Drawing functional Plan: After positive result form the feasibility study, functional plans are drawn up. Some scholars and writers prefer to include feasibility study with functional plan but the two have been taken separately. Whereas only after the feasibility study can one go into the derails of drawing up functional plans which would determine the strategies for all the operational areas : marketing, Finance and production.
Before the preparing the plan, the entrepreneur should: Review previous business plans (if any) and their outcome. This review will help highlight which areas of the business have proved difficult to forecast historically. Be very clear as to objectives on which their plans will be based. Set out the key business assumptions on which their plans will be based.
It could be, for example, the risk of a change in the economic environment - what are your contingency plans for that in terms of dealing with such a situation? There may be many other risks as well specific to your particular sphere of operation, but that ability to plan ahead for all scenarios makes for a robust business plan.
Obtain Feedback On Your Plan : When writing a business plan you sometimes end up locking yourself away. You might have unique ideas which lead you to seek some isolation and secrecy, or if you are going to be a sole trader you may only have one person to consult namely yourself. But it is fantastic to try and get broader input on your business plan - whether from a professional, or simply from friends and family whom you trust.
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