QUESTION 1 (25)

Business plan

Read the case study below and answer the question that follows - constantly mentioning / applying to the business in the case study.

Business plan for my business

Mr Chang is a Chinese international who managing a fresh milk producing company called Peoples Dairy Farm. Even though the company has won contracts to supply milk to big retail businesses, Mr Chang realised that there are multiple challenges both inside and outside the business which he needs to address. Among those challenges encountered, Mr Chang realised that new machineries are needed in order to maintain high level of productivity. Mr Chang also realised that the finances of the business are not well managed since he employed his nephew who has no accounting knowledge. Looking at external challenges, Mr Chang has been made aware of new milk producing companies that have opened up in the city since the city is growing at a faster pace and the population rate keeps increasing month to month. In a meeting when the key issues were discussed, it was learnt that there is no business plan for Peoples Dairy Farm which was a worrisome issue to management. The greatest worry from investors was that the business has been operating without any direction since it has no business plan to show. Final decision made in the meeting was for management to develop a business plan that must assist the business in overcoming its challenges and help promote it in the changing times the business is operating in.

Taking into consideration the above scenario, give a possible layout of a business plan for Peoples Dairy Farm (with the focus only on the following components) :

1. Product and service plan
2. Marketing plan
3. Management plan
4. Operational plan
5. Financial plan