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A stockbroker advises a client to buy preferred stock, saying “With that type of stock, you will never have to worry about losing the dividends.” Is the broker right?
The distribution of the number of home runs in soft-ball games is shown here.
Number of home runs 0 1 2 3 4 5 \begin{array}{lllllll}\text { Number of home runs } & 0 & 1 & 2 & 3 & 4 & 5\end{array} Number of home runs 0 1 2 3 4 5
Probability . 05 . 16 . 41 . 27 . 07 . 04 \begin{array}{llllll}\text {Probability} &.05 & .16 & .41 & .27 & .07 & .04\end{array} Probability .05 .16 .41 .27 .07 .04
Find the standard deviation.
Consider the following sample regressions for the linear and quadratic models along with their respective R 2 R^2 R 2 and adjusted R 2 R^2 R 2 .
Linear Quadratic Intercept 1.1006 12.1338 x 0.5828 − 3.1034 x 2 NA 0.2565 R 2 0.4814 0.7843 Adjusted R 2 0.4166 0.7226 \begin{array}{|c|c|c|} \hline & \text { Linear } & \text { Quadratic } \\ \hline \text { Intercept } & 1.1006 & 12.1338 \\ \hline x & 0.5828 & -3.1034 \\ \hline x^2 & \text { NA } & 0.2565 \\ \hline R^2 & 0.4814 & 0.7843 \\ \hline \text { Adjusted } R^2 & 0.4166 & 0.7226 \\ \hline \end{array} Intercept x x 2 R 2 Adjusted R 2 Linear 1.1006 0.5828 NA 0.4814 0.4166 Quadratic 12.1338 − 3.1034 0.2565 0.7843 0.7226
Given the best-fitting model, predict y y y for x = 4 , 6 , x = 4, 6, x = 4 , 6 , and 12. 12. 12.
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,000, direct labor$12,000, and manufacturing overhead $16,000. As of January 1, Job 49 had been completed at a cost of$90,000 and was part of fi nished goods inventory. There was a $15,000 balance in the Raw Materials Inventory account.
During the month of January, Lott Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for$122,000 and $158,000, respectively. The following additional events occurred during the month.
- Purchased additional raw materials of$90,000 on account.
- Incurred factory labor costs of $70,000. Of this amount$16,000 related to employer payroll taxes.
- Incurred manufacturing overhead costs as follows: indirect materials $17,000, indirect labor$20,000, depreciation expense on equipment $12,000, and various other manufacturing overhead costs on account$16,000.
- Assigned direct materials and direct labor to jobs as follows.
Instructions (e) Total the job cost sheets for any job(s) completed during the month. Prepare the journal entry (or entries) to record the completion of any job(s) during the month.
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5 reasons you need a business plan
If you are starting a small business, there is no shortage of advice on the steps you should take: registering your business name, getting a Tax ID, deciding on a business structure and applying for the needed permits and licenses. While these are all very important steps to take, a business plan will be central to how you start, grow and develop your business.
Here are 5 reasons why you need a business plan:
1. It will help you steer your business as you start and grow. Think of a business plan as a GPS to get your business going. A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan like a GPS for how to structure, run, and grow your new business. It’s a way to think through and detail all the key elements of how your business will run.
2. It’s not as hard as you think. A business plan is a written tool about your business that projects 3-5 years ahead and outlines the path your business intends to take to make money and grow revenue. Think of it as a living project for your business, and not as a one-time document. Break it down into mini-plans – one for sales and marketing, one for pricing, one for operations, and so on.
3. It will help you to reach business milestones. A well-thought-out business plan helps you to step back and think objectively about the key elements of your business and informs your decision making as you move forward. It is essential whether you need to secure a business loan or not. Keep in mind that the plan does not have to be like an encyclopedia and does not have to have all the answers.
4. It can help you get funding. Business plans can help you get funding or bring on new business partners. Having one in place will help investors feel confident that they will see a return on their investment. Your business plan is the tool you will use to persuade others that working with you (or investing in your business) is a smart decision.
5. There’s no wrong way to write a business plan. There is no right or wrong way to write a business plan. You can pick a plan format that works best for you. What’s important is that your business plan meets your needs. Most business plans fall into one of two common categories: traditional or lean startup.
Traditional business plans are more common, use a standard structure, and encourage you to go into detail in each section. Traditional plans tend to require more work upfront. Lean startup business plans are less common, but still use a standard structure. They focus on summarizing only the most important points of the key elements of your plan. They can take as little as one hour to make and are typically just one page.
