Development and Implementation of Business Plan

Development and Implementation of Business Plan

Introduction

The business plan consists of what you plan to do with your business and how it will be completed. The procedure of writing what is included in carrying your idea to actuality needs managing with what, why, who, where, when, how and how much of your business enterprise. Composing a business plan compels you to investigate your ideas and how you will transform it into a business. Doing so encourages you distinguish areas that need support or rethinking.

Discussion

Strong business plans gives a guide for transforming your business into a beneficial venture. Weaknesses in a business plan specify one of two items - either the plan was not well composed and researched, or the business idea is not sound. When you categorize the strengths and weakness in your plan, you can choose what amount of time and cash to put into the effort. Weaknesses in a business plan utilized to secure financing frequently recommend the plan is not worthy of an insertion of money, a huge negative if that is the reason behind your plan (Siegel, Ford, & Bornstein, 1993).

Business Plan Elements

A business plan normally includes the following:

Business Description -What do you want to do; why are you beginning the business?

Market dissection -Who will be your clients; what do they need from you?

Competitor Assessment -Who will you contend with; what do these contestants offer?

Marketing plan -How will you achieve your clients?

Financial plan -How much cash will it require, and where will you get the fundamental funds?

Operating plan -How do you want to apply your idea?

Executive Summary -What are the essentials of the business enterprise?

In this assignment we are going to analyze the strengths and weaknesses of two existing business plans of 'IKEA' and 'STARBUCKS'.

Strengths of IKEA

Examination of the content of IKEA's business plan has concluded that there are numerous aspects of the business that adds worth to its product or service. IKEA's strengths incorporate:

A strong worldwide brand which lures key customer groups. It guarantees the same range and quality worldwide

Its vision 'to make an improved regular life for numerous people'

A strong idea dependent upon offering an extensive variety of well designed, practical items at low costs

A 'democratic design' reaching at a perfect balance between capacity, quality, design and cost. IKEA's 'Cost Consciousness' implies that low costs are considered when every item is designed from the beginning (Albarrak, 2011).

These strengths provide IKEA having the ability to attract and hold its clients. One way IKEA measures its qualities is the utilization of Key Performance Indicators (KPI). KPIs assist IKEA to review the advancement of its vision and long term objectives by setting targets and checking progress towards these. An example of one of KPIs of IKEA is the percentage of suppliers that are as of now IWAY affirmed. The IWAY is the IKEA Way of Purchasing Home Furnishing Products. This rule outlines the environmental and social necessities IKEA needs of its ...