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Brown et al, This assignment focusses on the role of the business plan in acquiring capital from the investors for its start-ups or expansion and also the limitations when securing those funds.
Business plan is a blueprint of any business giving a detailed outline of business concept, business opportunity, competitive landscape, key to success and people who are or will be involved. Therefore it acts as an important sales tool which can essay on business plans used to borrow money or gather support to launch a new product or service.
Kuratko and Hodgetts An entrepreneur, when having any idea of a business ,are afraid of writing the business plan fearing for the future. But a well documented plan provides unlimited benefits.
Small Business Plan m m C C Executive Summary Proposed Name of business: Chocolate Milk Proposed address: Prime function of the business: providing a variety of clothing to men Mission statement of the business: to provide Men with quality clothing, having a variety and a great location. A business plan will make me look to see if what I want to do is the correct business for me ("Business Plan Basics", ¶ 5). You will be forced to ask yourself such questions as: a. Definition of a Business Plan Any company or starting business needs a business plan to record its mission and vision and give direction for the business performances. A business plan refers to a file that encompasses business strategies, goals and directives.
Arkebauer, It helps to define the in-depth analysis of the business and the strategies of how to venture with that business in the current market. A plan written on paper not only helps in identifying the potential problem areas but also helps in working out the solutions without interfacing the real world consequences.
It also helps in communicating goals throughout the organization. If proper strategies are implemented then owners or the managers can use it as benchmark to assess the goals they have achieved and also to improve the areas of weakness.
Hence it should not be limited to a start up tool but should be used continually to re-evaluate the progress of the business. Business plan does not guarantee success but helps in reducing probability of failure. Crawford-Lucas, Apart from the above benefits, the most important role of business plan is to accomplish the vision of an entrepreneur by persuading the investors to fund them.
The financiers could be either the lenders or investors. All require a business plan to evaluate the potential of business. Lenders looks at the riskiness of the loan by seeing the payback periods and cash flow data whereas the investors are interested on the longer term potential of the business and hence they want to know what the break even points are and what will be the return of investment.
Thus the decision of the prospective funder to consider the proposal would depend on the quality of the plan supported with the funding proposal. As stated by Brown et all The important aspects are listed below: This section plays a critical role as its the first document which an investor looks and makes a quick decision on the proposals.
It should be as concise as possible detailing all the important aspects of the business fulfilling the investors expectation. Product, history and competitors: The investor also looks into the following factors such as what is the product or service ,what pain is being eased through this product or service, history of the product, uniqueness of the product so that the customers are induced to purchase and who are the direct and potential competitors.
Marketing analysis and plan: This is the critical part of the business plan as this not only helps the investors but also an entrepreneur to understand the market. The market analysis helps them to analyze what the market size is and what the future it holds for them and how they are going to target the market, what is the value proposition they are having and what strategies they are going to pursue to target those market.
Management summary is an important summary which an investors wants to look into it as they are the ones to whom investors invest their money. The investor knows that without the right people no unique opportunity can be turned into reality.
Hence they give more emphasis on the quality of the management team. The financial aspects plays a critical role in the plan as it converts the other parts of the business such as the operations, marketing, management etc.
Hence when providing financial projections one must highlight and explain the importance of the significant figures from the pro forma income statements such as revenue, operating profit, operating margin, net income and net margin over the period of 3 to 5 years.Financial plan:The financial aspects plays a critical role in the plan as it converts the other parts of the business such as the operations, marketing, management etc.
into the expected financial aspect.
Hence when providing financial projections one must highlight and explain the importance of the significant figures from the pro forma income statements such as revenue, operating profit, operating margin, net .
Business Essays – Business Plan. Print Reference this. Disclaimer: This work has been submitted by a student. This is not an example of the work written by our professional academic writers. You can view samples of our professional work here.
A business plan will make me look to see if what I want to do is the correct business for me ("Business Plan Basics", ¶ 5).
You will be forced to ask yourself such questions as: a. Database of FREE business essays - We have thousands of free essays across a wide range of subject areas. Sample business essays! The business plan is not usually written to a definite person.
It can be directed from one firm to another and shared with others. Thus, if you are a college or university business student, be sure that you will receive an assignment to write a real business plan another day. The value of a business plan is important in the startup of an organization.
The value of proper business plan in an organization can determine if the organization will withstand over of time or for years to come for that matter. In implementing a proper business plan, proper planning in it self is important and valuable to the process.