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5906

In: Business and Management

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EXERCISE WEEK 11
ACCT 5906
KEY STEPS FOR WRITING A BUSINESS PLAN AND PREPARING A BUDGET
AIM:
This introductory exercise aims to introduce participants to the key steps in business planning and budgeting and to work in groups to exchange ideas about the topics.
REQUIREMENTS:
1. Group
Your group will be required to present your budget in class.
You will be given around 5 minutes to present.
You are encouraged to use handouts and/or posters and/or role plays. You do not need to use power points.
2. Individual
Each student must either prepare his/her own budget for the business (see step 3 below), and have this ready to hand in at the start of class, or your group may hand in a group budget and all students in the group will receive the same mark.

TASKS
Participants divide into groups of 5-6 persons.
Each team member introduces themselves to the team.
In the group, the participants discuss and agree on the key tasks needed in the business planning process. Steps in business planning process
--‐ Develop an idea for your business
--‐ Do your research (customers, competitors, legal requirements)
--‐ Write a business plan (includes timetable, funding sources, marketing plan)
--‐ Evaluate the business plan
--‐ Register your company
--‐ Start a bookkeeping system
--‐ Obtain the relevant materials/supplies/products etc.
--‐ Implement your marketing plan
--‐ Start the production/service
--‐ Make an Annual Report and Annual Accounts
--‐ Make an evaluation and plan future development

In your groups, you must undertake the following in preparation for your presentation (note, your budget should be the main part of your presentation);

1. Develop an idea for your business and a brief profile of your business
The business profile describes your business, including its name, location and purpose/vision. It often also includes information…...

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