Dolly Felt Craft Enterprise / Maryam Nabila Mohd Bahrin... [et al.]

Business planning is a process where an entrepreneur analyzes all aspects of a business venture including the market size, risks involved and customer’s demands. It acts as a guide of the operations to be conducted. It prepares an effective strategy to deal with any uncertainties that may or may not arise in the future. Thus, a business plan may help an entrepreneur to avoid a project doomed to failure. It is important that entrepreneurs prepare their own business plan especially if it is based on a partnership agreement. All of the key members should be a part of the business plan. It is important that the leader of the partnership understands the contributions of each team member. If a consultant is sought to help prepare a business plan, the entrepreneur must still remain as the driving force behind the plan. Seeking advice and assistance outside the certified professionals is always wise but the entrepreneur should have full understanding about each aspect as they are the ones who will operate the business together with the members of the partnership. By providing the business plan in advance, it keeps track of the financial status. The cash inflow and outflow are derived from a business plan for the general manager and financial manager. It is important to the marketing and operational manager also. Every detail of purchase is written down and calculated for losses or profits. Another purpose of a business plan is to evaluate the growth potential of our business at the highest level. With the right marketing strategies, there is always room for the business to expand. All the members should brainstorm ideas in promoting the product and company. The company should have a good social status among suppliers and potential customers as they are the people we negotiate with from day to day. The company needs to be well recognized even outside the food industry. These are the few steps into creating a successful business. Besides that, the function of a well prepared business plan is to make sure the business can achieve the goals that have been set. There is a purpose for having a vision, mission and objective in the company. They act as boosters to the employees to work hard every day for the company.