Developing and Implementing a Business Plan - Desklib

Developing and implementing a business plan

Table of Contents
Task 1: Developing a business plan ..................................................................3
Task 2: Monitor performance.................................................................................6
Task 3: Respond to data performance...................................................................7
Business plan......................................................................................................... 8
References........................................................................................................... 15

Task 1: Developing a business plan
1. What is the best method to review operational and business plan when the business
has not been started yet
Answer: The first step is to review the strategic plan that has been implemented for
doing business successfully. The management should see whether the strategic plan is
suitable to fulfil the vision and objectives of the business. The second is to examine
whether the business plan and operational plan are working as per the strategic plan.
The third step is to monitor and evaluate the implemented plan that is whether the
plan fulfil the goals and long term vision of business or the strategy needs some
modification.
2. Provide potential source of a business plan, a mission statement, vision statement, and
a values and objective statement.
Answer: According to Gerasymenko, De Clerc & Sapienza (2015), there are different
sources to arrange funds for starting a business such as personal investment, venture
capital, bank loans, business incubators, love money, subsidies and grants from
government, and angels.
Mission statements- XYZ retail outlet will provide good quality products and services
to all its consumers at affordable price and will work with integrity and honesty.
Vision statement- our vision is to make XYZ retail outlet the world best retail stores
which will provide superior quality of products and will render outstanding services to
our customers
Value statement- We sell innovative products and are accountable to our customers
and also provide harmonies relationships with the customers.

3. Why do we consult with stakeholders?
Answer: there are two types of stakeholders such as internal stakeholders and external
stakeholders. According to Farooq, Rupp & Farooq (2017), stakeholders are the
persons who invest in the business, who provide financial sources to the business as
well as provide equipment and skilled employees to the organization. The
management should consult with them so that they can share their ideas and
knowledge to the business as well as provide sound decisions or the organization.
4. How could you review market requirements for the product or service, research
pricing options, profile customer needs?
Answer: The requirement of products in the market can be reviewed by analyzing the
competitor’s sales of their goods or services. Prices of the product can be fixed by
evaluating the prices of the main competitors in the industry and the prices in the
initial stage should be fixed at a lower price so that the outlet will be available to
increase their sales.
5. Develop performance objectives and measures through consultation with key
stakeholders?
Answer: as opined by Bititci, Cocca, & Ates (2016), the management should consult
the performance of the organization with the key stakeholders so that they can share
their knowledge and experiences to enhance the performance of business
6: outline what do you mean by, ‘identify financial, human and physical resource
requirements for the business?
Answer: According to Cawsey & Rowley (2016), identifying human resources means
that the owner before starting the business should identify skilled employees for the
organization for achieving mission and vision of organization. Identifying financial resources