“Room for dessert” – Business plan assessment
Introduction
Many people believe that a business plan is helpful but not necessary. This is true in the sense that business plans are helpful but, in fact, they are vital if you are serious about success in both short and long term. The aim of this paper is to evaluate and critically assess the “Room for dessert” business plan. The remainder of the paper is organized as follows: Section 2 will try to analyze who is the audience for the plan, what are their needs, and how well does the business plan meet those needs. Section 3 will discuss about the strengths and the weaknesses of the business idea, while the final section will present a personal opinion on the critical issues that
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Focusing not on the individuals, but on the team, it is noticeable that the team members complete each others, having various educational backgrounds and work experience in different fields covering all the departments of the business. The team members have good insight of the industry, even more suggesting as future potential members of the board professionals from the relevant industry to the business. It deserves full marks.
In terms of opportunity, Sahlam suggests that the investor should look in the business plan at the size of the market, the possibility of rapid growth and the number of competitors for that specific business. After the industry examination, RDF business plan describes the way they will build and launch the product and it’s economically viability, checking at the same time the costs, prices and period of time for payment and collecting. Moreover, the data is realistic, presenting the promises for expansion, the drawbacks (variables) and the actions available in case of bias. RDF business plan covers very well the opportunity issue, defining the target customers with high precision (age ranges 25-35 and 35-54, with median household income of $52,100 and their preferences), providing in a clear manner the concept of their product, the operations and facilities and their marketing strategy. Furthermore, a comparison with the competitors is provided along with a description of the potential entrants. Both market
The business plan is intended solely for informational purposes to assist you with a due-diligence investigation of this project. The information contained herein is believed to be reliable, but the management team makes no representations or warranties with respect to this information. The financial projects that are part of this plan represent estimates based on extensive research and on assumptions considered reasonable, but they are of course, not guaranteed. The contents of this plan are confidential and are not to be reproduced without express written consent.
After gaining enough knowledge on the types of business structure, business owners can proceed to the process so that their plans of owning a business will turn into reality. After reading several resources, the process will be divided into five stages. The first stage is the planning and research. This involves developing viable business ideas, knowing the target customers and possible competitors, searching for the right location, thinking what will be the business name, and marketing strategy. In this stage, a business plan should be made. Business Link (2016) refers, “business plan as a document that defines why you’re in business, your goals, and how to achieve those goals and it also covers all major aspects of the business, including
If the company wants to solve its problems and become attractive for the potential investor, it should solve all its problems. The most important, company has to develop a business plan. In this plan, all the problems will be solved through stating company’s vision, mission, objectives, marketing, production and financial plan.
Barringer, B. R. (2009). Preparing Effective Business Plans: An Entrepreneurial Approach. Harlow: Pearson Education Limited.
Most companies establish their business without one effective planning to define exactly which product and market they will put all their efforts to build a strong and long relationship with the market that they intend to work. In many cases, businesses are losing the opportunity to be more profitable considering that they are lacking a effective return on an investment planning based on their customers’ needs and wants.
The business that I have chosen is called Belle Fleurs. Customers have the opportunity to buy handcrafted bouquets, cards, or just beautiful flowers. It was delegated the name Belle Fleurs because flowers in French is fleurs. Belle means beautiful as well. This idea of a small flower shop came as a sudden inspiration to me. I have always had an admiration towards flowers. I felt that there was room in the florist in industry, which made me realize it would be a good idea to create a flower shop. I have taken a variety of courses that may help me achieve the goal of this business. Business Concepts, Personal Finance, Accounting and now Entrepreneurship show that I am capable of pursuing this business.
| The company objectives of quality training are: a) To provide complete financial projection of plan year b) To present a written document for the management of the development business and training c) The participants of this business plan includes the company owners and the representatives from the State Training Authority
When creating a business model there are ample decisions and choices to make and consider. Those decisions directly correlate to how successful the business can become as well as the effectiveness of the company 's growth. Bad business models can destroy a company and damage its reputation. As consumers, we see this frequently with the weekly closings. Some as brutal as the destruction of Enron, and other company breakdowns as simple as the monthly closings of JCPenney 's which has led to 2,250 layoffs. So consequently, you can observe and benefit from the use of efficient business plans or view and examine the damage and destruction done by inefficient business plans. Through thorough research we’ll examine two methods that can help a company achieve a proficient business plan. The use of process selection, and the choices made when implementing your facility layout can directly contribute to the success rate of your business.
In order for any business plan based upon technology or innovation to succeed, a carefully laid out roadmap will lead to the feasibility of use within a particular set of market parameters. In an effort to establish the probability of success within the desired market quantitative and qualitative data must be gathered and extrapolated for use within the market analysis.
This sample business plan was prepared by Craig Gonzales, undergraduate student, and by Dewey E. Johnson, Ph.D., Professor of Management and Director, Small Business Institute, Sid Craig School of Business, California State University, Fresno. The purpose is to provide a format for a simple business plan to test the feasibility of a business idea.
A business plan is not going to generate momentum. No one is going to get excited about a business plan.
Slanta Ice Beverage Co. will sell soft drinks as its primary product in addition to juices. Its products will be the tastier than it’s competitors. Because all the new flavors and new technology for producing soft drinks and juices will be required in this company.
To begin a business, the business plan is essential to insure that my business can bring profit and minimize the risks of the business. Customers are more and more demanding on service qualities, price, and guarantees, after sale services. Arlette Measures, a health and business writer, states that, “creating a solid business plan is the first step toward success in your business venture. From obtaining funding to hiring employees to planning for expansion, a business plan can be your guide to keeping your business on track. Your business plan can keep you focused on your goals and keep you moving forward when faced with obstacles”. I
Usually authors refers to business plan usage as a documentation, a funding proposal for start-ups or in an established business projects, as a part of approval process of a collective decision making for (loans or source of capital justification) or an operational management tool (Stutely,2007). Others like Kuratko (2009) emphasised on business plan importance as it is the road map for entrepreneurs in their proposed ventures. From my experience during this course, I agree with all of the above but I see that business planning processes which give entrepreneurs the chance to know how to anticipate market behaviour such as cash flow numbers, product pricings and so on, are the first steps towards the business world. My group work helped me develop these processes through critical thinking, enhancing my writing skills, enabling creativity by exchanging experiences and brainstorming sessions. For example, I learned from Imran Hussein how to write in a more precise structure and also Alex Malygin influenced my perspective of creativity through his ability to persuade others with his arguments’ techniques even though language might be a barrier sometime. In this essay I will talk about my personal learning experience in developing business plans module starting from my theoretical understanding of business plan and then deployment of these theories into business plan of our project feedforthoughts. As apart of developing my critical thinking I will add an
Furthermore, the basic start of a business begins with a business plan. “A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume”