This week I was reminded of the group deliverables for our project, this includes the group final report and a presentation given to business people, where they can ask questions about our idea.
The main thing that I learnt this week was about this business plan and what the business plan involves. The business plan should cover details of the proposed development, the company building it (us) and will include some aspects of the technology and marketing side of things – however these are supposed to be covered in detail in other documents.
Chris showed us where to find some resources such as template business plans and marketing plans, then proceeded describe the sections of the reccomended business plan, so we’d have an idea of what should go in these sections.
The plan covers the business idea, targets for the business, what the business does, legal requirements, marketing summarry, resources needed to run the business and the operational risks. After completing most (or all) of these sections, the most important piece of the business plan can be completed – the executive summary, it is important as the executive summary needs to convince investors that this is a solid gamble for their hard earned money. It’s the main message of the business plan, it needs to sell the idea – What will the business do? Why is this a good idea? How are we going to do it?
I was reminded by what was expected from us as a group, we need to spend a bit more time doing things and the group need to remember to include all of the details of the week’s activities in our blogs. Last week I didn’t complete the entry on time, I can’t let that happen again!