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Developing and Implementing Business Plan- BizOps Enterprises

University: University of Melbourne

  • Unit No: 1
  • Level: Post Graduate/University
  • Pages: 4 / Words 961
  • Paper Type: Assignment
  • Course Code:
  • Downloads: 795
Question :

The business plan assist in running an organisation and are a good aspect to remain for target going forward. In BizOps Enterprise, the business plan defines the organisational objective and ways it is performing for attaining objectives. Developing and Implementing business plan at BizOps Enterprises is essential as it guides in attracting investment prior established verified track record.

  • What is the business plan and its significance in BizOps Enterprises.
  • Steps to devise and implement business plan at BizOps Enterprises.
  • Importance of devising and implementing business plan at BizOps Enterprises.
Answer :
Organization Selected : Bizops Enterprises

A business plan is delineated to a document which defines core business practices, objectives together with the ways to plan for goal attainment. In an establishment, a business plan is used for the purpose of getting off to the ground together with attracting outside investors. It is a blueprint for any establishment which changes with time as development in the organisation are achieved. Updated business plan guides in forecasting or raising required capital to develop and expand an entity further. It generally involves the executive summary, commodities and services, strategies of marketing and analysis, financial planning as well as budget. BizOps Enterprise is specialised in monitoring addition to assisting operations, functioning and practices of business. In this, a business plan is significant as it is similar to a road map which guides in all stages of reaching great heights. Developing and implementing a business plan at BizOps Enterprises gives managers an ability for laying out future and tracking progress when beginning towards growth. With this, administrators grab the attention of investors for the purpose of determining whether an organisation is on the accurate path and is worth putting money. By making effective use of business plan, owners and managers of entity make better decisions to manage the day to day practices and situations of crisis.

Devising business plan is foremost activity for all companies as it supervises future of venture. It is long term activity which outlines tactics for steady along with sustainable growth of an organisation over coming couple of years. Similarly, implementing business plan is about turning plans or strategies into actions for reaching strategic goals. It involves executing a plan for translating words into reality. Developing and implementing business plan at BizOps Enterprises includes some stages that are researching, strategising, calculation, drafting, revising and proof reading. Development of business plan begins with detailed research about competitors, industry, costs along with customers. In this, BizOps Enterprise documents all research and organises carefully with collected information in the business plan. Further, strategise is another step for developing business plan in which information from research informs strategy that is selected for business. Within the company, drafted strategies are revisited and deeper decisions about appropriate operations, marketing, recruitment and so on are developed for initial years of organisational life. All practices for strategy comes with certain costs and revenues. In calculation phase, organisational managers sketched out financial events through focusing on expected revenues for coving all costs as well as leave room for making profits. Moreover, financial assumptions as well as various costs are inserted into business plan. At the time when financial related information and strategy is decided then the next is to draft document of business plan by narrative each section along with component of the plan. In BizOps Enterprises, effective business plan is drafted in relatively painless process. Next is Revising and Proofreading in which managers of BizOps Enterprises revisits entire plan for looking towards ideas or words which are redundant, confusing and irrelevant to some points which are making within business plan. In this phase, the devised business plan is proofread and is further processed for follow up.

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Developing and implementing business plan at Bizops Enterprises is important as when it is done accurately then it connects dots in business for getting better image as whole. In addition, devising and executing plan of company is significant as it keep tracking right things with most crucial activities. It also guides managers to allocate time, resources and equipments for different types of working in strategic manner. Through proper devising and executing of plan, managers are able to regularly review assumptions, catch new developments, track progresses and so on. Good business plan set out milestones that are to be achieved by the managers, employees and the whole organisation. Creating and implementing business plan forces administrators to examine competition together with understand strategies, competitive benefits, etc of rivals that are making them powerful so that similar tactics are used to run the company successfully. It provides new opportunities for business to attain best success chances as devising and implementation ensures managers to pay focus towards wider operational along with financial goals of business with small details such as market planning, budgeting and hence forth. For the purpose of sourcing, selecting and retaining quality of talent, formation of plan is significant as it inspires personnel and management for making efforts to accomplish all identified directions promptly.

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In a company, business plan act as roadmap that guides for operations as well as looking towards directions in the situations of doubtful conditions. When managers do not create or implement a business plan then organisational managers may move towards changing short term strategies without viewing towards long term milestones. In relevance to Bizops Enterprises, developing and implementing business plan determines that the company have competence for carrying out effective practices and defines roles within marketplace. It permits the enterprise for succinctly explaining what the company is about and at what position it is planning to attain so to retain customers, partners along with investors with the business. The process of devising and implementing a business plan consumes huge time, but it is primary work for managers to have successful business which survives in dynamic environment.

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