Solution: Assignment 1 Individual Draft and Final Reports
A Business plan is a written description of the business’s future. Business plans can assist in performing a number of tasks for those who write and read them. Also, the business plans are useful for investment seeking entrepreneurs to conveying their vision to potential investors. The main components covered in the business plans include the concept of business, marketplace section as well as the financial section. Each section has its own importance and provides detail of the business. However, in context to it, this draft is being framed for the final report in which two business plans have been selected from www.bpplans.com. The first business plan is of Advertising Marketing Consulting Business Plan which has been undertaken by Pioneer Consulting - run by five graduate students from the Marshall School of Management at the State University. The target client of Pioneer Consulting is the small business which can rarely afford the cost of contracting the services of a marketing firm for maximizing the effectiveness of their marketing expenditures. The business plan consists of the services such as development and preparation of strategic marketing plans and program, the design of overall advertising and public relations strategies industry trend analysis and execution of marketing implementation plans and programs. However, the second business plan that has been selected is Accounting and Bookkeeping Business Plan undertaken by Sorcerer’s Accountant which is one-person accounting and tax preparation service owned and run by Max Greenwood in Chicago. This business will offer the clients with bookkeeping services along with the insights of CPA at a price which they can afford. Also, the services will include tax services, cost accountant services and QuickBooks services. The main purpose of writing this draft is to give the outline of the final report so that reader will get to know the sections that will be covered in the final report.
Introduction: The introduction section will be the first section of the final report which will give a brief description of each section and will be covered in each section of it. The purpose of giving introduction is to familiarize the reader with the content covered in the report.
Description of each company’s business plan: It is the second section of the report which will be providing a brief description of each company’s business plan. Generally, the content that will be included in this section will provide the details of the basic services which both of the selected business will offer.
Identification of the three strongest components of each plan with justification: This is the third section of the report that will be covering the strongest components of each business plan. It will allow the reader to know that what are the major positive outcomes of business. The factors on which strongest component will be given are investment cost required to start their new venture, the uniqueness of services provided by business and ROI it will be generating. Along with that, each component will be justified with a relevant reason for it.
Identification of three weakest components of each plan with justification: This is the fourth section of the report that will be covering the weakest components of each business plan. This section will allow the reader to know the weakest component of each section that will be based on factors such as industry rivalry, criticality associated with each selected business and competition associated with it.
Recommendations on how business plans can be improved: It is the last section of the report where recommendations will be provided for business plans. These recommendations will be based on the weakest component described in the above section so that they could be improved. Along with that recommendations will be given on the basis of strongest components so that strongest points can be enhanced and utilized to their fullest in business plans.