3. Definition of the Business Explanation of the business concept, the current offering and the projected growth. 4. Purpose of the Business Plan Dominant reason for the preparation of the business plan.
3. Definition of the Business Explanation of the business concept, the current offering and the projected growth. 4. Purpose of the Business Plan Dominant reason for the preparation of the business plan.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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3. Definition of the Business
- Explanation of the business concept, the current offering and the projected growth.
4. Purpose of the Business Plan
- Dominant reason for the preparation of the business plan.
Transcribed Image Text:Introduction
A business plan is a written document that describes your business, its objectives
and strategies, the market you are targeting and your financial forecast. It is
important to have a business plan because it helps you set realistic goals, secure
external funding, measure your success, clarify operational requirements and
establish reasonable financial forecasts. Preparing your plan will also help you focus
on how to operate your new business and give it the best chance for success.
Securing financial assistance to start your new business will be directly related to the
strength of your business plan. To be considered a viable candidate to receive funds
from a financial institutions or investors, you must demonstrate that you understand
every aspect of your business, and its ability to generate profit.
A business plan is more than just something to show lenders and investors; it is also
necessary to help you plan for the growth and progress of your business. Your
business's success can depend on your plans for the future.
Listed below are examples of questions to ask you when writing your business plan:
• How will I generate a profit?
• How will I run the business if sales are low or if profits are down?
• Who is my competition, and how will you co-exist?
Who is my target market?
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