BUSINESS PLANNING
The importance of having a business plan
> To enable us to evaluate, think and improve the business which we are planning on.
> To enable us to gauge the returnability of a prospect business.
> To make the possible problem that might occur be more observable.
The format of a formal business plan and important aspects to consider when writing a business planIn this week's lecture it was highlighted that:
A professional executive summary should be around 25-35 pages It is to explain BRIEFLY but thoroughly the main elements of business as a separate document.
In the business plan, we must focus on explaining to people in a few pages regarding what are you/ your business going to do.
In short, business plan is as if a summary on what our business is all about.
The following should be included in the appendices:
- Proforma financial statement
- Balance sheet
- Cash flow analysis (the flow of money, total project cost, total financing)
- Income statement
- Business registration document à for your corporate identity
- Operation document à permission to do business
2. How do I feel about the things that I've learnt from this week's lecture?
I feel that it was an imperative lecture as literally every business needs a business plan. I am glad that I was exposed to such a thing now and I am able to apply all the knowledge that I have gained as soon as now!
3. How am I going to apply the knowledge that I've gained?
I will apply all the knowledge that I have gained from this lecture and lead my team to write a good business plan. I have confidence that we can gain a lot more by writing a good business plan. I am looking forward to cooperate with my team in coming out with a very marketable business plan.
A good plan is a good start. And a good start means the job is half done!
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