U5 ip memo | Business & Finance homework help

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U4 IP Part 1 Tasks (Objectives from Weeks 1–4)

Finalize your business plan, and include the following:

• Business description
• Marketing plan
• Management plan
• Financial plan
• Appendices

Feedback

Here is some specific feedback.

The outline of your plan is well designed and written. You included appropriate information as it relates to your chosen venture. Remember, the primary purpose of a business plan is to define what the business is or what it intends to be over time. Clarifying the purpose and direction of your business allows you to understand what needs to be done for forward movement. Clarifying can consist of a simple description of your business and its products or services, or it can specify the exact product lines and services you’ll offer, as well as a detailed description of your ideal customer. It is also important to remember, that businesses evolve and adapt over time, and factoring future growth and direction into the business plan can be an effective way to plan for changes in the market, growing or slowing trends, and new innovations or directions to take as the company grows. Although clarifying direction in the business plan lets you know where you’re starting, future vision allows you to have goals to reach for. You captured some of this in your particular business plan. One suggestion: a bit more detail in the financial plan would be helpful.

U5 IP Part 2 Tasks (Objectives from Week 5)

Create a memo introducing yourself and your business plan to a prospective resource. Be sure to use the following steps:

• 1. Introduce yourself and  your venture.
• 2. Explain your purpose in  sending the business plan.
• 3. Detail the next steps and  the potential for your business.
• 4. Give the intended audience reasons for taking interest in your venture.