Requirements much easier and quicker if certain

Requirements for preparing an action plan :Identify business objectives: put a set of objectives to be achieved through the Action Plan, and these goals must be realistic and accept measurement.Knowledge of resources : Is the owner’s understanding of the resources he  needs for the work plan to become operational, including the work team, financial budget and management support.GATHERING THE RIGHT DATA : Business plans are only as effective as the data on which they are based. One of the worst things that can happen to executives is to have prospective investors or lenders discover important information about a company’s industry, market, or technology that should have been in the business plan. The writing process becomes much easier and quicker  if certain data is available before writing begins. Then writing does not have to be interrupted at critical points in order to gather essential information. The key data includes the following :         1-Company Description         2-Management and Organization         3-Market and Competitors         4- Product or Services         5-Marketing and Sales         6-Financial Information         You may choose to add other sections, depending upon the         requirements of your company.Book , ” Writing an Effective Business Plan  ” , Fourth Edition , page 4Elements of the Action Plan :1-Summary Executive : The executive summary is the first element of the action plan, but in the end, after the entire work plan has been prepared, you may have a lot to clarify about your customers and competitors, how you produce, how much cost you need to each step.The importance of executive summary:”The most important reason to include an executive summary is that in many cases, it is the only thing the reader will read,” says Pablo Bonjour, founder and CEO of Katy, Texas-based SMG Business Plans, a company that offers entrepreneurs assistance in writing business plans. According to Bonjour, investors will read the executive summary to decide if they will even bother reading the rest of the business plan. It’s rare for an investor or lender to read an entire business plan, at least in the initial stages of analysis and consideration for funding, so having a strong executive summary is key.By Eric Markowitz2-Marketing plan :The marketing section of your business plan defines all of the components of your marketing strategy. When you write your Marketing Plan, you will address the details of your market analysis, sales, advertising, and public relations campaigns. The Plan should also integrate traditional (offline) programs with new media (online) strategies.Concept of Marketing Plan : For marketing more than definition, one of them  “study and identify the needs and desires of your potential customers, and then work to satisfy those needs and desires.” Therefore, you should plan how you market your products (goods and / or services) before establishing your business, and this is a long-term planning.The objectives of the marketing plan : Marketing is simply about studying the target market, where sellers and buyers meet, transferring ownership of products from seller to buyer, and studying your target market. You study, analyze, and identify the needs and desires of your potential customers. And then works to satisfy them. Thus, you will be able to tailor your product to meet your customers’ potential demands in terms of quality, format, price, and how the product will reach them.Elements of a marketing plan :         A) Product description         B) Customer analysis         C) The expected sales / service provided         D) Analysis of competition         E) Suppliers         F) Mix MarketingLinda Pinson , Book “Anatomy of a BUSINESS PLAN” , 7th Edition, page 433- Financial budget : Is the task of determining how funds are made available to achieve business strategic objectives. The company usually develops a financial plan immediately after setting the vision and goals. The financial plan describes all the activities, resources, equipment and materials needed to achieve these objectives as well as the time frames required.Financial planning activity has the following functions:Evaluation of the work environmentConfirmation of vision and business objectivesIdentify the types of resources needed to achieve these objectivesIdentification of resources (labor, equipment and materials)Calculate the total cost of each type of resourceSummarize costs for budgetingIdentify any risks and problems related to budgetingThe performance of financial planning is critical to the success of any organization. It provides a precise business plan, by ensuring that the specific objectives are financially feasible. It also assists the Executive Director in developing the financial objectives of the Foundation and rewarding staff to achieve the objectives within the specific budget.The role of financial planning includes three categories:Strategic role of financial management.Objectives of financial management.Planning cycle.RISK AND SENSITIVITY ANALYSISYour business plan is based on a number of assumptions. No matter how carefully you have made these assumptions, the probability of everything going exactly according to plan is very small. In your business plan you have made assumptions about future interest rates, exchange rates, tax rates, market growth, your market share, behaviour of competitors, etc. While your assumptions may have been realistically made, you know the actual result will not be precisely what you have predicted. The questions your lender or investor will ask are: “What will happen if one or more of the parameters deviate significantly from your original estimates? How will your financial situation be affected? What is the risk that your cash flow, profitability and balance sheet will deteriorate so much that your whole firm is seriously endangered?”To be able to answer possible questions you need probably to look at a range of scenarios. For each scenario you take parameters that deviate from your original assumptions and then you check what would be the impact on the financial performance of your business. Making alternative assumptions and planning around them is the best way to deal with possible events that are out of your control.UNCTAD, ” How to Prepare Your Business Plan “,  page  179for Business Plan Research One of the most frequent questions asked by business plan writers is, “How do I find the information I need to make marketing and financial projections?” In this chapter, you will be provided with both online and offline resources that assist you with your marketing and financial research efforts. Resources in this chapter have been organized in the followingsections:1-Internet Research Links2- Library Resources3- Publications and Periodicals4- Indexes to Periodicals and Magazine Articles5- Books6- Government Departments7-  Small Business AdministrationLinda Pinson , Book “Anatomy of a BUSINESS PLAN” , 7th Edition, page 167Factors of a Successful Business The ultimate purpose of developing a business plan is to have a successful business. In the long run, it is fruitless to write a business plan that can raise the funds you seek if your enterprise is so poorly conceived it is bound to fail. So, as you create your plan, be certain to address the long-term needs of your business and devise strategies that enhance both the overall performance of your company and your personal satisfaction. The following factors, discussed in detail in this chapter, contribute most to business success and should guide your planning process: The Business Concept Understanding the Market Industry Health and Trends Clear Strategic Position and Consistent Business Focus Capable Management Ability to Attract, Motivate, and Retain Employees Financial Control  Anticipating Change and Adaptability  Company’s Values and Integrity  Responding to Global Opportunities and Trends