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How To Evaluate A Business Idea For Developing An Enterprise
Why do you need a business plan?
Planning is a never-ending process for all companies. It is extremely important in the early stages of any venture when the entrepreneur will have to prepare a preliminary business plan.
There are different types of plans that can be part of any business operation. This includes but is not limited to financial plans, marketing plan, human resources plan, production plans, sales plans, etc. Plans can be short term or long term or they can be strategic or operational. Regardless of plan type or function, plans have one important purpose; provide guidance and structure to management in a rapidly changing market environment.
On the other hand, a business plan is a written document prepared by an entrepreneur that describes all the relevant external and internal elements involved in starting a new venture. This is often the integration of functional plans such as marketing, finance, production and human resources. It also deals with short-term and long-term decision-making for the first three years of business. So, the business plan, or road map, answers the strategic questions where am I now? where am I going And how will I get there? Potential investors, suppliers and even customers will require or require a business plan.
How I prepared my preliminary project proposal
In my case, I followed the following breakdowns keeping each section as short as possible.
1. Background: in this section I have established the context of the project by providing an outline of the problem it is trying to address.
2. State of the art: I have provided an overview of existing and new technologies in the field, including an overview of rival technologies and a comparison of the advantages and disadvantages of different options.
3. Proposal: I wrote an overview of the proposed project and the approach, that is, the activities that I will undertake to achieve the project’s goals. Clearly identify the research element or novelty component of the proposal.
4. Consortium: review of the proposed workforce and determination of the necessary capabilities for the successful implementation of the project (e.g. skills, competencies, etc.)
5. Objectives and Results: Identify (1) the objectives and (2) the results of the proposed project.
6. Competitiveness: if applicable, determine the competitiveness or advantages of the proposed solution compared to other solutions, whether they already exist or are still being explored.
7. Cost: Provide an overview of project costs (including start-up costs and working capital requirements).
8. Impact: this section should contain:
i Markets and uses: identify possible uses and markets for project outputs.
ii. Benefits and Beneficiaries: Determine the beneficiaries of the project results (eg project participants, general public, third parties) and how they will benefit.
iii. Roadmap: Give an indication of what further steps, effort, costs and timeframes are required before tangible benefits can be realized from deliverables or project results (unless realized during the life of the project).
iv. Spillover benefits: identify any secondary benefits of the project (eg facilitating participation in funding programmes, improving Malta’s ranking, strengthening Malta’s reputation in a particular area, etc.)
Creation of a detailed business plan
The stages of writing a business plan are: after the decision to start the business, before starting the business and when an update is needed.
Business plans can be written for retail, wholesale, service activities, manufacturing and any other type of business.
The business plan is written as follows:
Identifying all questions that could be asked about the business.
Determining the additional information that needs to be collected to answer any questions.
Getting all the information you need.
Comparing various alternatives
Making a decision on each issue.
The business plan should:
Have good looks
Provide an index
Provide a summary
Number each copy
Be signed to see who is submitting it.
Depending on the nature of the job.
The business plan should be organized so that it contains a title page, table of contents, executive summary, business description, marketing plan, organizational plan, operational plan, financial plan and attachments.
An overview of a typical business plan is as follows;
1. Title: Report on the feasibility study of __________________
2. Project consultants
Background of the project
The aim of the study
Project description i
Market and marketing plan
Advertising and promotion
Technical feasibility and management plan:
Costs of raw materials, labor and labor.
Overview of the capital requirement
Projected cash flow
Projected income statement
Projected balance sheet
Sources and application of funds
Form of ownership
Identification of partners/main shareholders
Powers of the director.
Background of the management team
Roles and responsibilities of organization members
Assess the weaknesses of the business
Estimated sales for 12 months
Estimated purchase in 12 months
Fixed assets and depreciation plan
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