Unit 42-LO3 Develop a business plan (including financials) and communicate how you intend to scale up a business-BTEC-HND-Level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

Developing a business plan is an essential step in scaling up your company. Not only does it help you layout the goals and strategy for the next three to five years, but it also provides valuable information on how much money will be needed during that time. There are many aspects of developing a business plan, including financials, which can seem intimidating. But with this guide from Entrepreneur magazine, you’ll have all the tools you need to create your own detailed plan for success!

Also Read: Assess the various ways a small business owner can exit the business and the implications of each option

Strategic intent: vision and mission:

Developing a vision and mission for the organization based on areas of strength, identified opportunities, values and ethics, and the expectations of stakeholders

A mission statement is usually a short sentence or paragraph that communicates what something stands for, where it is going, and why it matters. A vision statement usually includes a phrase describing the desired future state of the organization and why that particular future would be better than just ‘staying the same. Usually, both are included in one document.

There are many things an organization needs to decide based on external expectations, values, opportunities (weaknesses become strengths), and ethics in order to create its own mission. This also applies specifically to organizations welcoming different kinds of people. It’s important to think about the work that we’re doing if we want our outcomes to reflect who we really are- as well as who our clients, customers, or patients are.

Exploring successful entrepreneurial strategies (e.g. addressing niche markets)

The beauty of a niche market is there’s less competition as well as more opportunity to build relationships with those within the niche. It’s a great chance to provide an improved and customized service that big companies can’t offer. There are countless examples of small businesses thriving in niches, so take this strategy if you’re looking for non-traditional success.

Preparing a business case for investment:

The key aspects of a business plan are aimed at securing investment and what investors are looking for

The key aspects of a business plan are aimed at securing investment and what investors are looking for is a clearly presented problem, market opportunity, solution to the problem; evidence of the ability to execute on the plan, and initial capitalization. Potential investors also want reassurance that they will be able to exit their investment if necessary – so you might consider including details about how much money you need how long you’ll be using it for and your financial resources at present. You should also factor in any potential risks when building your business model. Generally speaking, there is no such thing as too much detail, so the more information you can provide about your business idea and plans for growth, the better.

How to present the plan to investors

As the CEO of a company, you will have to present your plan to investors. In order to have an effective presentation for convincing investors, you should provide five key points as follows.

The overall goal of your presentation should be to show how your product or idea fills a need in the market that no one else offers and why it’s better than its closest competitor. It also helps if you can make it personal by sharing what inspired you about this project and making it clear why this is so important that the responsibility falls on your shoulders alone.

One of the most important things is the authority behind the product, so there are certain things that each investor will want from prospects in order to invest reliably with their own money.

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