Chapter 6. Business Plan
Chapter 6. Business Plan. The main purpose of the profits of the business. According to the plan is to facilitate the success of the business activities conducted And reduce the chances of failure. Some exposure to the business, but in the absence of a proper business plan, A lot of time cannot be successful. In this chapter, we will discuss the various aspects of the business plan.
Reflections on the future of the business plan of the business. This is a written docomeent in which business goals, the nature of management, financial means, the current status and future development of the entire image is projected. No need to move towards business and how to achieve success in business in its specific directions Business plans are available.
Chapter 6. Business Plan
Ships or aircraft, such as the radar to guide the driver to help with directions to reach the destination as a business plan helps a business reach its desired goals. Starting a new business or expand the current business plan is required in both cases. Roadmap for business travelers to plan and manufacture of a building can be compared with the blue patterns.
Business plans may be internally or externally focused. Externally-focused plans draft goals that are important to outside stakeholders, particularly financial stakeholders. These plans typically have detailed information about the organization or the team making an effort to reach its goals. With for-profit entities, external stakeholders include investors and customers, for non-profits, external stakeholders refer to donors and clients, for government agencies, external stakeholders are the tax-payers, higher-level government agencies, and international lending bodies such as the International Monetary Fund, the World Bank, various economic agencies of the United Nations, and development banks.
Internally-focused business plans target intermediate goals required to reach the external goals. They may cover the development of a new product, a new service, a new IT system, a restructuring of finance, the refurbishing of a factory or a restructuring of the organization. An internally-focused business plan is often developed in conjunction with a balanced scorecard or a list of critical success factors. This allows the success of the plan to be measured using non-financial measures.
Business plans that identify and target internal goals, but provide only general guidance on how they will be met are called strategic plans.
Operational plans describe the goals of an internal organization, working group or department. Project plans, sometimes known as project frameworks, describe the goals of a particular project. They may also address the project’s place within the organization’s larger strategic goals.
Cost and revenue estimates are central to any business plan for deciding the viability of the planned venture. But costs are often underestimated and revenues overestimated resulting in later cost overruns, revenue shortfalls, and possibly non-viability. During the dot-com bubble 1997-2001, this was a problem for many technology start-ups. Reference class forecasting has been developed to reduce the risks of cost overruns and revenue shortfalls and thus generate more accurate business plans.
An externally targeted business plan should list all legal concerns and financial liabilities that might negatively affect investors. Depending on the number of funds being raised and the audience to whom the plan is presented, failure to do this may have severe legal consequences.
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