ROLE OF A BUSINESS PLAN IN THE SUCCESS OF AN ENTERPRISE
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ROLE OF A BUSINESS PLAN IN THE SUCCESS OF AN ENTERPRISE
Chapter one
INTRODUCTION
BACKGROUND OF THE STUDY: Creating a company strategy in the 21st century requires careful planning, including task and timeline considerations. If the venture has already been launched, or if it is a real start-up based on its viability analysis. Writing a business plan must now be integrated into all of the day-to-day operations associated with running a business.
According to Abasiekama (2012), “once an opportunity is identified, the entrepreneur must be determined to ensure that the resources required to exploit the opportunity are available.”
That simply implies that the (entrepreneur) must set aside time to plan; as the phrase goes, those who fail to plan, plan to fail. A new firm is formed when prospective owners have a good idea for creating and selling things, as well as the ability to carry out that plan.
Others believe that construction and machinery, people resources, materials and supplies, and cash are also required. These requirements stem from strategic operational and financial planning, all of which must be formalised in a business plan.
According to Ntekop (2016), a business plan is the machinery that allows a corporation to establish strategic plans for dealing with unexpected occurrences and changes in the business environment.
Even if the new firm has not yet launched, an action plan for completing a business plan in a short amount of time will help to accelerate the process.
Most small company owners and feature enterprises understand the need of business plans. A business plan defines how the company will operate in the marketplace.
Planning is essential in anything you undertake since it directs the flow of your endeavour. If you want to start your own business that interests you, you must first prepare thoroughly.
According to Albert (2010), a business plan is a formal plan created to serve as a tool for attracting the other components of the business formation package, such as people and money.
One of the primary purposes of a business plan is to enable a business owner to produce and track all of his profits. You must clearly define your business core in order to focus on other key topics such as efficiency, improvement, and financial management.
According to Bentley (2011), the business plan is a combination of a typical lengthy, arduous, creative, and participatory process capable of transforming the caterpillar of raw ideas into the spectacular butterfly of opportunity.
Effective planning supports in the identification of the next steps that the firm must take, as well as the development of processes to prepare the goods or products that the company offers in order to compete efficiently in the marketplaces.
One of the most unavoidable variables in every type of business is competition. To ensure that this does not have a negative impact on how you run, you should also utilise a strong planning strategy in Otter to learn more about your potential competitors.
By learning more about how your competitors operate in the industry. You will now be able to identify your SWOT, which will help you flourish in the market.
According to Davidson (2012), the business plan serves as a starting point for prospective investors to begin their due diligence to determine the potential and various risks of the venture. In order to emerge as a successful company, the basic requirement is the entrepreneur’s profitability;
to achieve this, the entrepreneur must create excellence planning and brainstorming to set the right price on the products and services. Working on a business plan can help an organisation focus on its resources
develop for sustainability, and promote effective fundraising. A business plan needs an organisation to analyse its capacity to supply services, as well as the environment in which it operates and the extent to which the services or products are required.
According to Tomkins (2012), “the business plan for a high potential venture reveals the business’s ability to solve a significant problem, or meet a significant want or need for which someone will pay a premium.”
Over the years, we’ve noticed that many strategic plans fail to consider where the money for the work will come from. We’re frequently brought in to help secure funds for priorities that haven’t been vetted by the appropriate individuals
foundations, or granting agencies. If you’ve ever jotted down a business idea on a serviette with a few tasks to complete, you’ve written a business plan, or at least a basic component of one.
According to Onwuriri (2013), the business plan serves as a tool pool for the entrepreneur to seek opinions and guidance from others, especially those in the preferred field of study.
A business plan is simply a blueprint for how your business will operate and how you want to make it successful. Unfortunately, many people consider a business plan solely when beginning a new business or applying for a business financing.
However, business plans are also essential for running a business, whether it need a fresh loan or investment. Existing businesses should have a business plan that is maintained and updated when market conditions change and new opportunities emerge.
According to Bellamy (2013), the core objective of a business plan is to generate a written framework that assesses all aspects of the business’s economic sustainability, including a description and analysis of the business product over a given time period.
Because the business plan is all about developing a firm and implementing that workable notion, the business may rely on a viable concept that has been market tested.
The new environment for business planning actually emphasises the importance of the feasibility study in proving the concept and allowing the founding team to launch and test the enterprise before completing the official business plan and seeking outside investment funding.
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