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Writing a Business Plan
While it may be tempting to put off, creating a business plan is an essential part of starting your own business. Plans and proposals should be put in a clear format making it easy for potential investors to understand. Because every company has a different goal and product or service to offer, there are business plan templates readily available to help you get on the right track. Many of these templates can be adapted for any company. In general, a business plan writing guide will recommend that the following sections be incorporated into your plan.
The executive summary is the first section that business plans open with, but is often the last section to actually be written as it’s the most difficult to write. The executive summary is a summary of the overall plan that highlights the key points and gives the reader an idea of what lies ahead in the document. It should include areas such as the business opportunity, target market, marketing and sales strategy, competition, the summary of the financial plan, staff members and a summary of how the plan will be implemented. This section needs to be extremely clear, concise and engaging as you don’t want the reader to push your hard work aside.
The company description follows the executive summary and should cover all the details about the company itself. For example, if you are writing a business plan for an internet café, you would want to include the name of the company, where the café would be located, who the main team members involved are and why, how large the company is, who the target market for the internet cafe is, what type of business structure the café is, such as LLC, sole proprietorship, partnership, or corporation, what the internet café business mission and vision statements are, and what the business’s short-term objectives are.
Services and Products
This is the exciting part of the plan where you get to explain what new and improved services or products you are offering. On top of describing the product or service itself, include in the plan what is currently in the market in this area, what problems there are in this area and how your product is the solution. For example, in a business plan for a food truck, perhaps there are numerous other food trucks in the area, but they are all fast –food style and unhealthy so, you want to introduce fast food that serves only organic and fresh ingredients every day. This is where you can also list your price points and future products or services you anticipate.
The market analysis section will take time to write and research as a lot of effort and research need to go into it. Here is where you have the opportunity to describe what trends are showing up, what the growth rate in this sector looks like, what the current size of this industry is and who your target audience is. A cleaning business plan, for example, may include how this sector has been growing by 10% every year due to an increase in large businesses being built in the city.
Organization and Management
Marketing and sales are the part of the business plan where you explain how you will attract and retain clients. How are you reaching your target customers and what incentives do you offer that will keep them coming back? For a dry cleaner business plan, perhaps if they refer customers, they will get 10% off their next visit. In addition, you may want to explain what needs to be done in order for the business to be profitable. This is a great way of showing that you are conscious about what clear steps need to be taken to make a business successful.
Financial Projections & Appendix
The financial business plan section can be a tricky one to write as it is based on projections. Usually what is included is the short-term projection, which is a year broken down by month and should include start-up permits, equipment, and licenses that are required. This is followed by a three-year projection broken down by year and many often write a five-year projection, but this does not need to be included in the business plan.
The appendix is the last section and contains all the supporting documents and/or required material. This often includes resumes of those involved in the company, letters of reference, product pictures and credit histories. Keep in mind that your business plan is always in development and should be adjusted regularly as your business grows and changes.
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Your Guide to Writing a Business Plan
If you’re starting a new business, then you need an effective plan. Not only does this enable you to plan your company, but it also gives potential clients an insight into how your business works. A business plan is also vital if you want to attract investors or secure a loan from the bank. Drafting a business plan is a complex process, but it doesn’t have to be. This guide will ensure you create a definite plan to impress investors and clients.
When creating your business plan, there are some essential elements you must include. The Executive Summary provides a description of your business, and what you hope to achieve. People usually write at least one page, but leave their Executive Summary until last.
You’ll also need to detail what your business offers and define your target audience. This makes it easier for people to see whether your company has a chance of succeeding. The opportunity section is also an excellent way for you to see what competitors offer and how you can create a USP to stand out from the competition.
Appealing to Investors
Every business that wants growth and prosperity must ensure they promote themselves to potential investors. Business plans aren’t just about what the business is, but who is part of it too. Detail your current team members and explain what they bring to the company. Investors want to know they’re making a wise investment.
Your current finances and financial forecast are also essential aspects of your business plan. Look at your products, how much you’re selling them for and what kind of profit margin you expect to gain. It’s also vital you detail your outgoings and look at how various economic situations could affect your finances.
Writing a Winning Executive Summary
There are problems in every market, and a successful business solves that problem. If you can show how you’ll be able to offer solutions in your business plan, you’ll appeal to investors. Choose your target audience based on research and ensure you show your research. There are many ways to conduct market research including defining SOMs, SAMs and TAMs.
