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Showing posts with label business plan. Show all posts
Showing posts with label business plan. Show all posts

Saturday, 11 June 2011

Writing a Business Plan

One of the most important things you can do for your business, new or existing, is to write a business plan. Businesses have different reasons to write a business plan but the process of creating a business plan will only help the business become successful.
Before beginning to write a business plan, research your market and gather current industry data. Retailers will find a variety of official statistics for the industry, general demographic information, polls, trends, and other retail analysis online.

Sample Business Plans & Software

A business plan for a retail store can be a complex multi-page document created using special software or it can be a page torn from a notebook. Whatever format is used, be sure to include the essential parts of a retail business plan. If you're having trouble writing a business plan or need help creating a format, download a free business plan template, get sample business plans, or use a business plan outline to get started writing your business plan.
There are various business plan software packages on the market today. Most of the business plan programs provide document templates, free sample plans and advice for writing a business plan. Before investing time and money in a software package, find out what you need to know before you buy business plan software.

Recommended Reading

Many business planning books have been written on starting a business and the necessity of writing an effective business plan. Some books have forms and outlines, others include sample business plans to review. Many of the business planning books feature step-by-step guides on content, presentation and execution of a business plan.
Once you have finished writing a business plan for your new venture, have a friend or family member look it over. Any feedback you may receive will help you polish certain sections that may need attention. If you will be submitting your business plan to lenders, consider having it professionally printed and bound.
http://retail.about.com/od/freesamplebusinessplans/a/writing_a_plan.htm

Business Plans



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A well-written business plan must include long-term targets and means for achieving goals in quality, cost, delivery, and morale. A number of factors concerning the company's strategy should be discussed including: short term launch projections, long term goals, product advantages, financial backing and competitive advantages. Other important categories include the following information:
  • Quality/Customer Satisfaction
  • Sales, Market Share, Labor Costs, Production Costs, Profit Margin
  • Number of New Products or Services, R & D Costs, Accuracy of Research
  • Office Location, Headquarters Location, Business Expansion Plans
Business plans should be to the point. Prospective investors need to find convincing information quickly, while being persuaded of potential market growth and profitability at all times. Business plans should convince without hard selling. Let your most impressive statistics speak for themselves and investors are bound to be impressed. When trying too hard to sell a product in a business plan, potential investors question the underlying facts of your presentation. Key Vocabulary Notes long-term / short-term targets = specific business goals such as sales, market share, etc. morale = how employees feel Our long-term goals include opening stores in California. Our short-term goal is to increase production at our new facilities. launch projections = A launch is made when a new product is introduced. A launch projection is a forward looking estimate at how the product will do in the market. Our launch projections estimate that we will obtain 5% of market share in the first year. financial backing = what financial resources will support the business plan Financial backing is provided through an initial investment of $500,000. competitive advantage = the advantages of your product over the competition Our competitive advantage has been secured through multiple patents. market share = the percentage of a market that a product or business has We expect to obtain 15% market share in Canada within three years of launch. profit margin = what percentage of profit will be made once costs are deducted At $29.99 the profit margin per item is approximately 35%. R & D costs = research and development costs R & D costs will total $200,000 for the year. to the point = direct, concise Please get to the point. potential market growth = the total opportunity of a new product http://esl.about.com/od/businessenglishwriting/a/Writing-Business-Plans.htm

Wednesday, 20 April 2011

Why Should I Plan?

There are many reasons why you should plan your professional development, not least because if you don’t you won’t appreciate your achievements and will not be able to track your progress. Here we explore further the reasons why it is worthwhile investing a little time now in order to reap the benefits of thorough planning later.

Understanding future needs

Few people are lucky enough to start life knowing what they want to be when they grow up, and sticking to that idea throughout their education and subsequent career. Even fewer are able to follow a precisely defined career path where development and promotion occur at pre-determined stages.
In the 21st century professionals are responsible for their own careers and have to make decisions about where they want to go next. They must be able to adapt to sudden career changes, whether these result from new opportunities or redundancy. This may seem to rule out the need to plan where you want your career to take you, but in reality strengthens the case for assessing your future needs and planning how to gain the competence you will need to meet them.
In terms of your future needs, you should also give some thought to the type of support which might help you to achieve your plan. For example, will you require a mentor at some stage? If so, when, and where would you look for one? What other types of supporters would you want? If you are thinking of gaining NVQs you will need to identify assessors and verifiers. You may also need financial support and/or flexible working arrangements if you are planning to study for a further qualification.
More about Gaining Support.

