Business Plan
Business Plan
Business Plan
1. Executive Summary
2. Business Description
GROUP 1
Introduction
BUSINESS PLAN
Business plan is a written document that outlines the future
activity for an existing or proposed business venture. It is the
formal written expression of the entrepreneurial vision, describing
the strategy and operations of the proposed venture. The business
plan underlines the strategies that need to be adopted in order to
reach organizational goals, identify potential problems, and devise
custom solutions for them and it is also called a Blue Print of the
New entrepreneurial ventures
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Why Use a Business Plan?
Owing to the following benefits of a well-researched
“
and comprehensive business plan, preparing one is
highly recommended, but not a mandate.
1. Feasibility
Entrepreneurs use a business plan to understand
the feasibility of a particular idea.
2. Focusing device
Business plans act as reference tools for
management and employees as they solidify the flow
of communication, authority, and task allocation.
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Why Use a Business Plan?
“ 3. Foresight
It functions on the principle of foresight as
it helps one realize future hurdles and challenges
that aren’t explicit.
4. Raising capital
A business plan is an effective way of
communicating with potential investors, and the
level of expertise and time used in preparing a
business plan also gives professional credibility to
entrepreneurs.
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Features of a
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Good Business
Plan
1. Executive Summary
▸ The executive summary functions as a reading
guide, as it highlights the key aspects of the plan
and gives structure to the document. It must
describe ownership and history of formation. It is
an abstract of the entire plan, describes the
mission statement of the organization, and
presents an optimistic view about the
product/service/concept.
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Marius Thauland, business strategist at OMD EMEA, says all executive
summaries should include a few critical elements:
▸ Objective
▸ Target audience
▸ Products and services
▸ Marketing and sales strategies
▸ Competitive analysis
▸ Funding and budget allocation for the processes and operations
▸ Number of employees to be hired and involved
▸ How you’ll implement the business plan
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Environmental
Scanning
Environmental scanning is a process that
systematically surveys and interprets relevant data
to identify external opportunities and threats that
could influence future decisions.
▸ External Scanning
▸ Internal Scanning
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EXTERNAL SCANNING
Components of external scanning that could be considered
include:
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EXTERNAL SCANNING
Customers: How is your customer base changing? What is impacting your
ability to provide top-notch customer service?
Labor supply: What is the labor market like in the geographies where you
operate? How can you ensure ready access to high-demand workers?
Once an organization has gathered information about the external world, its
competitors and itself, it should then develop strategies to respond to
impacts when the need arises.
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2. Business Description
▸ This section presents the mission and
vision of an organization. Business
descriptions provide the concept of one’s
place in the market and its benefits to
future customers. It must include key
milestones, tasks, and assumptions,
popularly known as MAT
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Goal of Business Description
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▸ An effective business description should include information
that tells readers exactly what your company does, who is in
charge of operations, and what will make your company
successful. It should also tell readers what makes you
different from competitors and why customers will come
knocking at your door with their business.
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Business name
List the official name of your business
as it’s registered with your state. Also
include the names of the owner(s) and
other key members of your management
team.
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Business goals
Detail the purpose of your business
and what you’re aiming to achieve with
your venture. These should be realistic
short- and long-term goals.
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Target customers
Have a thorough understanding of
who your target market is. Explain who
you’re selling to and why they will buy
your product or service. Identifying the
demographics of your target market, such
as age group, income, and interests, can
give you a competitive edge and attract
loyal customers.
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Competitive advantages
Describe what makes your business
unique from your competitors. Readers
should understand why your company will
succeed and make you a front-runner in the
market.
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Mission statement
Your mission statement tells readers
why your business exists. It should
highlight the motivations for starting your
business and summarize your product or
service, target consumers, and why you’re
unique..
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Business location and opening
date
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Products or services
Highlight what products or services
you’re offering customers. Also, discuss
the benefits your products or services
provide and what makes them different
from competitors.
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Business structure
List what type of business you’re
operating. For example, this could be a sole
proprietorship, partnership, limited liability
company (LLC), or another type of
corporation.
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Site Visit
A site visit, within the context of workplace health
and safety, is a physical inspection or tour of a
workplace conducted by an assessor or
assessment team for the purpose of evaluating the
employer’s workplace health and safety program.
During a site visit, assessors may meet with the
workplace organization’s leadership, observe the
work environment, collect data, and implement
corrective measures. A site visit may also be
referred to as a site tour.
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▸ During a site visit, the safety reviewer may
interview employees and supervisors, inspect
machinery and storage facilities, and make
note of any hazardous situations or areas in
need of improvement. The information
gathered by the safety reviewer is then
included in the overall safety assessment for
the worksite.
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THANKS PO
SA LAHAT!
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REFERENCES
https://www.slideshare.net/phshameer/business-environmental-scanning-ppt
https://corporatefinanceinstitute.com/resources/knowledge/credit/business-plan/
https://business.yelp.com/plan/how-to-write-a-business-description/#:~:tex
t=What%20is%20a%20business%20description,immediately%20follows%2
0your%20executive%20summary
.
https://www.workplacetesting.com/definition/375/site-visit-workplace-health-and-
safety
https://www.shrm.org/resourcesandtools/tools-and-samples/hr-qa/pages/basics-
of-environmental-scanning.aspx
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