Business Plan Challenge

Business Plan Challenge-18
In such cases, business plans describe actions that need to be taken in order to restore profitability or reach other goals.Necessary operational changes are identified in the plan, along with corresponding reductions in expenses.Participants can then meet to complete only those plan components that are needed immediately.

In such cases, business plans describe actions that need to be taken in order to restore profitability or reach other goals.

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It can be used as the basis for loan applications from banks and other lenders.

It can be used to persuade investors that a company is a good investment.

Desired performance and operational objectives are delineated, often with corresponding changes in production equipment, work force, and certain products and/or services.

Banks and other lenders use business plans to evaluate a company's ability to handle more debt and, in some cases, equity financing.

They are not historical documents; rather, they embody a set of management decisions about necessary steps for the business to reach its objectives and perform in accordance with its capabilities.

"By its very definition, a business plan is a plan for the business, clarifying why it exists, who it exists for, what products and services it provides these client groups, how it intends to develop and deliver these products and services, and where it is headed," Rebecca Jones wrote in Information Outlook.The business plan documents the company's cash flow requirements and provides a detailed description of its assets, capitalization, and projected financial performance.It provides potential lenders and investors with verifiable facts about a company's performance so that risks can be accurately identified and evaluated.Once potentially troublesome areas have been identified, proposed solutions and contingency plans can be incorporated into the business plan.Business plans also cover such areas as marketing opportunities and future financing requirements that require management attention.While business plans have elements common to all uses, most business plans are tailored according to their specific use and intended audience.When used for internal planning, business plans can provide a blueprint for the operation of an entire company.The business plan must communicate the basic business premise or concept of the company, present its strengths as well as weaknesses, and provide indications of the company's long-term viability.When a company is attempting to sell off a division or product line, the business plan defines the new business entity.A company's performance and progress can be measured against planned goals involving sales, expenditures, time frame, and strategic direction.Business plans also help an entrepreneur or business manager identify and focus on potential problem areas, both inside and outside the company.

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