Q.1.
Developing a business plan
Business plans are critical tools for business growth and development. They will vary depending on the needs of the organisation. A business plan should be supported by strategic plans, operational plans and often by a marketing plan and cash flow forecasts.
A business plan would generally be written for a start-up business; however, the business plan should be regularly revisited and might be rewritten, or a new business plan might be developed to fit specific circumstances.
A business plan might cover all the business activities in an organisation or be developed to describe and justify a new activity or venture.
- List the typical elements of a business plan and the standard approaches to develop a business plan for a start-up business or an extension to business operations.
- What information will contribute to the development of the plans, and from what sources will the information come?
- Information from operations and strategic plan will contribute to development of the business plan. What is an operations plan and what is a strategic plan and how can they contribute to the business plan?
