Business decision (Business Plans and Feasibility Study for any Business)
Business decision (Business Plans and Feasibility Study for any Business). this is a free guide on business decision in relation to how you manage your business, take successful steps, educate you on bushiness success and many more.
- RELATIONSHIP BETWEEN FEASIBILITY STUDY AND BUSINESS PLAN
- DIFFERENCE BETWEEN FEASIBILITY STUDY AND BUSINESS PLAN
- FEASIBILITY STUDY AND BUSINESS PLAN PDF
- BUSINESS PLAN VS. FEASIBILITY STUDY
- DIFFERENCE BETWEEN FEASIBILITY STUDY AND BUSINESS
- DIFFERENCE BETWEEN A FEASIBILITY STUDY AND A BUSINESS PLAN
- DEFINE AND DISTINGUISH BETWEEN FEASIBILITY STUDY AND A BUSINESS PLAN
- BUSINESS PLAN VS. FEASIBILITY STUDY | YOUR BUSINESS
- FEASIBILITY STUDY AND BUSINESS PLAN SAMPLE
- WHAT IS A FEASIBILITY STUDY? | AG DECISION MAKER
- IMPORTANCE OF THE FEASIBILITY STUDY
- BUSINESS FEASIBILITY STUDY OUTLINE – BEST ENTREPRENEUR
- DIFFERENTIATE BETWEEN FEASIBILITY ANALYSIS AND BUSINESS PLAN
- WHAT IS THE FINE DIFFERENCE BETWEEN A BUSINESS PLANS, FEASIBILITY STUDIES
- DIFFERENCE BETWEEN FEASIBILITY STUDY AND PROJECT PROPOSAL
- HOW TO PREPARE YOUR BUSINESS PLAN
ELEMENTS OF FINANCIAL STATEMENTS
- Has economic benefit
- Price can be reasonably determined
- Has an original price
- Short term; Things that you have that has life span of 12 months or less
- Long term assets/ non-current assets
LIABILITIES HAS TWO MAIN CATEGORIES
- Short-term borrowing
- Account payable
- Capital contributed by the owners/investors of the business
- Retained earnings or profit ; is the profit that is plough back in the business,
3 major component
- Revenue; revenue is the income received or to be received from the sale of goods or services. Revenue in the income statement is not cash. Revenue from sales of products or services as well as financial activities
- Expenses; expenses are the total of cost of goods sold, selling expenses and general administration expenses, expenses don not include the VAT
- operating expenses include – selling expenses, general and admin expenses, cost of goods sold
- Financial expenses – borrowing interest, exchange loss
3. Net profit/loss; profit = Revenue – Expenses
ALSO READ; Integrated Poultry Business (Poultry,Fishery, Plantations,Piggery, Cassava) Get A Business Plan
CASH FLOW STATEMENT
CASH FLOW STATEMENT; CATEGORIES
- Cash flow from operating activities; this represent cash that comes in from revenue, less cash that goes out from expenses
- Cash flow from investment activities; which represent cash that comes in from sales of an old machines or old car and cash that was spent on purchase of fix assets like machines or investment
- Cash flow from financing activities; cash can come in from lending, cash can come in from additional investors bringing in capital into the business. While cash can go out by repayment of loan or paying back dividend to investor.
- Fixed cost
- Variable cost
- Fixed cost; Fixed cost are costs that do no vary in proportion to the quantity of Goods produced or consumed. For eg; irrespective of the number of bread a bakery produces, the rent for a year is still the same.
- Variable cost; Variable cost are costs that vary in production to the quantity of products produced or consumed. For eg; using the bakery example, the butter, sugar flour etc use in bread production varies.
- Mixed cost; mixed cost are costs that have both fixed and variable cost element in them. For eg; the salary a business pays a marketer every month is the same, more over there might be so commission element added to it. Which is dependent on what the marketer sales. The total cost is mixed because the salary the marketer is paid is mixed, while the commission varies based on the quantity sold.
WHAT DOES IT REALLY MEAN TO CONTROL COST
- In other to control cost, we must first identify the controllable cost and uncontrollable cost
- What do you do about controllable cost after you have identify them? You reduce them
- What do you do about uncontrollable cost after you have identify them? You standard them
- Controllable cost are costs that can be reduced by being more effective. Trying to control and save costs.
- Uncontrollable costs are cost that management cannot directly control due to the involvement of other people.
COST STANDARDS AND COST VARIANCES
ANALYSIS OF COST VARIANCES
- In the usage of the materials
- The method of usage
- The competence of the personnel or the man that is using the material
- If poor quality of material is used or your suppliers are unreliable, then your cost will be high.
- When the staff are not competent, there will be a lot of wastage
- If the machine has poor maintenance, then the production will be poor
- The above are some of the causes of cost variance
- Pricing decisions – what price to sale your product
- Produce or purchase decision – do we produce our raw material or we purchase them
- Closure designs – is also important when negotiation take place.
CONTROLLING COSTS SYSTEM
CONTROLLING COST SYSTEM HAS 2 MAJOR COMPONENTS
Benefits of having a cost centre
- Easier to gather cost information
- Provides quick cost information from different divisions
- Better control of costs incurred in various division
- Identify uncontrollable costs that the enterprise needs to control
- Identify divisions that relate to the cost
- Select cost centre among division that relate to the costs
- Storage Departments
CONTROL MATERIAL COSTS
CREATE COST CONSCIOUSNESS
- Define a budget and the benefit of budget
- Practice a basic process to set up the master budgets in enterprise
- Use budgets to control the business activities
- Identify principles to effectively apply budgets in enterprises
BUDGETS AND THE BENEFIT OF BUDGETS
- It helps the company in Goal orientation.
