Consider Your Options -Then Make a Business Plan
Planning is the best insurance you can have against failure.
Running a business, starting a small business, or starting a company: all require proper planning if you want to avoid, or at least minimize failure.
Get the tools you need to avoid wasting very significant amounts of time and money.
There are 11 lessons in this course:
Introduction to Business Planning
The business plan, strategic and operational planning, feasibility studies, the executive summary.
Focus and Direction
Deciding on direction, visualising future business directions, vision and mission statements
Legal and Administrative Requirements
Legal structure of a business, business names, taxation, regulations, licenses and permits, types of business ownership
Developing Objectives and Strategies
Setting goals and objectives, SWOT and GAP analyses, strategies for achieving objectives
Planning for Growth
Planned as opposed to runaway growth, subcontracting, franchising, licensing, the growth plan
Risk Management and Contingencies
Approaches to risk management, identifying business risks
System components, the quality audit, benchmarking, business plans as a mechanism of control
The definition of marketing, marketing requirements, the marketing process, market research, implications of unplanned marketing
Control of business operations, writing an operation plan
Human Resource Plans
The value of human resources, occupational health and safety, skills and competencies of different staff
The importance of financial planning, establishment costs and start up capital, cash flow forecasts, profit and loss statements
Each lesson culminates in an assignment which is submitted to the school, marked by the school's tutors and returned to you with any relevant suggestions, comments, and if necessary, extra reading.
Describe what a business plan is, and it main components
Differentiate between a vision statement and a mission statement
Discuss legal and administrative requirements of a business
Explain the importance of a business name
Explain the importance of setting goals and objectives in a business setting
Describe strategies for coping with growth
Describe different types of business risks
Explain marketing process
Explain operations planning
Explain the importance of human resources
Explain the purpose of financial planning
What You Will Do
Interview a business owner regarding their business plan
Visualise the state of a current business in 12 months time
Contact a Government Department to determine the relevant licenses, permits, approvals and registrations necessary to set up a business
Interview current business owners to determine their strategies and objectives for the next year
Identify aspects of a business that would need attention in high growth periods
Identify risks to a proposed business
Investigate mechanisms for protection of intellectual copyright
Investigate the potential of a business currently for sale
Evaluate the operations of a current business
Develop an operations plan for a newly conceived business proposal
Identify potential hazards of a proposed business
Identify expenses relevant to setting up a proposed business
Plan for Success
In order to make your business a successful one, there needs to be an outline or plan in place to create a focus and direction for the business before it begins. This outline or map helps the business to formulate what it is that they want to achieve as well as making a future goal of how you want your business to operate. It is a blueprint for your business. It also allows employees or lending institutions to see your vision and how you plan to map it out to have it come to fruition.
PLAN YOUR DIRECTION
In addressing the creation of a vision statement or mission statement, it generates an outline for the intent of the business. Once this is done, it can be modified later when it is put up against the goals of the business to see if these can be attainable, or if it is something that needs to be adapted into a more realistic vision. It is important in the beginning to re-evaluate and provide flexibility if needed for the business in this area.
A crucial step in any planning process is deciding what you really want to do, or achieve, and to be available for changes or alterations to the initial plan as more research and data is compiled. Once you have developed your vision, objectives, and strategies, it is advisable to re-evaluate your vision and objectives to be sure that they can still be attained.
To do this, you need to visualise your business at a set date in the future and then you also need to take into account all the possible variables and changes that could happen and be able to make strategic alterations if they are necessary.
What is in a Business Plan?
A typical business plan, might contain the following. Do you know how to put this together?
The Executive Summary
The Executive summary is essentially a miniature business plan. It should summarize all of the significant points of the whole plan in ideally one page. The executive summary sets the tone of the business plan, it can tell the reader what to expect. Infuriatingly, some key decision makers can base finance decisions based on the summary alone, so make sure it’s good!
Table of Contents
Organised list which enables users to find specific items quickly. This may divide items by sections, pages, chapters, or all of these.
The Main Body
This might contain any or all of the following:
- Mission/Vision Statements
- Business Description (environment, marketplace, structure, growth etc)
- Business Functions
- Human Resources
- Information Technology
- Control (Incorporating Risk Management)
What is the business building up to? What last impression do you want to leave on the reader’s mind?
Details of the main body will become apparent as the course progresses.
Start A Business, or Work in Business Management
- What is Successful?
- What is the future?
- How to make money?
- How to improve?
- How to sell?
Whatever your need, you can learn how to move forward in the business world through this course. If you have a particular area of interest and would like some Free advice first, take advantage of our free Business Advice Service -click here
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