Geography & History Notes | KCSE, NECTA, ZIMSEC & GCSE

HERE ARE 7 STEPS INVOLVED IN PREPARING A BUSINESS PLAN  1. Selecting a business opportunity or type of business to engage in, for instance, trading business, service provision business, manufacturing, agro business, e.t.c. 2. Conducting market survey for a selected type of business. This involves gathering information from respondents by communicating with them. 3. Collecting all the relevant data concerning the different aspects of the business and establish the costs of different items like machinery and equipment, raw materials, transport, e.t.c. 4. Drafting the business plan. 5. Discussing the drafted business plan with technical/knowledgeable or experienced people in the similar business. 6. Making a final business plan. 7. Finalizing the business plan process by preparing an action plan for the implementation of the planned activities.

 1. It encourages the entrepreneurs and people involved in the proposed business to think about it in a systematic way, i.e it helps the entrepreneurs and his/her staff to focus on important issues and activities for the new venture. 2. It defines the specific goals and objectives of the business which help to serve as bench marks to measure the progress of the business in implementing the planned activities. 3. It consists of an action plan which acts as a time table for implementation of various business activities in a sequenced way. This helps the entrepreneur to ensure that different activities are implemented at the right time as planned. 4. It provides the entrepreneur with information about where the business is going (future of the business). 5. It helps the entrepreneur to identify challenges in advance and lay strategies of overcoming the challenges before they affect his/her business operations. 6. It helps the entrepreneur to monitor the performance of his business ove...