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MGT_3900 - Essay Example

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The process of writing down a business plan involves answering the question why, what, who, how, where, when and how much of the business venture do the business want. The…
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Business Plan A business plan is a work plan in which the business intends to follow in order to achieve its objectives. The process of writing down a business plan involves answering the question why, what, who, how, where, when and how much of the business venture do the business want. The process of writing down a business plan requires a person to take an in-depth look into the business idea and how it is, used to make a business. By writing down a business plan, a planner will be able to realize the areas of the business in which needs rethinking and the necessary support. The business planning process requires a thorough analysis of the following areas.
Business description
This is the introductory stage of the business plan. The section involves creating an outline of the business and its intentions. The interested parties in a business plan will require knowing why the business exists. In order to make them aware of the business plan, the planner needs to include the following vital parts.
Mission Statement
This step involves clarifying what is more important to a business. Mission statement involves providing a clear purpose for the readers with the context for the venture and will giving the business its new meaning. In order to do this, the business comes up with a comprehensive mission statement.
Business Overview
Business overview is the summary of the present state of the business venture. Business overview describes the principal owners of the business venture and its classification. For instance, sole proprietorship, partnership, or corporation lists the business owners. In addition, this stage describes the kind of business, which the venture operates such as manufacturing, retailing, wholesale, service providing, or some combination.
Products and Services
Products and services provide a framework for what the business will later say about it and in the market.
Market Analysis
This is the second stage of making a business plan. This section discusses the market and the approach in which the business is going to take. Moreover, this section discusses market characteristics, target customer profile, level of competition, and how the business is going to make maximum use of them to make a successful venture. This stage discusses various market forces such as supplier power, new competitors, substitute products, buyer power, industry rivalry, and government regulations.
Competitor Assessment
The third important stage of making a business plan is competitor assessment. The section involves a thorough analysis of the business competitors. This section involves defining the competitors and their profile by deeply looking into their strengths and weaknesses. In this section, the business plan discusses customer profile and their needs. When reviewing competitors, the business plan should consider market portion, association with clienteles, marketing plan, price, distribution, product or service features, financial strength or cost position, and length of time the competitors have been in business.
Marketing Plan
The fourth important stage of the business plan is marketing plan. This stage usually involves four stages, which are, product to be offered in the market, price charged in the market, distribution system in the market, and promotional efforts in the market.
Operating Plan
This is the fifth and an integral part of the business. It involves structuring and reorganizing the internal organizational structure of the company, analyzing the operations in the business, and analyzing the tools needed in the business. Moreover, this section discusses how the business will be owned and managed, the personnel needed in the business, and the physical resources needed.
Financial Plan
Financial plan is an essential component of assessing a new investment opportunity. It helps the planner develop an estimate of the profit potential of the business. The section provides projections for two to four years in the future of the business. It involves forecasting income, forecasting cash flows by month, forecasting balance sheet for all years and making a breakeven analysis.
Executive summary
The last section of the business plan involves making an executive summary of the business. This section involves highlighting the imperative facets of your venture. It highlights, mission and goals of the business, product sold by the business, summarizing the market and its potential, summarizing the marketing plan, summarizing the organization team, and stressing key essentials of the business operations (Gumpert 3).
Works Cited
Gumpert, David . How to Really Create a Successful Business Plan: Step-by-Step Guide. New York: Lauson Pub. Co, 2003. Print. Read More
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