Developing a business plan
Carrying out a business plan is not an easy task. One has to analyze almost every surrounding factors like external and internal ones. To convert the business plan into a successful business. Here below is the enlisted process which is being followed to develop a business plan.
- Summary of the business
- The objectives and goals of the business
- Study the market
- Find the problem and its solution
- Construct a marketing plan/strategy
- Determine the product or services.
- The ideology of how these products /services will be produced.
- Define your Organization’s management.
- Financial Analysis.
Developing a business plan requires thorough research and study. As it requires the market study and then the most important factor is capital. Here the capital is the only thing that will back up your new business. So besides these two factors, all of the above factors like finding the problem and then figuring out the solution. Are required to introduce and strengthen the business idea.
Question No 2
The efficiency measure is an indicator of figuring the benefit of output to useful output. It can be measured with a mathematic formula as well. The unit cost and productivity are the economic measures for any business which are used for future references. Whereas cost is considered to be a measure that tells us the expense increased on producing a unit.
Examples
- Cost of production
- Fixed cost.
(B) Input measures
The measures of the available resources of the firm are utilized to receive the final product. That includes Available Raw Material, Capital, and labour as well. A firm also needs output measures to develop a product plan.
Examples
- Working hours of employees
- Amount of money in buying the equipment.
(c) Outcome measures
The term outcome measures are a kind of research that is used to derive the results/outcomes. Here these results could be positive or negative as well. These measures are based on the impact sizes.
- Death of patients who died in surgery.
- Rate of surgical complications
Question No 3
In any sector like school, college, and even in business, the past data is used to make a decision. In other words, two indicators are widely used for the assessment that is lag and leading.
Here the example of a leading indicator is. The number of persons on the building site is wearing the yellow hard hat which is considered to be a leading indicator whereas on the other side.
Whereas the death and accidents on the building site show the safety lagging factor here, both factors are better cause it depends on the scenario. For example, leading and lagging indicators are both influential when it comes to financial terms like billing.
Question No 4
The Quantitate method in research is used to collect data over a particular subject or topic. The examples of this technique are
- Interview
- Mobile surveys
Whereas in the qualitative search, the data presented is not in the form of stats, unlike in quantitative results. The examples are enlisted below
- Keeping record
- Focus Group
Question No 5
Key performance indicators are used to assess the performance of an organization or employ performance over a project or task. KPIs of every sector is different from subject to their nature of business.
Here the hospitality industry should also monitor some KPIs to assess the performance of business-like
- Rating shared by customer/ Feedback
- Performance of hotels over particular seasons.
- Revenue per Room.
- Labour cost Analysis.
Question No 6
A benchmarking helps businesses to reach the heights of success as it helps to analyze the performance of the competition in the market. A business can fill out the gaps between the market when it sets a benchmark. Benchmarking leads to the setting of the company’s goals and objectives. It also assists in finding market opportunities and gain maximum advantages out of it. Overall, Benchmarking lays the foundation of a prosperous business.
Question No 7
Implementation and testing of a performance system require a series of steps that are mentioned below.
- Decision regarding Objectives and goals.
- Consultation with experts/Planners
- Analyze the process flow
- Initiate a plan for action
- Make a record of the progress.
Question No 8
A business plan is the basis of growth and prosperity for any organization. Therefore, great care should be taken while making a business plan. Following internal and external shareholders should be taken in the loop while doing it.
Internal shareholders.
- Managers of the firm
- Employees
External Shareholders.
- Investor
- Suppliers
Question No 9
Business partners or financers
Business partners can play a vital role in preparing a strategy for the firm. The role of financers is not denier here as well. The business partners have years of experience in the market situations, The demands of customers. Upcoming market trends as well. On the other hand, financers are having an equal amount of experience. Therefore, both of two can offer a helping hand in launching a new product or services and make it successful in the market
(B). Customers
No business can ever dream of existing without customers. As a customer being revenue with it. Here a businessman should analyze the needs and demands of the customer before preparing or implementing a business plan. Therefore, the upcoming product or services should be launched after considering the behaviour of the customers. If the target market is the middle class. Then the price should be not too high to afford.
(C) Staff
Experienced and skilled staff is more than an asset to any company. As the more skilled staff, a firm has the more benefit it earns. While implementing a business plan
, staff assistance is a must require factor. As they utilize their years of experience to help the manager while constructing a business plan. Like company A as decided to assist iPhone users. Whereas staff found out the android users are more in quantity. Therefore, the service will be more focused on Android users
(D) The technical experts.
The technical experts are having decades of experience behind then. Hence they can assist their manager in making an influential marketing plan as the technical staff has more ideas of technicalities required in launching new products or services. Therefore, they can share some good ideas.