ENGINEERING MANAGEMENT: ENS5543ASSIGNMENT L-1: LITERACY SKILLSBUSSINESS PLAN CONTENTS 1. INTRODUCTION.. 3 2. REPORT OUTLINE.. 4 2.1 FARM MACHINERY MANUFACTURER BUSINESS PLAN.
. 4 Brief introduction. 4 Strengths of the business plan. 4 Weaknesses of the business plan. 5 Analysis. 5 2.2 COSMETIC MANUFACTURING BUSINESS PLAN.
. 5 Brief introduction. 5 Strengths of the business plan. 5 Weaknesses of the business plan. 6 Analysis. 6 2.
3 CHALLENCES FACED AND REMEDIES. 6 2.4 LESSONS LEARNT ABOUT BUSINESS PLANNING.. 6 2.
5 DEMOSTRATED COMPETENCIES. 6 2.6 RECOMMENDATIONS. 6 2.7 CONCLUSION..
7 3. REFERENCES. 8 1. INTRODUCTIONSuccess of anenterprise is greatly enhanced by a vivid and exhaustive device called abusiness plan (Malcotsis,2002).A business plan is defined as a document that depicts firm’s products’ andservices’ portfolio, market forecasts, financial position and budgets,production techniques and ways of attaining her goals (Ward,2016).The plan comes in handy when planning to actualize entrepreneurial ideas orwhile expanding an already functioning business. It is the aim of everyentrepreneur to start a business whose prospects are good enough to ensuresustainability.
A clear and attractive business plan can ensure this isaccomplished(Rogoff,2007).It isdynamic and is frequently updated when necessary at any given instance.An effective businessplan should thoroughly evaluate the target market and competition stiffness. Itshould provide a concise summary of the enterprise and depict innovative waysfor marketing, running, funding and managing the business(Ward,2016).It should reflect the need of the firm and be achievable, informative andcompelling to get all parties to the business committed.
A business plan hasnumerous applications for the corporate realm. The uses are broadly classifiedas either internal or external. Internally, the plan is used to; conduct SWOT(strengths, weaknesses, opportunities and threats) analysis for enhancingperformance, harmonize the plans and operations of different sections in bigcompanies, inform employees about the company by evaluating the past and/orrecent performance and trends and provide a firm basis for decision makingexercise on the satisfaction of the business (Crego,Schiffrin, & Kauss, 1995). Externally, abusiness plan informs the stakeholders and customers of mission, vision,objectives, performance and firm organization. Furthermore, it is quite usefulwhen outsourcing for funds to start or expand a venture (Cregoet al., 1995; Malcotsis, 2002).
Hence, abusiness plan should compel and inform the audience in a way that is easy tounderstand. Moreover, it ought to be realistic to realize its purpose.Farm MachineryManufacturer Business Plan and Cosmetics Manufacturing Business Plan areselected for this study.
A brief overview of each plan is detailed in theoutline section. 2. REPORT OUTLINE 2.
1 FARM MACHINERYMANUFACTURER BUSINESS PLANBrief introductionFarm Machinery KourosBrothers Ltd (KBL) is a Cyprian based firm that provides a wide range ofagricultural commodities and services. It is a producer, an importer and alegal retailer of a collection of heavy-duty agricultural instruments. It isthe only authorized intermediary for major European agriculture producers. Thecompany has wide markets extending to the Middle East as well as Syria.
The firm has spotted anew opportunity and intends to seize it. The government plans to provideincentives amounting to 256 million Euros for agricultural producers thatintend to acquire the state-of-the-art technologies to add value of theirproducts and consequently fetch high prices on the market (Bplans,2017a).The business plan intends to communicate the potentials of the firm, toshowcase the company’s good image and her expanding market shares and to stressthe need for funding to aid in the expansion. The firm boasts of attractivereturns and assets, but lacks adequate capital to acquire the much neededexhibition machinery to cater for the anticipated huge sales’ potential due tothe incentive funds.