TAM stands for Total Available Market and comprises everyone you want your product to reach. Your Segmented Addressable Market (SAM) is a specific portion of the market you’ll target. This is important because it shows you’re able to direct your product at the right people and not just everyone. Your SOM (Share of the Market) is what you feel you’ll gain with your product.
How to Determine Pricing
Pricing your product is one of the most challenging things you’ll have to do. There are many things to consider, such as how much it’s worth and making sure you don’t charge unrealistically. Many new businesses believe undercharging is the best way to go, but doing this can undermine your company’s authority and cause fewer people to be interested in investing.
Market-based pricing involves looking at your competitors and evaluating their prices. Which company has the most customers? How does their pricing match others? These are all vital aspects you should consider. Remember, customers expect quality and a fair price, so make sure you combine the two.
Investors and banks want to know that you’ve considered what the future will hold for your company. When you write your business plan, be sure to take into account how you see the company growing, what you’ll do to ensure it thrives and that you understand the potential risks. Banks and investors want to know that you can build a business and are aware of the obstacles you’ll have to overcome.
Starting your own business doesn’t have to be difficult. If you ensure you produce a robust business plan, it can be an exciting process. Your business is part of your future, so start by outlining your goals and look forward to seeing results.
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IELTS Listening Practice Test 72
Updated On Feb 23, 2022
- 1.1 Audio Transcription
- 2.1.1 Questions 1-8
- 2.2.1 Questions 9 and 10
- 3.1.1 Questions 11-14
- 3.2.1 Questions 15-18
- 3.2.2 Questions 19 and 20
- 4.1.1 Questions 21-27
- 4.2.1 Questions 28-30
- 5.1.1 Questions 31-32
- 5.1.2 Questions 33-36
- 5.1.3 Questions 37-40
- 6.1 Section 1
- 6.2 Section 2
- 6.3 Section 3
- 6.4 Section 4
If you’re taking the listening test, you should be aware of concepts such as signposting and techniques such as distraction. Take one of our IELTS listening practice tests and learn how to follow the audio using these techniques.
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Complete the notes below .
Write NO MORE THAN THREE WORDS for each answer.
Questions 9 and 10
9 Why is there no tour of Brussels?________________
10 What will the group be visiting in Amsterdam?________________
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Questions 11-14, business planning exercise, questions 15-18.
Complete the following sentences with answers next to 15-18 on your answer sheet.
15 The presentation will be in_______________________ weeks.
16 Jessica cannot work on the presentation next week because she’ll be_______________________
17 Most of the basic work on the project will be done by________________________
18 The meeting to discuss the progress of the project will take place on________________________
Questions 19 and 20
Choose the best answer A-D. Write answers next to 19-20 on your answer sheet.
19 What time will the final meeting take place?
20 Who will present the final talk?
A a Japanese student
D no one chosen yet
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- What is Signposting?
Complete the interviewer’s notes below .
28 What is the interviewee particularly concerned about?________________
29 Where will the interviewee live?________________
30 When will the interviewee find out if she will be employed as a teaching assistant?________________
Circle the correct answer A-D . Write answers next to 31-32 on your answer sheete.
31 Tonight’s ceremony is mainly
A to celebrate the centenary of the college.
B to celebrate the achievements of the college over 100 years.
C to present a prize to the college.
D to present prizes to the students.
32 Government figures show that the college’s main strengths are
A teaching, research and care for students.
B research and engineering.
C teaching and engineering.
D engineering research and care for students.
Complete each sentence in NO MORE THAN THREE WORDS .
33 In 1900, the area’s traditional industries were_______________________________ and agriculture.
34 The college originally wanted to help ____________________________________ from the town and local area.
35 Dr. Bart Halliday is_____________________________ for winning the Nobel Prize.
36 By 1917 it was producing__________________________a year.
Write a short answer to these questions using NO MORE THAN THREE WORDS .