Because knowing where to start can be challenging, the SBA has tools to help make writing a business plan less intimidating and time consuming. The SBA offers a Business Plan Tool that helps simplify the process. The tool consists of eight easy-to-follow steps to help create a well-prepared plan.
To learn more about putting your business plan together, go to the SBA’s online Learning Center and take the self-paced course on How to Write a Business Plan . The course explains the importance of business planning, describes the components of a plan, and provides access to resources and sample plans. You can also take a look at the SBA’s Business Planning Guide for more information and to view business plan templates.
If you want a more hands-on approach, you can get assistance from an SBA resource partner to help complete your business plan. Working with a mentor or counselor from SCORE , a Small Business Development Center or a Women’s Business Center can help with all aspects of starting, growing or expanding your business.
About the author
U.s. small business administration.
The SBA works to ignite change and spark action so small businesses can confidently start, grow, expand, or recover.
What Does a Business Plan Include?
Business plans can range from 20 to 50 pages in length, but typically they all contain the same sections. You'll find detailed overviews of what to include within each section by looking at sample business plans and going to online sources.
Your business plan should include these 10 key sections:
1. The Executive Summary
This is a concise 1 to 4 page summary illustrating the key points that are detailed in each section of the business plan. The Executive Summary should stand on its own as a separate document.
2. Business Overview
Offer a description of the business, including:
- The legal structure
- Business formation history
- The type of business
- Means of doing business (Internet, storefront operation, mail order)
3. Operations Plan
Offer an explanation describing how the business will function, including the physical setup and responsibilities for specific tasks.
4. Market Analysis
Include an overview of the market as a whole, with specific data and charts or graphs, if appropriate. Define your target market and your plans for catering to this specific audience.
5. Products and Services
Describe the products manufactured or sold or the services offered. Classify the different types of products or services and provide a brief description of each.
6. Sales and Marketing
Outline pricing and sales information. Include rationalizations for why your audience will buy your products or services and how you will reach them through marketing and advertising efforts.
More articles from AllBusiness.com:
- How to Format the Financial Section of a Business Plan
- Make a Strong Impression with Your Executive Summary
- How Long Should Your Blog Posts Be?
- Essential Components of a Marketing Plan
7. Competitive Analysis
Analyze the strengths and weaknesses of your direct and indirect competitors. Demonstrate how you will gain a competitive edge against your competition.
8. Management Team
Provide pertinent, concise background information on all key players involved in the business.
9. Financial Plan
Include all financial information, from startup costs to balance sheets. The financial section should outline:
- The amount necessary to start or maintain the business
- The amount needed over the next two, three, and even five years
- Plans to use funds
- Anticipated need for additional funding
- Ongoing business expenses, including salaries, insurance costs, promotional expenses, etc.
10. Projections
Provide projected income statements and balance sheets for at least two or three years.
At the end of your business plan, attach supporting documents, such as press coverage of the company, resumes of key personnel, etc.
RELATED: Traditional Business Plan vs. Lean Startup Plan: Which Is Best When Starting Your New Business?
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There have been so many ups and downs for nurses in the last few years. Covid has been a once-in-generation challenge, but on the positive side, travel nurses have never earned more. Nurses are in-demand, and yet that demand has caused many to burn out. For 2023, it may be helpful to know a few reliable nursing statistics to understand what nursing is like now, and how it’s likely to continue to change. Any one of these 2023 nursing statistics could affect your job outlook as a nurse, or the hospitals and facilities you work at.
1. Nursing shortage is real
Over 275,000 additional nurses are needed in the next eight years according to the U.S. Bureau of Labor Statistics (BLS). The nursing shortage we’ve all been hearing about is real, and the gap between how many nurses the United States will need and how many nurses we have is large.
In addition, 34% of nurses said they would likely quit their job by the end of 2022, primarily because of burnout and working in a high-stress environment. There’s been a lot of press about nurses burning out. And if you’re a nurse already, you definitely don’t need to be told about it. In 2022, the burnout rates were high post-pandemic. We expect that to taper in 2023, but it will still be a factor.
This suggests the shortage of nurses will continue (a trend we expect, and Moody’s also predicts ). So if you’re in nursing school, or thinking about becoming a nurse, rest assured: there will be plenty of work for you. Take note: This also means that nurses need to be as conscious and deliberate as possible about taking care of themselves. The burnout wave is real. Don’t let it knock you out.
