Hi,

I am requesting your help. I am trying to figure how to do with building a business plan. This course-related in Managerial Accounting about the business plan. I appreciated and help me to understand.

Thank you,

Michelle

Hi, I am requesting your help. I am trying to figure out how to do with building a business plan. This course-related about the business plan. I appreciated and help me to understand. Thank you, Michelle BUSINESS PLAN Part 1 Your goal: To begin drafting a thoughtful, creative, and practical business plan. 1. Start by making a list of your skills, strengths, and interests in the spaces provided below. Also, list any relevant experience that might be useful in starting and running a business. This personal nventory will help you determine what type of business you want to start. Skills: L (such as writing speaking, coding or selling) Strengths: Interests: Experience (such as persistence, problem-solving, or managing money (such as sports, history, movies, or games) (such as academic, volunteer, or work background) 2. With your personal inventory in mind, briefly describe the business you would like to start by answering these questions in the spaces provided below. You will be using this information in the Executive Summary" section of your business plan, as well as in other sections 3. The business environment is shaped by five key factors (competitive, economic, global, technology, and social). Your business plan should indicate how these factors will affect your business, starting with the competition. What degree of competition (monopolistic competition, oligopoly, or monopoly) is typical of the industry in which you will operate? What are the implications for your ability to compete? Writing a few sentences describing the competitive situation. Identify at least two main competitors and list two ways that your goods or services will be unique, and better 4 Next, writing a few sentences about the current economic situation, not just in your specific business location but also in the broader economic context. Are economic conditions favorable or unfavorable for your business? What changes in the local, national, or internatonal economic situation could affect your business, and in what ways? 5. Looking at the global environment, would you expect to compete mainly with domestic companies, or will the global competition be a factor? Will the global environment affect your choice of suppliers, your costs, and your access to customers? is import or export an opportunity for your business? Wrting a few sentences and grow your business 6. Within the technological environment, what are the key trends that could be positive or negative for your business? Writing a few sentences about how technology will help you to develop innovative products, connect with suppliers and customers, contain costs, or otherwise affect your business, 7. How will social factors such as age, gender, ethnicity, and family composition affect your business's customers, their needs, and your workforce? What changes occurring now (or projected for the near future) should you consider as you plan? Writing a few sentences about the key elements in the social environment that will have the most impact on your business 8 Identify the stakeholder groups that will be most important to your business. Possible Issues That Impact Them What Makes Them Stakeholders Stakeholders? e Level of profits e Public perception of company They invest money in the Investors company. Employees They commit their time andNumber of jobs energy to the company. . Job pay, security, and safety customers products They use the company's . Quality Price They are impacted by company's presence in the community Economic impact on co Social and environmental impact on community Local mmunity community Government They collect tax revenue fromTax receipts company and also enforce regulations Cost of social benefits for unemployed Writing a few sentences about how your startup will affect these stakeholders (such as creating ne jobs in your community or marketing a quality product that customers need) and how these stakeholders will affect your business (such as requiring you to pay taxes or enabling you to obtair funding) 9. Now focus on ethics and social responsibility. What hot-button ethical issues have emerged in your industry? Are there any potential conflicts of interest you must avoid? What environmental or social issues do you and your stakeholders care about, and what can your business do to make a difference, with competition and customers in mind? Writing a few sentences about how your business will deal with ethics and social responsibility 10. If you are basing your plan on an existing business: Dig deeper into the econoic enviRMe of this business by searching for the latest news and, if available, reading its annual report. Look at the business's performance in today's economy, find out how it fared during the previous year, and see what management and analysts think about its ability to increase sales and profits as the levels of inflation and unemployment change. Writing a few sentences about the econormic opportunities and risks this business has recently faced and what is likely to happen in the coming year Switch hats to critique your answers from the perspective of a competitor. If you were a rival, which factors in the business environment you would be most concerned about, and why? Reread your answer to Question 3, wearing the hat of a competitor. Do you agree with the degree of competition indicated? Explain your answer How can you improve on the ideas for making the business's goods and services unique, and better than those of competitors? Identify at least one improvement Similarty, reconsider your answers to Questions 4, 5, 6, and 7. Can you see a different way to use economic, global, technological, and social factors to your advantage? How would competitors react to these factors? List at least one potential competitive reaction and what it means for your plan Now, take a few minutes to revise and strengthen your earlier answers before moving to Part 2 of this project to your advantage? How would competitors react to these tactors List at least one potential competitive reaction and what it means for your plan Now, take a few minutes to revise and strengthen your earlier answers before moving to Part 2 of this project Optional, as instructor directs: In a team or individually, identify a highly successful, real-world competitor to the company in your business plan. Why is it so successful? What are its vulnerabilities? What can you leam from this competitor's position in the industry and any problems might face soon? Writing a paragraph or preparing a brief (five-minute) presentation about this competitor and how your company can compete effectively against it BUILDING YOUR BUSINESS PLAN: Transfer your answers to questions 3-7 (and question 10) to a Business Plan in a word document, arranging them under the "Product and Market Description" section. Transfer your answers to questions 8-9 to your Business Plan Document under the Executive Summary heading. Here a word document looks like this Building a Business