Success of an enterprise is greatly enhanced by a vivid andexhaustive device called a business plan(Malcotsis, 2002).
A business plan can be defined as a document that shows a firm’s products’ and services’portfolio, market forecasts, financial position andbudgets, production techniquesand ways of attaining her goals (Ward, 2016). The plan comes in handywhen planning to actualize entrepreneurialideas or while expanding an alreadyfunctioning business. It is the aim ofevery entrepreneur to starta business whose prospects are good enough to guarantee sustainability. A clear and attractive business plan canensure this is accomplished (Rogoff, 2007). It is dynamic and is frequently updated when necessary at anygiven instance. An effective businessplan should thoroughly evaluate thetarget market and competition stiffness.
It should provide a concisesummary of the enterprise and depictinnovative ways for marketing, running, funding and managing the business (Ward, 2016). It should reflect the need of the firm and be achievable,informative and compelling to get all parties to the business committed. A business plan has numerous applications for the corporate world. The uses aregenerally classified as either internal or external. Internally, the plan is usedto; conduct SWOT (strengths, weaknesses, opportunities and threats) analysis forenhancing performance, harmonize the plans andoperations of different sections in big companies,inform employees about the company by evaluatingthe past and/or recent performance and trends and provide a firm basis fordecision making exercise on the satisfaction of the business (Crego, Schiffrin, , 1995).Externally, a business planinforms the stakeholders and customers of mission, vision, objectives, performance and firm organization. Furthermore, it is quiteuseful when outsourcing for funds tostart or expand a venture (Crego et al., 1995; Malcotsis, 2002).
Hence, a business plan should compeland inform the audience in a way that is easy to understand. In addition, itshould be realistic to realize its purpose. Farm Machinery ManufacturerBusiness Plan and Cosmetics Manufacturing Business Planare selected for this study. A brief overview of each plan is detailed in theoutline section. Farm MachineryKourosBrothers Ltd (KBL) is a Cyprian based firm that provides awide range of agricultural commodities and services. Itis a producer, an importer and a legal retailer of acollection of heavy-duty agriculturalinstruments.
It is the only authorized intermediary for major Europeanagriculture producers. The company has wide markets extending to the Middle East as well asSyria. The firm has spotted a new opportunity and intends to seize it. Thegovernment plans to provide incentives amounting to 256 million Euros foragricultural producers that intend to acquire the state-of-the-art technologiesto add value of theirproducts and consequently fetch high priceson the market (Bplans, 2017a). The business plan intends to communicate the potentials of the firm, to showcase the company’sgood image and her expanding market shares and to stress the need for funding to aid in theexpansion.
The firm boasts of attractive returns and assets, but lacksadequate capital to acquire the much needed exhibition machinery to cater for the anticipated huge sales’ potential due to the incentive funds. Thefirm has identified a list of proven buyers of the newtechnology. The firm is under desirablepressure for expansion to fully cater for the widening market demands. As a result, the company is looking for funding of about £50,000 to realize her mission. Cosmetic planBlue spa, owned by Brunner’s family, is a US firm based in Oregon State.
The corporation “has created abrand concept consisting of both skin care and athletic apparel utilizingmultiple channels of distribution” (Bplans, 2017b). The firmhas an eye on the untapped market niche. Currently there exists no brand that is all-inclusive as far as the beauty and fitness products are concerned in thisindustry. For instance, women customers have been conspicuously neglected inthe fitness clothing and auxiliaries. This presents the firm with a gloriousopportunity to establish and roll out growth plans for the idea. The brand is mainly targeting educated women from theirmid-twenties to mid-sixties with specialconcern on healthy living and maintaining fitness. The firm intends toaccomplish her goals by being innovative in marketingand bolstering herself on quality production techniques.
This business plan presents their market analysis, valueproposal and marketing plans. The plan foreseesa pay-back period of 3 years. They are looking for investors tofund the establishment of the brand.