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To demonstrate the skills and knowledge required to monitor the performance of a business plan.
Monitor the performance of a business plan, through testing and refining of the performance measurement system, and report on progress of the business plan in a timely and effective manner.
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The purpose of this report is to analyze a business plan by evaluating its strengths and weakness and to monitor the performance of the business plan. This report will focus on two business plans. One business plan is on Quality training, and the other is based on an Internet café business plan. Before this, let us first understand what is meant by the Business plan and what is the purpose or the need for a business plan in starting a business.
A Business Plan is a process through which a new or already existing business opportunity is identified, described and analyzed by evaluating its economic, technical and financial stability(Nunn & McGuire 2010). The plan helps in developing all the possible procedures and strategies to convert a business idea into an actual business project. It is a vital tool to start up a business project, despite the amount and the size of the project or the experience of the entrepreneur(Nunn & McGuire 2010).
Moreover, the business plan serves as a business card to introduce the business to investors, banks, public bodies, institutions or any other agent to seek financial or cooperative support(Lawrence & Moyes 2004). It answers the simple questions arising while starting a new business or business underway already. Questions can be like, why your product or service is needed? Who is the target market? How different is your product or service from others? What is the competitive advantage? Who will fund the business? What are the cash flows, and how is your business profitable (Lawrence & Moyes 2004)? After going through this process, you have the ability and reasons to verbally communicate the attractiveness of your business project. This also enables the entrepreneur to describe his business in a compelling way and also to answer questions from the investors (Lawrence & Moyes 2004).
In this report, we will consider two business plans.
The Business plan consists of the elements (Becherer & Helms 2009) are
The general analysis of a business plan is done in the following way:
The analysis of the business plan on Quality training (Innovation and Business Industry Skills Council Ltd 2010)
Quality training is working as a registered training organization for the last 12 months. The objectives of the Quality training are to attain a net profit target of $100,000 with an increase of 25% in the profit in the succeeding financial year; to grow the business at a manageable and challenging rate with adaptation, new innovations and an increase in a number of trainees from 16 presently to 300 in the next two years; to make a citizen learned and social asset to the society by networking and offering his service to charitable organizations whenever needed. The strategic plan of the quality training for marketing will include personal contacts through the mailing of brochures or follow up by phones; cold calling by identifying potential clients to obtain business names and their addresses and contact them to arrange personal meetings; internet services will be used for advertising its services to the general public by developing a website; advertising in yellow pages; will increase networks by joining local chambers of commerce to develop good relations with local businessman and to promote its services.