GEEN0049 Engineering Enterprise: Plans of the Business


This assignment is about to submit Business plan and should be in the field of Engineering sector.

Planning and plans

Planning is a process leading to the formulation of a plan
A plan is the outcome of the planning process
The planning process (thinking, researching, consulting, discussing) is at least as important as the final written plan

Business plans

A business plan is:

A report showing the plans of the business, often used to attract finance from investors and creditors
A document that is designed to provide information about a new business or venture to persuade financial backer to invest in a business
The business plan describes out the market opportunities the business intends to exploit, how it will do so and what resources are required

Business plan & raising finance

To convince people to invest in an enterprise
To convince creditors about the credit worthiness of the enterprise
To persuade banks and others to lend or invest money it is necessary to:

Demonstrate the lender/investor has a good chance of being repaid or getting a good return on their investment
Build confidence about the firm and owners’ capabilities
Demonstrate that there is a good market for the product or service

Internal uses of a business plan

Clarify objectives
Provide a sense of direction, purpose and urgency
Plan all aspects and ensure that nothing is overlooked
Provide a checklist to help run and control the business
Monitor progress and success
Improve performance
Improve motivation and communication
Allocate responsibility
Better control and co-ordination and greater consistency
Failing to plan makes an organisation reactive, vulnerable to threats and closed to opportunities

Key planning questions

Where are we now?
How did we get here ?
Where would we like to be?
How do we get there?
Are we on course ?

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