Plan Executive Summary Product Description & Market Analysis Marketing Plan Operations Plan Financial Projections Hi, I am requesting your help. I am trying to figure out how to do with building a business plan. This course-related about the business plan. I appreciated and help me to understand. Thank you, Michelle BUSINESS PLAN Part 1 Your goal: To begin drafting a thoughtful, creative, and practical business plan. 1. Start by making a list of your skills, strengths, and interests in the spaces provided below. Also, list any relevant experience that might be useful in starting and running a business. This personal nventory will help you determine what type of business you want to start. Skills: L (such as writing speaking, coding or selling) Strengths: Interests: Experience (such as persistence, problem-solving, or managing money (such as sports, history, movies, or games) (such as academic, volunteer, or work background) 2. With your personal inventory in mind, briefly describe the business you would like to start by answering these questions in the spaces provided below. You will be using this information in the Executive Summary" section of your business plan, as well as in other sections 3. The business environment is shaped by five key factors (competitive, economic, global, technology, and social). Your business plan should indicate how these factors will affect your business, starting with the competition. What degree of competition (monopolistic competition, oligopoly, or monopoly) is typical of the industry in which you will operate? What are the implications for your ability to compete? Writing a few sentences describing the competitive situation. Identify at least two main competitors and list two ways that your goods or services will be unique, and better 4 Next, writing a few sentences about the current economic situation, not just in your specific business location but also in the broader economic context. Are economic conditions favorable or unfavorable for your business? What changes in the local, national, or internatonal economic situation could affect your business, and in what ways? 5. Looking at the global environment, would you expect to compete mainly with domestic companies, or will the global competition be a factor? Will the global environment affect your choice of suppliers, your costs, and your access to customers? is import or export an opportunity for your business? Wrting a few sentences and grow your business 6. Within the technological environment, what are the key trends that could be positive or negative for your business? Writing a few sentences about how technology will help you to develop innovative products, connect with suppliers and customers, contain costs, or otherwise affect your business, 7. How will social factors such as age, gender, ethnicity, and family composition affect your business's customers, their needs, and your workforce? What changes occurring now (or projected for the near future) should you consider as you plan? Writing a few sentences about the key elements in the social environment that will have the most impact on your business 8 Identify the stakeholder groups that will be most important to your business. Possible Issues That Impact Them What Makes Them Stakeholders Stakeholders? e Level of profits e Public perception of company They invest money in the Investors company. Employees They commit their time andNumber of jobs energy to the company. . Job pay, security, and safety customers products They use the company's . Quality Price They are impacted by company's presence in the community Economic impact on co Social and environmental impact on community Local mmunity community Government They collect tax revenue fromTax receipts company and also enforce regulations Cost of social benefits for unemployed Writing a few sentences about how your startup will affect these stakeholders (such as creating ne jobs in your community or marketing a quality product that customers need) and how these stakeholders will affect your business (such as requiring you to pay taxes or enabling you to obtair funding) 9. Now focus on ethics and social responsibility. What hot-button ethical issues have emerged in your industry? Are there any potential conflicts of interest you must avoid? What environmental or social issues do you and your stakeholders care about, and what can your business do to make a difference, with competition and customers in mind? Writing a few sentences about how your business will deal with ethics and social responsibility 10. If you are basing your plan on an existing business: Dig deeper into the econoic enviRMe of this business by searching for the latest news and, if available, reading its annual report. Look at the business's performance in today's economy, find out how it fared during the previous year, and see what management and analysts think about its ability to increase sales and profits as the levels of inflation and unemployment change. Writing a few sentences about the econormic opportunities and risks this business has recently faced and what is likely to happen in the coming year Switch hats to critique your answers from the perspective of a competitor. If you were a rival, which factors in the business environment you would be most concerned about, and why? Reread your answer to Question 3, wearing the hat of a competitor. Do you agree with the degree of competition indicated? Explain your answer How can you improve on the ideas for making the business's goods and services unique, and better than those of competitors? Identify at least one improvement Similarty, reconsider your answers to Questions 4, 5, 6, and 7. Can you see a different way to use economic, global, technological, and social factors to your advantage? How would competitors react to these factors? List at least one potential competitive reaction and what it means for your plan Now, take a few minutes to revise and strengthen your earlier answers before moving to Part 2 of this project to your advantage? How would competitors react to these tactors List at least one potential competitive reaction and what it means for your plan Now, take a few minutes to revise and strengthen your earlier answers before moving to Part 2 of this project Optional, as instructor directs: In a team or individually, identify a highly successful, real-world competitor to the company in your business plan. Why is it so successful? What are its vulnerabilities? What can you leam from this competitor's position in the industry and any problems might face soon? Writing a paragraph or preparing a brief (five-minute) presentation about this competitor and how your company can compete effectively against it BUILDING YOUR BUSINESS PLAN: Transfer your answers to questions 3-7 (and question 10) to a Business Plan in a word document, arranging them under the "Product and Market Description" section. Transfer your answers to questions 8-9 to your Business Plan Document under the Executive Summary heading. Here a word document looks like this Building a Business Plan Executive Summary Product Description & Market Analysis Marketing Plan Operations Plan Financial Projections