Business Plan–Final

Feedback

*Below is the feedback for each section to revise the final business plan.

Company Description and SWOT Analysis

· More details in discussing the components of the mission statement would have improved your response here. Outline why they are important to be included in this message. The mission statement represents what your company stands for in the present and should outline "who you are, how you stand out, and your purpose and core values." It also shows that you understand the focus of your company and you can articulate your objectives concisely. It is your opportunity to tell the world what your company stands for, and it determines the company's direction. This is also a reminder to all employees about what makes the company successful. It is a point of reference for keeping everyone clear on the direction of the organization.

· You provided some information about the trends in the industry in which you operate. However, I need more support or reasons as to why these are trends (specific research and data). I need to see you support your answer with relevant material so I know you understand the concepts. Evaluating the industry increases your knowledge about the factors that contribute to your company's success and also shows potential investors that you understand the external business conditions in which your company operates. You will describe the industry, the trends, and identify any opportunities that exist within the industry. Identifying these trends is critical for the growth and survival of your business.

· If you could have made your support for your answer more robust, I think it would have clarified why the strategic position you selected is the best fit for your company. Describe in more detail your implementation process and how, by using this strategic position, you can differentiate yourself from the competitors you identified. The strategic position allows you to establish a position in the market and clarify how you will compete or what sets you apart from other companies. To determine the best strategic position, you will evaluate your strengths and your interests and also what differentiates you from the competition. A clear strategic position influences every aspect of your business, such as the development of new products, marketing approaches, operations, and location. Your strategic position can evolve over time. When you find opportunities in the market, you will always have to identify a strategic position to distinguish your company from others.

Marketing Plan and Budget

· You have a few formatting errors in your post. You should use the required headers (facilities, production process, research and development, and personnel needs in operations) instead of using the questions as the headers.

Operations, Technology, Management, and Social Responsibility Plan (With Financials)

· Good effort! You described the operations plan for your business addressing most of the required areas. Be very specific as you discuss each of these areas and include any applicable costs: facilities, how your business will operate, inventory, research and development and an overview of the personnel working in operations. Clarity in operation will lead to success in business. A manager must understand how a business operates step-by-step so that decisions can be made. Each step must be carefully evaluated as improvements and flow should always be the goal. Improvements in this area can lead to cost reductions and increased profit margins. Ensure these costs are reflected in the Excel document. Be sure to revise for the final version of the business plan in Assignment 4.

· Good effort in this section! You described the technology plan for your business including the software, hardware, telecommunication, and IT personnel needs for the business. Think of all the areas of your business as you discuss this. Be sure to discuss each in detail as well as to include a dollar amount for each technology cost you identify. These costs will be reflected in the Excel document. Technology issues can be time-consuming, expensive, and difficult. Clarifying the right technology for the business is part of the company's success. Ensure these costs are reflected in the Excel document.

· Your response partially addresses the management plan for your company. You want to provide the key skills and experience for each person in the management team as well as the advisors you will use to help you with the business. People are key to the success of every business. Investors may make their investment decisions based on the strengths of the people involved in a business. Experience, skills, and personalities of the people in an organization influence the success of that organization. Be sure to use the guidelines provided and reflect the cost in the Excel document. The flow chart is an easy way for everyone in the organization to quickly identify the official lines of authority.

· You have partially discussed your social responsibility plan. You must provide specific strategies you plan to use regarding each of your stakeholders (customers, suppliers, employees, the community, etc.). Consumers respect and stay loyal to companies that care about their communities and the environment. You discussed some ways in which your company's activities will impact the environment. More strategies would have improved your response. Think of all aspects of your operations. You are missing the steps you will take to mitigate any negative impacts. Making your business environmentally friendly not only benefits the environment but can also save you money (recycling can reduce your costs), can be a competitive advantage (attracting customers who have the same interests and values), and improves sustainability (less dependent on natural resources).