- The budget set the tone of the goals that will be achieve in the financial year ahead.
- It help every member of the team to aim at achieving the enterprise overall objective.
- It also inform the preparation of resources required to achieve this goals that have been identified and set and anticipate risk that can occur in achieving this goal
- A budget help to Benchmark for evaluation; how have we done well
- It also help in delegation of authorities on expense approval and usages
- It help to create a cost consciousness because there be people responsible in the organization for controlling cost
- It promote team work, as every member of the team is working towards achieving the organizational goal
- Improve communication
HOW DO WE DEVELOP MASTER BUDGET?
- Projected profit and loss;
- Projected cash flow
- Projected balance sheet
SELLING EXPENSE AND MANAGEMENT EXPENSE BUDGET
- Variable costs
- Fixed cost
DIRECT LABOUR BUDGET
- The required Labour hours; is calculated based on the amount of product to be manufactured as indicated in the production budget
- The Standard labour hour rate; comprises of wages and allowance
OVERHEAD COST BUDGET
- Variable Cost; total variable overhead cost are estimated based on the rate of variable overhead cost. The rate of variable overhead cost can be estimated based on total direct labour hours, total machine operating hours, operations.
- Fixed Cost; while total fixed overhead cost can be estimated based on historical data.
BUDGET OF COST GOODS SOLD
- The production costs – includes; direct raw material cost, direct labour cost and overhead cost
- The stock budget – includes; finish products , and work in progress
- Using Flexible budget
- Analyzing variances
- Taking actions
- Favourable Variance
- Adverse Variance
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- SECTION I – EXECUTIVE SUMMARY
- NAME OF BUSINESS / COMPANY
- OFFICE & SITE LOCATION
- MISSION STATEMENT
- SOCIAL/ECONOMIC VALUE
- PROJECT STATUS & START UP
- WHY PREPARE THIS BUSINESS PLAN?
- SECURITIES FOR THE PROPOSED LOAN
- SECTION II – STUDY AREA
- STUDY AREA
- COMPANY OVERVIEW
- MANAGEMENT TEAM
- DEPARTMENTS IN THE COMPANY
- MANAGEMENT TEAM GAPS
- SECTION III – INDUSTRY ANALYSIS
- DEFINING YOUR INDUSTRY
- YOUR INDUSTRY SIZE GROWTH RATE AND SALES PROJECTIONS
- INDUSTRY STRUCTURE
- MARKET OVERVIEW
- MARKET SEGMENTATION
- RELEVANT MARKET SIZE
- KEY SUCCESS FACTORS
- LONG TERM PROSPECTIVE
- MARKET CHARACTERISTICS
- SAMPLING TECHNIQUE
- SECTION IV – CUSTOMER ANALYSIS
- TARGET CUSTOMERS
- CUSTOMER NEEDS
- MARKET NEEDS / SOCIAL PROBLEMS AND SOLUTIONS
- BUYERS BEHAVIOUR
- MARKET SHARE
- SALES FORECASTING
- SECTION V – COMPETITIVE ANALYSIS
- DIRECT COMPETITORS
- COMPETITIVE ADVANTAGES
- SECTION VI – MARKETING PLAN
- PRODUCTS & SERVICES
- FINISHED PRODUCTS
- PRODUCT QUALITY AND PRODUCTION QUANTITY
- PRODUCTION CAPACITY
- PROMOTIONS PLAN
- DISTRIBUTION PLAN
- SECTION VII – OPERATIONS PLAN
- GENERAL APPROACH TO PRODUCTION
- TECHNICAL ANALYSIS / PRODUCTION PROCESS
- PACKAGING REQUIREMENTS
- SECTION VIII – FINANCIAL PLAN
- REVENUE MODEL
- FINANCIAL ANALYSIS
- FINANCIAL ASSUMPTIONS
- FINANCE CHARGES
- FINANCIAL PROJECTIONS
- FUNDING REQUIREMENTS/USE OF FUNDS
- CRITICAL ASSUMPTIONS
- FINANCIAL MODELS
- SUMMARY OF PROJECT COST
- BUDGET OF FIXED ASSETS / CAPITAL EXPENSES / INVESTMENTS
- OPERATING EXPENSES (OPEX)
- TOTAL REQUIRED INVESTMENT OUTLAY (REQUIRED START-UP CAPITAL)
- FINANCING PLAN
- INSTALLED / AVAILABLE EQUIPMENT
- BREAK-EVEN ANALYSIS
- LOAN REPAYMENT SCHEDULE AND INTEREST PAID
- FORECAST OF PROFIT AND LOSS
- CASH FLOW
- BALANCE SHEET
- GENERAL ASSUMPTIONS (BREAK EVEN ANALYSIS)
- BUSINESS RATIOS – PROFITABILITY ANALYSIS
- SECTION 3 – APPENDIX
Okpe Local Government is a territory that used to be part of the original Okpe Kingdom, its headquarters is at Orerokpe, with a population of 128,398 people whose primary occupations include commercial farming, fishing, hunting, trading and gas exploration.
After carrying out the feasibility study on Esemdiary village, Off Effurun-Sapele Road, Okpe LGA of Delta state, Nigeria, it was discovered that, farming generally will do well both on crop and animal production.
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