Healthcare Research, Business Plans
Business plans are an essential aspect of every business or any organization; This is because they provide a blueprint of the objectives of the company, promotes accountability, acts as a metric of the intended business, as well as develop the ability to cope and deal with change faced by the company as it progresses. This is because they act as a guideline or framework towards achieving organizational objectives. This study identifies and compares several types of business plans including operating business plan, startup business plan, lean business plan, and growth business plan. The study evaluates the four major business plans, their benefits, contrasts and their shortcomings regarding each.
Compare and contrast these typical business plan models
Operating business plan is one of the essential elements for any business to achieve set goals successfully. This is because the business plan is more concerned with internal business affairs or operations. For instance, production and employee performance, deadlines, person’s assigned to particular objectives as well as the attainment process of the goals intended for a specific time. Information can be presented in any form such as diagrams, charts or just highlighted content in bullet form. Additionally, the main agenda for the operating business plan entails focusing on the best practices and portraying organizational best potentials such as effective and efficient customer service, and other operational lines concerning a particular business. Moreover, it is implemented to cater for corporate culture development and identification of specific values from the organization.
On the other hand, expansion business plan is more of a segregated business plan under the major business plan of the organization because expansion business plan is implemented to serve simple, or small sections of the business. For example, it focuses on ways to market a specific product or how to win a particular target market or group. Additionally, it can be implemented by one department in the entire organization. It is important to understand that, growth or expansion plans are mainly intended to enhance an organization’s item portfolio or their market section. Cooper, Schindler, & Sun (2006) explain that the motivation behind the plans need for such activities is because endeavors regarding such assignments may influence an organization to digress from the present operations.
Start-Up Business Plans include one of the initial strategies required for implementation before starting a business. It entails formulating a business plan, which is regarded to as a startup business plan. The primary purpose of the plan is to direct the startup business from the infancy period towards the maturity stage of the company, while on the other hand, the plan seeks financial support for intended business. Contrary, the program is implemented to reduce operation cost by formulating better alternatives. The plan consists of goals set against time such as projected costs, breakeven sales, and milestones that have to be achieved with a given period
Lean financial plans are developed mainly for the purpose of reducing cost as well as surplus or excess as much as possible. Contrary to other identified plans, this plan is meant to facilitate quicker production of goods and services at the least cost possible. It provides insightful instructions to be followed while setting up a business strategy in the most straightforward style.
Strengths and limitations of these models
Jeston and Nelis, (2014), explain that the operating business plan keeps illustration straightforward in a move to make the proposals articulated in the project. The plan fosters efficient implementation with a detailed explanation of the concepts used. Moreover, the plans develop full illustrations, which later benefits the users by understanding the guideline and how best to implement the plan. This makes the business plan the most favorable among four major business plans because of the easy understandability and explanations, which later eliminates the cost used in marketing and the marketing formulation strategy of the organization’s products.
The business plan models face restrictions such as the lack of consistency or uniformity. This means that they may be unreliable in some cases for instance when dealing with similar products in a market with intense competition. Development of the said business plans is time-consuming therefore making it a tiresome and sometimes an expensive process. The financial limitation is one of the significant constraints since conducting research on business plan models consumes massive resources. Consequently, some plans never fully develop towards the latter chapters; this, in turn, becomes the undoing of most organizations. Some of the identified models could be interfered with if there was a change in the administrative regulation of the international law.
Comparing the models to the business plan models in Apple Merlin
The Business Plan Models in Apple Merlin
According to McDonald and Wilson, (2016), Apple merlin focuses on project development and design, financial and budgetary management, and tracking of processes in the project. The plan enshrines checklist budgeting tools, Gantt charts, and project mapping. The components are developed by the business software to audit and strategize competition from other players in the same industry. The business plan depends on the organization operation, which makes it different because of the variance in the services, goals, market trends, competition levels, financial stability, strategies and the government regulations or the international requirements of the industry in question.
Model that would work best for your assigned CLC Business Plan
The four business plan models are not as comprehensive in relation to the Apple Merlin following the difference in purpose, mission, vision and the goals which vary from one organization to another. The most appropriate business plan would be Apple merlin, this is because, the business plan provides its audience a chance to get swift responses as the presentation progresses and as a result, encourages questions concerning medical items. It also gives the presenter ample time to explain more about the business plan, how it will function best to deliver expectancies of the target person, market, and the intended objectives. On the contrary, the business plan is not complicated as anyone can understand its basics and how to use it, it also promoted corroboration in the formulation and implementation processes of the intended purpose or project. As a result, it increased idea generation which later encourages the efficiency of the project towards success. Therefore, Apple merlin would work best for the assigned CLC Business Plan.
A business plan is an important factor for the entrepreneur. The identified models act as guidelines regarding business purpose and objectives. The models help investors during decision making regarding whether to allocate funds to a particular company or not. This is because the business plan puts into consideration all aspects within internal and external environs. Picking the right model will render a precise course of action towards achieving the objectives
Cooper, D. R., Schindler, P. S., & Sun, J. (2006). Business research methods (Vol. 9). New York: McGraw-Hill Irwin.
Jeston, J., & Nelis, J. (2014). Business process management. Routledge.
McDonald, M., & Wilson, H. (2016). Marketing Plans: How to prepare them, how to profit from t