Planning is the first and the most crucial step for starting a business. Business Planning lays down step-by-step procedure by which would function. The various functional requirements of business-marketing, finance, human resource and production, provide information to all the concerned people like employees, venture capitalists, etc. and it also draws a read map to help the entrepreneur run the business successfully.
A mobile phone today is slightly bigger than your thumb. Similarly, a business plan is no longer a document of a hundred pages. Nobody wants to know your business. They want to know your views, your goals, your objectives and your plan of action.
It is outline of the business giving details of the finance, assets, staff, products or services and markets. It guides the entrepreneur, it identifies possible problems and it is also used in funding applications. The business plans sets out how to owner of a business intends to realize its objectives.
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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