The budget prediction
On a whole I think that the approach that I took was a success as it outlines specific things that need careful consideration. As we are providing a service to the public we need to keep in contact with what they want, need, or desire, this will then make us the more steady/permanent stationery shop for the students. Will it work? Are there any flaws? Is it realistic? All these questions are what I should be asking myself. Based on my business plan, and the ideas that are written on paper, will it be that easy to put into action?
I believe that my business plan will work. As I am determined to make sure that the business stays afloat and is successful enough for all our shareholders to have a worthy dividend for the money they invested. The Primary research was done effectively as it outlines all aspects that need to be covered. Finding out whether the students would buy from us was helpful as our priority is to provide stationery for them. Even though we have competition we may still have an advantage as their target market is the same as ours but, our market is in the college.
It is true that the students can go elsewhere for their stationery but we sell good branded quality products therefore they won't need to go to anyone else. Graphs are presented clearly which makes it easy to understand how people voted, also there are break-even charts, profit and loss accounts, and a balance sheets which show how we hope to progress in the coming months. However I do apologise to those that may find it difficult to read graphs as they won't be able to interpret the results. Our suppliers are GLS and Consortium. They have a good reputation and they already supply stationery for the college.
As the college have a relationship with these companies we thought that it would be smart if we developed one with them too. They have proven to be very reliable. As we have chosen to sell stationery it seemed only fair to base our prices on those of our competitors (eg) WH Smith. We used them as a baseline for our original prices. Being cheaper than them has given us the advantage of being able to steal their customers. This has made our profits rise with the increase of sales. The budget prediction for the start up of our business is realistic as we don't have a premises so we don't have to pay rent.
We have no additional costs to pay on top of the orders that we make so having a budget of i?? 200 to get us started is absolutely fine. We are in the same field as some top stationery sellers so having a good analysis of them has helped us. Since we are a small business with no real place in society selling our products which are the same as what they sell at lower prices, would hopefully boost our ratings. Having good quality items at cheap prices would hopefully make our business run its full course. For selling our stationery it gave the impression that it was only right to sell the goods in the Atrium.
This is an area at the entrance of the college where a lot of students hang out. This should grab their attention to come and buy. The people chosen to manage certain areas I believe were chosen because they are clearly the right people for that job and they will certainly see this function through to the end. Based on these findings I imagine that our business will do well and will have a steady and secure financial background. When producing a business plan there are many ways of going about it. These may prove to be hazardous or very valuable for the business.
There is no right or wrong way to make a business plan, the only reason why you would think that there is, is because the bank may reject your request for a loan to get started simply because of the way you presented it. Preparing a business plan is very hard but with a good convincing outline of the status that you are at and where you hope to end up, good things will happen for you. I produced my business plan in a very simple way, which is easy to understand and follow. To me that was the best way to do it, my views were straight to the point and I stated what would be good about it and what may give Stationery on Tap problems.
Other ways that I could have created this business plan is by using power point. This is a technique which involves using digitally enhanced picture slides. This would then be projected on to a white projection sheet enabling everybody be able to see and take notice. The use of more pictures would have illustrated my points better. This would have given people a clearer depiction of what is in this business plan. This would have also made it easier to understand and they would become more interested in the business plan.
Since it is very long winded people may become bored and they would be reluctant to read the whole lot. Even though there are graphs in the plan that is expected, a business plan needs to have charts to point up certain areas that may need careful attention. An oral presentation could have been done. This would have involved taking a lot of time out of the day but it is very effective. Giving out booklets with key points that you are going to talk about would take the pressure off of you. If there are things that people don't understand they have the opportunity to ask you questions which you will be able to answer.
This is an excellent way to get your point across and the intellectuals that you would be talking to would take you more seriously as you had the courage to stand up in front of people that you didn't know and explain why your business would be a success, or why they should be inclined to lend you whatever amount of money you need to get started. Obviously if you need a very large amount like i?? 20,000 you would need a very persuasive argument as to why you should be allowed to receive the money. Using an overhead projector could also be effective as this could be used in the same way as the oral presentation.
This method offers people the option to ask for assistance with something that they do not know. Group presentations could be used. This is very similar to the oral presentations but there is a difference. The people's ideas are the same but they interpret it in their own way. Everyone has to input into the discussions as some people will be better at certain areas than others. If Stationery on Tap were a partnership instead of an ltd then this could be used as the partners would come up with ideas to put their views across clearly and in very few words.
With any approach that is taken we would need to keep in mind that the people who are reading this or listening to you doesn't want to be there for a long time. Having to read why you are the best suitable client to start up your business over and over again would make them very tired. Yours is not the only business plan that they are going to read so you would need to appreciate how many they have read and are going to read. Try to make it as easy as possible for you and for them. Countless pages of writing would make them dissuade anything that you have written.
The approach that I would take would be to use the overhead projector or power point. This would enable anyone to ask questions about what they don't understand or if they would like to make suggestions about what you could do to improve it. For Stationery on Tap I created a thorough financial plan with different resources to illustrate how practical our business will be. We used these ways to see if our business will be able to create profit in order to give dividends to our shareholders. Since they are the preliminary founders of the business they should get a satisfactory outcome from it.
