{"id":5678,"date":"2019-02-16T09:09:52","date_gmt":"2019-02-16T03:39:52","guid":{"rendered":"http:\/\/astan.lk\/al_virtualclassroom\/?p=5678"},"modified":"2019-02-16T12:05:28","modified_gmt":"2019-02-16T06:35:28","slug":"components-of-a-business-plan","status":"publish","type":"post","link":"https:\/\/astan.lk\/al_virtualclassroom\/components-of-a-business-plan\/","title":{"rendered":"Components of a Business plan"},"content":{"rendered":"<h3><span style=\"color: #000000;\">Following components are generally include in a business plan:<\/span><\/h3>\n<ul>\n<li>Executive summary<\/li>\n<li>Business description<\/li>\n<li>Marketing plan<\/li>\n<li>Operations plan<\/li>\n<li>Human resources plan<\/li>\n<li>Financial plan<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\"> Executive summary <\/span><\/h3>\n<ul>\n<li>The executive summary is the section in which the basic facts in a business plan are\u00a0briefly stated.<\/li>\n<li> Importance Of executive summary:\n<ul>\n<li>Executive summary creates a foreview about the entire business plan<\/li>\n<li>It gives a guideline about the business plan<\/li>\n<li>It builds up confidence about the business plan<\/li>\n<\/ul>\n<\/li>\n<li>The executive summary should be always brief and attractive.<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\">Business Description<\/span><\/h3>\n<ul>\n<li>This should reveal what the business is, what type of a good\u00a0or a service is manufactured or sold, the benefits enjoyed by customers and also its<br \/>\nspeciality.<\/li>\n<li>The following details also should be there:\n<ul>\n<li>Name and address of the business<\/li>\n<li>Goals\/ objectives<\/li>\n<li>Pioneers\/ Promoters<\/li>\n<li>Organization structure<\/li>\n<li>The type of organization<\/li>\n<li>Director board<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\">Marketing Plan<\/span><\/h3>\n<ul>\n<li>The section which describes the facts such as the market, competition, marketing<br \/>\nstrategies, sales forecasting is known as the marketing plan.<\/li>\n<li> Importance Of \u00a0Marketing plan:\n<ul>\n<li>It points out that there is an adequate and expanding market for the product<\/li>\n<li>It points out that there is a possibility to face the market competition<\/li>\n<\/ul>\n<\/li>\n<li>Following elements are included in a marketing plan:\n<ul>\n<li>Analysis of industry and the market<\/li>\n<li>Expected good or service to be sold<\/li>\n<li>Target market<\/li>\n<li>Analysis of competition<\/li>\n<li>Expected sales<\/li>\n<li>Marketing strategies of competitors<\/li>\n<li>Proposed marketing strategies of the entrepreneur<\/li>\n<li>Sales forecast<\/li>\n<li>Marketing expenses<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\">Operational Plan<\/span><\/h3>\n<ul>\n<li>The section consisting the details about production procedure, production machines\u00a0&amp; equipments, required quantity of products, locating the factory, national and\u00a0international standards followed is known as the operation plan.<\/li>\n<li>Importance Of Operational plan:\n<ul>\n<li>Ability to have a clear awareness about the future operations early<\/li>\n<li>Ability to minimize the possible wastages and delays in the process of<br \/>\nmanufacturing<\/li>\n<li>Ability to improve the quality of the product<\/li>\n<li>Ability to maintain the continuity of the manufacturing process<\/li>\n<\/ul>\n<\/li>\n<li>Following components are included in an operational plan:\n<ul>\n<li>\u00a0Production plan<\/li>\n<li>Machines &amp; equipments requirements<\/li>\n<li>Raw material requirements<\/li>\n<li>Employee requirement<\/li>\n<li>Manufacturing overheads<\/li>\n<li>Total manufacturing cost and the unit cost<\/li>\n<li>\u00a0Factory layout plan<\/li>\n<li>Disposal of wastage and environmental influence<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\">Human Resource Plan<\/span><\/h3>\n<ul>\n<li>The schedule of future human resources requirements for the achievement of goals\u00a0and objectives of a particular institute is known as the human resouce plan.<\/li>\n<li>Importance Of Human resource plan:\n<ul>\n<li>Ability to forecast the future employee requirements and the cost<\/li>\n<li>Ability to utilize the human resource more efficiently<\/li>\n<li>Ability to prevent breakdowns of business activities due to pre recognition and<br \/>\npreparation for the future human resource requirements<\/li>\n<li>Ability to minimize the recruitment cost that may occur due to unplanned<br \/>\nrequirements<\/li>\n<li>Ability to recognize the training and development needs of the employees<\/li>\n<li>Getting the opportunity to recruit highly competent employees<\/li>\n<\/ul>\n<\/li>\n<li>Details included in a human resource plan are stated as follows:\n<ul>\n<li>Organization structure and organization chart<\/li>\n<li>Positions and responsibilities<\/li>\n<li>Annual expenditure for the human resource<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\">Financial Plan<\/span><\/h3>\n<ul>\n<li>The section in which all the estimated financial information are included is known as\u00a0the financial plan.<\/li>\n<li>Importance Of Financial plan:\n<ul>\n<li>To determine and provide the amounts of funds required for business affairs<\/li>\n<li>To make investiment decisions on the funds available in the business<\/li>\n<li>To identify the periods when financial shortcomings may arrise and to decide\u00a0possible solutions<\/li>\n<li>To identify the periods when there can be excess funds in the business and make\u00a0effective investment decisions<\/li>\n<\/ul>\n<\/li>\n<li>The facts to be included in a financial plan can be categorised as follows:\n<ul>\n<li>Estimated project cost (Capital requirement)<\/li>\n<li>Estimated profit &amp; loss (income) statement<\/li>\n<li>Estimated cash flow statement<\/li>\n<li>Loan repayment chart<\/li>\n<li>Estimated balance sheet<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Following components are generally include in a business plan: Executive summary Business description Marketing plan Operations plan Human resources plan Financial plan Executive summary The executive summary is the section in which the basic facts in a business plan are\u00a0briefly stated. Importance Of executive summary: Executive summary creates a foreview about the entire business plan [&hellip;]<\/p>\n","protected":false},"author":842,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[10,2413],"tags":[],"class_list":["post-5678","post","type-post","status-publish","format-standard","hentry","category-business-studies","category-unit-18"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Components of a Business plan - Learning &amp; Education Portal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/astan.lk\/al_virtualclassroom\/components-of-a-business-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Components of a Business plan - Learning &amp; Education Portal\" \/>\n<meta property=\"og:description\" content=\"Following components are generally include in a business plan: Executive summary Business description Marketing plan Operations plan Human resources plan Financial plan Executive summary The executive summary is the section in which the basic facts in a business plan are\u00a0briefly stated. 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