Fluent Essays

Attached is the business plan that you completed. Please help me make adjustments on it based on the attached Revised Bplan Guide 2I also attached the initial business plan. Thank you revised_bplan_guide_2.doc deborah_theatre_care_corporations_business_plan.docx Unformatted Attachment Preview Business Plan Guidelines CONCEPTUAL MAP MISSION STATEMENT: PRIME OBJECTIVES: CHAPTER ONE CHAPTER TWO CHAPTER THREE EXECUTIV E SUMMARY BUSINESS DESCRIPTION MARKETING PLAN PEOPLE’S PLAN • • • B B bjectives • L ustomers • M arket share B • O ompetition T • roduct/service development • O P arket penetration ➢ Pricing J ➢ F Promotion/adve rtisement I ➢ Place B ➢ People (sales) E ➢ • ction plan • usiness descriptio n usiness name • ocation and contact • arketing plan • rganizatio n and managem ent plan • usiness ownership • • ype and nature of business • perational /producti on plan • inancial plan roducts/servic es • ustification of opportunity • ndustry • usiness goals • ntry and growth strategies. CHAPTER FOUR OPERATIONAL /PRODUCTION PLAN O • bjectives CHAPTER FIVE FINANCIAL PLAN O • O• bjectives • C anagement team • M taffing/other personnel C • eople system P ➢ Recruitment/sele ctions M ➢ Training & development P ➢ Promote, P retention ➢ Appraisal P ➢ Remuneration P and incentives ➢ Communication A • egal aspect • xternal services • ction plan 1 • • • • • bjective/assum M ptions acilities and • capabilities S re-operational • perations/prod peration uction P • strategies roforma cash R flow perational/pro statements duction • process T reforma income egulations statement P • affecting operations reform balance sheet A • ction plan reak even R analysis • erfomance C ratios • L esired finance • E apitalization • A ction plan APPENDICES AND REFERENCES O hapter 1 F• hapter 2 • O hapter 3 • hapter 4 • O hapter 5 • eferences P O P P R P A B P D C A Business Plan Guidelines CHAPTER ONE BUSINESS DESCRIPTION No. Key Issues to Focus and Address Assessment Criteria 1.1 BUSINESS NAME a) Identity: ❖ Name adopted (forthwith) • 1st name formation and characteristics • 2nd part of the name(s) implication 3 paragraphs • • Originality Relevance ❖ Logo design (App… 6 A) • Concept design and features ❖ Mission; direction statement • Motto/slogan for the business • Focus and/or blending of both b) Opportunity choice: • Historical perspective on choice of project – idea generation process (convincing statements of projects inception) 1.2 BUSINESS LOCATION AND CONTACTS a) Business location i. Market area (Justify choice of area) • County Locality (App… 6 Bc) • Area size (Area, Population) • Economic and growth issues • Secondary factors • Market trends ii. Trade area / centre As above iii. Premises /site • Suitable location, size/area(App 6 B iii) • Rent deposit & average monthly • Electricity connectivity and costs • Water connectivity and charges 1 Paragraph Realistic 3 paragraphs (App… 6Bii) b) Contact • Communication mode • Postage & telephone/ internal connectivity 2 1 Paragraph Business Plan Guidelines • 1.3 Deficits and monthly charges Clarity FORM OF OWNERSHIP 3 Paragraphs a) Ownership • The legal form • Justification of choice • Formation and its operational requirements • Starting off and commencement b) Sponsorship ❖ Founder’s profile • Who they are (App 6C) • Career objective • Capacity to run/ manage business ❖ Investment /Total financial requirement • Owners’ equity/ offer 1.4 TYPE OF BUSINESS a) Type • Business of the company • Business line/ preference and activities • Markets targeted • Projected activities • • Clarity Realistic 2 paragraphs b) Nature • Status of the business • Status of the market and their locality • Penetration of area (entry, survival & growth) • Prospects of success 1.5 1.6 PRODUCT(S) & SERVICES -Originality a) Overall (App 6 D) • Types / kinds • Feature / physical attributes • Need / value fulfilled • Target market / customers • Scope of the products approval (b, c, d, e, f… others) Specific major categories of products and/ or services -Realistic JUSTIFICATION OF OPPORTUNITY - Viability 3 5 or more paragraphs Business Plan Guidelines a) Business SWOT analysis i. Internal • Strengths • Weakness ii. • • - Realistic External Opportunities Threats b) Viability / feasibility dimension i. • • • • Capital / financial Economic factors Information availability Profitability Level of sustainability ii. • • • • • • Government support Infrastructure Security Social/ welfare Amenities Training Policies etc. iii. • • • • Materials/ merchandise/ goods Availability/ accessibility Quality/ reliability Transport Experiences attached • • • • Technology & labour Skilled Competence of management and staff Equipment, tools & machinery Alternative • • • • Marketability Penetration capacity Demand and supply