083
C. Write down the definition of 5 major key words that are used in the concept map you developed.
1. summary a short statement that gives the main information about something without giving all the details 2. business making money by producing or buying and selling goods, or providing services 3. company a business organization that makes or sells goods or services 4. objective something that you are trying hard to achieve,especially in business or politics 5. vision ability to see
D. Write down three major questions that might explain the major argument or information in the the article you see above. 1. What is the advantage of a concise escape? 2. What is the small and medium-sized enterprise? 3. What is a final target?