The business plan is likely to consist of the following sections. Some sections may be added or combined according to the nature of your business proposal. At every stage you must make it clear what elements of uncertainty exist this frequently relate to a lack of information. 1.An executive summary The summary should be exactly that and should not exceed a one page. You should include a summary of the financing required and the most important aspects of the business and business plan. 2.Describe your business proposal and your skills for operating the business Describe the business you propose to start, the key objectives and how those objectives relate to your personal objectives. NO MARKS ARE AWARDED because this is essentially assessed in the test but still an essential part of the plan. 3.Business strategy Outline the basic business concept and strategy of the business both short and longer term. 4.Marketing strategy and marketing plan Define the industry your business will operate in and the most important trends. SWOT and or Porter’s Five Forces may be used. Describe the marketing strategy, explaining any segmentation approaches, product, price etc. and why this is likely to be the best available approach. Include a sales forecast and explain how this was calculated
5.Operations plan Describe the operations plan. This should explain how the goods of services will be produced and, if relevant, how they will be distributed. The plan will include: equipment and other resources required; inventory; and staffing. A implementation plan – particularly one showing the timing of implementation may be needed. Your plans for managing the business are essential. 6.Social responsibility & sustainability Identify key issues – advantages and impacts: e.g. employment, environment, health etc. 7.A financial plan Include a cash flow, forecast profit for y.e. 30/06/2021 and forecast balance sheet for the same date.
LM6.02 Business planning
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