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Business Planning - Essay Example

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Comparison of Business Plans Name: Institution: Comparison of Business Plans Purpose of the Report This report aims to compare two business plans used by New Look, Inc and Bluespa. The report compares different aspects of the two business plans. This means that the report will provide a description of the weaknesses and strengths of the two business plans…
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Business Planning
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Download file to see previous pages The recommendations seek to prevent the encroachment of weaknesses in the business plans. Finally, the report will have a section for personal opinions and lessons learned from the business plans. Importance of a Business Plan Business plans are documentations that facilitate planning. An ideal business plan should cover three crucial business aspects, which are financial, marketplace and business concept. A business plan is important because it clarifies a company’s direction (DeThomas & Derammelaere, 2008). A business plan defines a business and its operations. Additionally, the plan outlines the business’s intention. This means that the plan clarifies the directions and purpose of the business. A business plan also outlines a business’s future direction because businesses adapt and evolve over time. The business plan factors the business’s direction and growth plan (Abrams, 2003). Additionally, the plan highlights strategies that the plan will use in case of market change and slow growth trends. A business plan attracts financing by showing the company’s potential to make profits. What a Business Plan Should Cover Differences in business environments provide challenges in the formulation of one business plan for all businesses. An ideal business plan should have a business concept, market and financial strategies (DeThomas & Derammelaere, 2008). Besides these three business sections, the business plan should have other sections that provide a comprehensive business description (Finch, 2013). These sections are business design and development, market strategy, financial information, competition analysis and operations and administration. Description of the Business Plans Bluespa Structure of the Company Bluespa is a family based company owned by Ray and Barbara Brunner. The two also double up as the founders of the company. Bluespa has an idea board that comprises of seven members. Mr. Ray Brunner is an additional member of the board. Additionally, the board will have three outside directors and two representatives chosen by Mr. Brunner and the firm’s major investors (Bplans, 2013). Mr. and Mrs. Brunner have a combined experience of 65 years in the retail industry. The two investors have senior management qualifications, and they held various management positions in their previous employment. The two founded the firm, which has its office in Portland, Oregon. From the first year to the fifth year of operations, the firm seeks to grow its head count from 10 to 65 (Bplans, 2013). The majority of this growth in head count is expected to come from store personnel. The rest of the staff will come from support staff. Products Provided Bluespa deals with body and skin care products that are developed by the company’s contact facilities based in California and France. The company also deals with apparel products produced through outsourcing with a sport-related apparel manufacturer. The production of accessories is managed by contract with the manufacturer of sports-related accessories such as totes, bags and socks. The company’s product line includes fitness and skin care apparel. Within the skin care line, the firm offers different products such as eye makeup removers, facial scrubs, cleansing creams, body lotions and masks (Bplans, 2013). Within the fitness apparel line, the firm offers Lycra products such as shorts and tights. New Look, Inc Company ...Download file to see next pagesRead More
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