3.3 The Business Plan

3.3.4.3 Processes
Take the reader through the different processes and controls that you plan to put in place for internal functions of the company, like manufacturing (if applicable), services, accounts and personnel etc. Explain the purchase procedure, inventory carrying policy, lead times for procurements, administrative procedures, technology requirements and every thing else that is relevant to the running of your business. 3.3.4.4 Quality Control
Inform the quality control mechanisms you plan to put in place for the applicable internal operations of the company as mentioned by you in the section about processes.

3.3.4.5 Manpower Plan
State how many employees your business will need. If applicable, give time bound plan for your requirement and how you will induct these people. Go into details about full-time and part-time workers, salaries expected, skills desired, training requirements, promotion plans, incentives etc. Break them up by functional areas like marketing, production, management and so on.

3.3.4.6 Legal Aspects
If your business is in the knowledge area, then it is quite likely that you would have to protect your ideas by patenting them or taking out a copyright on your intellectual property. Or perhaps your business has special insurance needs. In such cases, spell out the kind of legal support that you think will be required. Mention the regulations that you should be aware of and keep current with.

3.3.5 Financial Plan
Sound financial management is important for the business to remain profitable and solvent. As a business owner, you will need to identify and implement policies that will lead to and ensure that you will meet your financial obligations. Ensure that your financial statements and projections follow standard accounting procedures.

There are many financial statements that are in practice to understand the financial position of a firm depending on specific concerns. As a preliminary assessment, the balance sheet, the profit and loss account and the cash flow statement give a broad picture in most cases.

3.3.5.1 Balance Sheet
The Balance Sheet shows the financial position of a company at a particular point in time. For our business plan the balance sheets can be made to reflect the position at the end of each financial year for three years. A simple example is shown below:

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