37 Why didn’t Lucian Dudley finish his studies?_____________________________________
38 What invention brought fame to the college?___________________________________
39 In which other areas have the college become renowned?____________________________________
40 How long has the speaker been Principal of the College?_____________________________________
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Planning for a picnic
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Solution for: Planning for a picnic
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Cindy: So, Bob, how many people have said that they’re coming on the company picnic ? Bob: Well, Cindy, we’ve got 35 definite and another 10 probable. Cindy: Shall we say 50 ? Bob: I think so. And we’ve fixed the date for…? Cindy: 26th . The last Sunday in August. Bob: Great! I hope the weather is good. Cindy: Should be. Now, we have to decide where to order the food from and what kind of things we want. Bob: Right. What’s our budget? Cindy: We decided to go for £10 a head for food and £5 a head for drinks. Bob: OK. I got some pamphlets from caterers. What do you think? Cindy: The most important thing is to make sure there’s a variety of food. We don’t want people complaining that they don’t like anything. Bob: We also don’t want food that could deteriorate in the sun- ice cream , that kind of thing. Cindy: You’ve seen these pamphlets. What do you think? Bob: Well, I thought Paris Kitchen looked good. The price almost exactly meets our budget and they seem to have a good variety. Cindy: I don’t know. A friend of mine used them for her company and wasn’t impressed. Bob: Really? What exactly didn’t she like? Cindy: Well, the food… she said the food was good, but not quite the variety they’d expected. The drinks included some wine , which was apparently not very good. Bob: Oh. Well, perhaps we need to consider this one… er … Company Caterers. Cindy: Looks a bit pricey. Mind you, I’ve heard that they are very good. Bob: Let me check the price. … Yes … £12 a head for food. That’s more than our budget. Do you think we could get a discount? Cindy: Let’s see if it says anything in the pamphlet. … Yes, they do offer a discount for groups of more than 30. … 10% … does that help us? Bob: 10% off £12 … It’s still more than we budgeted for. Cindy: Hey, look at this one. Celebrations. Bob: It’s a new company. I asked a few people about them, but no-one has any ideas. Cindy: Well, let’s see. 9 poundsa head for food and five pounds a head for drinks. That’s fine. What kind of food do they have? It says here that they just provide cold meals for picnics. Well, that’s OK. … And they include vegetarian dishes…. We do have some vegetarian to take into consideration . Bob: Well, it looks good to me. The only problem is their lack of experience. I mean, it’s a bit of a risk, isn’t it? Cindy: Yes. If the food is no good, we’ll look incompetent. Bob: Ah, look here. It says that we can visit their premises and try some of the dishes they offer. Cindy: You mean we might get a free lunch? Shall we call them and arrange to go and see them? Bob: OK. Which day? How about tomorrow? Cindy: No. We’ve got that meeting. The day after tomorrow. Thursday . Bob: Good. Time? Cindy: 11? Bob: Good. Right, what’s their phone number? 28 65 34 79 . We also need to ask them whether they can deliver straight to the picnic site, don’t we? Cindy: Yes. I don’t think that’ll be a problem, though. I mean, it’s on the outskirts of the city, but it’s not too far away. Does the price include delivery? Bob: It doesn’t say, but the other companies include it, so they should. If they don’t., our budget still allows us to pay a small fee.
Answer the following questions using NO MORE THAN THREE WORDS AND/OR A NUMBER for each answer.
1. How many people are Cindy and Bob planning the picnic for? Answer: 50 Locate Listen from here 2. On which date will the picnic be held? Answer: 26th August Locate Listen from here 3. What is the total budget for food and drink per person? Answer: £15 Locate Listen from here 4. Which food does Bob specifically say is unsuitable? Answer: ice cream Locate Listen from here
Complete the following notes about the three catering companies Bob and Cindy discuss.
Write NO MORE THAN TWO WORDS AND/OR A NUMBER .
- lack of variety of food
- poor quality Answer: wine Locate Listen from here
- discount for groups of 30 or more Answer: 10% Locate Listen from here
- new company
- only for picnics Answer: cold meals Locate Listen from here
- dishes Answer: vegetarian Locate Listen from here
- offers free samples
Answer the questions using only a date or a telephone number.
