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Efficient planning of business activities helps in the determination of the most efficient way of allocating resources such as inventory, assets and budgets. The information contained in a business plan helps in maintaining focus. Such information includes product information, financial estimates and the plans for the future (Chwolka and Raith, 2012). Any updates in a business plan assist an entrepreneur to understand how changes affect the entire business. A business plan enables an entrepreneur to secure financing. Banks, private investors or majority of the lending institutions depend on the business plan to understand the plans that an entrepreneur possesses in running the business, business expenses and revenues as well as future plans for growth. Chwolka and Raith (2012) assert that preparing a business plan fuels ambition for inexperienced entrepreneurs because the business is presented in an organized fashion. Adhering to the business plan enables an entrepreneur to acquire confidence and motivation on the future success. Additionally, business plan enhances the effectiveness of the business through enlightening the executives on the areas that requires focus for future as well as the present business progress. The two most salient aspects of an effective business plan are the marketing plan and financial information (Chwolka and Raith, 2012). The marketing plan enables the business to enhance competitiveness in the market through identifying the competitors and determining how the business products differ from similar products in the market. Financial information will help to attract investors in the business. From this discussion, it is clear that a plan is a compulsory tool for a successful business. Therefore, what are the necessary steps involved in the formulation of an affective business
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When students leave the campus for weekend or holidays, StudentEvent.com will take them back to memories of their campuses. It will be a place for them to entertain with others around the world. It aims at generating good numbers of traffics from students, develop ideas and convert them to profitability and eventually commercialize the opportunity.
There is also an industry and market analysis which highlights the volume of footwear industry in the United States. The competitive analysis of this kind of business is described as well as the marketing strategy. Other significant factors that are outlined in this business plan include operational issues and human resource requirement as they will affect the proposed new company.
Decide what kind of business you will start and begin making the necessary preparations. Finding the right business module makes it easier to be excited about your work (Jin). Most people who want to start their own business don’t have a ton of money lying around… (Armstrong).
I am alive to the fact that, there is competition in the market already; my model is to be a premier supplier of fresh farm produce from the farm and expand in the future to acquire supplies from more farms. My business has been operating for the last one year as a franchise for the products, but my new plan is to develop a unique brand under a new name, company and brand.
The product being launched is a handheld retinal scanning device that uses laser technology to instantly recognize the patient, offering hospitals, emergency crews and other clinical staff members an instantaneous patient profile and history. This device is
ly desire to operate a fast food business so as to provide a solution to the congestion of major affordable eating parlors in my town especially at lunch hour. The venue being at We3489 Baltimore High Street targets customers from Fredmont and SkilledArt College. The place also