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Compose a 3750 words essay on Business Plan Master. Needs to be plagiarism free!Download file to see previous pages... Furthermore, Ms. Thomas feels that her enthusiasm towards the task will enable he
Compose a 3750 words essay on Business Plan Master. Needs to be plagiarism free!
Download file to see previous pages...Furthermore, Ms. Thomas feels that her enthusiasm towards the task will enable her become a successful sole proprietor.
However, there seems to be some drawbacks in that she has a dispute with her husband with whom they have separated but this does not seem to deter from achieving her goals. Ms. Thomas has never been an entrepreneur and therefore she does not have any records to indicate that she has engaged in business before. Financially, Ms.Thomas seems to have some financial commitment because as indicated, she has had a bank account for ten years. In her business proposal, she has left out some essential information, which would assist her in the in understanding the kind of business she wants to engage in.
A business plan is also evaluated by looking at one's ability to run a business. In business, it involves one's ability to manage resources. From Ms. Thomas history, she has little or no experience that she can use to manage her business. This would be very challenging to her because, in order to run a business well, one needs to have knowledge that will assist her in the management of the physical, human and financial resources. Due to the fact that this is the first time that she is engaging in business, she may not have any business documents to support her claim that she has the ability to keep financial records. In this case, if requested by the bank to show the business records, then, she would not have any to show since this is one requirement that a bank would ask for when one is requesting for a business loan.
Management would also be evaluated in a business plan. This would be done in terms of assessing the quality of the key personnel that she would employ the relevance of decision makers and also the level of education and training displayed by the key personnel. In Ms. Thomas proposal, she does not explain in any way in which the personnel would be recruited to assess their credibility in terms of offering quality service to the clients. In this case, she would not be in a position to know if the key personnel are helping her in making relevant decisions in the business.
The purpose of a business should also be analyzed in a business plan. One needs to explain why a banking facility is needed, whether the facility will be based on serving the customers, whether it would be used for trading purposes or for purchasing fixed assets. Ms. Thomas proposal clearly outlines the purposes for which she would use the facility. For instance, she would request a mortgage from the bank to buy fixtures, fittings and stock and also in the acquiring of a premise.
In business plans, an analysis is done on amounts. In this case, one has to balance between the customers stake versus the bank. Ensuring that all costs have been included and that they are correct would do this. When analyzing amount, one needs to ensure that the customers' money is injected into the business before the bank lends it money. In the case of Ms. Thomas proposal, she has stated that she would give all her customers priorities but she has not included the costs that would be incurred in running the business.