2. High number of job openings projected
As current nurses either retire or leave for other professions, about 203,200 openings for registered nurses are projected each year, on average, over the decade, according to the BLS . This is yet another sign that nurses will continue to be in demand. Even if one location is fully staffed, travel nurses will be able to find work easily.
3. More opportunities for nurses with specialized skills
The BLS expects “employment of registered nurses is projected to grow 6% from 2021 to 2031, about as fast as the average for all occupations,” but some nursing specialties are expected to grow dramatically faster. Nurse anesthetists, nurse midwives, and nurse practitioners are expected to have a 40% growth rate according to the BLS. There will always be a demand for registered nurses, but this statistic does hint at an opportunity for anyone still in training: Nurses with specialized skills may have better prospects, both for job placements and pay. Getting some extra training could be worthwhile in 2023.
4. Employers prefer hiring nurses with at least a baccalaureate degree in nursing
Employers prefer hiring new nurses with baccalaureate preparation. Findings from the American Association of Colleges of Nursing's (AACN) survey on the Employment of New Nurse Graduates show that “nearly 41% of employers require new hires to have a bachelor’s degree while 77% strongly prefer baccalaureate-prepared nurses.”
Here’s another example of why getting extra training — or being smart about what training you get in school — matters. Even if you don’t want to be a travel nurse, being baccalaureate-prepared means you’ll be able to get choice posts wherever you want.
5. Travel nurses are in high demand
The hours of work put in by travel nurses versus staff nurses have grown dramatically in the last few years. As the American Hospital Association explains , “The hours worked by travel nurses as a percentage of total hours worked by nurses in hospitals grew from less than 4% in January 2019 to over 23% in January 2022.”
That’s nearly a six-fold increase in just three years. And there’s no sign it’s going to let up in 2023. Travel nursing is becoming a larger part of nurses’ careers. That’s not going to change. There has been a nearly 120% increase in job postings for contract or travel nurses from pre-pandemic levels in January 2019 to January 2022.
What these statistics mean if you're considering a career in nursing
So now you know what’s really going on in the nursing industry, with statistics to back up the trends. Travel nurses are in high demand along with nurses who have specialized skills, and especially nurses who are baccalaureate-prepared. But all this growth is straining hospital budgets. And nurses themselves are under enormous pressure, with too many burning out. Hopefully 2023 will see some easing of the pressures brought by Covid.
Expert Profile: Brian Sutter
Areas of Expertise: small business, marketing, SEO, social media, productivity solutions, accounting, taxes
Brian Sutter is a marketing and technology thought leader and contributes to a variety of publications including Forbes, Entrepreneur, Huffington Post, Washington Post, and Fast Company. He loves connecting the dots with marketing, strategy, and tactics that drive aggressive growth. He currently serves as the Marketing Leader for Advantis Medical .
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The importance of business plan: 5 key reasons.
A key part of any business is its business plan. They can help define the goals of your business and help it reach success. A good business plan can also help you develop an adequate marketing strategy. There are a number of reasons all business owners need business plans, keep reading to learn more!
Here’s What We’ll Cover:
What Is a Business Plan?
5 reasons you need a well-written business plan, how do i make a business plan, key takeaways.
A business plan contains detailed information that can help determine its success. Some of this information can include the following:
- Market analysis
- Cash flow projection
- Competitive analysis
- Financial statements and financial projections
- An operating plan
A solid business plan is a good way to attract potential investors. It can also help you display to business partners that you have a successful business growing. In a competitive landscape, a formal business plan is your key to success.
Check out all of the biggest reasons you need a good business plan below.
1. To Secure Funding
Whether you’re seeking funding from a venture capitalist or a bank, you’ll need a business plan. Business plans are the foundation of a business. They tell the parties that you’re seeking funding from whether or not you’re worth investing in. If you need any sort of outside financing, you’ll need a good business plan to secure it.
2. Set and Communicate Goals
A business plan gives you a tangible way of reviewing your business goals. Business plans revolve around the present and the future. When you establish your goals and put them in writing, you’re more likely to reach them. A strong business plan includes these goals, and allows you to communicate them to investors and employees alike.
3. Prove Viability in the Market
While many businesses are born from passion, not many will last without an effective business plan. While a business concept may seem sound, things may change once the specifics are written down. Often, people who attempt to start a business without a plan will fail. This is because they don’t take into account all of the planning and funds needed to get a business off of the ground.
