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what is a good business plan?

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Ryaan
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Re: what is a good business plan?  Reply with quote  

quote:
Originally posted by SyedAfnan
I am just a new people of the new little generation need the answer of what is a business plan? I know some of you would will lough at my question but i am not kidding. I need some business plan samples. Please let me know what you think about it.

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There is a set structure which every good business plan needs to follow. The structure contains the Executive summary, Company description, Product description, Market analysis, Financial projections etc. In simple terms its all about looking for and taking advantage of market opportunities through a quality offering.
Post Mon Nov 18, 2013 7:57 am
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Mark Robinson
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A business plan is a document that describes your business, its objectives, strategies, target market and financial forecasts. It's a blueprint to your business's future.Business plans can vary enormously in length, style and content, but the key is to ensure the document is realistic, practical and regularly reviewed. It should not only set the direction for your business but act as a reference point for measuring performance.
Post Tue Jun 24, 2014 12:41 am
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JonCartoon
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why I didn't see post with medical marijuana business??
I think this question so important in this days. Legalizing marijuana in USA give new market so strong firms like ALPCE (Canada). and they shares so undervalue. Thats good question to make good post!!!
Post Wed Jun 25, 2014 7:14 pm
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suite001
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How to write a good business plan is the first step you need to undertake when you wish to start up a new business......
Post Mon Dec 08, 2014 11:21 am
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Excentris
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I will create a step by step instruction on what to do.. You also need to figure out some of your own things.. Be Resourceful and think outside of the box! and if you are Lucky You can kickstart this into Gear ^.^
First you need to invent a new product.. or take a pre existing product and improve on it by at least 50% and try to make it to ware no one can steal your improvements because monkey see monkey do and you are out money because of it and have BS competition by someone who does not even try..
after you are done upgrading or creating your new thing be it what it may you need to market it by advertising and setting up as much shops and a internet site shop and internet advertisement ware people can order your product with ease..
Doing all of this yourself is easy un tell a point you will need to hire programers for the web site if you do not know how to make one and people to ship your new product ..

also be aware of competing Components out there.. they will try to take your costumers away at every possible angle.. Dog eat dog world.. Big Old Obsolete Bulky Mega corporation will eat nice slimline Lean New Company.. and i dont like that... Especially when New Company has Higher Quality..

what is the difference between me and you to Albert Enestine! nothing.. only yourself! look at you! rise above yourself!
(energy equals everything squared!
sovereign light! fallow the path of light or descend!
Post Sat Jun 27, 2015 7:46 am
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oldguy
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quote:
Big Old Obsolete Bulky Mega corporation will eat nice slimline Lean New Company.. and i dont like that... Especially when New Company has Higher Quality..


lol - yeah, those Conspiracy Theories never end, I remember in the 1950s a guy had a magic pill, you could fill your gas tank with water and add the pill. But Big Oil and Big Detroit stole it from him cuz they wanted to keep selling gas and selling gas-thirsty cars.
And then Popular Mechanics was always publishing articles about the guy with a magic carburetor, I think he was sposed to be getting 90 mpg with his little car - but again Big Oil & Big Detroit stole it from him, lol.
Post Sat Jun 27, 2015 3:41 pm
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Excentris
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Yeah odl guy yeah,, Lol..
I dont know if you are trying to make me look like an idiot or something.. but uh.. I guess you are just jokign around or something.. Point being is Corporation will try to buy you out.. Dog eat dog world.. I dont know whats wrong with that logic..

what is the difference between me and you to Albert Enestine! nothing.. only yourself! look at you! rise above yourself!
(energy equals everything squared!
sovereign light! fallow the path of light or descend!
Post Sun Jun 28, 2015 5:02 am
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oldguy
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quote:
Point being is Corporation will try to buy you out.. Dog eat dog world..


No, the point being is that Corporations seldom "buy you out" to protect their profits, that is urban legend. First, the silly ideas of a Pill in the gas tank is all fiction - and two, a Corporation has a whole building full of engineers (the R&D dept) who are capable of developing concepts on their own.
Post Sun Jun 28, 2015 3:25 pm
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Excentris
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why are there hostile take overs and stuff old guy? Honestly.. Urban Legend? Hostile takeover is an Urban Legend????

what is the difference between me and you to Albert Enestine! nothing.. only yourself! look at you! rise above yourself!
(energy equals everything squared!
sovereign light! fallow the path of light or descend!
Post Fri Jul 03, 2015 3:56 am
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msrana1987
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Business plan means  Reply with quote  

Business plan means: Thinking about past, present & future of your business circumstances.
Post Mon Jul 20, 2015 10:06 am
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sumit.agah
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Measure a business plan by the implementation it causes. It isn't the brilliance, the writing, the formatting, or anything but did it help the business steer and manage and head in the right direction. Clues to that are whether or not it includes concrete specifics that can be tracked and managed: dates, deadlines, budgets, task assignments, and so on.

