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In: Business and Management

Submitted By reggielong
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The purpose of this assignment is to briefly analyze an article from a scholarly journal. This will be followed by a peer review.

This paper is applying the review criteria developed by Elder and Paul (2011) to and article by Nunn and McGuire (2010). The main purpose of The Importance of a Good Business Plan by Less Nunn and Brian McGuire is that the basis for any business is a sound business plan. “It is written to guide the business owner in how to develop and operate the business” (Nunn & McGuire, 2010). It also serves the purpose of attracting potential finance of startup or expansion.
I believe that the key question that the author is addressing is how do we effectively plan for the future? In order to do this effectively your plan has to include four key elements: Strategic, operational, financial budgeting and forecasting.
I would have to say that the Business Plan Format was the most important part of the article. It describes the various elements of the plan and what those sections should include.
The main inferences in this article are the importance of a strong Management and Executive Summary to impress potential investors. The authors go on to state that the “characteristics of a good plan were that it was well written, organized into sections, and included detailed financial projections” (Nunn & McGuire, 2010).
Key concept of this article is to develop strategic plans that will guide management with a road map to successfully running the business as well as give reassurance to investors that you will be a good custodian of their funding.
The main underlying assumption is that the person writing this plan is indeed qualified to run the particular venture they are pursuing. However, if we follow these basic guidelines, anyone should be able to write an effective plan that will attract investors.
The authors…...

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