Market research is a large part of the business planning process. It lets you review your potential customers, as well as the competition, in your field. By understanding both you can set price points for products or services. Sometimes, it may not make sense to start a business based on the existing competition. Other times, market research can guide you to effective marketing strategies that others lack. To have a successful business, it has to be viable. A business plan will help you determine that.
4. They Help Owners Avoid Failure
Far too often, small businesses fail. Many times, this is due to the lack of a strong business plan. There are many reasons that small businesses fail, most of which can be avoided by developing a business plan. Some of them are listed below, which can be avoided by having a business plan:
- The market doesn’t need the business’s product or service
- The business didn’t take into account the amount of capital needed
- The market is oversaturated
- The prices set by the business are too high, pushing potential customers away
Any good business plan includes information to help business owners avoid these issues.
5. Business Plans Reduce Risk
Related to the last reason, business plans help reduce risk. A well-thought-out business plan helps reduce risky decisions. They help business owners make informed decisions based on the research they conduct. Any business owner can tell you that the most important part of their job is making critical decisions. A business plan that factors in all possible situations helps make those decisions.
Luckily, there are plenty of tools available to help you create a business plan. A simple search can lead you to helpful tools, like a business plan template . These are helpful, as they let you fill in the information as you go. Many of them provide basic instructions on how to create the business plan, as well.
If you plan on starting a business, you’ll need a business plan. They’re good for a vast number of things. Business plans help owners make informed decisions, as well as set goals and secure funding. Don’t put off putting together your business plan!
If you’re in the planning stages of your business, be sure to check out our resource hub . We have plenty of valuable resources and articles for you when you’re just getting started. Check it out today!
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What Should a Business Plan Include?
A business plan serves as a roadmap to successfully launch a business. It helps you overcome the challenges you might experience in your industry. Learn how to create and use a business plan for your startup.
One of the most fatal mistakes that aspiring entrepreneurs make in launching a startup is forgetting a business plan . You wouldn’t launch a ship at sea without establishing its routes and the direction you’ll steer it to. Without proper planning, your ship will end up adrift or worst, dramatically sink when the tides hit. And in a volatile commercial industry, the tides are constantly changing.
Avoid common startup mistakes by creating a business plan. A business plan not only strengthens your foundation but also helps you navigate the ever-changing field of business. Chances are your customers’ preferences will change over time and you have to keep up with them. Hence, a business plan also changes accordingly.
But how exactly do you create a business plan? Is there a template to follow? Should you enlist the help of other experts to write it? Today, we’ll look into what should be included in your business plan and how it should be written. The first step is by understanding what it is and what it is for.
What is a business plan?
A business plan is an official company document that breaks down all the goals of a business and how to achieve them. It basically lays out the groundwork for your idea to come alive. It’s often referred to as the “blueprint of the business”, summarizing your goals.
Although there are many ways to write it, its key point usually discusses the financial, marketing, and operational strategies of the business.
What is it for?
A business plan serves as a guide for a growing company. It’s a consistent reference for business owners and stakeholders to base critical decisions on. It’s especially useful for early-stage startups to attract investors. When a company doesn’t have a proven track record, it can lay out its full potential instead.
Not only is the business plan useful for the initial launching of a business, but it also helps with pivotal changes. Since the market is perpetually changing, it’s crucial that your plan also evolves with it. Hence, the goals and methods of achieving will be updated. In some cases, a whole new plan is created if the company wants to drastically move in a new direction.
What’s included in a Business Plan
Although there’s no fixed formula for writing a business plan, there are some identifiable key points. These are generally the items factored in its creation:
1. Executive Summary
The executive summary outlines the whole plan. You start with a clear introduction of who you are, what you sell, and what your ambitions are as a business. This section includes your mission statement, product description, and the basic overview of your company’s structure. It should also include your financial plans .
2. Business Description
The business description provides detailed information about your industry. It must describe its current outlook as well as its profit potential. You will go into detail about your target market and other organizations or businesses you cater to. Also, this section briefly discusses what problem the business is trying to solve.
3. Market Analysis
A business must have a firm understanding of its target market and should be able to prove its sustainability. The market analysis provides trends and studies about the target consumers—their size, demographics, buying power, and frequent activities. This section also touches briefly on the competitors.
4. Product Development
Investors need a clear idea of how you would create and maintain your product. The development plan section contains the details of the product’s design; its production methods, lifecycle, marketing, and development budget. This includes the overall strategy of how it will be sold in the market.
5. Marketing Strategies
The product is only as good as how much it will sell. Therefore, this section describes how you will present your products and services to the market. This will discuss your marketing campaigns, distribution channels, and types of media you’ll tap into. You will summarize how you intend to reach your customers and pitch your products to them.