Demographic factor Market growth • • Locality /store Site and costs Utilities positioning iv. v. vi. 4 Business Plan Guidelines • vii. • • 1.7 Accessibility and appeal factors Others Personal factors Risk management -Viability -Use of accurate data THE INDUSTRY a) Identity & Size • Major Industry and justification • The size / data • Spread /network • Volume of business • Profitability potential • Competition size • Economic contribution b) Characteristics • Level of ownership • Capital levels • Distribution / delivery channels • Technological requirement • Life cycle and seasonality • Competitiveness • Key growth factors c) Trends & Future i. Trends • +ve & -ve of the past • Comparative analysis • Level playing grounds ii. Future • Where identity is leading on all sales • New developments coming NB: a, b and c form in broad industry d) Own business positioning • Where it fits in industry • Projected size in year I • Characteristics leanage • Where to be in 2-3 years in measurable size • Sustainability level (BEP) 1.8 -Realistic GOALS OF BUSINESS a) The vision 5 4 Paragraphs Business Plan Guidelines • • Business philosophy and/ or what it stands for, Dream or the promise of business b) Objectives (S.M.A.R.T) i. Short term • Size of business in year I (1-7d) • Market share (6 F ii) • Staff levels in year 1 (App 6 L) • Production capacity year 1 (App 6 Q iii) • Projected profit by end of year 1(App 6v i) ii. • • • • . • 1.9 -Clarity -Measurable -Achievable -Specific Long term Size of business is to be in 2-3 yrs (1.7 d) Market growth (6 E v) Staff expected level increment year 2-3 (App 6L) Expected production targets year 2-3 (App 6Q iii) Projected profit year 2-3 (App 6v ii or iii) NB: Adopt quantitative objectives ENTRY AND GROWTH STRATEGY a) Entry (year i) • Actions / tasks to achieve, stated objectives (1.8 b) • Correspond to above – how to achieve set objectives b) Growth (year iii) 6 -Realistic -Originality Business Plan Guidelines CHAPTER TWO MARKETING PLAN 2.1 2.2 COMPONENTS AND KEY ISSUES TO FOCUS/ ADDRESS MARKETING OBJECTIVES ASSESSING CRITERIA • • • • • Specific Measurable Achievable Realistic Time bound Customers / target market potential (App….6 E) Market share in relation to competitors (App … 6 F ii) Own business performance vs competitors (App 6 G iii) Sales receipt / revenue projection (App H) Appointment of promotion /advert budget in relation to sales receipt (App 6 J ii) CUSTOMERS – TARGET NALYSIS a) Overall customers (b) …… (c) …… (d) …… as per guide For each category focus on; • Who customers are (Type kinds) • Size in both the market area and own business • What they buy and quantities • Where they are located / stay/ come from • When they buy – period / season etc. • Why they buy and are likely to buy • How they buy – mode and keeping track and other influences 2.3 Clarity Realistic Originality (5 or more paragraphs) • • MARKET SHARE ANALYSIS a) Overall demand by customers (App 6 F i) b) Current share by competitors / suppliers (App 6 F ii) c) Current share by main customers (App 6F iii) d) Own business appointment per customer and product category (App 6F iv) e) Own business spread and growth (App 6Fv) • The overall market size • Summary of \% for each category horizontally i.e. customers/suppliers • Summary if \% for each category of products 7 Use of accurate data Realistic Business Plan Guidelines • Specific highest and lowest • Growth potential in year 2-3 NB: each table 6F (i)-F(v) forms basis of analysis and paragraphing 2.4 COMPETITION ANALYSIS a) Competitors i. Overall ii. Comp I -Clarity -Use of accurate data -Realistic iii. Comp II 5 or more paragraphs iv. Comp III v. Comp IV vi. Comp V NB; for all of them consider; • Who they are i.e. name, size, profits • What they deal with and uniqueness • Where located / situated • When they operate • Why customers buy from them • How they conduct their business – operating methods (b) (i). 2 paragraphs b) Own business positioning i. ii. • • • • • • • • Market SWOT analysis • Internal (Strength/ Weakness) • External (S/W Position Locality (App 6 Gi) Size of business (1.7 d) Expected profitability Profitability Operations methods Uniqueness / differentiation (App 6Gii) \% performance (App 6Giii) Success / survival prospects • Customers potential, market share, sales potential, performance and promotion/ advert budget 8 ii) 1 paragraph Business Plan Guidelines 2.5 PRODUCT DEVELOPMENT STRATEGY • Product cycles – uniqueness over competitors • Items / products fit for modification /changes (App 6D) • Features/ attributes/ changes brought on board • Addition customers benefits policies • Promotional services range and self – life (App 6 S) (1 paragraph) 2.6 MARKET PENETRATION STRATEGY POLICIES A PRICING STRATEGY • Pricing methods/ criteria