In A Break-Even Analysis Fixed Costs Are A Function Of How To Evaluate A Business Idea For Developing An Enterprise

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How To Evaluate A Business Idea For Developing An Enterprise

Why do you need a business plan?

Planning is a never-ending process for all businesses. It is very important in the early stages of any enterprise when the entrepreneur will need to prepare a preliminary business plan.

There are different types of plans that can be part of any business operation. These include but are not limited to Financial Plans, Marketing Plans, Human Resource Plans, Production Plans, Sales Plans etc. Plans can be short term or long term or they can be strategic or operational. Regardless of the type of plan or the function, plans have an important purpose; provide guidance and structure to management in a rapidly changing market environment.

A business plan on the other hand is a written document prepared by the entrepreneur that describes all the important external and internal elements involved in starting a new venture. It is often an integration of functional plans such as marketing, finance, manufacturing and human resources. It also addresses both short-term and long-term decision-making for the first three years of operation. So, the business plan, or road map, answers the strategic question of where am I now? Where am I going? And how will I get there? Potential investors, suppliers and even customers will ask or require a business plan.

How I Prepared My Preliminary Proposal

In my case, I followed these break downs to keep each section as short as possible.

1. How we begin: in this section, I set the context of the project by giving an account of the problem it is trying to solve.

2. State of the art: I provided an overview of existing and emerging technologies in the field, including an account of rival technologies and a comparison of the advantages and disadvantages of the various options.

3. Proposal: I wrote an overview of the proposed project and the approach, meaning the activities I will undertake to achieve the project objectives. Clearly state the research component or gift component of the proposal.

4. Consortium: an overview of the proposed workforce and establish the necessary capabilities to successfully implement the project (e.g. skills, competencies, etc.)

5. Goals and outcomes: Identify (1) goals and (2) outcomes of the proposed project.

6. Competitiveness: if applicable, establish the competitiveness or advantages of the proposed solution compared to other solutions, whether they already exist or are still being researched.

7. Cost: provide an overview of the cost of the project (including start-up costs and working capital requirements).

8. Impact: This section should include:

i Markets and Uses: identify possible uses and markets for the project results.

ii. Benefits and Beneficiaries: identify the beneficiaries of the project results (eg project participants, the general public, third parties) and how they will benefit.

iii. Roadmap: gives an indication of what other steps, efforts, costs and timelines are necessary before tangible benefits can be realized in the results or results of the project (unless these are realized in the life of the project).

iv. Contact benefits: identify any secondary benefits of the project (e.g. facilitate participation in funding programs, improve Malta’s ranking, strengthen Malta’s reputation in a particular area, etc.)

Prepare a detailed business plan

The steps in writing a business plan are: After deciding to go into business, before starting the business and when updating is necessary.

Business plans can be written for retail businesses, wholesale businesses, service businesses, manufacturing and any other type of business.

A business plan is written by doing the following:

Identify all questions that might be asked about the business.

Determine what additional information needs to be gathered to answer all the questions.

Get all the information you need.

Compare various alternatives

Make a decision on each question.

A business plan should:

Have a good appearance

Provide an index

Give a summary

Number each copy

Sign to show who submitted it.

Depends on the nature of the business.

A business plan should be organized to include a cover page, table, executive summary, business description, marketing plan, organizational plan, operational plan, financial plan and appendices.

Outline of a typical business plan is as below;

1. Title: Feasibility study report on __________________

Commissioned by _________________________

2. Project consultant

3. Table of contents:

Executive Summary

The report

Project background

Objectives of study

Project description and

Loan advances

Promoter

Location

Market and marketing plan

Potential customers

Competition

Pricing

Sales tactics

Advertising and Promotion

Timing.

Technical feasibility and management plan:

Factory

Car

Accusations above

Packaging material

Raw materials Labor and labor costs.

Financial Projections/Feasibility:

Overview of capital requirements

Financial plan

Projected cash flow

Projected profit and loss account

Estimated balance sheet

Break-even analysis

Sources and applications of funds

Organization Plan:

Form two in common

Identification of major partners/shareholders

Principal Authorities.

Background management team

Roles and responsibilities of organizational members

Risk Assessment:

Assess weaknesses in business

New technology

Contingency plan.

Hours:

12 month sales forecast

12 months expected purchase

Fixed assets and depreciation schedule

Profitability index.

Thanks for reading

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