6. Operations and Management
Your investors need an overview of how the business functions. The operations plan highlights the logistics of the company such as team responsibilities, division tasks, and operational expenses. This helps track down who is responsible for certain areas of the business.
7. Financial Plans
Money mobilizes the idea. Hence, it’s important to keep an accurate record of where it’s going. This section shows the company’s monetary plans and its future projections. This includes financial statements, balance sheets, and third-party business transactions. For startups, it will mostly contain the target profit and estimates of expenses.
Tips on Writing a Business Plan
Now that we have an idea of the business plan template , it’s time to learn how to write it effectively.
Here are some things to keep in mind when you’re writing one for your business.
- Keep it concise. It serve as a guide for the company and the investors. It needs to be easy to understand and direct to the point. You can’t afford to waste a reader’s time by creating a 100-page business plan. Instead, aim for a summarized version of your plan, only highlighting the important points and outlining the rest.
- Avoid jargon. Ensure that everyone, especially investors, can understand your business plan. Do not include complex jargon in your content. Save the technicalities for the experts and simplify the terms in explaining your ideas.
- Keep it up-to-date. As previously mentioned, business plans are not static. Over time, a lot of things in the industry will change and might make your original plans obsolete. Frequently update your business plan according to what’s new in the field and with new methods you’re employing. Remember, a business plan is only useful if it’s still relevant.
Build your Business
Business plans are important when you’re starting your business from scratch. However, the success of your business still heavily relies on their execution. A lot of startups fail because they can’t push through with what was proposed in the business plans.
More than just articulating your ideas, you need to do a lot more to make them come to life. For one, you’ll need the capital to kick things off and make everything operational. Second, you’ll need to hire the best people to run your operations. Lastly, you have to find investors to sustain your business.
One way to ensure that your business plan is properly executed is by enlisting the help of business experts. Full Scale is an offshore software development company that specializes in helping startups.
We can provide the talent and resources needed to begin your operations. Whether you need project managers, marketing specialists, or technical experts; we’ve got them all. We’ll take care of all the processes of recruitment and management so you can focus on your core competencies.
Ready to begin your entrepreneurial journey? Get your FREE consultation today!
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8 Things Every Business Plan Should Include
Some entrepreneurs may think a business plan is an irrelevant piece of paperwork that will just get lost in the shuffle, or a pointless exercise getting in the way of pursuing the fun part of running a business.
Nothing could be further from the truth.
Your business plan should be treated as a birth certificate or formal constitution. This document lays out, in explicit detail, every aspect of what you hope your business will be, the ethics on which it’s founded, and your specific plan for how to sustain and grow it over time. That’s incredibly useful info!
Sure, every business is different, and different businesses mean different approaches to business plans, but below we’ll walk you through eight essential items that every business plan should include in order to be effective.
What is a business plan?
In the simplest of terms, a business plan is a blueprint or guide showcasing your business’s goals and your detailed plan for how those goals will be met. Again, this isn’t just a feel-good exercise to do: Banks, potential partners, investors, and even the state where you register your company will want to see a copy of your business plan in this kind of detail.
This will often be the document that seals or breaks your ability to land an account, loan, or merger. Not having a business plan is like not having a photo ID; your business basically can’t get in anywhere without it. Don’t think of your business plan as a best practice but rather a founding, critical step in the successful launching of your idea.
8 Things to Include in Your Business Plan
The elements of a business plan can be every bit as unique as your business. You should spend the time to think about how you want your plan to reflect the core values and ethics of your company.
Detailed planning? Core values? Ethics? If this is starting to sound intimidating, don’t worry — you’ve got this! You can start by familiarizing yourself with the small business statistics related to your market. A bit of research like this will help you make educated decisions about the parts of your business plan. That said, there are key elements that you don’t want to forgo. Add these eight essential components to your business plan:
Business Plan Elements:
- Executive Summary
- Company Description
- Market Research
- Product or Service Description
- Marketing and Customer Acquisition Strategy
- Business and Team Structure
- Company Financials
- Request for Funding
Remember that you don’t need to be worried if you don’t have all the answers to these at the moment. You have time to find them and reflect on how you want to incorporate them meaningfully into your business plan.
1. Executive Summary
The executive summary should lead your business plan and appear directly after your title page. This is where you state what you want for your venture in clear and concise language. This document will ideally be no longer than a page in length and offer a good synopsis of the entire business plan. List your business’s previous accomplishments, current market position , and financial features where these items apply.
