Personal Business Plan
A business plan that is well formulated has the agenda of ensuring the future outcomes of the business are achieved in return. Based on various factors, a business
plan is bound to contemplate future results with careful consideration of the following factors.
General company plan
type of business
mission
objectives and goals
business philosophy
strengths and competencies
legal form of ownership
Type of Business
The type of business to be carried out is core in providing direction. One should clearly state the type of business that they are willing to carry out over a period
of time. This is imperative in giving a positive outlay on the business. The starting point of any project is listing down of the core activities to be carried out.
Good entrepreneurial skills should first give the insight on the type of business to be established.
Mission and Statement
These include the aim of the company and what it wants to achieve in the near future to gain positive outcomes in return. Achieving results is the core activity of the
company, and without results, the company is not doing the best as required. According to Halloway (2014), one of the questions that should be asked is how the company
aims at achieving the laid-down goals. This can be done through various partnerships. An example of a vision can be; to improve the outcome of the company and ensure
that customer satisfaction is enhanced, have a positive environment capable of supporting business, and improving the society.
Objectives and Goals
This is where one wants the business to be in the near future. Goal achievement refers to the outcomes that are desired in return to have the results that provide room
for growth. Growth is fundamental for ensuring that the company is moving in the right direction (Halloway, 2014). Without properly outlined objectives, a company is
bound to fail. A company aims to be generational in order to achieve the established goals and objectives. This can happen only if the management is well structured
and contributes to the progress that is fundamental to getting outcomes in return. Having a dedicated staff can be a key goal of bringing change to the company as well
as expanding the company so as to achieve the targeted results. Furthermore, improving the sales can be a key factor to be considered in the market. Profitability is
also a key determinant factor to whether the company achieves its objectives.
Business Philosophy
Defining the philosophy of the business is crucial to the company. Without proper philosophy, it is difficult to achieve the objectives of the company. Business
philosophy is imperative as it acts as the driving force to bring the necessary changes for business success. The target consumers of the company’s products should
also be considered. A company should carry out innovations and use the skills to make milestones that are capable of bringing the necessary change.
Industrial Description
Describing the growth of a company is very crucial. Considering the short and long-term goals is an aspect that should be considered. Notably, goals are the core
values that should determine the progress of a company.
Strategies that will be employed will check on the following fields:
Strengths and Competencies
Determining the strengths and competencies of a company is a critical aspect (Halloway, 2014). It is imperative to determine the factors that will enhance the success
of the company. The experience and skills that will be used in the business venture should be used in improving the current situation. The strengths of any company
ensures that the proper progress is achieved faster and in the best way.
Form of Ownership
Ownership of the business is a factor that should be highly considered to get positive results. A company should be legally functional and work in an effective
environment. Without proper ownership, the legal authorities can shut down the business. A business ownership can be corporate, sole proprietorship, limited liability
company, or any form of ownership.
Products and Services
An in-depth analysis of the products and services being offered by the company should be considered to give an indication of the future progress (Halloway, 2014). The
resulting advantages and disadvantages should also be determined. Also, it is crucial to determine the level of quality or the proprietary services. One should list
the various pricing of the products and services that are being provided, the leasing, as well as the structure of the emerging products and services.
Marketing Plan
Even if the products and services being provided are the best-improved versions, it would be positive to have a marketing plan. Research should be carried out to be
well conversant with the market and market conditions. Assuming that everything smooth and all is running in the positive direction is an assumption that can kill the
company (Steven, 2003). Questioning data and information that is provided is vital for the growth of the company. There are two types of market research namely the
primary and secondary research. Secondary research involves the use of information from various published sources from government agencies, e-commerce chambers, public
libraries, associations, and vendors who are interacting with the company. This will provide data analysis that provides valid information to bring the necessary
changes.
Primary research is the research carried out by an individual to gather the positive information required. Visiting various websites, carrying out surveys, as well as
conducting interviews is an aspect that should be improved (Steven, 2003). Research improves innovations that will help in improving the quality of business that is
being carried out. Technological advancements and the various innovations will prove crucial for making vital changes. Research is imperative to making the positive
progress required. Improving the entrepreneurial skills can be achieved by carrying out proper research. A marketing plan is critical for all the important market
projections that are required.
Economics
The total size of the business should be determined to achieve the set goals. A business should have a larger size to enhance the achievement of set goals. Prospects
that are being provided should ensure that the business grows larger and more profitable in return. In addition, it is critical to determine the percentage share that
he/she will gain in return after investing in a particular business.
The growth potential and the opportunities that can crop up for the business should also be determined. Also, it is important to determine the possible barriers that
can affect the business. According to Steven (2003), some of the common barriers that are always emerging in businesses include the cost of production, marketing, as
well as the capital costs.
Risks and Mitigation
A risk mitigation plan should be included. The plan should consider access to the various mitigation alternatives that can be used. One should be capable of evaluating
the common causes and risk interactions that can emerge over time. Quantification of the various risks, as well as proper management strategies, are crucial to the
business.
Ethics
A company should work under the framework of ethics to achieve positive returns. Inviting experts to check the progress and help identify changes that ought to be made
is important. A company should set ethics to ensure that customers are getting outcomes that are valid in return. Customers should be well served to make sure that the
company does not collapse. As Steven (2003) asserts, failure to have a framework of ethics can lead employees to work out of the goals that are set. Notably, it is
crucial to establish a performance contract with the employees to ensure outcomes that are fundamental and capable of driving the necessary changes. Ethics are the
cornerstone to ensuring that progress is made in the best way and in a mode that is fundamental. This will bring long-term outcomes and necessary to achieve
profitability to the business.
Based on the following subtopics, future career endeavors and best entrepreneurial skills can be improved if the best method bound to lay out a strong foundation to
enhance the success of a business.
References
Holloway, S (2014). “Friends and Profits Don’t Mix: The Performance Implications of Repeated Partnerships”. Academy of Management Journal.59 (2): 460
Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall.