Evaluation of a Business Plan - Essay Example

Running Head: CRITICAL COMMENTARY Critical Commentary on Evaluation of a Business Plan Critical Commentary on Evaluation of a Business Plan This essay is a critical reflection on the process of producing a group report on the evaluation of a business plan. Our group task was to evaluate Grounded LLC’s business plan which was titled ‘Grounded: Business Solutions for Today’s Traveller’. The task of the group was to evaluate the details of the business plan in terms of its structure and presentation, its strengths and weaknesses, and the relevance of the proposed business idea. My reflection is based on these points as well as the steps and we went through as we prepared our evaluation report. I also reflect on the roles we played as members of the group, the challenges we faced, and how we solved them to ensure that the evaluation report was a success. Out first mission was to evaluate whether the Grounded business plan structure adhered to the ten sections of an entrepreneurial business plan (EBP) which was provided as a guide to help us understand the details of a good business plan. To achieve this, each member was required to individually study both the Grounded business plan and the EBP. This ensured that during our meetings to discuss the work, we both had an idea of the details in both the plan and the EBP. We were in agreement that overall, the Grounded business plan contained many details that were necessary components of a good business plan as outlined in the EBP. From here, we decided to critique each section of the plan in comparison to the EBP. We found out that plan met essential requirements such as table of contents, executive summary, description of the business, marketing information, operations, management, financial information, critical risks involved and the development milestones of the business. Based on research we conducted individually, we agreed that these areas were critical since most of the sources we evaluated agreed with the EBP. Thereafter, we apportioned the work so that each member would identify a number of strengths and weaknesses of the plan. We noted a number of strengths of the business plan, the first one being that many sections of the plan were similar to the structure provided in the EBP and in other sources that we consulted. But most importantly, we realised that the plan had identified a business opportunity and highlighted the resources required to exploit the opportunity. In addition, the plan seemed relevant to the market needs based on the research that was conducted about the market for services that Grounded LLC intended to offer. We also identified a number of failings in the plan such as omission of some vital information like a long-term strategy and implementation plan. The plan also had some information such as tables and figures placed in the body rather than in the appendices part, thus making it very long. Moreover, the report lacked clear details on the personnel to manage the business. One problem that we identified and which was particularly challenging to me was that the business plan was very long, and by merely looking at the structure, it would not have been possible to identify the weaknesses we noted. However, this problem was solved by the fact that we took time to read the plan and the EBP individually while taking notes, which we then compared during our discussions. Read More