A business plan helped Mark and Mary Ann Beauchamp realize they wanted a franchise because it helped them establish where they wanted their business to go and determine the best strategy to get there.
Mary Ann and Nana are ready to expand their successful business, Crepes a la Nana, from one food truck to an entire fleet. To achieve this goal, they need money to buy new trucks and hire more employees. Mary Ann and Nana reinvest their own profits, but still need additional funding. They decide to look for an angel investor or a small business loan. To prove that their expanded grocery business is a solid investment, Mary Ann and Nana need a business plan.
A business plan outlines the goals of the business, the plan for achieving those goals, and the metrics for success. The more money Mary Ann and Nana ask an investor or lender to risk, the more detailed the plan needs to be. Mary Ann and Nana develop the Elements of a Business Plan for Pancakes a la Nana, which consists of the following sections: Summary, Introduction, Marketing, Production, Management, Legal Finance. The executive summary describes their business, its market potential and how it differentiates itself from the competition.
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Why should Mary ann and nana create a business plan
It must capture the imagination of potential investors. The introduction details the fast food service industry, the unique qualities of their business, and the benefits to customers of their convenient and healthy menu items. The Marketing section defines the strategy for identifying the target market and how to reach them through an integrated marketing effort. . For each new food truck location, Mary Ann and Nana include information about the type of customers, amount of foot traffic, socioeconomic factors, and ways to tailor their products to customers in a particular location.
The Production section details the equipment and staff that Nana and Mary Ann will need, as well as how they will manage inventory and quality control. The Management section describes the specialized qualifications for Mary Ann, Nana, and the managers they plan to hire. They include an organizational chart that shows how the management team will work together. The legal section explains whether they will organize their business as a sole proprietorship, partnership or company.
Mary Ann and Nana decided to become a Limited Liability Company (LLC). This section also lists required licenses, permits and insurance. The financial section details their expected annual revenue, monthly cash flow and profitability timeline after investing in new foods. trucks. Mary Ann and Nana have a lot of work to complete their business plan. But once the plan is complete, Mary Ann and Nana will be ready to continue their recipe for success.
Why should Mary Ann and Nana create a business plan?
Multiple choice discourage competition provide an overall plan to start the business and inform competitors that they are entering the market determine the best way to own a business and create effective production plans provide an overall plan on how to start a business and how to attract/satisfy investors.
Which part of the business plan details and outlines the authority structure that exists within the company?
1. Multiple choice
2. Marketing plan
3. Management plan
4. Organisational scheme
The part of the business plan that is designed to initially interest and charge a potential financial investor would be
1. Multiple choice.
3. Marketing plan.
4. Profitable plan.
5. Dynamic introduction.
Why is it important to write a business plan?
Why is a business plan important? A business plan is a very important and strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs focus on the specific steps necessary to make their business ideas succeed, but also helps them achieve their short-term and long-term goals.
What are the 3 main goals of a business plan?
The 3 most important purposes of a business plan are 1) to create an effective growth strategy, 2) to determine your future financial needs, and 3) to attract investors (including angel investors and venture capital funding) and lenders.
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