for various products • Discounts offering and mode/ structure • Costs vs prices and profit margins • Changes of process and their effects (+ve) (App 6 H) • Use of accurate data • Realistic • Originality (1 Paragraph) B PROMOTION AND ADVERTISING STRATEGY i. Promotion • Targets to achieve in marketing • Promotional items to use to achieve set targets i.e. below the line promotions (App 6 J i) • How to carry out promotion activities to have maximum appeal to clients • Responsibility behind the publicity and keeping track of competitors / customers • Relevance • Originality • Realistic (1 Paragraph) (1 Paragraph) ii. • • • • • C Advertisement Kinds of advert to use and anticipated returns Planning and programming Medium / mode to apply and the execution Evaluation/ measures to performance Budgetary allocation over sales receipts (App 6 j ii) PLACE – DISTRIBUTION STRATEGY i. Location / premises • Role to play in making market/ trade area appealing • Social responsibility activities • Accessibility and appeal of the areas • Product outlets renovations and appeal – interior/ exterior (App 6 Q ii) ii. Channels of distribution • Means to adopt to get products to customers • Transport means 9 • Clarity • Relevance (2 paragraphs) Business Plan Guidelines • • D Facilitation and efficiency Future extension of outlets PEOPLE/ SALES TACTICS STRATEGY i. Sales Team • The make-up of the team • Duties of the team/roles • Managing the sales force • Motivation • • • Originality Relevance Realistic (3 Paragraphs) ii. The selling methods • Keeping customers satisfied • Customers/ public relations • Mode/means of selling • Controls in personal selling • Credit sales • Information disclosure • Receipt of cash sales iii. Sales Projection • Total sales (all inclusive) • Breakdown as per major product (monthly) 2.7 ACTION PLAN: Strategy Area Action By Deadline/ Who completion and Period 5 P’s (1 Table) SAMPLE ACTIONS/ ACTIVITIES Product/ Service • • • • Add new and distinctive features to the existing products After the age, shape, colour, quality appearance, etc. of the existing products Identify new products whereby customers presently buy from other stores. Come up with package policies to attract customers - more sales, improve product quality. A. Pricing • Offer more competitive prices • Reduce the cost of production to gain leverage in price • Reduce elements of dead stock 10 Business Plan Guidelines • • Offer manageable discounts / volume discounts Offer attractive terms of sales to your customers B. Promotion and Advertisement • Increase promotional efforts; giving free samples, advertising • Convince customers (current and potential) to buy the product • Attract customers of competitors to buy from you • Attract/convince present customers/consumers to buy more • Set up an advertising program and implement accordingly • Improve the reputation of the business/company and owners C. Place (Distribution) • Make the environment both in and outside premises pleasant • Renovate/remodel to suit customers • Carry out community service activities within adjacent areas • Make operating hours convenient to customers • Have inventory levels communicate with demand propulsion • Use efficient/effective distribution channels D. People (Sales Tactics) • Ensure ability of personnel is of high level • Hire extra sales personnel • Provide motivation to sales team • Offer credit terms and collection • Adopt appropriate improved method of sales • Make appropriate/credible sales projections CHAPTER THREE ORGANISATION AND MANAGEMENT PLAN 3.1 PEOPLE OBJECTIVES • • • • • • Managers and their sufficiency – management team Number to recruit/ employ – staffing How much training – limitation of training How regularly to appraise – staff performance Reward and increment – percentage remuneration Number of register management meetings Objectives must be SMART 11 Business Plan Guidelines 3.2 MANAGEMENT AND CAPACITY a) The team capability • Make up of the team – sufficiency to run the business well (App 6 K i) • Anyone to run the business in owner’s absence • Management style to adopt and that of managers • How much growth the team can handle • Organizational culture b) Organizational Structure • Way of organising – type and activities • Kind of structure i.e. functional/ centralized • How to divide things up • Future projection (growth) c) Roles and Responsibilities • Span of control • Delegation – how much to • Decision making mechanism and the control/ supervision process • Reward system for managers – motivation package • Introducing / management of change and protection of assets 3.3 STAFFING a) Personnel Needs • The members and skills mix of employees (App 6 L) • Type of employee needed • Calibre of employees – minimum levels of education • Part time and