Developing a Business Plan

“It is not the plan that is important, it’s the planning’ – Dr Graeme Edwards

Lesson Objectives:

 An overview for upcoming students project (individual and group)

What is Business Plan

 A document that provides important details about different aspects of a business that may be used by an individual in setting up a business

 It designed to help an entrepreneur in setting objectives, researching the market, planning strategy, and monitoring and evaluating finance and progress.

For What Purpose

 Usually required by the bank when considering a request for a loan

 Or to look for potential business partners – to expand the business.

The Content

1.  The Introduction

2.  The business idea

3.  The management and personnel

4.  The marketing plan

5.  The production plan

6.  The financial plan

1. Introduction

 Basic business details – the goals and objective of business.

 The type of legal ownership

 The goals of the business

2. The Business Idea

 The product/service to be provided

 Summary of its key selling points

3. Management and personnel

 The roles of managers

 The experience and skills of the workforce

The Marketing Plan

 Market analysis showing level of demand

 Who customers are and what they want

 The strength and weaknesses of competitors

 The marketing mix – Product, Price, Place and Promotion

The Production Plan

 The methods and stages of production

 The premises and equipment needed

 Ways of ensuring quality

The financial plan

 Source of finance required

 Profit forecast

 Cashflow forecast

Project Assessment

  You are to prepare an 1) individual business plan and 2) soon-to-be group business project.

  Marks will be base on how you actively keep-on-track on what you did (base on your diary and work-in-progress) – starting october 2011 onwards and the report.

  Report given must base on the format given

Hardcopy (binded) , softcopy emailed.

  Any enquiries can be made on the blog under this topic and topics in related.

What are needed to prepare:

 A daily diary for student individual progress and a separate diary for group project.

 A work-in-progress chart using microsoft project to show an evidence of work in progress