The Business Plan
OBJECTIVE: The objective of this assignment is to help you understand the importance of planning in helping businesses achieve their objectives. In groups you will have to create a business plan for your Mike’s Bikes organization, which will serve as a blueprint for your operational decisions and provide a step-by-step explanation of how goals will be achieved. As with any business you will have to make decisions as the term progresses based on the plan you create. Each of the 7 parts of the assignment will be evaluated on the criteria below.
Economics: Understand the relationship between revenues and expenses, and better comprehend the benefits and drawbacks of various forms of financing a business.
Problem Solving: Use critical thinking skills and problem solving abilities to successfully grow a business in a highly competitive environment.
Career Planning: Explore some of the responsibilities that go along with owning your own business. You will understand the many facets of Entrepreneurship and the interdependence of many areas of business.
Writing: Use business writing skills to create an Executive Summary and provide a concise picture of your 8 year plan for successfully running a business.
I only need to do part 7
Part 7: Financial Projections and Budgets: 10% of your grade
GOAL: As a group you will have to use financial data provided to anticipate costs and estimates of sales revenues to outline returns through implementation of your business plan for the 8 rollover periods. You will have to weigh potential costs incurred against expected revenues. Trend analysis for at least two periods will help you with this section. You will need to anticipate your competition and the business strategies of each competitor.
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