The paper "Small Business Planning" is a perfect example of a business assignment. Capital requirements: this section will be most important because it will determine whether the business owner is able to raise enough capital to start the business. Risks and mitigations: this section will enable the business owner to determine risks that may be encountered during the operations of the business so that the success of the business is also affected. Revenue projections: this section will enable the business owner to determine the revenues that can be obtained during the business operations Operations and Support: this section will determine activities that the business will be involved in so that its goals and objectives are achieved. Market strategy: this section will enable the business to know the method of entry into the market and how consumers can be made to buy its products and services. Assessment activity 2 Explain why it is essential for a start-up business to write a business plan There are many purposes of writing a business plan, for instance It acts as a map for the future by determining the activities you need to focus on so that the business is successful To support growth and funding.
Most financiers need a business plan in addition to other documents so that the feasibility of funding the business can be determined. A business plan communicates the course of action. It enables a company to determine the opportunities that exist in the future so that actions are focused on those opportunities. Enables management of cash flow. A business plan ensures funding requirements are managed in advance Supporting a strategic exit. A business plan highlights the opportunity for investors who can take over the business when the company stops operating. Assessment Activity 3 Having well-documented business goals and objectives is strongly recommended for any business.
Why is this so? It guides the employees on the actions to be taken so that efforts are targeted towards achieving those goals. It is also a method of ensuring the business does not engage in activities that are not relevant for its success. Explain in your own words the difference between a business goal and a business objective.