Cash Flow Effect Recognise A Loss On Sale Of Equipment How To Evaluate A Business Idea For Developing An Enterprise

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How To Evaluate A Business Idea For Developing An Enterprise

Why do you need a business plan?

Planning is a process that never ends for all businesses. It is extremely important in the early stages of any venture, when the entrepreneur has to prepare a preliminary business plan.

There are different types of plans that can be part of any business activity. These include but are not limited to financial plans, marketing plan, human resource plan, production plans, sales plans, etc. Plans can be short- or long-term, or strategic or operational. Regardless of plan type or function, plans have one important purpose; provide guidance and structure to management in a rapidly changing market environment.

On the other hand, a business plan is a written document prepared by an entrepreneur that describes all the important external and internal elements involved in starting a new business. It often involves the integration of functional plans such as marketing, finance, manufacturing and human resources. It also deals with short-term and long-term decision-making during the first three years of operation. Thus, a business plan or map answers the strategic questions, where am I now? where am I going And how will I get there? Potential investors, suppliers and even customers will request or require a business plan.

How I prepared my preliminary project proposal

In my case, I followed the following sections, keeping each section as short as possible.

1. Background: in this section I have established the context of the project by introducing the problem it is trying to address.

2. State of the Art: I have provided an overview of existing and emerging technology in this area, including a presentation of competing technologies and a comparison of the pros and cons of the various options.

3. Proposal: I wrote an overview of the proposed project and approach, i.e. activities that I will carry out to achieve the goals of the project. Clearly identify the research element or innovation component in the proposal.

4. Consortium: review of the proposed workforce and determination of the required skills for the successful implementation of the project (e.g. skills, competences, etc.)

5. Objectives and deliverables: Identify (1) the objectives and (2) deliverables of the proposed project.

6. Competitiveness: If applicable, identify the competitiveness or advantages of the proposed solution compared to other solutions, whether they already exist or are still being researched.

7. Cost: Provide an overview of project costs (including start-up costs and working capital requirements).

8. Impact: This section should include:

me. Markets and Uses: Identify possible uses and markets for project outputs.

ii. Benefits and Beneficiaries: Identify the beneficiaries of the project results (eg project participants, general public, third parties) and how they will benefit.

iii. Plan: Specify what further steps, effort, costs and timeframes are required before tangible benefits can be achieved from the end products or results of the project (unless these are realized during the life of the project).

iv. Spillover benefits: identify potential secondary benefits of the project (e.g. facilitating participation in funding programmes, improving Malta’s ranking, strengthening Malta’s reputation in a specific area, etc.)

Preparation of a detailed business plan

The stages of writing a business plan are: After deciding to start a business, before starting a business, and when an update is needed.

Business plans can be written for retail, wholesale, service, manufacturing and any other type of business.

The business plan is written as follows:

Identifying any issues that may arise regarding the company.

Determining the additional information that needs to be collected to answer any questions.

Obtaining all necessary information.

Comparison of different alternatives

Decision on each issue.

The business plan must:

Have good looks

Provide an index

Provide a summary

Number each copy

Be signed so that it is clear who is sending it.

It depends on the nature of the business.

The business plan should be organized to include a cover page, table of contents, executive summary, business description, marketing plan, organizational plan, operational plan, financial plan and appendices.

An outline of a typical business plan is as follows;

1. Title: Feasibility Study Report of __________________

Order __________________________

2. Project consultants

3. Index:

Summary

Report

Background of the project

Aim of the study

Project description and

Advance loans

Promoter

location

Market and marketing plan

Potential customers

Competition

Appreciation

Sales tactics

Advertising and promotion

Distribution.

Technical Feasibility and Management Plan:

Factory

Machines

Overheads

Packaging materials

Raw material and labor costs.

Financial projection/feasibility:

Review of capital requirements

Financial plan

Projected cash flow

Projected income statement

Projected balance sheet

Break analysis

Source and use of funds

Organizational chart:

Form of property

Identification of partners/major shareholders

Authority of principals.

Background of the management team

Roles and responsibilities of organization members

Risk assessment:

Assess the weaknesses of the business

New technologies

Contingency plans.

Schedules:

Estimated sales for 12 months

12 months expected purchase

Fixed assets and depreciation plan

Profitability index.

Thanks for reading

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