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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. This is very important in the early stages of any venture when an entrepreneur needs to prepare a preliminary business plan.
There are various types of plans that can be part of any business operation. This includes but is not limited to financial plan, marketing plan, human resource plan, production plan, sales plan etc. Plans can be short-term or long-term, or strategic or operational. Regardless of the type of plan or task, plans have an important purpose; Providing 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 relevant external and internal factors involved in starting a new venture. It is usually an integration of functional plans such as marketing, finance, manufacturing, and human resources. It also addresses short-term and long-term decision-making for the first three years of operation. Thus, a business plan or road map answers the strategic questions Where am I now? where am i going And how do 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 breakdown below, keeping each section as concise as possible.
1. Background: In this section, I establish the context of the project by giving an account of the problem it is trying to solve.
2. State-of-the-art: I provided an overview of existing and emerging technologies in this area, including an accounting of competing technologies and a comparison of the advantages and disadvantages of various alternatives.
3. Proposal: I have written an overview of the proposed project and methodology, i.e. the activities that will be undertaken to achieve the project objectives. Clearly establish the research element or innovation element in the proposal.
4. Consortium: Overview of the proposed manpower and establishing the required capabilities (eg skills, competencies etc.) to successfully execute the project.
5. Objectives and Deliverables: Identify (1) the objectives and (2) the deliverables of the proposed project.
6. Competitiveness: If applicable, establish the competitiveness or advantages of the proposed solution compared to other solutions, whether they already exist or are still being researched.
7. Costs: Give an overview of project costs (including start-up costs and working capital requirements).
8. Impact: This section should include:
i Markets and uses: Identify potential uses and markets for project deliverables.
ii Benefits and Beneficiaries: Identify the beneficiaries of the project outcomes (eg project participants, general public, third parties) and how they will benefit.
iii Roadmap: Give an indication of the next steps, efforts, costs and timeframes required before tangible benefits can be realized from the deliverables or outcomes of the project (unless they are completed during the project’s lifetime).
iv Spillover benefits: identify any secondary benefits of the project (eg facilitating participation in funding programmes, improving Malta’s ranking, strengthening Malta’s reputation in a particular sector, etc.)
Creating a detailed business plan
The stages of writing a business plan are: after deciding to go into business, before starting the business, and when updates are needed.
Business plans can be written for retail businesses, wholesale businesses, service businesses, manufacturing, and any other type of business.
A business plan is written as follows:
Identifying all the questions that can be asked about the business.
Deciding what additional information needs to be collected to answer all questions.
Get all the necessary information.
Comparison of different options
Deciding on each question.
A business plan should:
Have a good look
Give the index
Give a summary
Each copy number
Sign to indicate who is submitting.
Depends on the nature of the business.
A 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 on ______________________
Appointed by _________________________
2. Project Consultant
3. Table of Contents:
OBJECTIVES OF THE STUDY
Project description and
Market and marketing plan
Advertising and promotion
Technical Feasibility and Management Plan:
Raw material manpower and labor costs.
Overview of capital requirements
Projected cash flows
Estimated Profit and Loss Account
Projected balance sheet
Source and application of funds
Nature of Ownership
Identification of partners/major stakeholders
Powers of the Principal.
Management team background
Roles and Responsibilities of Members of the Organization
Assess the weaknesses of the business
12 months forecasted sales
Estimated purchases for 12 months
Fixed assets and depreciation schedule
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