Business plan part 1 It is critical that as you write the Business Plan to incorporate citations from the text books used in the BBA program. Do not copy and paste from your (or others) assignments from previous classes (that is an Academic Integrity Violation). But do apply and cite the concepts from what you have learned.
In this assignment you are to review your Outline (Assignment 2) and then fill in and actually write the first half of the Business Plan. You will combine this with the second half of the Business Plan (due Week 6) and then after incorporating instructor feedback you will combine the first half of the Business Plan with the second half of the Business Plan for your final Signature Assignment for this class.
SWOT – business plan part 1
Also, please remember an important part of this assignment is to prepare your preliminary SWOT. It is best to have your SWOT in two forms. The first is a visual display using the SmartArt in Word (Insert > SmartArt). See the SSWOT Analysis handout in Week 2 Documents and Resources for more information and an example. In addition, check out this link for more information on SWOT: http://www.mindtools.com/pages/article/newTMC_05.htm.
Note: Your SWOT analysis will be included in your Business Plan – Part 1 Assignment (Week 4); however, it is important to do a preliminary SWOT analysis now before you develop the mission and vision of your company. Prepare words that explain each section of the SWOT and link those to the data you are gathering this week in your Literature Review. Remember, the SWOT is an analysis of internal and external factors that will affect your new business. The SWOT will continue to develop throughout the course and will require updating and you complete Part 2 of the Business Plan.
For this assignment, prepare and write out the following sections of your proposed business. Use APA and follow APA guidelines for your headings. Each section is to have primary source data and you should cite the textbook at least three (3) times in this section. Remember to alphabetize all of your sources for this paper and list them in a reference section at the end.
It is recommended that you only use short citations, up to fifteen words. Trying to fill up your paper with long citations of five to ten lines long is never appropriate in a Business Plan. If you quote more than 40 words, follow APA guidelinesin doing so: https://owl.english.purdue.edu/owl/resource/560/02/.
Also remember the “voice” of a Business Plan is never to write that something “must” or “should” be done. The Business Plan “voice” is to recommend or provide options and opportunities. Also avoid using any pronouns (we, us, they, them, etc.) as they are always confusing and should be completely avoided in a Business Plan.For this paper have at least six (6) pages* for each major section (like Industry Analysis or Management Plan) and five or six paragraphs for each subsequent smaller section (like the history of the industry). Furthermore, a paragraph is usually about a third of a page and is never just one sentence: https://owl.english.purdue.edu/owl/resource/606/02/.
Each major section should have a minimum of two to three citations (not quotes), many will have twice that amount. It is never allowed to have a single sentence paragraph.Remember you will write the Executive Summary (Abstract) within the second half of the Business Plan (not now) as you cannot write the abstract until the entire paper is researched, data is analyzed and written.
1. Executive Summary – business plan part 1
You included this section in the Outline – but you will not be able to finish writing this section until you have completed all of the research and formulated all of the other sections.So you do not need to include the Executive Summary at this time, but remember it is a critical part of the Business Plan ( also see Assignment 2 instructions).
It is good for you to know that: The purpose of an Executive Summary is to write a brief description of your plan that allows the reader to gain the essence of the entire plan in less than two pages. It is intended to give a busy executive the key information and lead the reader to the sections that will answer the executive’s primary questions. It is not an introduction to the plan, as you may have written in typical papers. This Executive Summary, although positioned first in the project, should actually be written last. That way you know what you are summarizing. Writing it earlier will cause it to tend towards a traditional introduction. The elements of an Executive Summary are:
- Usually starts with “There is a need” back up with data. This includes a description of the unsatisfied need that creates the business opportunity/innovation
- Purpose of the plan (attract investors, bring a new innovation to a specific and identified and cited market, etc.)
- Introduction to market opportunity – what is the innovation, what is the industry, what is the value that it brings
- Brief description of the connection to (not of) the Fortune 500 company
2. Mission and Vision Statement & Innovation Description – business plan part 1
The Mission and Vision should be carefully crafted. You should see evidence of how operational, financial, management, and marketing plans are executed in the light of the innovation’s mission and vision. You are writing about the innovation not about the Fortune 500 company and yet you have to show the connections.
3. Company Description (proposed new organization) – business plan part 1
- Type of business and Legal Structure (e.g., LLC, sole proprietorship)
- Distinctive Core Competencies, overview of the demographics, location, and financial viability
In this section you will also show (but not repeat) the connection between your innovation and the Fortune 500 company, but you are not writing an Outline about the Fortune 500 company
4. Industry Analysis and Trends (state of the industry, market research, barriers to entry, identifying competitors, identifying market niche, expert advice, competitive analysis, strategic positioning), all with cited data from academic and business sources – business plan part 1
- The history of the industry
- Size of the industry
- Industry evolution
- The trend–where the industry is expected to be in five to ten years
- The key players in the industry (those who do something like this well and those who do not).
- Perform a competitive advantage analysis.
- Barriers and challenges to entering the market•Environmental Scan
Significant factors in the macro environment: Clear statement of the opportunities and threats through SWOT analysis. The SWOT connects to the research and results in data driven decision making. Other issues include but are not limited to:
- Copyrights, Patents, and Intellectual Property Rights
- Research and Development Activities
- Failures in the industry
- Changes in the market
Products and services
Detailed Product/Service Description
- Product Life Cycle
- Copyrights, Patents, and Intellectual Property Rights
- Research and Development Activities
5. Strategic Positioning, Strategic Intent (Measurable Goals) – business plan part 1
Competition strengths and weaknesses (using SWOT, AAA, and other matrices) business plan part 1
6. Product / Service (define product or service, what makes the product worthwhile, liability concerns, expert advice) – business plan part 1
- How does the position in the Product Life Cycle affect this Business Plan?
- How does the position in the Industry Life Cycle affect this Business Plan?
7. Management Plan (hiring projections, board of directors or advisors, outside professionals, licenses, expert advice) – business plan part 1
Management and Ownership – business plan part 1
- Board of directors and rationale for members
- Management staff structure – Organizational chart
- Key managers
- Plans to attract, develop, and retain key personnel
- Future additions to the current management team
- Compensation and reward plans (based upon Indeed.com data)
- Training and motivation plan (financial and otherwise)
- Insurance plans and costs
- Government rules and regulations that might apply
- Answer Drucker’s Five Questions at it relates to your businesshttp://www.inc.com/peter-economy/5-essential-questions-entrepreneurs.html
8. Marketing Plan (defining the product, defining the customers, selling prices, market placing/segmentation, promotion, follow-up plan, and expert advice). Use http://www.fedstats.gov/ for more information – business plan part 1
- What is the competitive advantage that this business will create?
- Major characteristics of the target market (what does the customer look like?)
- What is the demand of this target market?
- Nature of the competition?
- What are total sales to this market in geographic area?
- What are total sales expected in five years? In ten years?
- What percentage of this demand does this business expect to capture?
- What are the four P’s?
- Overall marketing strategy
- Specific marketing mix
- Strengths and weaknesses in ability to satisfy target market needs
- Communication plan internally and externally
- Channels of distribution
- Sales strategy (Customer Relationship Management Program)
- Product and service cost
- business plan part 1