Success 1995; Malcotsis, 2002). Hence, a business plan

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Success of an
enterprise is greatly enhanced by a clear and comprehensive tool known as a
business plan (Malcotsis, 2002). A business
plan is simply a document that highlights a company’s products’ or services’
portfolio, market forecasts, financial position and budgets, production techniques
and means of achieving her objectives (Ward, 2016). The plan comes
in handy when preparing to actualize business ideas or when expanding an
already existing venture. It is the goal of any entrepreneur to establish a
prospective business that will be profitable enough to guarantee continuity.
This requires a vivid and attractive business plan (Rogoff, 2007). It is a
dynamic tool that can be updated as necessitated by needs from time to time.

A good business plan
should provide a thorough analysis and evaluation of the customers, market
volume/share and competition stiffness. It should provide a concise overview of
the business and depict creative plans for advertising, running, funding and
administering the enterprise (Ward, 2016). It should
reflect the need of the firm and be achievable, informative and compelling to
get all parties to the business committed. 

A business plan has
numerous applications for the corporate world. The uses can be classified into
two broad categories; internal and external. Internally, the plan is used to; conduct
SWOT (strengths, weaknesses, opportunities and threats) analysis for enhancing
performance, harmonize the strategic plans and operations of different
departments in large companies, inform the staffs on the business through
evaluation of the past and/or recent performance and trends and lastly provide
a firm standard for decision making concerning whether the venture is
satisfactory or not (Crego, Schiffrin, & Kauss, 1995). Externally, a
business plan is used to inform the stakeholders and other interested parties
of mission, vision, objectives, performance and organization of the firm.
Furthermore, it is quite useful in soliciting finances for the enterprise (Crego et al., 1995; Malcotsis, 2002). Hence, a
business plan ought to be compelling, informative, easily understood and
realistic to serve its purpose.

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Farm Machinery
Manufacturer Business Plan and Cosmetics Manufacturing Business Plan are
selected for this study owing to the prerequisite of the assignment. A brief
overview of each plan is detailed in the outline section.

Categories: Decision Making


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