Week 7(4/4/2013) - KEE120056

Business Planning

1. Things that I've learnt from this week's class.

• The importance of having a business plan

> To enable us to evaluate, think and improve the business which we are planning on.

> To enable us to gauge the returnability of a prospect business.

> To make the possible problem that might occur be more observable.

• The format of a formal business plan and important aspects to consider when writing a business plan

In this week's lecture it was highlighted that: 

 A professional executive summary should be around 25-35 pages

à it is to explain BRIEFLY but thoroughly the main elements of business as a separate document.

In the business plan, we must focus on explaining to people in a few pages regarding what are you/ your business going to do. 

In short, business plan is as if a summary on what our business is all about.

The following should be included in the appendices: 

•      Proforma financial statement
•       Balance sheet
•       Cash flow analysis (the flow of money, total project cost, total financing)
•       Income statement
•       Business registration document à for your corporate identity
•      Operation document à permission to do business    

2. How do I feel about the things that I've learnt from this week's lecture?

I feel that it was an imperative lecture as literally every business needs a business plan. I am glad that I was exposed to such a thing now and I am able to apply all the knowledge that I have gained as soon as now! 

3. How am I going to apply the knowledge that I've gained?

I will apply all the knowledge that I have gained from this lecture and lead my team to write a good business plan. I have confidence that we can gain a lot more by writing a good business plan. I am looking forward to cooperate with my team in coming out with a very marketable business plan.

A good plan is a good start. And a good start means the job is half done!