Business planning process

A business plan is the road map for starting and running a business. A business plan is the step by step procedure that would be followed to convert a business idea into a successful business venture.

Objectives
To give direction to the vision formulated by an entrepreneur. Objectively evaluate the prospects of business. Monitor the progress after implementing the plan. To persuade others to join the business. To eek loans from financial institutions.

 To visualize the concept in terms of market availability, organizational,operational and financial feasibility. To identify the strength and weakness of the plan To identify challenges in terms of opportunities and threat from external market. To identify the resources required to implemnet the plan.

Idea Generation

Environment scanning

Feasibility analysis

Project report preparation

Evaluation, control, review

Business Planning Process

Preparing a business plan

Business planning Process

Preliminary Investigation

Ideas in to opportunities
Types of opportunities Addictive opportunities-utilizing the existing resources without changing the character of the business. Complementary opportunities-introduction of new ideas with changing character of the business. Break through opportunities fundamental change in in structure and character of the business.

Steps in selection of new business Ideas /Opportunities

New product ideas

Idea Screening Concept development and testing Business potential analysis Product development Test Marketing

commercialisation