Question

Locate an article or website that addresses business plan development and/or management. Identify and explain a key recommendation from this source that was not addressed in Chapter 25: Putting It All Together: Creating a Business Plan That Is Strategic. For example, you may explain ways to manage a budget or how to conduct a market analysis. You also can explain a technical tool (e.g., software) used for budgeting a business — not for personal finances. Be sure to cite your source.

Answer 1

The question is more of a case study on any article or website that provides know-how and guidance on business plan development and management.

Found this article very intriguing and interesting '3 GOLDEN RULES FOR WRITING YOUR BUSINESS PLAN IN 2019' by Mr. Dale Cudmore. This article covers the intricacies of making a business plan in all areas so extensively and elaborately, it can be termed as an course by itself for aspiring entrepreneurs who wish to set up their own business.  

The author emphasises that every business, big or small, should have a roadmap to guide the path for its progression and ways to achieve the mission. This becomes more important for entrepreneurs and startups to secure right investments from investors or brand or market expansion. Business plan places the accountability and direction on the management, portrays comprehensive overview of business, align priorities and resources and forms the protocol for success.Right variables need to be measured at right intervals to inculcate the sense of accountability and ownership.

The author gives the 3 essential rules for a good business plan:

1. Keep it short and concise - crisp plans get the right attention from the intended population.

2. Use simple language - important in the view of the audience, complex, glossy or legal language may become a hindrance.

3. Don’t get bogged down with technicalities - start with a one-page business plan and build on that as you learn your business.

For example the section on market analysis coves broad and deep. Market analysis should offer a comprehensive overview of the marketplace;

step 1- describe current industry and marketplace; 2- describe the customer base and potential customers

3- provide the scale of the market; 4- explain the company's pricing structure; 5- Conclude with a brief summary with hard facts and verifiable numbers on why would your business be successful .

Based on the market analysis, write the Marketing plan. The marketing plan is paramount in alluring customers to purchase your company’s line of products and/or services.This is the section that will help you outline how you are going to build a brand that not only attracts customers but retains them and is competitive enough to stay afloat and prosper.

The most widely used technical tool used for budgeting a business is not a surprise - it is the ubiquitous MS Excel. It may seem preposterous to think of MS Excel as comprehensive tool to some, but Excel is the staple ground used by almost all finance teams in most of corporations.

source: digital dot com/ blog / business plan