BUSINESS PLAN FOR AN INNOVATIVE PRODUCT OR SERVICE Develop a business plan to commercialise the innovative idea proposed in Assignment 1. (LO2, LO3) Writing the business plan is a critically important stage in the establishment of new business ventures. The process of writing the business plan requires the entrepreneur to look objectively at all assumptions and to view the plan through the eyes of the reader. To guide you in preparing a business plan in New Zealand, visit https://www.business.govt.nz/. THE COMPONENTS OF THE BUSINESS PLAN 1. EXECUTIVE SUMMARY The executive summary must communicate the business plan to prospective investor very precisely. This section must build interest and excitement to persuade investors to read the entire document. It should briefly provide the following information to the potential investors: 1.1 Description of the business concept 1.2 The offering(s) 1.3 Opportunity and strategies 1.4 Target market and projections 1.5 Sustainable competitive advantage 1.6 The team 1.7 Cost of production and return on investment Tip: The executive summary is the last section to be written after all sections are completed. 20 marks Approx. 300 words 2. BUSINESS DETAILS 2.1 Background of the innovation 2.2 Mission statement 2.3 Business goals 2.4 Core activities 2.5 Business strategy 2.6 Sustainable competitive advantage 20 marks Approx. 500 words 3. MARKETING PLAN 3.1 Product or service description 3.2 Value proposition 3.3 Expected change in the market 3.4 Competition analysis 3.5 Target market 3.6 Competitive positioning 3.7 Marketing mix 40 marks Approx. 1200 words 4. ORGANISATIONAL PLAN AND REGULATORY COMPLIANCE 4.1 Organisational structure 4.2 Regulatory compliance 10 marks Approx. 200 words 5. FINANCIAL PLAN 5.1 Financial assumptions 5.2 Break-even analysis 5.3 Cash flow forecast (2 years) 5.4 Profit and Loss statements (2 years) 5.5 Balance sheets (2 years) 50 marks 6. BUSINESS CONTINUITY PLAN 6.1 Risk recognition and reduction strategies 6.2 Growth strategies 20 marks Approx. 600 words 7. APPENDICES TOTAL WORD LIMIT The total word limit for this assessment is approximately 3500. Must APA Referencing edition 6th
