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Experience Through Business Plan Development - Report Example

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This report "Experience Through Business Plan Development" focuses on the experience of developing a business plan that is not an easy thing for anyone with business skills to navigate the business world. It is important that one has more knowledge to be able to be effective in the long term. …
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Experience Through Business Plan Development
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Download file to see previous pages With this regard, the need for numbers is very critical. Unfortunately, for a person who is not well informed with regard to accounting can find it hard to get the numbers tight. Yet, if numbers are not correct, the whole business plan goes to disarray. The numbers are critical to a marketing plan because they show whether the business will have a chance to succeed. For any business, a budget and the financial projections are the most important because this shows how practical the idea is. A business opportunity has to meet two criteria.
The first criterion is the availability of a market segment that is not served (Hutt & Speh, 2012). It is necessary for this market to be identified and then get to know how this market is to be served. However, as Thomas (2011) says, even with the availability of this market, not everything is covered until the financials and the financial projection is covered. At this point, the second aspect of a business opportunity comes in. This second aspect is the question of whether the people in this market can afford to buy the goods or the services the business intends to sell to them. This is why a market is defined as the number of people who are able and willing to buy the goods or services of a business.
They do not just have to be willing, they have to be able. With regard to this, it is necessary to make sure that the financial projections of business covers this part bur the goods or the services. In developing this part, therefore, it is necessary to make sure that there are a number of things that must be met. Financial analysis of the budget and whether it is within the parameters of the business is important (Godfrey, 2015). This was a hard thing to do and the option to hire an acoutrnat was not within reach thing reach.
This made it hard for the process and it was almost hard for the budget and the financial projection to be achieved.  ...Download file to see next pagesRead More
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