Assignment : Discussion-The Business Plan
A convincing business plan will detail the strategy and the future operational plans of an entity. Business plans are an essential part of the start-up information needed for an organization.
In this assignment, you will demonstrate your understanding of the necessary aspects of a professional business plan.
Tasks:
Respond to the following:
Write a synopsis of your business idea and the important elements/information that should be included in a well thought out business plan.
Discuss how the information should be organized, and who will use the information for decision-making.
Peer Student Response:
My business plan is to set up a restaurant since there is a high need for catering. The restaurant will deal mostly with fast foods and will be located near a mall. The location is a guarantee of numerous customers who are in need of fast satisfaction from snacks, fries, and drinks.
The marketing strategy is to put the restaurant in a strategic location visible to shoppers as they walk around the mall and as they window-shop. The economic advantage of having fast food restaurant is the elimination of the need to have seating space as most of the shoppers buy the foods as they go about their business.
The business plan enlists what in-house practices we need to employ. The plan is to be communicated to the workers and managers for implementation. Our priority is to invest in innovative and entertaining menus that will differentiate us from competition, apply conservative approaches to growth, sell highest quality foods, maintain excellent customer service, and promote brand an image (Abrams 2003).
The plan will include; steps to build up a brand name among customers, provide the best quality hence promote consumer loyalty and set steps to open a chain of stores once the brand name is entrenched in the market.
Reference
Abrams, R. M. (2003). The successful business plan: secrets & strategies. The Planning Shop.
Response needs to be 2 - 3 paragraphs with 1 Reference