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, 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 e regularly revisited and might be rewritten or a new business plan might be developed to fit specific circumstances.
business plan might be written to cover the whole of the business activities in an organisation or to describe and justify a new activity or venture.
1. List the typical elements of a business plan and the Standard approaches to be used in developing a business plan.
2. What information will continue to the development of the plans and from what sources will the
information that helps in construction of the plan come?
3_ Why and how will these sources be valuable? (400 words total)
Monitor performance and respond to performance data
Your organisation has identified a new marketing opportunity.
The design department has come up with a totally new product and the marketing department has conducted appropriate research to determine that there is a market for the product.
A business plan to support the introduction of the new product has been drawn up. Risk analyses and cost-benefit analyses have been completed and it is now time to implement the plan.
The plan contains a number of key results areas (KRAs) and covers testing! Walling, monitoring and reporting procedure requirements.
You were instrumental in drawing up the plan and you will be in charge of implementing and monitoring the
plan to ensure successful implementation.
1. Describe the steps you will take to implement the plan and the procedures you will follow to collect performance data-and respond to feedback on performance of the plan.
2. If issues or problems arise, what actions might you take?
3. Explain why it is necessary and important to monitor plan implementation.