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Outline The Key Steps Involved In Developing A Business Plan

658 Words3 Pages

BSBOPS601
Task 1
Questions
1. Outline three reasons why a company may choose to develop a business plan.
● It provides direction for your organisation, describes your objectives, maps out how to achieve your objectives, and assists with the management of potential impediments.
● Gives you control over your business - The planning process helps you comprehend the different dynamics and components that might affect your success. If you're already in business, taking a step back to examine what's working and what needs to be changed might be advantageous.
● Is essential in supporting you in acquiring finance - If you're seeking investment for your company, you'll need to demonstrate that you've done your study.

2. Outline the key steps involved in developing a business plan.
● Creating a business plan outline that covers key elements such an executive summary, business …show more content…

Outline five common components of a business plan.
● A table of contents, business history, market potential, management overviews, competitive advantages, and financial highlights are all suitable additions to an executive summary.
● Business description and structure - In this area, explain why you're in business and what you're selling. If you sell things, describe your production process, material availability, inventory and fulfilment methods, as well as other operational data. Explain what services you provide and how they assist clients if you offer them. Strategic relationships, administrative concerns, intellectual property you may own, expenditures, and your company's legal structure are all things to consider.
● Market research and strategies - Include sales predictions, deadlines and milestones, advertising, public relations, and how you compare to your competitors in your market study and marketing plan.
● Personnel and management - Biographies of your company's leaders and managers should be included, as well as an explanation of how their experience may help you reach your

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