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Topic 5 Business Plan

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Topic 5 Business Plan

  1. 1. TOPIC 5 Business Plan <ul><li>MIND MAP </li></ul><ul><ul><li>What is a business plan? </li></ul></ul><ul><ul><li>The importance of business plans </li></ul></ul><ul><ul><li>What needs business plans? </li></ul></ul><ul><ul><li>Essential elements of good business plans </li></ul></ul><ul><ul><li>Guidelines in preparing good business plans </li></ul></ul><ul><ul><li>Pitfalls to avoid in planning </li></ul></ul>
  2. 2. 5.1 What is a business plan <ul><li>A written document which describes in detail the overall plans of a business in which an entrepreneur aims to get involved </li></ul><ul><ul><li>Purposes:- </li></ul></ul><ul><ul><ul><li>Forces to arrange their thought in a logical and structural order </li></ul></ul></ul><ul><ul><ul><li>Create a business framework by defining activities, responsibilities and objectives to be achieved </li></ul></ul></ul><ul><ul><ul><li>Encourage in stimulating reality and anticipate pitfalls before they occur. </li></ul></ul></ul><ul><ul><ul><li>Develop strategies to meet those objectives </li></ul></ul></ul><ul><ul><ul><li>As a working action plan or guidelines </li></ul></ul></ul><ul><ul><ul><li>Enabling in identifying constraints </li></ul></ul></ul>
  3. 3. 5.2 Importance of business planning <ul><li>Increase opportunity for success </li></ul><ul><li>Develop mission business </li></ul><ul><li>Determine the main competitor/s </li></ul><ul><li>Determine the right way of managing the business </li></ul><ul><li>Increase the stakeholders confidence </li></ul><ul><li>Determine barrier in business </li></ul><ul><li>As a performance tool </li></ul>
  4. 4. 5.3 Who needs business planning? <ul><li>The management team </li></ul><ul><li>The shareholders </li></ul><ul><li>Bankers or creditors </li></ul><ul><li>Customers </li></ul><ul><li>Suppliers </li></ul><ul><li>The employees </li></ul>
  5. 5. 5.4 Essential elements of a good business plan <ul><li>Executive summary </li></ul><ul><li>Market analysis </li></ul><ul><li>Marketing and sales strategies </li></ul><ul><li>Services or product line </li></ul><ul><li>Organization and management </li></ul><ul><li>Funding request </li></ul><ul><li>Financials </li></ul><ul><li>The appendix </li></ul>
  6. 6. 5.5 Guidelines in preparing business plans <ul><li>Keep business plan short </li></ul><ul><li>Be focused </li></ul><ul><li>Reveal people involved and their roles </li></ul><ul><li>Avoid the use of Jargons </li></ul><ul><li>Information should be based on study </li></ul><ul><li>Be realistic and objective </li></ul>
  7. 7. 5.6 Pitfalls to avoid in planning <ul><li>No realistic goals </li></ul><ul><li>Failure to anticipate obstacles </li></ul><ul><li>No commitment or dedication </li></ul><ul><li>Lack of business or technical experience </li></ul><ul><li>No market niche </li></ul>
  8. 8. THE END

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