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.
That is a great thing to make sure you have in your business plan, that your business will be built around those real customer wants. Do not make callous assumptions, or statements like "I know what people want", "People are going to love this", and so on.
You can concentrate so much on essential financials and supply logistics, but overlook other issues like marketing or opening times. By showing the plan to someone you trust, they can have a look and see what might be missing or worth developing more. Getting that valuable second opinion on how robust your idea is will put you in a much better position to start and keep going successfully.
Production/ Operation plan: The production/ Operation plan should include strategies for the following parameters ; Location and reasons for selecting the location ; Physical layout ; Cost and availability of machinery, equipments, raw material ; List of suppliers and, if possible, distributors ; Cost of manufacturing ; Quality management ; Production scheduling, capacity management and inventory management ; Changes in above in the case of expansion of business.
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