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solved assignments for Q.2. What is meant by “Business plan”? Describe the strategies to create a business plan.

A business plan is a complete internal document that summarises the operational and financial objectives of a business. It also contains the detailed plans which show how the objectives are being accomplished.
An accurately made business plan helps to allocate resources properly, to handle unforeseen complications like financial crisis and to make good business decisions.

On the other hand, business venture is a start-up enterprise which is formed with expectations and plans of achieving financial gain. Once the need of the organisation is identified, it can be started by a small investor that has valuable resources and time. Other investors involve themselves by providing support for further development of the venture once the business is created. In the case of establishing a business venture, a formal business plan is written to outline the purpose and mission of the business for the future use.

Strategies for creating a business plan
Every entrepreneur creates a business plan and its completion will determine the feasibility of the plan. The strategies for creating a business plan are as follows:
 Define your business vision – You must clear the following queries while defining the business vision:
° Who is the customer?
° What business are you in?
° What do you sell (product/service)?
° What is your plan for growth?
° What is your primary competitive advantage?

 Make a list of your goals – You must create a list of goals after proper research. In case of a start up business, more effort must be put on the short-term goals.

— Certain things must be kept clear before setting up your goal. They are listed below:
° What do you want to achieve?
° How much growth you want to achieve?
° Describe the quality and quantity of the service and the customer satisfaction levels?
° How would you describe your primary competitive advantages?

 Understanding the customer – Understanding the customer is essential for a perfect business plan. You must understand the customer in terms of the following factors:
° Needs – The following customer requirements should be understood clearly:
¨ What unmet needs do your customers have?
¨ How does your business meet those needs?
° Problems – Customers buy things to solve their specific problems. Always be specific about the advantages of the product/services of your business which resolve the customer’s problems.
° Perceptions – Always try to know the perception of the customer. Clarify the doubts of the customer regarding your profession and the products/services of your business.

 Learn from your competitors – You can learn a lot about the business and the customers by looking at the business of your competitors. Always get the answers of the following questions which will assist you in learning from your competitor and focusing on your customer.
° What do you know about your target market?
° What competitors do you have?
° How are competitors approaching the market?
° What are the competitor’s weaknesses and strengths?
° How can you improve upon the competition’s approach?

 Resolving financial matters – Several questions might arise when we need to make financial decisions. They are as follows:
° How will you make money?
° What is the profit potential of your business?

You can resolve the financial issues by taking smart strategic investment decisions.
 Identify your marketing strategy – Identifying the marketing strategy is another essential skill which you must have. The following are the four steps to create a marketing strategy for your business:

— Identify all the target markets
— Qualify the best target markets
— Identify the tools, strategies and methods
— Test the marketing strategy and tools


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