New Business Plans In India

New Business Plans In India-39
Entrepreneurs should undertake the task of preparing the business plan personally.Although outsiders - consultants, accountants, and lawyers - should be tapped for their advice and expertise, the promoter or the initial top management team should be responsible for the writing.Like always list the costs involved for each segment of marketing.

Entrepreneurs should undertake the task of preparing the business plan personally.Although outsiders - consultants, accountants, and lawyers - should be tapped for their advice and expertise, the promoter or the initial top management team should be responsible for the writing.Like always list the costs involved for each segment of marketing.

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Financial Plans - A new venture must show projected profit and loss statements and cash flow statements.

Human Resources - Make an organisation chart with details of key executives and profiles of individuals likely to be hired.

Along with your business plan make sure to support your document with flow charts, photographs, market surveys, sample brochures, advertisements, tax returns, resumes of board members, letters of recommendations etc. Physical Appearance - The document should not look too ornate or too plain.

The document should have a neat business feel to it. Ideally it should be a neatly typed document which is spiral bound.

Environmental Influences - Demonstrate your knowledge and competence by evaluating the impact of the environmental influences such as political, economic, technological, socio-demographic and ecological factors that affect your area of business.

Analyse the type of resources required at each stage of production such as financial, human, physical, technological, etc.Quality - Discuss the quality control measures to be put into place by your firm to ensure the quality of the product/service.Marketing - Once again underscore the market potential for your product by describing your product's exclusivity, describe how it will exploit your competitors weaknesses.The Benefits of Business Planning The business plan can personally benefit the entrepreneurial team.Founding a new business can be enormously fulfilling and exhilarating, but it is also an anxiety-ridden and tense experience.Personally drafting the plan will enable the entrepreneurs to think through all aspects of the proposed business and ensure that they are familiar with all the details, for they will have to make decisions about the new venture and be responsible for those decisions.Moreover, investors expect the founders to be involved in and knowledgeable about the proposed enterprise.Form of Business - Describe the legal form of your business - whether it is a sole proprietorship or a partnership, public limited co. Critical Risks - As a legal and moral obligation, the entrepreneur must, in the business plan, envision risks the investor would be undertaking in case he makes a choice to invest in your business.This will protect you from civil and criminal liability.Make the first impression professional, concise, and informative because the reader may spend only a few minutes reviewing each plan.The major sections of the business plan describe the new venture's strategy, operations, marketing, management, financial plan, and ownership structure.

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