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What questions do you have about the overarching?
To effectively run a business there is need to develop project plans to provide a guide for business operations. Business planning improves the consistency of organizational activities, increases scalability, improves efficiency and brings greater manageability. Before setting up a plan, there are questions that an individual need to ask themselves; these are; which need to you need to address? What makes you different, who is your audience, how will the business make money, how would one promote their business and what one needs to get started?
What are the most important elements of a Business Plan? Why?
Businesses have important elements that should be put into consideration while developing business plans. They include business goals, business purpose, researching on one's market, refining product or service design, developing a marketing strategy, designing the business structure, the layout on starting expenses, list of startup requirements and preparing financial statements. (Zimmerer, Scarborough & Wilson,2005). These elements ensure that a business does not miss on available opportunities, it keeps organizations focused on their goals. Organizations remain organized and ensure that required actions are done according to set schedules and in time.
What other elements should be added to the Business Plan to encourage potential investors?
While developing a business plan, it is critical to include information that could win investors to want to invest in your business. These elements include; stating the current state of the business, its major achievements, the financial features of the company and the business concept. When information about an organization's performance is made public, and it is transparent, investors will be able to identify a business that has room for growth. (Mason & Stark,2004). Once they realize there is an opportunity for in a given organization they invest their funds to enable the organization to become more successful.
How important is accurate financial data to the Business Plan? Why?
The value of accurate financial data cannot be underestimated; the data is immense in helping make critical decisions in business, strategic planning, estimating failures, determining organizations success and relaying truthful information about the company to the public. (Karlsson & Honig, 2009).
Mason, C., & Stark, M. (2004). What do investors look for in a business plan? A comparison of the investment criteria of bankers, venture capitalists and business angels. International small business journal, 22(3), 227-248.
Zimmerer, T. W., Scarborough, N. M., & Wilson, D. (2005). Essentials of entrepreneurship and small business management. Upper Saddle River, NJ: Pearson/Prentice Hall.
Karlsson, T., & Honig, B. (2009). Judging a business by its cover: An institutional perspective on new ventures and the business plan. Journal of Business Venturing, 24(1), 27-45.
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