For example, if you are a fledgling graphic design business but have already done work for big-name, recognized clients, include evidence of that in your executive summary to highlight your company’s established positive connections. This section is meant to provide a road map of your company’s placement in your industry and its hoped-for trajectory.
2. Company Description
This is the section of your business plan to talk about the essential elements of your company’s objectives and prior accomplishments. Give the reader your company’s history and mission statemen t here. What kind of operation is your business — retail, manufacturing, service-related? What sort of format have you adopted: LLC , corporation , or sole proprietorship ?
Name your company’s principals and leaders in your description and include any other support networks available to your business. For example, if you are running a small carpentry venture but have done work for major construction contractors in your area, let your readers know about these larger allies, as they lend your business further credibility in your field. It’s advisable to write this section more like a bulleted list or profile than in paragraph or narrative form.
3. Market Research
This portion of your business plan addresses your target and potential market. Here, you’ll paint a verbal picture of your ideal customer, including age, gender, vocation, education, and even hobbies. The more specific you can be in your market analysis, the better it looks to investors, as identifying too broad a market indicates too little research and too much risk. You need to offer an educated estimate of your target market’s size, monetary value, and stability, which you can determine through completing a thorough market analysis.
Use this section to showcase that you understand your competition and have sized up the opportunity related to your venture. For example, suppose you’re launching a boutique printing and graphics company in a town where there is already a larger printing group. In that case, you might detail that your operation will be positioned within walking distance of the town’s big university and offer scholastic demographics on the students who attend there to illustrate the demand for the work you’ll be doing.
Conduct a detailed competitive analysis of other businesses in your area based on your target market. What are their primary marketing channels and average costs per project? Is your industry sector affected by the gig economy ? If so, how much? It’s helpful to present the information relating to your active competitors in a spreadsheet or table to be more immediately readable.
4. Product or Service Description
This part of your business plan is your chance to spotlight your company’s products or services. Provide highly specific details about your production process, the product life cycle of what you’re offering, and especially the benefits. What is unique about what you are selling? Do you have any patents or intellectual property protection in place? Where do you get the raw materials you use to make or supply your items? Do you currently have anything in the research and development pipeline?
Offering detailed info on these kinds of questions and addressing the assembly, quality control, supply chain logistics, and daily operations associated with your products or services helps demonstrate why your business is different from others in your market — and it’s also useful for you yourself to think through if you’re just getting started.
Use this space to show just how creative and vital your company’s work is. For instance, if you are founding a consulting agency for sustainable design, perhaps showcasing that your service plans make heavy use of local quarry rock would be wise here, as this is an element other green entrepreneurs might not have.
5. Marketing and Customer Acquisition Strategy
Documenting your revenue model is a crucial component of your business plan. This section outlines your sales strategy, helps position your brand, and reduces the risk of your company barking up the wrong revenue tree or timing your product/service in a disadvantageous way. This is the section of your business plan where you’re going to detail everything from the pricing to the predicted margins of your business. What marketing strategy will your company employ? How does it differ from or exceed those of other business models?
True, much of this financial information will be speculative if you’re just starting out. However, getting specific about how you’ll handle your revenue channels should be based on existing information at your disposal — remember, you’ll want potential investors to see you’ve taken the time to be realistic in your planning and projections. Has your company made any money to date? If so, how much, and how was it generated? What relationship does your cost of goods sold (COGS) have to your bottom line and market share? Does your marketing plan include payments from customers that will be collected on a one-time basis, recurrently, based on service time spent, or some combination of the above?
A good example here might be a small electrician’s company that, unlike its competitors, doesn’t charge a “come and see” or service fee for estimates. While this might initially seem to bring in less money for the company, the traction it will give the business with appreciative customers in the long run is likely to increase the company’s demand and revenue.
6. Business and Team Structure
The section of your business plan that addresses your management team is where you have the pleasure of introducing the people that power your business. This is a chance for you to further showcase your seriousness to potential lenders, investors, or partners by highlighting each of your team member’s qualifications, backgrounds, and credentials.
Create brief biographies of three to five sentences for each of your principal team members, including why this person is qualified for the role they play in your business. For example, your small business may have a co-founder who has obtained a law degree, but you’re going to run a freelance accounting firm.
Use this space to show how that person’s background in law makes them the perfect partner and will help your company comply with federal and local regulations. Remember that your goal is to prove, beyond a shadow of a doubt, that the team you have assembled to help run your business are not only professionals but also the best people for the job.
