Business Planning : The Blueprint For Business

1361 WordsDec 13, 20166 Pages
Business planning is the blueprint for business, which provides direction toward success. Planning and writing a business plan is more than just choosing products and services to sell and selecting a business location. A well-thought plan is a fundamental requirement in the financing, marketing strategies and the growth of a new business. This serves as a roadmap of how the business venture will operate to reach target goals. Coming up with a sound business plan entails the following; gathering reliable information about the chosen industry, the market, the customers, the product & services, and the competitors. A good plan includes thorough market research, industry analysis, product and service comparison, and competitor analysis. As William Sahlman puts it, the market is fickle as it is unpredictable. Therefore, the business plan should anticipate and confront the challenges ahead when it comes to manpower, context and opportunity. A business plan should talk about the end of the process in the new business venture. Then after it is written, it is ready for the goal of landing a deal. As a seasoned investor, deciding to invest in the Room for Dessert (RFD) can be first determined by a critical analysis of the presented business plan. This paper deals with the analysis of the RFD strengths and weaknesses in the given business plan proposal in terms of the following factors: people, opportunity, context, and risk and reward. RFD is a full service, fine dining

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