Key Business Plan Elements Paper

Key Business Plan Elements

A business plan is an outline of an idea for an organizational structure to reach a goal with defined parameters. The plan will be comprised of a combination of resources arranged to meet the goal of the plan by details set forth by a founder or entrepreneur. The plan can serve as a starting point of the original idea and be adjusted as controllable and uncontrollable factors necessitate a change for the benefit of the plans continuing success. Informal business planning is more beneficial to an entrepreneur that has existing resources to utilize while the primary reason for developing a formal business plan for a new venture is to attract external funding. (Bessant and Tidd, 2015)

Crucial factors when developing a small business plan should be built around long-term forecasting over the term yet still having the need for short-term forecasting inputs. While a forecast of demand is equally important and connects the resources with delivery dates for the product or service. Whereas, long-term forecasts

(Bessant and Tidd, 2015) Formal and informal networks gain an exponentially positive factor simply by sharing resources, knowledge and key skills. Among the informal networks; there are the advice network which shows the prominent players in an organization to whom others depend to solve problems and provide technical information. The trust network tells which employees share delicate political information and back one another in a crisis. The communication network reveals the employees who talk about work-related matters on a regular basis. (https://hbr.org/1993/07) Informal networks within internal project teams, internal entrepreneur networks and new product or process development consortiums are all knowledge and resource sharing networks with the intention of moving ideas