Planning and organizing is the next step to take after having awareness and understanding of what it takes to start a successful business. This part will require ethics and social responsibility as it is what will provide moral standards that will determine the business success or failure state. Business ethics- address issues of morals in business; the business should establish balance between ethical exigency, economic experiency, and social responsibility.
Social responsibility- attitudes that supports laws and professional codes linked to the business organization.
Business plan and Feasibility Report
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Business plan
This is a written document that contains and describes all relevant internal and external elements and strategies for starting a new venture or operating an on going business. It's written by you(an entrepreneur), and sometimes with the help of consultants. It provides a clear view of all the sections that make up the plan; guiding you to make strategic relationships and sourcing for funds.
Feasibility Report
This is a brief sum up of events stating clearly where and what things are to be done.
Business plan is not only for the entrepreneur, but also for investors or creditors who may provide financial support. That's where a feasibility report is needed: you'll have to see that the benefits exceeds the costs. Before you get a loan, see through feasibility report.
When it comes to penning down a business plan, the introductory page, the abstract or executive summary, the description of venture, the production plan, the marketing plan, organizational plan, assessment of risk, the financial plan, and appendix, will definitely be the headings in which things it covers will be explained in details.
Here's How The Business Structure Is Built:
Introductory Page
Name and address of business
Name(s) and address (s) of principals
Nature of business
Statement of financing needed
Statement of confidentiality of report
Executive Summary
This functions same as and abstract in a research project, usually 2-3 pages.
Industry Analysis
Future outlook
Analysis of of competitors
Market segmentation
Industry forecast
Description of Venture
Products and services
Size of business
Office equipment and personnel
Background of entrepreneurs
Production Plan
Manufacturing process
Physical plan
Machinery, technique, and equipment
Names of raw materials suppliers
Marketing Plan
Pricing
Distribution
Promotion
Product forecast
Controls
Organizational Plan
Form of ownership
Identification of partners or principal share holders
Authority of shareholders
Management team background
Roles and responsibilities of members of the organization
Assessment of Risk
Evaluate business weakness
New technologies
Contingency plan
Financial Plans
Pro forma income statement
Cash flow projections
Pro forma balance sheet
Break-even analysis
Sources and application of funds
Appendix
Letters
Market research data
Contract
Price lists from suppliers
Everything has to be critically analyzed, and the advantages and disadvantages put out, and a solution for the disadvantaged areas. From back to front, and front to back, everything should have a well organized algorithm. In other words, it should be a kind of flawless plans.
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