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An essay on the importance of a business plan
Business plan essay
Business plan essay
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Table of Contents
Executive summary 2
The company 2
Company description 2
Vision statement 3
Mission statement 3
Objective 3
Company background 4
Product/ service and industry 4
Product/ service description 4
Industry description 5
The market 5
Market and target customer 5
Competition and competitive advantage 6
Marketing strategy 6
Overall strategy 7
Sales plan 7
Competitive plan 7
Research and development or growth plan 8
The organization 8
Legal and organizational structures 8
Key personnel 8
Related service providers 8
Location 9
The financials 9
Critical risks 9
Income statement 9
Cash flow projection 10
Balance sheet 10
Start- up costs 10
Assumptions 11
Schedule 11
Conclusion 11
References 13
The appendixes 15
Executive Summary
Starting a business is a challenging undertaking that requires detailed planning and intensive research. The modern dynamic market and economic changes demand for the adoption of a well through of business plan that incorporates the entire business requirements (Pinson, 2004). The Paradise Beauty Centre will be a small enterprise that will focuses on the production and distribution of beauty products in United States of America. The business plan will help the business managers and other employees in understanding the long-term and immediate goals and objective of the business.
The business plan will also be useful in facilitating the adoption of a strategy that will help the business prosper in the modern market. The plan will be a critical tool that will help in the production of a reliable strategy for attaining the goals and objectives. The proposed business plan will be implemented in three years time. Within the first three years, the business i...
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Millikan, E. (2001). Cosmetology, cosmetics, cosmeceuticals: definitions and regulations, Clinics in dermatology 1.(4) 371-374
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Pinson, L. (2004). Anatomy of a Business Plan: A Step-by-Step Guide to Building a Business and Securing Your Company’s Future. Chicago: Dearborn Trade
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Winter, R., (2005) A Consumer's Dictionary of Cosmetic Ingredients: Complete Information About the Harmful and Desirable Ingredients in Cosmetics. New York, NY: Three Rivers Press
If we at Ophthalmic Consultants of Boston (OCB) intend to be a profitable business with plans of continued growth, then we must make some fundamental changes in the way we operate our business. First we need to get back to the very basics and write a business plan! The Information contained in a business plan will help us to determine who we are, where we want to go, and how we intend to get there. This basic information will bring us focus, and act as a guide for our actions in the future. By defining our intended strategies for management, operations, sales, marketing, finance, competition, etc. we will then have what is necessary to layout a clear path for our future. If you all agree I shall begin this task immediately!
Heilbroner, Robert. "The Economic Problem." The Making of the Economic Society. Englewood Cliffs: Prentice Hall, 1993. pp. 1-15
Business strategy is the means by which firm’s plans to achieve its goals and objectives. It can also be termed as organization long-term planning. The strategy covers periods between 3-5 years and sometimes longer. Businesses use two major types of strategy, general or generic and competitive strategies. The overall strategy involves strategies of growth, globalization and retrenchment. The competitive advantage includes low pricing, product and customer differentiation. We will look at the business strategy used by Marks and Spenser (Cole, 1997). The company is a British multinational located at Westminster London and specializes in clothes and luxurious food products.
If I were to start my own business, my dream would be to build a surf and skate shop on the Southern California coast. My business would be located on beachfront property in the surrounding area. This business plan will cover two main subjects, 1: an Analysis of the Business Situation, and 2: the Planned Operation of the proposed business. The first topic will cover the subtopics Trading Area Analysis and Competition in the area for my business. The second main topic will cover the proposed organization of the business, the proposed business, and proposed strategies for that business. The analysis of the business situation will cover geographic and demographic information for Huntington and the surrounding area. It will also contain an analysis of businesses in the area which are of similar type, customer buying behavior relating to my proposed business, and the potential location of my business. The Proposed Operation section will address the topics of ownership, start-up procedure, personnel needs, special functions, and an organizational chart. Details of products which will be sold will also be included, as will my business' pricing policy. I would hope that through my thorough planning and explanation that my business idea will be a grand success on the beautiful beaches of California.
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Finding a consistent well paying job has been getting harder and harder in recent years. A number of new and great business opportunities are available to the public. These opportunities only cash in if you run a well oiled business plan. Anything from wholesaling vehicles to owning your own pizza parlor are great starts in business. Although, owning and operating a business is a great burden on a person, it can turn out to be very profitable.
• Meet with local media to introduce them to the product line and share information about the natural method of hair removal.
O'Sullivan, A., & Sheffrin, S. (2005). Economics. Upper Saddle River, New Jersey: Pearson Prentice Hall.
The crucial importance and relevance of economics related disciplines to the modern world have led me to want to pursue the study of these social sciences at a higher level. My study of Economics has shown me the fundamental part it plays in our lives and I would like to approach it with an open mind - interested but not yet fully informed.
After studying the cosmetic market we can identify a series of needs in this market:
A successful business strategy will identify changes in the external trends in the market place. Plan out what the company’s future direction is. Set out the goals for the management team. It will identify a vision of where the company wants to be in the future. Keep all employees informed of the direction of the company.
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Sloman, J & Wride, A (2012). Principles of Economics. 8th ed. Essex: Pearson Education Limited.