Question

The Government of Ghana, through the Ministry of Trade and
Industries (MOTI) has called for Business Plans from all ‘Year 2020’
Ghanaian graduates of tertiary institutions across the country to access a
seed money for setting businesses through Stimulus Package known as
the COVID FUND. It is important to note that the Fund Managers require
applicants to show proof of how feasible their plans would be. This
implies that you are expected to explicitly show how and when the venture would pay back the investment, at what point would the venture break even as well as the opportunity cost of you venture (e.g., Time Value of Money(TVM) like NPV, BCR and IRR). Fortunately for you, after a semester's course in Entrepreneurship, you have learnt about how to write a pitching business plan. How would you go about this onerous task?

Answer 1

Business Plan- Plans for the future:

Planning of the business is to create project report which relate to the business and also effort made to analysis the business opportunity it also help to set up plan for the business which result to proper utilization of the resources of the company and also help to save time .

There are various points to be kept in mind before plan for effective business as per the current environment due to COVID-19:

-If the business plan is prepared in partnership than clear vision is necessary.

-Proper understanding and analytical review be taken regarding source of fund.

-Demand of the product also to be analysis as per the current environment.

-Identification of the business is necessary to decide which type of business to be executive as per the current environment.

-Proper research is to be made regarding customer and competition which will helpful to make strategic decision.

-First analysis the break even point when the operation is executed and analysis at what output project is at break even that is no profit no profit as after break even point firm earn profit.

-In order to analysis which project is better management should apply pay back period method.

-Time value of money (TVM) also to be analysed before selecting the project for approval.

-This shows that minimum the recovery period better will be the project foe selection.

-Strength and weakness of the competitor in the industry is properly analysed and deep study require.

-Efforts taken to analyse the capital expenditure fe setting up of business in the form of space equipment,machinery,furniture and the like.

-Revenue and the expense are required to prepare proper analysis of the environment.

-Opportunities from the environment is deeply studied and the benefit from them are analysed.

As per the analysis during this COVID period where there is lock down in everywhere so efforts taken to analysis the market which will provide benefit not even to the society but also to the nation in form of employment opportunity,poverty removal and also help to the nation.

Some people made sanitiser, mask, PPT kite, temperature noting machine and others to take the advantage from the current environment.