With that as a general framework, and a way to measure, then I'd add that I'd expect a good business plan to include strategy, assumptions, milestones (with specifics on dates and deadlines), sales forecast, expense budget, cash flow projections, and, in some ways most important, the review schedule for when the plan vs. actual meetings will take place, reviewing results, and revising with course corrections as necessary.
Post Tue Jul 28, 2015 12:11 pm
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wwwfan
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For some businesses, networking can be a valuable addition to the business plan.
Post Sun Aug 16, 2015 9:11 pm
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selina9
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Hmm
Post Tue May 17, 2016 11:05 am
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olbond
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Some entrepreneurs view the business plan as a to-do list item that must be checked off before meeting with banks, angel investors, or venture capitalists can be scheduled. While investors will want to see your plan, the business plan is first and foremost your business's operational document. It should lay a solid foundation upon which your business can be built, and should be treated as a living document -- one that grows and changes with your business.

Many books and articles have been written on writing business plans. Ernst & Young's "Guide to Producing a Business Plan" is a good, concise document to help you get started. Key questions (some of which you answered when you determined the feasibility of your idea) that you'll need to address as you prepare your plan are:

Is your primary market research conclusive and substantial?
Do you understand the nature of the competition now and in response to your success?
Have you built a dynamic financial model that conveys the impact of critical assumptions in your plan?
Have you identified operational milestones?
Are key managers and board members identified, "lined up" or in place?
Elements of the business plan

Once you have sufficiently answered the above questions, you can move on to putting your idea to paper in a business plan. Sections of the plan should include:

Executive Summary -- This summary provides a condensed overview of your company and where you'd like to take it. It often is the last section written, since it is based on the details you've provided in the rest of the business plan.
Company Description -- Describe your company, product, competencies, and market needs being satisfied.
Market -- Identify and quantify your initial target markets.
Industry and Competition -- Include the current status and anticipated competitive response.
Products and Services -- Address intellectual property protections and the status of product development.
Marketing and Sales -- Encompass issues of product, price, promotion, distribution, and sales cycle times.
Operations -- If nowhere else, illustrate here WHAT your company does and list vital value chain relationships.
Ownership and Management -- Detail key additions to the team; legal structure of the business and board memberships.
Risk Assessment and Mitigation
Action Plan with milestones
Funds required, and their uses
Financial Discussion -- Place the data in the appendices. This section is the narrative of your planned financial performance.
The executive summary will be the most read of all of the sections of the business plan. Expend the effort to ensure that it is articulate and succinct while still describing the unique essence of your business.

Spend the time to understand assumptions regarding marketing and sales. Revenue growth and timing are difficult to predict, yet extremely important to your venture's success. Whatever proxy you base your sales forecast upon, it must be rational, specific, and measurable. You most definitely will have to defend it to your financiers. You will absolutely need to closely track and validate these assumptions when you actually launch your business.

The launch phase

The business launch phase is about marshaling the resources you need to launch your business and validating some of your assumptions through your early operational experience. Assembling your initial team is critical to a successful start. Clearly, you want team members that have complimentary skill sets and will drive the success of the business, but think of skills necessary now AND in the future. Will your team be able to grow with your business? Hire people as you need them -- you don't want your payroll to be any larger than it needs to be. When you are recruiting employees, think about the alignment of your team's objectives with your own. Does your partner wish for a three-person business, while you want to grow the venture quickly? Ask questions, discuss visions. Don't assume everyone's career and personal ambitions are the same as your own.

Beyond your personnel, your company also needs specific formal and informal business relationships -- from business advisors to suppliers to beta-customers to Web designers to bankers to accountants and corporate lawyers. Think of these relationships as extensions of your company. Keep them consistent with the goals, values, and needs of your venture.

The launching of your business will be a hectic and emotional experience. Signing contracts and other agreements will make real what was once only an idea in your mind. Having moments of sheer exhilaration and great trepidation during this period of controlled chaos is normal. Follow your plan, stay focused, execute those tasks that lie along your critical path and you soon will find yourself transitioning to the next phase of your company's growth.

I'd like to thank my U-M colleague and business plan expert Paul Kirsch for helping me write this article.
Post Wed Jul 27, 2016 2:57 pm
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