9. When will Bob and Cindy go to Celebrations? Answer: Thursday Locate Listen from here 10. What is Celebrations“ telephone number? Answer: 28 65 34 79 Locate Listen from here
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- FCE Listening Test 4 Part 3
Test 4 Part 3 19 B 20 D 21 F 22 A 23 E
You will hear five different craft workers giving advice to people who want to start a home-based business to sell the things they make. For questions 19-23, choose from the list (A-F) what advice each speaker gives. Use the letters only once. There is one extra letter which you do not need to use. Speaker 1 Most people who are interested in starting craft businesses enjoy making or doing something, whether it's making dolls, candles, or even cooking. But it's not as easy as it might seem. Some think a good website and a few ads in the papers are all they need for their business to take off and provide a regular income, but there's much more to it than that. I make silver jewellery, and you'll find my style has changed over time, because I've kept doing research into the latest techniques. There's nothing worse than thinking you know it all . However much you advertise, your business will slow down. Speaker 2 There's such a demand for handmade goods, because people are looking for the personal touch. One day I had the idea of covering some jars and bottles with cloth, then putting a thin coat of plaster on, and painting designs on the surface. I sold them so quickly that I decided to start a business. There were bottles all over my house, in different stages of development, and I wished I'd given more thought to setting up an area where I'd do the work . I lost time and money because I ended up getting in such a mess. So beginners, take notice! I also sell online now, but most of my sales are from word-of-mouth recommendations. Speaker 3 Doing something you like to do and getting paid for it is great, and it doesn't have to be scary. By the time you actually start selling things, though, it's essential to have a rough bookkeeping system in place and to have worked out the profits you expect and deducted your expenditure and possible losses . I started my own craft business two years ago - making baskets, filling them with things like fruit and nuts, and decorating them with silk flowers. I wrapped them as gifts and sold them to friends at first, but now I have lots of orders. I'm even thinking of employing a couple of people. Speaker 4 When you're ready to launch your business, it pays to think carefully about how your prospective customers will hear about you. There's little point in taking out ads in the national papers at this stage, but it may well pay to invest in a colourful brochure and posters, which can be left in shops in the area . That's how I started my business, which is designing and making greeting cards. Mind you, friends and acquaintances gave me contradictory advice, and I ended up paying someone to design a website for me when I wasn't ready for it. Anyway, my business is thriving and now takes up five rooms in my house! Speaker 5 I started making lampshades, and it just went from hobby to career. My home no longer offers enough space, so I may rent some extra rooms from a friend. It was good to start small, though, I wouldn't have been able to cope with lots of work then. I really knew nothing about marketing, and if you're like me, don't worry; if your products sell, it'll sort itself out. I owe part of my success to my brother who designed an amazing website for me, which attracted lots of buyers . It does mean you need to organise a way to post things securely, but it's all worthwhile doing .
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Office party planning
Listen to the conversation with an event planner to practise and improve your listening skills.
Do the preparation task first. Then listen to the audio and do the exercises.
Ayako : Hello, sales department. This is Ayako speaking. How can I help you?
Sam : Hi, Ayako, this is Sam from Events-4-U. I'm calling about the piano you want at your Christmas party next month.
Ayako : Oh, good. It would be a great surprise to have one there for our boss for the night. He can play and it would be a great addition for the party. Have you been able to source one?
Sam : Well, yes, I have, but …
Ayako : But what?
Sam : Well, we're going to either have an issue with the logistics or the budget, or possibly both.
Ayako : Oh dear.
Sam : Well, we've found a baby grand piano, as you requested, and it's available for the date you want.
Ayako : OK, great. So what's the issue? Is it too expensive?
Sam : No, it's within the budget you gave me, so everything there is OK. But it's too wide for the entrance doorway into the building.
Ayako : Oh, I see. So what are our options? Could we dismantle it outside and reassemble it inside?
Sam : Er, no. Unfortunately, you can't really do that with pianos. But don't worry, I'm sure we can find some inventive solution.
Ayako : Do you have any ideas?
Sam : Well, we could hoist it up to the first-floor balcony. The door there would be large enough to fit it through.
Ayako : Great. That sounds like a good plan.
Sam : That would work, though it would increase the cost considerably as we'd need a crane, an extension on the insurance policy and probably two to three additional people to manage getting it successfully into the building.
Ayako : Oh, I see. Well, we can definitely stretch the budget by about ten per cent, but we shouldn't go over that. If we exceed the budget by more than ten per cent, then other areas of the party budget will have to be cut. And we don't really want that.
Sam : OK, so this idea won't work then. Sorry if I wasn't being clear. The considerable budget increase I was referring to would add a further fifty per cent. You know, cranes are expensive.
