Fixed Cost In Break-Even Analysis Refers To The Cost That How To Evaluate A Business Idea For Developing An Enterprise

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How To Evaluate A Business Idea For Developing An Enterprise

Why do you need a business plan?

Planning is a never-ending process for all businesses. It is extremely important in the early stages of any venture, when the entrepreneur will need to prepare a preliminary business plan.

There are different types of plans that can be part of any business operation. These include but are not limited to financial plans, marketing plan, human resources plan, production plans, sales plans, etc. Plans can be short-term or long-term, or they can be strategic or operational. Whatever the plan type or function, plans have one important purpose; to provide direction and structure to management in a rapidly changing market environment.

A business plan on the other hand is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture. Often this is an integration of functional plans such as marketing, finance, manufacturing and human resources. It also looks at both short-term and long-term solutions for the first three years of operation. So the business plan or road map answers the strategic questions where am I now? Where am I going? And how will I get there? Potential investors, suppliers and even customers will require or require a business plan.

How I prepared my pre-proposal for a project

In my case, I followed the following breakdowns, keeping each section as short as possible.

1. Background: in this section I established the context of the project by describing the problem it is trying to solve.

2. State of the art: I have provided an overview of existing and emerging technologies in the field, including an account of competing technologies and a comparison of the advantages and disadvantages of various options.

3. Proposal: I wrote an overview of the proposed project and approach ie. the activities that will be undertaken to achieve the objectives of the project. Clearly identify the research element or novelty component of the proposal.

4. Consortium: review the proposed workforce and establish the necessary capability to successfully implement the project (e.g. skills, competencies, etc.)

5. Objectives and Results: Identify (1) the objectives and (2) the results of the proposed project.

6. Competitiveness: if applicable, establish the competitiveness or advantages of the proposed solution compared to other solutions, whether already existing or still being explored.

7. Costs: give an overview of project costs (including start-up costs and working capital requirements).

8. Impact: this section should include:

i Markets and uses: identify possible uses and markets for project outputs.

ii. Benefits and beneficiaries: identify the beneficiaries of the project results (eg project participants, the general public, third parties) and how they will benefit.

iii. Roadmap: give an indication of what additional steps, efforts, costs and timeframes are required before tangible benefits from suppliers or project deliverables can be realized (unless they are realized within the project life cycle).

iv. Diffusion benefits: identify any secondary benefits of the project (eg facilitating participation in funding programmes, improving Malta’s ranking, strengthening Malta’s reputation in a particular area, etc.)

Preparation of a detailed business plan

The stages of writing a business plan are: After deciding to start a business, before starting a business, and when an update is needed.

Business plans can be written for retail, wholesale, service, manufacturing, and any other type of business.

The business plan is written by doing the following:

Identify any questions that may be asked about the business.

Determining what additional information needs to be collected to answer any questions.

Get all the information you need.

Comparing different alternatives

Making a decision on any matter.

The business plan should:

Have a good appearance

Give an index

Submit a resume

Number each copy

Be subscribed to see who sends it.

It depends on the nature of the business.

A business plan should be organized to include a title page, table of contents, executive summary, business description, marketing plan, organizational plan, operations plan, financial plan, and appendices.

The outline of a typical business plan is as follows;

1. Title: Feasibility Study Report of ______________________

Ordered by __________________________

2. Project consultants

3. Content:

Executive summary

The report

Background of the project

Purpose of the study

Project Description and

Extension of credit

Promoter

Location

Market and marketing plan

Potential clients

Competition

Pricing

Sales tactics

Advertising and promotion

Distribution.

Technical Feasibility and Management Plan:

Factory

Machines

Overhead fees

Packaging materials

Raw materials, labor and labor costs.

Financial forecast/feasibility:

Overview of capital requirements

Finance plan

Projected cash flow

Estimated Profit and Loss Account

Estimated balance

Profitability analysis

Source and application of funds

Organizational plan:

Form of ownership

Identification of partners/major shareholders

Powers of Directors.

Background of the management team

Roles and Responsibilities of Organizational Members

Risk Assessment:

Assess the weaknesses of the business

New technologies

Contingency plans.

Schedules:

Forecasted sales for 12 months

12 months planned purchase

Fixed assets and depreciation plan

Profitability index.

Thanks for reading

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