Business needs

Think about the business you are working in: What is the likely future demand for your product? Who are your competitors? What other threats face your business? What is the research and development department working on, and how might this affect you? What are the likely opportunities for promotion or a sideways move within the company? Companies are subject to mergers, takeovers, closure and strategic changes in output or location; all of which provide career opportunities and threats.
With the pace of technical change, businesses need those who are familiar with the latest technology, or have the capability to bring themselves up to speed very quickly. Keeping an eye on the technical press, attending lectures and talking to customers and suppliers will help you to identify the technical changes most likely to affect your business. Acquiring the relevant skills will give you a head start in meeting the challenge of change when it comes. Alternatively, you may find that a new technology is of particular interest, and want to create the opportunity for a move in that direction.
Soft skills, transferable skills and interpersonal skills are all terms which have come into common usage in recent years. Surveys of employers frequently indicate that these skills are often in short supply, especially among technical professionals and new entrants to the workforce. You will need to have or gain these skills simply to function in most jobs, but if you want to progress to senior levels you will have to develop them to a high level. These types of skills also tend to be very generic - at a superficial level the requirements may seem to differ according to an employer’s culture, but the basic principles still apply. So you need to plan to acquire and enhance a whole range of these skills.
Your employer may have formal mechanisms in place to identify business needs and corresponding development plans for employees. You may find yourself being groomed for a specific role, or part of a cohort expected to progress to a certain level within the organisation. If this is the case, your employer will identify the skills you need to meet their objectives, and may have a structured development scheme to enable you to acquire them over a certain timescale. If your employer has such a scheme but you are not on it, you may want to find out how to get involved.

Career/Job goals

You will need to think about a whole host of factors. Most importantly, your aspirations, the needs of your current and potential future employer, and your personal goals. Where do you want to be this year, next year or in five years time? Doing the same job? Promoted within your company? Or somewhere completely different? You will greatly improve your chances of creating or taking advantage of career opportunities if you predict these needs, and acquire the corresponding skills in a structured manner.
You may have some very clear ideas about what you want to do next. If this is the case, you should be able to gather information to help you analyse the skill requirements and identify any shortfall in your existing skill set. Talking to the person doing the job, looking at the job description and person specification, and talking it through with a mentor, will all help you to gain an understanding of what is required.
On a broader level, you may want to start with a clean sheet of paper and identify what you could or would like to do if you had a career change. For this you may need to do some fairly broad reading. Picking up professional and in-house publications could give you ideas for different disciplines or fields of activity which might appeal to you, or of where opportunities are increasing or declining. From there, getting in touch with someone working in that field is the most likely way of getting a real understanding of the nature of the work, the industry and the skills required. The Sector Skills Councils (formerly National Training Organisations) publish "skills foresight" documents which give a good insight into the needs of particular industries. Specialist libraries, such as those run by institutions, are a good source of information. Your institution may also have special interest groups, or a careers service, who can put you in touch with employers or individuals.

Personal goals

An employer-led scheme is great if your aspirations coincide with what your company wants from you, although you may still be expected to influence the development plan. However, you may have different ideas, and need to take steps to ensure you achieve your own objectives.
On a more personal level, you need to consider your broader goals and aspirations. While these may range from being in a job this time next year to becoming the Chairman of the Board, they will also encompass the broader aspects of your life such as family, community and other interests. Your personal goals may include planning a family, taking time out to travel, or becoming President of your institution! So how much time do you have, to undertake career-related development outside the workplace? Will non-work activities affect your career path? Remember that these activities can provide you with valuable experience, skills and attitudes which may support and enhance your competence in the workplace.
Personal goals could also include the decision to seek formal assessment or recognition of your achievements through gaining an academic qualification or professional registration. You will need to find out whether your employer would be willing to support you in this. If the answer is no, and you are still determined to get the qualification you will have to make some tough decisions about how you will do it, and what the true value of it will be to you. If you want the qualifications in order to meet professional registration requirements, you will also need to think about how you can create a self-managed scheme, and who might be willing to act as a mentor or assessor for you.
http://www.pd-how2.org/2_2.htm

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