Get premium membership and access questions with answers, video lessons as well as revision papers.
The primary value of a business plan is to create a written outline that evaluates all aspects of the economic viability of a business venture including a description and analysis of business prospects.
A business plan is an essential step for any prudent entrepreneur to take, regardless of the size of the business.
Business plans can vary enormously. Be aware now that most start-up entrepreneurs are reluctant to write down their business plan. It is therefore strongly recommended that you complete each segment of the plan as you progress through this course. We make it easy for you by providing sample plans for both product and service businesses and also an attractive blank form that you can download onto MS Word and customize yourself.
Why Prepare a Business Plan?
Your business plan is going to be useful in a number of ways. Here are some of the reasons not to skip this valuable tool.
First and foremost, it will define and focus your objective using appropriate information and analysis.
You can use it as a selling tool in dealing with important relationships including your lenders, investors and banks.
You can use the plan to solicit opinions and advice from people, including those in your intended field of business, who will freely give you invaluable advice. Too often, entrepreneurs forge ahead ("My Way!") without the benefit of input from experts who could save them a great deal of wear and tear. "My Way" is a great song, but in practice can result in unnecessary hardships.
Your business plan can uncover omissions and/or weaknesses in your planning process.
Six Steps to a Great Business Plan
1. Write out your basic business concept.
2. Gather all the data you can on the feasibility and the specifics of your business concept.
3. Focus and refine your concept based on the data you have compiled.
4. Outline the specifics of your business. Using a "What, where, why, how" approach might be useful.
5. Put your plan into a compelling form so that it will not only give you insights and focus but, at the same time, will become a valuable tool in dealing with business relationships that will be very important to you.
Kavungya answered the question on April 29, 2021 at 18:27
- The training programme for the first year graduate management trainees of PQR Bank Ltd., a major commercial bank with a country wide branch network, consists...(Solved)
The training programme for the first year graduate management trainees of PQR Bank Ltd., a major commercial bank with a country wide branch network, consists of classroom training and on -the-job training. The objectives of the training are to ensure that new staff members learn fundamental concepts in banking and develop technical, analytical and communication skills that when combined with further experience and training, will help them achieve maximum potential in the organization.
Classroom training is used to introduce concepts and theories applicable to the work environment. Although new management trainees receive this special training, actual work experience is the principal means by which they develop the skills necessary to become good bank managers.
Managers in different departments and branches of the bank are responsible for on-the-job training. They assign duties to the trainees and review their progress. Owing to the fact that managers are on performance contracts, their attention is usually not focused on the work being done by the trainees. The managers therefore, assign routine to the trainees with little or no through to furthering the career development of these employees. This has resulted in minimal preparation of the trainees for the learning the job.
Recently, the bank has lost several capable first year management trainees. The reason most of them gave for leaving was that they were not learning or advancing in their careers.
Required:
(a) Explain the limitations of on-the-job training offered by PQR Bank Ltd.
(b) Describe the measures that PQR Bank Ltd. should put in place in order to reduce the high turnover of the management trainees.
Date posted: April 29, 2021. Answers (1)
- Outline the activities that are included in a public relations programme of an organization.(Solved)
Outline the activities that are included in a public relations programme of an organization.
Date posted: April 29, 2021. Answers (1)
- Explain the importance of public relations to an organization.(Solved)
Explain the importance of public relations to an organization.
Date posted: April 29, 2021. Answers (1)
- Explain the three levels of strategy and the characteristics of strategic management decisions at each level.(Solved)
Explain the three levels of strategy and the characteristics of strategic management decisions at each level.
Date posted: April 29, 2021. Answers (1)
- Discuss the barriers to effective decision making in an organization and suggest ways in which management can overcome such barriers.(Solved)
Discuss the barriers to effective decision making in an organization and suggest ways in which management can overcome such barriers.
Date posted: April 29, 2021. Answers (1)
- “The centralization of procurement in a large company leads to greater efficiency.”
Discuss.(Solved)
“The centralization of procurement in a large company leads to greater efficiency.”
Discuss.
Date posted: April 29, 2021. Answers (1)
- “Procurement is an important aspect of production management.”
Explain how an efficient procurement policy benefits an organization.(Solved)
“Procurement is an important aspect of production management.”
Explain how an efficient procurement policy benefits an organization.
Date posted: April 29, 2021. Answers (1)
- Distinguish between goals and objectives describing how they can be used in the development of corporate strategic plans.(Solved)
Distinguish between goals and objectives describing how they can be used in the development of corporate strategic plans.
Date posted: April 29, 2021. Answers (1)
- What are the characteristics of a good mission statement?(Solved)
What are the characteristics of a good mission statement?
