Here are "need to know basis notes" drawn from the provided
sources:
1. What is a Business Plan?
● A business plan is a detailed summary of what you
know about the business.
● Its content varies based on the type, size, and
uniqueness of the business.
● Key minimum components of a business plan include:
○ Cover Page: Contains the business name, logo,
owner name, address, and contact information.
○ Table of Contents: Lists sections with page
numbers.
○ Executive Summary: A concise overview of the
business, its unique selling proposition, and key
aspects.
○ Business Description and Industry Overview:
Details the product/service, vision, objectives,
industry, and forms of ownership.
○ Marketing Plan: Covers market research, target
customers, market size, competition analysis, and
marketing strategy (the 7 Ps).
○ Production/Operational Plan: Addresses location,
facilities, suppliers, equipment, and manufacturing
processes.
○ Management Plan: Outlines the organizational
structure, roles, responsibilities, and the
entrepreneur's role.
○ Financial Plan: Includes financial analysis, funding
requirements, capital contributions, and projected
financial statements.
○ Schedule: Timelines for achieving key milestones.
○ Legal Requirements: Specifies necessary licenses,
regulations, and insurance.
○ SWOT Analysis: Identifies internal strengths and
weaknesses, external opportunities and threats, and
outlines risk assessment and contingency plans.
○ Supporting Documentation (Annexures): Any
relevant additional documents like CVs, invoices,
contracts, or photographs.
● A Contingency Plan (also called 'Plan B') is a strategy
designed to help an organization respond effectively to
significant future events or situations.
● A Unique Selling Proposition (USP) is the specific factor
that makes your business stand out from competitors in
the market.
2. Why the Need for a Business Plan?
● A business plan is a written document that describes a
start-up business's objectives and provides a roadmap for
various functions like marketing, finance, human
resources, and suppliers.
● There are four important reasons for creating a business
plan:
1.Attracts Investors and Financiers: Helps secure
funding by demonstrating the business's viability to
potential investors.
2.Provides a Comprehensive Overview: Enables the
owner to understand all aspects of the business
thoroughly.
3.Forces Realistic Thinking: Compels the owner to
assess whether the business is realistic and has a
genuine chance of success.
4.Serves as a Roadmap and Measure of Success:
Acts as a continuous reference point and a tool to
check and measure the business's progress for the
entrepreneur.
● The three simple steps in starting a business are:
Business Idea, Vision Statement, and Action Business
Plan.
3. Action Planning
● An action plan is a record of activities showing how
these activities will be organized to achieve the objectives
set out in the business plan.
● It functions as a logical sequence of events or
guidelines for an entrepreneur to follow to successfully
implement their business plan.
● The five guidelines for drawing up an action plan are:
1.Summary of your vision, mission, long-term
goals, and short-term objectives: Clearly define
what the business aims to achieve.
2.Work Breakdown Structure (WBS): Break down the
work into manageable phases and identify who is
responsible for each task.
3.Action plan step chart: Detail the specific activities,
who is responsible, when they start, when they end,
and what was achieved.
4.Timelines indicating key target deadlines:
Establish due dates for short-term objectives and
tasks.
5.Gantt chart: A visual representation that clearly
shows the activities against dates, aiding in
monitoring progress.
● An action plan helps to identify problems, monitor
progress, turn the business plan into action, facilitate
logical thinking, clarify responsibilities, and provide clear
timelines.
4. Project Planning
● Project planning is a detailed list of all activities that
need to be completed in order to execute a project
successfully.
● It is a long process that takes place from the planning
phase until the implementation of a business venture to
set up a business.
● The project planning steps in a project Step Chart are:
1.Identify and meet the stakeholders: Understand all
individuals affected by the project and keep their
interests in mind.
2.Set and prioritise goals: Define stakeholder needs,
prioritize them, and establish specific project goals.
3.Define deliverables: Identify what needs to be
produced and set due dates for each deliverable.
4.Create the project structure: Define the series of
tasks, determine the amount of time and resources
needed, and assign responsibilities.
5.Identify issues and complete a risk assessment:
Conduct a risk assessment and develop a strategy to
manage risks.
6.Present a project plan to stakeholders: Explain
how the plan addresses expectations and potential
issues, offering solutions.