If you haven’t made many hires yet, you’ll also want to spend a moment in this segment of your business plan forecasting your staffing needs. Who do you still need to hire to make this business as good as it can be? What do you predict will cost to hire these experts? Will you outsource any component of your team? Take time here to show that you have thought ahead to potential staffing scenarios and your responses.
7. Company Financials
Demonstrating that you have a realistic understanding of your company’s financial needs is essential. Even if you have a new business idea and don’t have formal financial statements yet, this sector of your business plan should provide your business’s established budget, cash flow analysis, any income statements and balance sheets you have, and your debt-to-liquidity ratio . Don’t forget to factor in business taxes that will impact your company and gauge the frequency with which those taxes will be imposed (some are yearly; others are quarterly).
Let’s say you are starting a small IT consulting business. You may not have much financial data yet, but you do have a wealth of information from companies you have worked for in the past and their technological trends, needs, and financial projections. Take this information and make very thorough profit and loss projections for your company based on current, factual industry data.
Remember that every projection you make in your financial plan needs to have a direct justification. It’s also wise to project conservatively on profits and liberally on losses to account for the unpredictability in your target market.
8. Request for Funding
Now for the really fun part of your business plan: officially asking for money. Your request for funding should start with what the investor will get by partaking in your small business. Spell out your capital needs, why you need them, and why providing them is beneficial to the funder.
It’s imperative in this section for business owners to outline key milestones that investor money will aid in achieving. What are the long-range goals for this money? How will investors be rewarded in the short and long term?
For example, suppose you are founding a freelance landscaping company in a city showing a steady statistical uptick in suburban, residential development. In that case, you can couch your investor’s long-term benefits in terms of the exponential growth your connections to contractors/builders suggest. In short, your investors can get in on the ground floor of what your network will give you access to. Make your funding request all about positives, and you are much more likely to receive favorable results from it.
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A good business plan can help you understand your industry and customers more efficiently, help you mark business milestones, and focus your entrepreneurial efforts in the right direction. Setting yourself up for success early through this kind of planning is the smartest step you can take toward guaranteeing the life and growth of your business.
If you find that you need help brainstorming, organizing, or formulating your new company, ZenBusiness can assist you in everything from running your business virtually to defeating burnout .
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It’s time to write my paper! What should I do?
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- Fill in the comprehensible order form located on the main page of our website. If you need some help with it, feel free to contact our support team.
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- Select the deadline, and we will strictly follow it.
- Pay the total price. Submit a preferred payment method. The full sum will be deposited into your account on our website. The money will be transferred to your writer in case you approve the paper.
- If you have additional materials provided by your professor or may simply assist in writing your paper, please attach them too. They will help the assigned writer meet your professor’s expectations.
Every paper we can write for you is expertly-researched, well-structured, and consistent. Take a look at some types of papers we can help you with:
- Dissertations
- Research papers
- Case studies
- Term papers
- Business plans, etc.
Questions like ‘I would like you to write a paper for me without destroying my reputation. Can you promise to do so?’ or ‘Can you write my paper for me cheap and fast?’ often arise, and we take pride that these options are included in the list. Your safety and anonymity are parts of our common priority, which is to make you fully satisfied with all offered services.
Moreover, our pricing policy is flexible and allows you to select the options that totally suit your needs at affordable prices. You will be pleased with the results and the amount of money spent on your order. Our managers and writers will do the rest according to the highest standards.
Don’t hesitate and hire a writer to work on your paper now!
We believe that students know what is best for them, and if you suppose that it is time to ‘write my paper right now,’ we will help you handle it. ‘Will you do my paper without any hesitation?’ Of course, we will. Our service has all the necessary prerequisites to complete assignments regardless of their difficulty, academic level, or the number of pages. We choose a writer who has vast experience and a breadth of knowledge related to your topic.
Our ‘write my paper for me’ service offers a wide range of extra features to make the ordering process even more pleasant and convenient. Unlike lots of other services, we provide formatting, bibliography, amendments, and a title page for free.
‘When you write my paper for me? Can I monitor the process?’ Naturally, you can. We understand that you may want to ensure that everything is going well. Furthermore, there may be situations when some corrections are needed. We believe that a tool like this can come in handy. The assigned writer will strictly follow your and your professor’s requirements to make sure that your paper is perfect.