Date posted: April 29, 2021. Answers (1)
- Discuss the contributions of scientific school of management to the study of work and its relevance to the management of organizations today.(Solved)
Discuss the contributions of scientific school of management to the study of work and its relevance to the management of organizations today.
Date posted: April 29, 2021. Answers (1)
- Explain the environmental factors that a marketing manager should consider before entering the international market.(Solved)
Explain the environmental factors that a marketing manager should consider before entering the international market.
Date posted: April 29, 2021. Answers (1)
- “When a company introduces a new product, it faces the challenges of setting its price for the first time.”
Discuss this statement using the two pricing...(Solved)
“When a company introduces a new product, it faces the challenges of setting its price for the first time.”
Discuss this statement using the two pricing strategies.
Date posted: April 29, 2021. Answers (1)
- United Manufacturing Ltd. produces agricultural chemicals and currently has 800 employees stationed in its four branches.
The company has been experiencing very rapid growth in the...(Solved)
United Manufacturing Ltd. produces agricultural chemicals and currently has 800 employees stationed in its four branches.
The company has been experiencing very rapid growth in the last few years and the number of employees is expected to increase. To maintain its competitive edge the company has been training the existing employees and improving their benefits.
Recently, a new human resource manager was appointed and he has suggested that the company should invest in a computerized human resource information system to replace the manual system.
Required:
(a) Explain how a computerized human resource information system will benefit United Manufacturing Ltd.
(b) Outline the steps the company should follow in the planning, development and implementation of the human resource information system.
Date posted: April 29, 2021. Answers (1)
- Samson Kimani was recently appointed as the finance manager of Bita Chemicals Ltd. He qualified as an accountant one year ago and this is his...(Solved)
Samson Kimani was recently appointed as the finance manager of Bita Chemicals Ltd. He qualified as an accountant one year ago and this is his first managerial position. The finance department is made up of ten members of staff who have been working for the company for several years but since they are not qualified accountants, they were not considered when the appointment was being done. Members of the department are not happy with the appointment as they would have liked someone who has been with the organization for a longer duration and therefore with more experience to have been promoted to that position.
Although Samson is a good accountant, he has a problem relating to people. Consequently, there has been little social contact between him and members of his department.
To overcome his communication problems, Samson has been relying on internal memoranda and placing instructions on the department’s notice board as the main methods of conveying information to his staff. These new methods of communication have not been well received by the staff and have resulted in several complaints being made to the chief finance officer regarding Samson’s inability to effectively communicate with his staff. There has also been a lot of confusion within the department and team spirit is at an all time low.
The chief finance officer has talked to Samson and was able to establish the following as the reasons for Samson’s reliance on written communication only:
To avoid confusion since there is a documented record of his instructions.
When chairing departmental meetings he feels intimidated with so many experienced and older employees and as a result the meetings always end in chaos with no decisions being made.
As a manager in a consultancy firm, you have been approached by the chief finance officer to help Samson improve on his communication skills.
Required:
(a) Explain to Samson why he should use different styles of communication to improve the working relations in his department.
(b) Outline to Samson the guidelines of conducting effective meetings with members of his department.
Date posted: April 29, 2021. Answers (1)
- Quality management is an important strategic issue in an organization. Discus.(Solved)
Quality management is an important strategic issue in an organization. Discus.
Date posted: April 29, 2021. Answers (1)
- Show how delegation of authority in an organization is influenced by the following factors:
a)Chain of command
b)Unity of command
c)Span of control
d)Line and staff relationship(Solved)
Show how delegation of authority in an organization is influenced by the following factors:
a)Chain of command
b)Unity of command
c)Span of control
d)Line and staff relationship
Date posted: April 29, 2021. Answers (1)
- “For any manager to be effective in the change process, he must own the process”
Discuss this statement with regard to a manger as an agent...(Solved)
“For any manager to be effective in the change process, he must own the process”
Discuss this statement with regard to a manger as an agent of change.
Date posted: April 29, 2021. Answers (1)
- What criteria can an organization use for allocating resources to different departments?(Solved)
What criteria can an organization use for allocating resources to different departments?
Date posted: April 28, 2021. Answers (1)
- Effective allocation of the resources of the organization is essential for strategy implementation. Discuss.(Solved)
Effective allocation of the resources of the organization is essential for strategy implementation. Discuss.
Date posted: April 28, 2021. Answers (1)
- Describe the basis upon which consumer markets could be segmented, highlighting the reasons(Solved)
Describe the basis upon which consumer markets could be segmented, highlighting the reasons
Date posted: April 28, 2021. Answers (1)