temporary employees, leased employees • Inherit activities b) Rules and regulations • Policy guidelines (general policy of obeying the rules & regulations) • Code of conduct for employees – i.e. smoking, breaks, visitors, work areas, personal telephones, sick/ill, time off, reporting time management. • Grounds on which employees can be discharged • Imposing discipline – procedure set up, punishment 3.4 PEOPLE SYSTEMS A. RECRUITMENT AND SELECTION – ‘Getting the right people’ i. Recruitment • Methods of sourcing i.e. employment agencies, scouting, employee referrals, advertising etc. 12 Business Plan Guidelines • • • Job description Job specifications putting sort of persons effective for the job An application form what to do with it ii Selection processing • Method of advertising to adopt – weeding out from application/cvs, gathering information, factors in deciding the best candidate, making job offer/ notification • Employment agreement and details of working conditions • Reporting and orienting/ inducting new • Complying with employment laws, health and safety B. TRAINING AND DEVELOPMENT • Training menu/ plan – job related managerial, business and self-development (App 6 M ii) • Training needs analysis and budget allocation • Ways to train – managerial and non – managerial – • Filling the demands of changing requirements and present capacity • Keeping training records and follow-up C. RETAINING AND MOTIVATING – ‘Keeping them’ • • • • Keeping good employees → Hiring well/treatment → Survey levels of job satisfaction → Monitor interest turnover regularly → Carrying out exit interview Criteria for promoting people and relocating Mentoring employees → Attracting potential employees; transfer, promotion, termination → Award/honours and recognition → Elements of reward for team and/or individual empowering people → Provision of welfare facilities to employees Preparing employees for retirement D. APPRAISALS – PERFORMANCE EVALUATION – ‘Assessing them’ • • System to use to evaluate employees – Factors; → Quantity and quality of work performed → Cooperativeness → Initiative → Dependability and attendances → Job knowledge → Personal habits Mode of conducting it – Results oriented, Discussion two way 13 Business Plan Guidelines • • • Relationship (appraisal) to promotion, salaries increment and training Improving performance Appraisal format; → Achievements → Areas of improvement (App 6 m iii) → Overall performance → Training and development (training needs) → Career expectations E. REMUNERATION/REWARDS – ‘Recognition/rewarding them’ • • • • • Setting rates of pay – salary and commission plan Motivating employees; → Merit increases → Incentive payments → Bonuses → Profit sharing (App 6 M iv) Employees benefits – legally required, bridge benefit entitlement Deductions effected from employees’ salaries/wages (payment feed) Rewards in line with hours worked, productivity, experience, qualification and responsibilities accepted. F. COMMUNICATION AND TEAM BUILDING – ‘Team involvement’ • • • • • • Mode of internal communication; → Briefing people → Employer and employees → Management meetings → Supervisors Formal and informal groups, welfare association Dealing with employees’ complaints Counselling troubled employees; → Job related activities → Personal problems → Retirement or termination Dealing with union / industrial conflicts Computerization of documents 3.5 LEGAL SYSTEM / ASPECTS • Business policy to adherence of law • Legal requirement and sources of assistance – labour, public health safety, financial regulations, insurance coverages • Renewables (Yearly) 14 Business Plan Guidelines • Legal fees / amount set aside Complying with the government county laws/by-laws 3.6 EXTERNAL / PROFESSIONAL SERVICES • • • • Business policy on external assistance Type / kind of assistance and where from Professional fees/ amount set aside yearly Advisory and extensions services & consultancy 3.7 PEOPLE ACTION PLAN: Item/ Area Activities/ Strategies Who/period Roles and responsibilities Recruitment and selection Training and development Retaining motivation Appraisal Rewards and recognition Communication and team building Legal and professional services 15 Deadline Business Plan Guidelines CHAPTER FOUR OPERATIONAL AND PRODUCTION PLAN 4.1 OPERATIONAL/ PRODUCTION OBJECTIVES • • • • • Facilities of production to expenditure Production capacity or storage capacity No of production workers to overall Purchases of over total expenditure Proportion of prime costs to total costs 4.2 FACILITIES AND CAPACITIES a) Facilities • Production lines and category of facilities; production/operation, office, cleaning • Sources/ manufacturers / suppliers and capacity • Average depreciation (A ... 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