‘Is it possible to write my essay from scratch?’ We don’t do just proofreading or editing. Our goal is to fully carry your burden of writing. When this or similar questions appear, we always assure our customers that our writers can do whatever they need. Apart from writing from scratch or editing and proofreading, our experts can effortlessly cope with problem-solving of all kinds;even sophisticated software assignments!
Our ‘write my paper for me’ service is good for everyone who wants to delegate paper-writing to professionals and save precious time that can be spent differently and in a more practical way. We want you to be happy by offering the great opportunity to forget about endless and boring assignments once and forever. You won’t miss anything if your papers become the concern of our professional writers.
Don’t waste your precious time browsing other services. We provide you with everything you need while you are enjoying yourself by doing things you really enjoy. ‘Write my paper then! Do my paper for me right now!’ If you are ready to exclaim these words with delight, we welcome you to our haven, a place where students spend their time serenely and never worry about papers! It’s your turn to have fun, whereas our mission is to provide you with the best papers delivered on time!
Questions our customers ask
Can someone write my paper for me.
Yes, we can. We have writers ready to cope with papers of any complexity. Just contact our specialists and let us help you.
Who can I pay to write a paper for me?
We will help you select a writer according to your needs. As soon as you hire our specialist, you’ll see a significant improvement in your grades.
Can I pay someone to write a paper for me?
Yes, you can. We have lots of professionals to choose from. We employ only well-qualified experts with vast experience in academic paper writing.
What website will write a paper for me?
WritePaperFor.me is the website you need. We offer a wide range of services to cover all your needs. Just place an order and provide instructions, and we will write a perfect paper for you.
Is it safe to use your paper writing service?
Our service is completely safe and anonymous. We don’t keep your personal and payment details and use the latest encryption systems to protect you.
What are you waiting for?
You are a couple of clicks away from tranquility at an affordable price!
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a typical business plan includes all of the following sections except: a. executive summary b. business description c. marketing plan and strategy d. disclosure of pending litigation e. operations and support d. a venture's value is determined by a. the size and timing of its future free cash flows b. time value of money c. its net income
A business plan is important for a new business for all of the fol- lowing reasons except it guarantees you will get financing for your business The main body of a business plan includes which of the following? executive summary Which of the following is not a true statement regarding risks?
The need for a business plan includes all except: (a) Planning to launch a new business (b) Expanding your existing business (c) Adding a new product or product line (d) Increasing your labour force 9. The importance of feasibility studies include (a) Listing in details all the things you need to make the business works.
Here are 5 reasons why you need a business plan: 1. It will help you steer your business as you start and grow. Think of a business plan as a GPS to get your business going. A good business plan guides you through each stage of starting and managing your business.
1. Executive summary. This is one of the shortest components of a business plan, but the one you should spend the most time working on. Whether your business plan is 5 or 30 pages, an executive summary section must recap all of the material in your plan in only two pages.
41. A typical business plan includes all of the following except: a. management team b. financial plans and projections c. risk and opportunities d. timeline and milestones e. initial public offering information This problem has been solved! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. See Answer
Your business plan should include these 10 key sections: 1. The Executive Summary This is a concise 1 to 4 page summary illustrating the key points that are detailed in each section of the business plan. The Executive Summary should stand on its own as a separate document. 2. Business Overview Offer a description of the business, including:
Business plans revolve around the present and the future. When you establish your goals and put them in writing, you're more likely to reach them. A strong business plan includes these goals, and allows you to communicate them to investors and employees alike. 3. Prove Viability in the Market
A business plan serves as a roadmap to successfully launch a business. It helps you overcome the challenges you might experience in your industry. ... Investors need a clear idea of how you would create and maintain your product. The development plan section contains the details of the product's design; its production methods, lifecycle ...
The Need For A Business Plan Includes All Except | Best Writing Service Total orders: 9156 User ID: 102732 REVIEWS HIRE The Need For A Business Plan Includes All Except Essay (any type) Benny 1514 Orders prepared ASK ME A QUESTION 535 Finished Papers SERVICES Username Password Forget Password? 411
Wondering whether you need a business plan? Find out why business plans are essential and eight items to include. (844) 493-6249. Log In. ... 8 Things to Include in Your Business Plan. The elements of a business plan can be every bit as unique as your business. You should spend the time to think about how you want your plan to reflect the core ...
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The Need For A Business Plan Includes All Except TWO Charita Davis #18 in Global Rating Receive your essay and breathe easy, because now you don't have to worry about missing a deadline or failing a course. ID 173 Level: College, High School, University, Master's, PHD, Undergraduate 1217 Orders prepared