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ENT2/5: BUSINESS PLANNING PREPARATION AND POLICY DOCUMENTS

This unit talks about business plans and policy documents

BUSINESS PLANNING PREPARATION AND POLICY DOCUMENTS

A business plan is written document that summaries the operational and financial objectives of a business and contains the detailed plans and budget showing how the objectives are to be realized

 Steps involved in preparing a business plan

  • Selecting a business opportunity or type of business to engage in. this involves scanning the environment to generate many business ideas to choose from.
  • Conducting market survey for the selected type of business. This involves checking whether the entrepreneur’s chosen business idea can be developed into a profitable business in terms of fulfilling the market needs.
  • Collecting all the relevant data concerning the different aspects of business and establish the costs of different items like machinery and equipment, raw materials, transport etc.
  • Drafting the business plan to be discussed with experienced people. This business plan enables the entrepreneur to know how the business will be organized, establish the amount of money needed to start and run the business before starting it.
  • Discussing the drafted business plan with technical / knowledgeable or experienced people in similar business.
  • Making a final business planning after having discussion with knowledgeable people.
  • Finalizing the business planning process by preparing an action plan for implementation of the planned activities

ELEMENTS / COMPONENTS OF A BUSINESS PLAN

  • Executive summary
  • General description of the business
  • Statement of mission, goals and objectives
  • The marketing plan
  • The production plan
  • The Organizational plan/ administrative/ management plan
  • The financial plan
  • The action plan

EXECUTIVE SUMMARY

This is an over view which summaries the key points of the business plan.

Example

You have mobilized savings and establish business making gift bags. Develop its executive summary.

Assignment

In your senior six vocation you have mobilized small savings and set up a business making gift bags

  1. Present its profile
  2. Present an organizational chart for the business
  3. Present its production plan.

Objectives statement. Objectives are specific targets that must be achieved in a specific period of time. They happen within a year

KJS BAKERY (U) LIMITED

P.O BOX 2223, KAMPALA

Email: kjsbakeryl@yahoo.com

Tel: 0756990077

OBJECTIVES STATEMENT

  • To increase output levels by 20% in six months
  • To increase sales by 10% in six moths
  • To expand the market share after 2 months of operation
  • To improve on the distribution channel within one year of operation
  • To reduce cost of production by 5% in nine months
 

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