Assignment 02 Business Plans PDF

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Summary

Critically evaluating Michael's Business Centre plan and creating and outline for your own business plan, later used as final assignment....

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ASSIGNMENT 03 Business Plans Business Planning 19W_MGT2313_450 Tim D’Souza

Monday March 11, 2019

Table of Contents Part A.................................................................................................................3-5 Part B.................................................................................................................6-8 References.........................................................................................................9

Part A: The structure of Michael’s business plan is organized and very well laid out. I believe that it follows the standard, traditional way of creating business plans, which is strong but can be improved to better the quality of the plan set for the presence of the business itself. Michael’s plan follows every important aspect that is needed in a business plan, starting with the executive summary, then looking at the team, and expanding into management. Michael’s plan covers the research necessary for the full marketing plan, sales and competition strategy. Leading into the operations and finance portion of the plan, with risks and conclusions. The plan that Michael’s has created is strong, but can be improved. In the executive summary, I feel that there should be more information pertaining to the business plan and the information about the business itself that will be found throughout the document, and less about the experience and skills of “who” is speaking in the plan. I think the opening statement is strong to the business, but could require a better philosophy to what the business meets. Understanding the size and the nature of the business, there should be more information provided in the team section of the plan. For the yet to hire portion in this section, it should be more specific as to what is being looked at in individuals when they get hired as it would look in a job posting. The resumes and experiences of those should be added to the appropriate appendices at the end of the document.

I feel the Business Environment section of Michael’s business plan is very strong. I feel that every aspect is covered very well and thought out. Each of the factors are included in consumer trends, seasonal factors, legal issues, competition and the use of technology. In this section is clearly states where Michael’s Business Centre stands in relations to other companies and in the market. I feel that the Marketing Plan section of Michael’s business plan is strong and covers aspects of where the business stands and where it would like to be. Michael’s company understands and states their competition clearly. In this section it covers all aspects of what services the company will be providing leaving the reader with no questions, how this product/service is priced, and how Michael’s will encounter their sales. I feel that the Operations section of Michael’s business plan is strong and covers all aspects of a sufficient operating business. The information included doesn’t lead the reader to have any follow up questions or concerns on the operations of the business. I feel the time frame for production could have specific time lengths for what would seem to be standard jobs, incorporated even though “each job will be estimated individually”. In the Finance portion of the Michael’s business plan, I feel that it is very strong with respective numbers shown in the appendix. All numbers are reasonable and measurable, which are attainable, following some SMART goals. I feel the risks and conclusions sections could have been split up for a better, stronger conclusion. All potential risks are clearly laid out for potential investors to see and understand. In the conclusion of this business plan could be a little more extensive as it should reiterate the

opportunities, strengths, and remind the reader of why the business plan is being written. With the strengths of the business plan created, it could be expanded to make a stronger business plan. With the additional attached appendices, the new Michael’s business plan will fully cover all needed aspects of the business and leave potential investors, auditors and those interested in reading the business plan. With this, all questions would be fully covered with all SWOT, and SMART goals covered.

Part B: Executive Summary: Conveys all the following needed information found in the business plan. Business Strategy: -Introduction: pet food and supplies retail store -Purpose: to provide and serve to the higher end of the market -Products/Services: dealing with higher quality goods that cater to other pet lovers -Structure: sole proprietorship Industry Analysis: -Position: beginning, start up stage -Industry: growing -Achievements: 10 years of retail management, college diploma in business Marketing Analysis: -Product: High Quality Pet Food -Price: To be determined, based on competitors research -Place: Toronto – willing to move -Promotion: Flyers, Commercials, Emails

Sales Analysis: -Target: Sales target to be determined after researched competitors -Strategies: action plan, daily, monthly, quarterly budgets -Goals: create a team action plan to reach set budget Competition Strategy: -Long Term: goals to be determined after researched competitor’s advantages -Short Term: goals to be determined after researched competitor’s advantages *SWOT Analysis, Porter’s Five Forces Team/Management: -Team: Cashiers, Sales Representative, Manager, Owner/Operator *Job Descriptions, Skills -Human Resources: Recruitment, Training, Retention *Training Program, Training Budget Operations: -Day to Day: daily tasks, hours of operation, suppliers -Management: control stock, inventory levels, accounts, customers Financial Forecasts: -Financial Statements: Explanation to financial statements provided in the Appendices *Income Statement, Balance Sheet, Cash Flow Statement, Sales Forecast

-Financial Funding: Seeking external funding, security to offer lenders, repayment Appendices: This section will include any additional necessary documents that need to be provided to support the information provided in the main business plan (Income Statements, Balance Sheet, Cash Flow Statement, Sales Forecasts, Resumes)

Timeline Schedule: This is a detailed plan on what research needs to be completed and each section placed in sequence, and when each section should be started and completed in order to create a strong business plan by the targeted end date of April 20, leaving 6 days for revision, for the final acquired date of April 26. Research will be conducted to find similar competing companies’ industry, marketing and sales to base company information and then lead into the competition strategy. The Government of Canada will be used to research any necessary operations, government funding and legal characteristics that need to be followed. Task Executive Summary Business Strategy Industry Analysis + Research Marketing Analysis + Research Sales Analysis + Research Competition Strategy Team/Management Operations Financial Forecasts + Research Target Dates/Growth Plan Appendices

Start Date April 20 March 11 March 13 March 18 March 24 April 1 April 4 April 7 April 11 April 15 April 17

End Date April 20 March 12 March 17 March 23 March 30 April 3 April 6 April 10 April 14 April 16 April 19

References: Rampton, J. (2019, February 20). 7 Steps to a Perfectly Written Business Plan. Retrieved from https://www.entrepreneur.com/article/281416 Business planning FAQs. (2018, October 19). Retrieved from https://canadabusiness.ca/businessplanning/business-planning-faqs/ Haden, J. (2015, April 09). How to Write a Great Business Plan: Competitive Analysis. Retrieved from https://www.inc.com/jeff-haden/how-to-write-a-great-business-plan-competitive-analysis.html...