For this assignment, we are digging in and building the business plan for the business your team selected with the gap analysis. Your team is encouraged to use the material in Chapters 1 through 9 in the textbook, information in sba.gov, and other reliable sources such as SCORE for this assignment. Use the assigned videos and the discussions with Entrepreneurs (from Week 2) to help you make connections to real world businesses and the material.
Include the following sections:
- Company Description
- Market Research (include Competitive Map in Appendixes)
- Detailed Product/Service Line Description
- Financial Projections
- A topic specifically pertinent to your business (optional)
Company Description
This section provides a general background and description of your company. You should include things like a mission statement, company goals and objectives, and a general overview of your product or service, target market, and industry. You will also go into detail about your company’s management, organizational, and legal structures. Total suggested length for this section of the business plan: 1,000 – 1,200 words.
Market Research
Your market is an important part of the business plan. Before you can sell something, you have to know who might buy it and what price they’re willing to pay for it. Research is the foundation to marketing. To conduct market research, you must gather facts and opinions in an orderly, objective way about your target: the industry and your potential customers. (Reminder: sba.gov has information on writing the various sections of a business plan). Total suggested length for this section of the business plan: 1,200 – 2,000 words.
Detailed Product/Service Line Description
In this section, you will identify and describe all of the products and services your business sells or provides. You should also explain how the items you sell are priced. In addition, and perhaps most importantly, this section should explain how your products and services are competitive.
Keep this section focused, easy to follow and emphasize your competitiveness. It is easy to list your products, but, it is far more worthwhile to explain how you are competitive. Finally, if you have pictures or brochures describing your products, reference them in this section and include them in an appendix to the business plan. Total suggested length for this section of the business plan: 900 to 1,200 words.
To provide your audience with a clear understanding of why you are in business, what you sell, and how you compete answer these questions within this section of your plan:
· What product or service will your company provide?
- For each product describe:
- What is unique about it?
- What are its important features?
- What will it do for the customer?
- How does it benefit them?
- Why is it better for the customer when compared to the competition?
· Describe your pricing structure.
· What factors give you a competitive advantage or disadvantage?
· Do you keep inventory?
-
- What kind and how much?
- How is your inventory turnover?
· Who are your suppliers?
· In which lifecycle stage is your product or service?
· What research and development activities are you performing or planning?
· What intellectual property rights do you have for your product or service?
(sba.gov, How to Write a Business Plan)
Financial Projections
Include:
- Projected Balance Sheet (one year)
- Cash Flow Projection (one to two years)
- Profit and Loss (one year)
(As a reminder, the sba.gov site has training on creating these statements.)
Items to be included in Appendixes for this assignment:
- One-page pitch (from previous assignment)
- Competitive Map (example page 67 in textbook)
- (Optional) Pictures and/or brochures of the product
The submitted document should be Times New Roman or Ariel font size 12. Single spacing should be used in the paragraphs with a Normal margin of 1 inch top, bottom, and both sides. Page numbers should be centered at bottom of the page. As you create the business plan keep in mind that the Final Plan will need a Table of Contents and format accordingly. To be sure each teammate has the full material for the project, both people on each team should submit this assignment in one document.
The business plan will require time and deep thinking from your team; plan your time and collaboration accordingly.
Reference
Sba.gov (2017). How to Write a Business Plan. Retrieved from https://www.sba.gov/tools/sba-learning-center/training/how-write-business-plan
This is the feed back that we received….
Overall, good start on the business plan for Blue Ridge Hotel. However, there are several items missing or incomplete for Part 2 of this project. Most of the items are related to the financials and competition information. You want to provide a specific location (address) to be able to accurately do the financials and the competitive information. When you complete the financial documents for the Final Business Plan have them showing monthly information for at least a year. An example of monthly data for Income Statement on page 118 of text. Please carefully review the grading rubric and let me know of questions.
So we need to add the financials and competition to our part too.
The address that we are going to use to build our resort is Davenport road Newland NC. Our competition is going to be the local area with ski resorts in banner elk and boone. https://www.movoto.com/realestate/tract-a-davenport-road-newland-nc-28657-417_222790 shows the property.
This is the directions for part 2. I have also included the grading rubric.
Team Final Written Business Plan Assignment
We are finishing up the business plan for the business your team selected in this assignment; your team will build on and include Part 2 Business Plan assignment (with any modifications from feedback and further reflection). Your team is encouraged to use the material in Chapters 1 through 12 in the textbook and supplement the course material with information from your other classes, sba.gov, and other reliable sources such as SCORE for this assignment. Information shared in the discussions and videos can help you make connections between the real world of businesses and the material. To be sure each teammate has the full material for the project, both people on each team should submit this assignment in one document.
Along with a Cover Page, Table of Contents, and Reference Page; add the following sections to Part 2 of your Business Plan (with modifications from feedback):
- Executive Summary (written last)
- Business Description
- Market Research (include Competitive Map in Appendixes)
- Detailed Product/Service Line Description
- Marketing Mix
- Product Strategy
- Price Strategy
- Promotion Strategy
- Place (Distribution) Strategy
- Operational Plan
- Production methods and control
- Permits and licensing
- Personnel management & HR policies
- Insurance and risk management
- Credit policies
- Cyber security plan
- Accounting systems
- Topic(s) specifically pertinent to your business (optional)
Refer to the grading rubric in resources to double check the completeness of your document.
The submitted document should be Times New Roman or Ariel font size 12. Single spacing should be used in the paragraphs with a Normal margin of 1-inch top, bottom, and both sides. Page numbers should be centered at bottom of the page. As you create the business plan keep in mind that the Final Plan will need a Table of Contents and format accordingly.
As you know, the business plan requires time and deep thinking from your team. Keep up the good work!
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