Re:Re:Topic 4 DQ 2
Thank you for your post. A business plan is a document that describes your business, the market it operates in, its objectives and the strategies you have in place to achieve these objectives (Sellers, 2016). The article was a good method of showing us what to expect in writing a good business plan. A good business plan can be profitable and offer a competitive marketing advantage by showing banks and investors why they should invest in your business (Ingram & Spooner, 2006). From my experince, lenders and investors seem willing only risk their time and money if they’re confident that your business will be successful and profitable.
I believe a thorough and well-researched business plan should also shows that you’re serious about your business. This can offer a competitive advantage by helping lenders and investors to understand your business idea and also showing your predicted profits and income streams. Overall, developing a good business plan will take time and strategy. It may also take tiral and error but what I find most valuable in this process is that it lead you to step back and look at what can work in your business and what can improved upon.
Ingram, M., & Spooner, K. (2004). A good business plan can put your practice in the driving seat. Pulse, 64(44), 40-41.
Sellars, D. (2016). Writing the Business Plan. How to Create a Successful Business Plan, 4(1), 175-246. doi:10.1142/9789814651523_0005
Thanks for responding to my post, your input is of great value. The emphasis on a quality business plan is worth. As a tool for communicating ideas to the external world, a business plan should not spare any effort in ensuring that the business plan addresses all the foreseeable things in future. As explained by Morioka and de Carvalho (2016), this will instill sustainability of the business in future.
Morioka, S. N., & de Carvalho, M. M. (2016). A systematic literature review towards a conceptual framework for integrating sustainability performance into business. Journal of Cleaner Production, 136, 134-146.
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