5.1 Propose a business plan.
The business plan is one of the management tools used to achieve business objectives.
The accuracy of a business plan will reflect the management’s ability, experience, and history in running the business. Therefore, every aspect of the business should be clearly written and explained to the various parties. Among the aspects that should be stressed and focused are the marketing approach, research and development, human resource management, business risks, financial strength, and production techniques.
5.1.1. Define business plan.
A business plan is also known as a venture plan, entrepreneur’s plan, working paper, project paper, or prospectus. It is a written document between 25 and 40 pages describing the overall plans of a business in detail, that it is what the entrepreneur plans to do and how he plans to do it. Therefore, a business plan is the blueprint of the company which is presented in a standard business format that is logical and realistic.
5.1.2. Explain the purpose and the importance of business plan.
1. As a guide to managing business Describe the steps that entrepreneurs should taken and guidelines that must be followed by the organization.
2. Assess and review business performance Know the strengths, weaknesses, and potential of the underlying business under review from time to time.
3. Facilitate control Control is follow the schedule to make sure the business so smooth and streamlined.
4. Provide assurance to external parties Careful planning to assure stakeholders such as banks, creditors and investors.
5. Maximize resources to increase productivity Organizational sources such as money, capital, machinery, and people used to the optimum.
Using the TECC Lab's Whiteboard to present about our Business Proposals.
Quiz 5: Socrative
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