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Dave Rogers,
Chapter 570 Chair
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AN ANNOTATED MODEL FOR A
BUSINESS PLAN OF ACTION
INTRODUCTION: One purpose
of this annotated model for a business plan-of-action is to ensure that
entrepreneurs have recognized a researched (with help if needed) relevant
subject areas pertaining to their particular business concept. For success, it
is vital that the pertinent questions be asked and answered by the
entrepreneur.
It is important to note that the relevant subject areas to be explored (for a
complete business plan-of-action) are very much the same whether the
entrepreneur is initiating, buying, or enlarging a business. Moreover, the
ingredients for success, and the questions designed to uncover these
ingredients, are similar in most cases.
The model should serve as a guideline - particularly the Roman numeral topic
areas. Obviously, information outlined or identified in sub-sections of the
business plan-of-action table of contents may require expansion or change
according to the needs of the entrepreneur. The outline may serve as a
checklist.
Properly used, this model guideline can provide the entrepreneur with an
effective "r
BUSINESS
PLAN OF ACTION
1. The Concept: In this
section, the entrepreneur provides a brief description of the business idea
and the basic assumptions or premises for initiating/buying, enlarging the
business.
11. Objectives of the Entrepreneur (A Target
Plan):
The entrepreneur clearly identifies the goals or objectives in two or three
brief statements - - followed by equally brief statements as to how each goal
or objective will be accomplished. In addition, an estimated time plan should
be formulated. (This forces the entrepreneur to think and plan.)
111. The Product/Service Mix (Product,
Price, Promotion, Place): In this section, the entrepreneur
identifies:
A. The products or services offered.
B. The pricing Strategy (penetration,
meeting competition, "cream skimming")
C. Basic promotional
strategy/activities.
D. Physical facilities - - the
place/location.
IV. Management and Personnel Audit:
The entrepreneur identifies the following:
A. The owner(s) of the business - -
including a brief statement about their relevant experience.
B. The form of the business(sole
proprietorship, partnership, corporation).
C. The number of full-time employees needed
- and their jobs/activities
D. The number of part-time employees needed
- and their jobs/activities
E. A brief evaluation of the manager/owner
- for this type of business.
F. Sources of additional employees or
managerial people - if needed.
G. Who has been retained as an attorney -
preferably on an "as needed" basis?
H. Who the business insurance broker will
be - for business insurance needs of the business.
I. Who will fill the role of accountant for
the business?
V. Analysis of the Market Potential (Justifying the Business) :
The entrepreneur must research, identify, and express his/her
findings in the following:
A. Demographics:
1. The population in the proposed area
(number, age)
2. The income of the population.
B. The firm's Target market:
1. Investigate and evaluate realistically
the needs and wants of the community.
2. Determine who are or will be the firm's
customers.
C. The competition (or possible
competition) in the proposed marketing area.
D. Trends or analysis if the industry - the firm's product or services.
E. The location and/or equipment needs of the business and why the owner
elected it.
1. Location - buy or lease and why -
including costs.
2. Equipment - buy or lease and why -
including costs.
F. A brief expression of the realistic
potential of the business - based on findings.
Vl. Strategy for Development of the Business
(Growth)
The entrepreneur should be able to identify and briefly state his/her
thoughts on the following:
A. The basic operating policy of the firm.
("Policy" is nothing more than the attitude of owner/ manager -
expressed in writing.)
B. Expansion and growth plans (sites,
facilities equipment needs, people needs, and an expression of the firm's
track record thus far).
C: Innovations that may be introduced to
increase customer traffic (or contracts) and profit.
D. Friends of the entrepreneur (or people
in the community) who are real potential centers of influence.
E. The owner's personal plans for the next
five years.
F. Realistic sales projections and
forecasts based on true investigation and research.
G. Potential sources of money - list.
VII. Financial Analysis (Needs and
Costs for Initiating/Buying/Enlarging the Business
1. The Concept: In this section, the entrepreneur provides a brief
description of the business idea and the basic assumptions or premises for
initiating/buying, enlarging the business.
11. Objectives of the Entrepreneur (A Target Plan):
The entrepreneur clearly identifies the goals or objectives in two or three
brief statements - - followed by equally brief statements as to how each goal
or objective will be accomplished. In addition, an estimated time plan should
be formulated. (This forces the entrepreneur to think and plan.)
111. The Product/Service Mix (Product, Price, Promotion, Place): In
this section, the entrepreneur identifies:
A. The products or services offered.
B. The pricing Strategy (penetration,
meeting competition, "cream skimming")
C. Basic promotional strategy/activities.
D. Physical facilities - - the
place/location.
IV. Management and Personnel Audit: The
entrepreneur identifies the following:
A. The owner(s) of the business - -
including a brief statement about their relevant experience.
B. The form of the business(sole
proprietorship, partnership, corporation).
C. The number of full-time employees needed
- and their jobs/activities
D. The number of part-time employees needed
- and their jobs/activities
E. A brief evaluation of the manager/owner
- for this type of business.
F. Sources of additional employees or
managerial people - if needed.
G. Who has been retained as an attorney -
preferably on an "as needed" basis?
H. Who the business insurance broker will
be - for business insurance needs of the business.
I. Who will fill the role of accountant for
the business?
V. Analysis of the Market Potential
(Justifying the Business)
More BUSINESS PLAN OF ACTION
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