Success of anenterprise is greatly enhanced by a clear and comprehensive tool known as abusiness plan (Malcotsis, 2002). A businessplan is simply a document that highlights a company’s products’ or services’portfolio, market forecasts, financial position and budgets, production techniquesand means of achieving her objectives (Ward, 2016). The plan comesin handy when preparing to actualize business ideas or when expanding analready existing venture.
It is the goal of any entrepreneur to establish aprospective business that will be profitable enough to guarantee continuity.This requires a vivid and attractive business plan (Rogoff, 2007). It is adynamic tool that can be updated as necessitated by needs from time to time.A good business planshould provide a thorough analysis and evaluation of the customers, marketvolume/share and competition stiffness. It should provide a concise overview ofthe business and depict creative plans for advertising, running, funding andadministering the enterprise (Ward, 2016). It shouldreflect the need of the firm and be achievable, informative and compelling toget all parties to the business committed. A business plan hasnumerous applications for the corporate world. The uses can be classified intotwo broad categories; internal and external.
Internally, the plan is used to; conductSWOT (strengths, weaknesses, opportunities and threats) analysis for enhancingperformance, harmonize the strategic plans and operations of differentdepartments in large companies, inform the staffs on the business throughevaluation of the past and/or recent performance and trends and lastly providea firm standard for decision making concerning whether the venture issatisfactory or not (Crego, Schiffrin, & Kauss, 1995). Externally, abusiness plan is used to inform the stakeholders and other interested partiesof mission, vision, objectives, performance and organization of the firm.Furthermore, it is quite useful in soliciting finances for the enterprise (Crego et al.
, 1995; Malcotsis, 2002). Hence, abusiness plan ought to be compelling, informative, easily understood andrealistic to serve its purpose. Farm MachineryManufacturer Business Plan and Cosmetics Manufacturing Business Plan areselected for this study owing to the prerequisite of the assignment. A briefoverview of each plan is detailed in the outline section.