I believe that my business plan will work. As I am determined to make sure that the business stays afloat and is successful enough for all our shareholders to have a worthy dividend for the money they invested. The Primary research was done effectively as it outlines all aspects that need to be covered. Finding out whether the students would buy from us was helpful as our priority is to provide stationery for them. Even though we have competition we may still have an advantage as their target market is the same as ours but, our market is in the college.
It is true that the students can go elsewhere for their stationery but we sell good branded quality products therefore they won't need to go to anyone else. Graphs are presented clearly which makes it easy to understand how people voted, also there are break-even charts, profit and loss accounts, and a balance sheets which show how we hope to progress in the coming months. However I do apologise to those that may find it difficult to read graphs as they won't be able to interpret the results. Our suppliers are GLS and Consortium. They have a good reputation and they already supply stationery for the college.
As the college have a relationship with these companies we thought that it would be smart if we developed one with them too. They have proven to be very reliable. As we have chosen to sell stationery it seemed only fair to base our prices on those of our competitors (eg) WH Smith. We used them as a baseline for our original prices. Being cheaper than them has given us the advantage of being able to steal their customers. This has made our profits rise with the increase of sales. The budget prediction for the start up of our business is realistic as we don't have a premises so we don't have to pay rent.
We have no additional costs to pay on top of the orders that we make so having a budget of i?? 200 to get us started is absolutely fine. We are in the same field as some top stationery sellers so having a good analysis of them has helped us. Since we are a small business with no real place in society selling our products which are the same as what they sell at lower prices, would hopefully boost our ratings. Having good quality items at cheap prices would hopefully make our business run its full course. For selling our stationery it gave the impression that it was only right to sell the goods in the Atrium.
This is an area at the entrance of the college where a lot of students hang out. This should grab their attention to come and buy. The people chosen to manage certain areas I believe were chosen because they are clearly the right people for that job and they will certainly see this function through to the end. Based on these findings I imagine that our business will do well and will have a steady and secure financial background. When producing a business plan there are many ways of going about it. These may prove to be hazardous or very valuable for the business.
There is no right or wrong way to make a business plan, the only reason why you would think that there is, is because the bank may reject your request for a loan to get started simply because of the way you presented it. Preparing a business plan is very hard but with a good convincing outline of the status that you are at and where you hope to end up, good things will happen for you. I produced my business plan in a very simple way, which is easy to understand and follow. To me that was the best way to do it, my views were straight to the point and I stated what would be good about it and what may give Stationery on Tap problems.
Other ways that I could have created this business plan is by using power point. This is a technique which involves using digitally enhanced picture slides. This would then be projected on to a white projection sheet enabling everybody be able to see and take notice. The use of more pictures would have illustrated my points better. This would have given people a clearer depiction of what is in this business plan. This would have also made it easier to understand and they would become more interested in the business plan.
Since it is very long winded people may become bored and they would be reluctant to read the whole lot. Even though there are graphs in the plan that is expected, a business plan needs to have charts to point up certain areas that may need careful attention. An oral presentation could have been done. This would have involved taking a lot of time out of the day but it is very effective. Giving out booklets with key points that you are going to talk about would take the pressure off of you. If there are things that people don't understand they have the opportunity to ask you questions which you will be able to answer.
This is an excellent way to get your point across and the intellectuals that you would be talking to would take you more seriously as you had the courage to stand up in front of people that you didn't know and explain why your business would be a success, or why they should be inclined to lend you whatever amount of money you need to get started. Obviously if you need a very large amount like i?? 20,000 you would need a very persuasive argument as to why you should be allowed to receive the money. Using an overhead projector could also be effective as this could be used in the same way as the oral presentation.
This method offers people the option to ask for assistance with something that they do not know. Group presentations could be used. This is very similar to the oral presentations but there is a difference. The people's ideas are the same but they interpret it in their own way. Everyone has to input into the discussions as some people will be better at certain areas than others. If Stationery on Tap were a partnership instead of an ltd then this could be used as the partners would come up with ideas to put their views across clearly and in very few words.
With any approach that is taken we would need to keep in mind that the people who are reading this or listening to you doesn't want to be there for a long time. Having to read why you are the best suitable client to start up your business over and over again would make them very tired. Yours is not the only business plan that they are going to read so you would need to appreciate how many they have read and are going to read. Try to make it as easy as possible for you and for them. Countless pages of writing would make them dissuade anything that you have written.
The approach that I would take would be to use the overhead projector or power point. This would enable anyone to ask questions about what they don't understand or if they would like to make suggestions about what you could do to improve it. For Stationery on Tap I created a thorough financial plan with different resources to illustrate how practical our business will be. We used these ways to see if our business will be able to create profit in order to give dividends to our shareholders. Since they are the preliminary founders of the business they should get a satisfactory outcome from it.
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