By Brie Cailot at April 22 2020 15:48:58
It seems to have been put there to fill the need to attribute a certain sum to marketing. Make sure you are researching each point of your budget, make sure that you are giving it context and it makes proper sense within your overall plan.
The business plan serves several purposes: Enables the entrepreneur to think through the business in a logical and structured way and to set out the stage in the achievement of the business objectives ; Enables the entrepreneur to plot progress against the plan ; Ensures that the resources needed to carry out the strategy and the times when they are required are both identified ; Preparing the business plan ensures that the entrepreneur has thought through the crucial aspects of the venture ; It is a means for making all employees aware of the business direction ; It is an important document for discussion with prospective investors and lenders of finance ; It links into the derailed, short-term, one-year budget.
It is outline of the business giving details of the finance, assets, staff, products or services and markets. It guides the entrepreneur, it identifies possible problems and it is also used in funding applications. The business plans sets out how to owner of a business intends to realize its objectives.
Drawing functional Plan: After positive result form the feasibility study, functional plans are drawn up. Some scholars and writers prefer to include feasibility study with functional plan but the two have been taken separately. Whereas only after the feasibility study can one go into the derails of drawing up functional plans which would determine the strategies for all the operational areas : marketing, Finance and production.