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Small Business Management Plan Guide

The student has begun researching projections for sales but this alone is not sufficient for a full business plan. The student needs to develop additional sections including: 1) Personal goals for the company 2) A product/service plan describing the target market and product details 3) A marketing plan to ensure sufficient customers and market acceptance 4) An understanding of the business model and key elements of revenue, costs, and investment. Consulting a business planning advisor is recommended to help gather all necessary information as a first time business owner may lack experience in various areas important for a successful startup.

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Taimoor Mazher
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11 views3 pages

Small Business Management Plan Guide

The student has begun researching projections for sales but this alone is not sufficient for a full business plan. The student needs to develop additional sections including: 1) Personal goals for the company 2) A product/service plan describing the target market and product details 3) A marketing plan to ensure sufficient customers and market acceptance 4) An understanding of the business model and key elements of revenue, costs, and investment. Consulting a business planning advisor is recommended to help gather all necessary information as a first time business owner may lack experience in various areas important for a successful startup.

Uploaded by

Taimoor Mazher
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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CASE 1: BUSINESS PLAN

COURSE: MARKETING
SUBJECT: SMALL BUSINESS MANAGEMENT
CODE: ECB20603
SECTION: ME30
LECTURER: NAZATUL SHIMA BINTI ABDUL RANI

NAME STUDENT ID
MAZHAR MUHAMMAD TAIMOOR 62214118521
Question 1

Why is your research thus far inadequate for what you need to know?

While knowing the projected sales for the coming years is vital and affects the financial aspect
of things, you have yet to form your entire business plan. You need to write out your personal
goals for the company. “The business plan is not the business.” Most entrepreneurs need the
discipline that comes with the process. It helps you take action and gives you direction. Look
further into the forecasts and develop a financial plan.

In this case, you would also need to develop a product/service plan. Decide what your target
market will be. This helps you to consider age, style, taste, etc. and will help you to describe and
produce the clothes you will be selling. It is up to the business owner which materials to use for
the merchandise and what quality you want it to be. Deciding on which way to go with this will
help you to know how much people are willing to pay for the clothing. Consider which target
market will be most profitable for the company.

Next would be the Marketing Plan. Make sure there are enough customers willing to buy your
products. This affects overall profits. You want to make your product known. Consider the
critical risks. You do not want a lack of market acceptance. Otherwise this type of business will
fail. You also need to consider your competition.

Understand your business model. You will have much uncertainty in the startup process.
Develop a mission statement.

Three Key Elements that make up the business model:

1. Revenue Model

2. Cost Structures

3. Maximum Investment

Consider a business planning advisor or consultant. First time business owners lack experience
in multiple areas.

Question 2

Do you think it will be difficult to find all the information you need?

In my opinion, it will be more time consuming than difficult to collect all the information you will
need for startup.
Question 3

What else might you do to find the information you need?

Compare the product you are trying to sell to other companies already up and running.
Research other companies to see how they have become successful. Also you could refer to a
business planning advisor or consultant to help you gather all information that is needed.

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