Business Plan for a Company:
It is very important for every business to make plan because planning plays very important role for the success of the company. As per Australian assignment help experts, there are many Australian companies like; Wesfarmers which following the right steps to make a good plan and to write that plan effectively.
following are the steps which should be followed:
Do Research: Before writing the plan it is very important to do research in which the company like Wesfarmers make decisions about structure, finance and market strategy.
Determine purpose of the plan: It should be determine by the entrepreneur that he has one or more than one purpose. Along with this it should be determine that who is going to be involve in the plan, means does it involve internal parties or some other third parties. It is very important to decide the purpose because it can help to find the answers (Blackwell, 2011).
Create company profile: To make a good plan it should keep in the mind of the entrepreneur to create the profile of the company. The company profile includes many things like; what product or service the company offer to their customers, the history of the organization, resources of the organization, way of solving problem and the thing which is unique in the organization. So these are the things that should be considered in the company profile.
Documentation: The entrepreneur should document everything of his organization including expenses of the organization, cash inflow, cash outflow, strategies, industry projection etc. documentation helps the investors to know everything because before investment the investor want to know everything about the organization and documentations provide all the relevant information (Jones and Penaluna, 2013).
Think what is important and what is not: To make a good business plan it should be thinks about the entrepreneur that which sections are relevant to the business and which are not relevant. After deciding the important section then should think about rest the things because the entrepreneur can always go back to the other sections later.
Get some help: If the entrepreneurs are not confident enough so in that situation it is very important to get help of some experts or professionals. Big companies of Australia like; Wesfarmers also hire professional to make the business plan more effective and accurate.
Actual vs. expected figures: It is depend on the businesses that they include actual figures or budgeted figures in the plan. Most of the time new businesses include budgeted figure in opposite to this existing businesses uses actual figures in the business plan to make the plan more effective (Finch, 2016).
Have a strategic marketing plan: A good business plan is that which have strategic and aggressive marketing plan. Wesfarmers also make strategic plan which helps the business plan.
Write the summary: After doing all the things the most important step is to summarize all the things in few words. And the summary should have only most important points.
Review the plan: The last step is to review the business plan before finalizing it. Review can help to detect the problems of the plan.
References: Blackwell, E. (2011) How to Prepare a Business Plan: Create Your Strategy; Forecast Your Finances; Produce That Persuasive Plan. USA: Kogan Page Publishers. Finch, B. (2016) How to write a business plan. USA: Kogan Page Publishers. Jones, C. and Penaluna, A. (2013) Moving beyond the business plan in enterprise education. Education+ Training, 55(8/9), pp.804-814. If you still have any query then you can contact us any time for business assignment help.