1. INSTITUTE OF TECHNOLOGY AND MANAGEMENT,
UGEP CROSS RIVER STATE NIGERIA
Registration number: BME1309027
Course lecturer: Mr. Samson Musharu
Course Tittle: Business Enterprise
Assignment tittle: Business Plan
Submission date: 10/02/2015

2. In this assessment, we will evaluate on the benefits of writing a business plan, how to approach the
business plan, what should be included in a good business plan and content and format of an appropriate
business plan.
A business plan. This is a written document that describes in detail how a new business is going to achieve
its goals.
Benefit of writing a business plan:
1. Business objectives will be clear. This means that using your plan will help you to define and manage
specific measurable objectives like web visitors, sales, margins or new product launches and you can define
success in objective terms.
2. You will stay on strategy: It's hard to stick to strategy through the daily routine and interruptions. But
using a business plan you can summarize the main points of your strategy and as a reminder of what it
both includes and rules out.
3. Milestones will keep you on track. A business plan is to keep you on track of dates and deadlines in one
place which is very important for a business.
4. Business plan helps you to understand interdependencies. This means that using business plan you can
keep track of what needs to happen and in what order. For example, if you have to time a product release
to match a testing schedule or marketing to match a release, your business plan can be invaluable in
keeping you organized and on track.
5. Course corrections will keep your business from flopping. Having a business plan gives you a way to be
proactive not reactive about business. Business plan will help you to follow up by tracking the results and
making course corrections. It's a myth that a business plan is supposed to predict the future. Instead, it sets
expectations and establishes assumptions so you can manage the future with course corrections.
How to approach the business plan
The first approach is to thoroughly develop the business plan: this enable you to make a good
presentation to investors, other entrepreneurs, interested parties, and family members. The feedback from
the presentation is then used to rewrite and modify the business plan. The updated business plan.

3. The second approach consists of writing an executive summary. This is a business concept paper that
prepare a presentation and deliver it to the relevant parties without any modification from presentation
feedback.
Define the task: this help you to defined the kind of business you want to establish
Identify the resources: sources here is divided in to two part. Sources refer to were you intend to establish
your business and sources also means were you also intend to get your capital for the business.
Consider alternatives: in alternative, it means you must have a backup plan or a second thought in your
thinking.
The planning: how do you want it to look like?
Work the plan: this means putting the plan in to action
What should be included in a good business plan?
Executive summary: is considered the most important section of a business plan. This section briefly tells
your reader where your company is, where
Company summary: this is a business plan that provides a high level look at how all of the different
elements of your business fit together, including information
Products and services:
Market analysis:
Strategy implementation plan:
Management:
Financial plan:
Appendix:

4. Content and format of business plan
Cover sheet
Table of contents
Executive summary
Company summary
Product and service
Content and format of business plan
Market analysis
Strategy and implementation plan
Financial plan
Appendix
Finally, it is beneficial writing a business plan. Business plan should a good approached, with Table of
contents, Executive summary, Company summary, Product and service, Market analysis, Strategy
implementation plan, financial plan and Appendix. To give your plan a proper look and understanding.

5. Reference:
Anon.,2012. lardbucket. [Online]
Available at:http://www.lardbucget.og
[Accessedthursdayfabuary2015].
(http://2012books.lardbucket.org/books/creating-services-and-products/s15-02-approaches-for-developing-
busi.html
(http://www.entrepreneur.com/article/228220)
(http://www.entrepreneur.com/article/239407)