The firm has identified a list of proven buyers of the newtechnology. The firm is under desirable pressure for expansion to fully caterfor the widening market demands. As a result, the company is looking forfunding of about £50,000 to realize her mission. Strengths of the business plan· Tremendous experience in management withfirst-hand information in the particular industry· Availability ofprofessionals with skills and experience in research and developement· Exceptional administrative competencies· A strong and proven market base· Good firm reputation Weaknesses of the business plan· Inadequate financialcapability to supply the new technology· Sales ,on normal cases,is low since farmers cannot purchase new technology annually· Customers can onlypurchase proven technologies· Over reliance onassumptions for financial plansAnalysis· Market share and plans· Financial plans· Competitve edge2.
2 COSMETIC MANUFACTURING BUSINESS PLAN Brief introductionBlue spa, owned byBrunner’s family, is a US firm based in Oregon State. The corporation “hascreated a brand concept consisting of both skin care and athletic apparelutilizing multiple channels of distribution” (Bplans,2017b). The firm has aneye on the untapped market niche.
Currently there exists no brand that isall-inclusive as far as the beauty and fitness products are concerned in thisindustry. For instance, women customers have been conspicuously neglected inthe fitness clothing and auxiliaries. This presents the firm with a gloriousopportunity to establish and roll out growth plans for the idea. The brand ismainly targeting educated women from their mid-twenties to mid-sixties withspecial concern on healthy living and maintaining fitness. The firm intends toaccomplish her goals by being innovative in marketing and bolstering herself onquality production techniques.
This business plan presents their marketanalysis, value proposal and marketing plans. The plan foresees a pay-backperiod of 3 years. They are looking for investors to fund the establishment ofthe brand.
Strengths of the business plan· Products ofhigh quality· Ray andBarbara cumulatively have experience of 65 years in retail industry· Focuseson less targeted group in the industry· Use of catalogs to inform customers onBlue spa benefitsWeaknesses of the business plan· Only targets educatedwomen· Blue spa is yet toestablish her name· Faces stiff competitionin the specific brandsAnalysis· Production and implementationplans· Market and marketforecasts· Cosmetic industry2.3 CHALLENCES FACED AND REMEDIES· Difficulties in regurgitating technical informationpresented in the plans· Long business plans with more usefulinformation to understand · Difficulties in paraphrasing sometechnical statements2.4 LESSONS LEARNT ABOUT BUSINESS PLANNING· Should be specific and achievable· Should get people committed and bring all parties on board· Be informative and suit the need of the business· Is dynamic and updated from time to time as the need arises2.5 DEMOSTRATED COMPETENCIES· Clear writing with cohesion and flow· Effective communication and presentationof information· Critical analysis and evaluation of sources· Credible research· Able to research technical topics2.6 RECOMMENDATIONS · Focus on all women to widen prospects inthe cosmetic business plan· Strengthen the business plan by factoringin customer feedbacks· Not to compromise quality for the sakeof fetching low prices2.
7 CONCLUSIONClosing statements onthe business plans and the entire business planning exercise. 3. REFERENCESBplans.(2017b). Cosmetics manufacturing sample business plan. Retrieved December 4,2017, from http://www.bplans.co.
ukBplans. (2017a). Farmmachinery manufacturer business plan. Retrieved December 4, 2017, fromhttps://www.bplans.comCrego, E. T.
,Schiffrin, P. D., & Kauss, J. C. (1995). How to write a business plan.Watertown, MA: American Management Association.Malcotsis, G.
(2002).How to prepare your business plan. In UNCTAD/ITE/11A/5. New York andGeneva: UNITED NATIONS.Rogoff, E.
G. (2007). Bankablebusiness plans.
New York, NY: Rowhouse Pub.Ward, S. (2016). Allstrong businesses start with a solid business plan. Retrieved December 4, 2017,from https://www.thebalance.com/business-plan-2947267