Ayako : Oh … um … OK. So what other options do we have?
Sam : Well, how fixed are you on the piano being a baby grand? Would an upright piano be an option?
Ayako : Hmm. I don't know.
Sam : It would fit through the door on the ground floor and cause fewer problems. I've also got the option on a really nice white vintage upright piano, with black design work.
Ayako : OK. That sounds like it might work. Could you send me over some photos of it?
Sam : I'll do it now, together with the rental and delivery information and costs.
Ayako : Great. Thanks, Sam. Let me think about it and I'll call you back later today.
Sam : Sure, no problem. I'll wait for your call.
When was the last time you had to discuss a problem on the phone?
This situation happened when me and my mother wanted to come back from Stryi(Lviv region) to Slobozhanske(Kharkiv region). I bought two tickets on train online, which cost around 60$, but the payment wasn't accepted! I thought, that I had lost 60$ and tickets to home, but thanks to workers of Monobank, I could return my money.
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In my case, I prefer to solve problems in messengers, because it is much easier that way. But there were also cases recently when I needed to determine the place and time of a meeting, resolve some plans or talk about rescheduling lessons through a phone call.
it was just yesterday. I work in a company from 7:30 am until 14:15. I tried to teach at a university. everything was ok but we had only one problem.it was time. I couldn't take classes before noon. finally they manage to give me classes which hold after 14:15.
i really like this site, its so pro! i like the people on this site aswell they my brodas luv u!!!!!!
Usually I have to do that at my work, last week I have to work on a solution to a problem where there was an issue with a service at my work, so the clients where calling at us to complain about an internal website, I had to call to the webmaster and get a solution with him, it wasn't very easy to find it but at the end of the day, he could fix the bug and all went fine to the clients.
Thanks for the episode. Great site!
It wasn't a discussion,however there was one time I had to receive instructions and couldn't hear very well so I also had to repeat myself.
It is not actually a problem, but I have discussed changes of appointments through phone call. It is quite challenging to change dates and time of appointment especially now due to pandemic.
I don't work yet but I solve a problem daily with friends on call. I like to do that.
The last time I had to discus a problem of a mobile phone contract on the phone was last year in March 2020.
IELTS Mentor "IELTS Preparation & Sample Answer"
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GT Reading Test 30 Section 3 - Business Planning
Gt reading mock test 30:, section 3: questions 28-40, gt reading: "business planning", business planning, questions 28-34, questions 35-40.
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Preparing a financial plan for your business is important if you plan to pursue business finance options such as loans, according to Inc. Business finance companies look at the short-term viability as well as the long-term potential of a bu...
While it may be tempting to put off, creating a business plan is an essential part of starting your own business. Plans and proposals should be put in a clear format making it easy for potential investors to understand.
If you’re starting a new business, then you need an effective plan. Not only does this enable you to plan your company, but it also gives potential clients an insight into how your business works. A business plan is also vital if you want t...
SECTION 2. Questions 11-14. Complete the notes below. Write NO MORE THAN THREE WORDS for each answer. BUSINESS PLANNING EXERCISE. FORM:
Questions 11-14. Complete the notes below. Write NO MORE THAN THREE WORDS for each answer. BUSINESS PLANNING EXERCISE
Questions 19-20. Complete the notes below. Write NO MORE THAN THREE WORDS for each answer. BUSINESS PLANNING EXERCISE. FORM: PRESENTATION WITH 11. STUDENT.
Cindy: So, Bob, how many people have said that they're coming on the company picnic ? Bob: Well, Cindy, we've got 35 definite and another 10 probable.
rockeesns#cambridge #ieltslistening All Listening test are checked and locate answer on right location.
A expand your business by advertising locally ... F produce a clear marketing plan for your business. 19 Speaker 1 ______.
Listen to the conversation with an event planner to practise and improve your listening skills.
Read the text below and answer Question 28-40. Business Planning. What is a Business plan? It is probably best described as a summary and
No more than two words. Candidates are required to answer the questions in this exercise within one word. The IELTS Listening section tests a candidate's
1) Do __what you love to do_____. 2) Don't ______. 3) Try to ______. 4) Respect ______. Show answers & Audioscripts.
ways of expressing them, unless they are names/proper nouns; listen for the answers by.