Weekly Theme 20: Plan for Success!

Weekly theme 20: Plan for success!

This week we are looking into our educational resources Pack 4 – Research, Write, Develop Part 1 & 2. You can find these packs on our website, just click here. The first part of the pack shows you how to write a good business plan. The second part explains how to design a useful financial plan. In this blog I am going to explain the importance of planning ahead for a successful school enterprise.

Business Planning

Business planning is important in order to carry out a  successful project. It is important that you plan ahead to try and save as much time and money as possible. If you decide how you are going to do this beforehand, you can be sure that your project will be as successful as it can be!

A good business plan allows you to set the targets you want to reach. It is good to know what you can expect to get out of your school enterprise, otherwise there is a chance that you could expect failure. No-one wants that! In order to be confident that you will be able to reach these targets, you also need to decide how you will do it by thinking of strategies.

Once you start running your school enterprise, you will find that it is easier to organise your activities if you can simply follow your plan. You will also be prepared to solve any problems you may experience. Even if you meet problems that you haven’t planned for, if you have a good business plan then you will only have to think about dealing with these new problems.

Hopefully, your excellent business plan will turn into an excellent school business. But how do you know if it is excellent or not? Well, a good plan provides a structure so that you can measure your progress and you can feel happy about the success that comes from your hard work!

Financial Planning

The second part of running a good project is to have a brilliant Financial Plan. It’s important to have a Financial Plan, as a Business Plan alone does not tell you if your school enterprise will be profitable. A very important consideration! 

When you think about your school enterprise, it might be easy to think of how much it will cost to buy the products you need and how much you will sell them for. However, have you also thought about:

  • Start-up capital: money which you will use to buy your products. How much will you need and where will it come from?
  • Indirect costs: will you need extra money to advertise your products or to hold an event to launch your school enterprise?
  • Pay-back period: how long do you have to run your school business before you make a profit?

These are all questions which can be easily answered if you write a Financial Plan!

The School Enterprise Challenge Team are really excited to read your business plans and financial plans. Don’t forget to submit both documents before the deadline on 30th August 2013 by emailing them to submissions@schoolenterprisechallenge.org. If you have any problems, you can find out how to contact us by clicking here.

We hope you have enjoyed this post and you will come back next time to read more!

Your School Enterprise Challenge blogger,
Lily

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About schoolenterprisechallenge

The School Enterprise Challenge is an entrepreneurship competition for schools across the world! The challenge is to create profitable, sustainable businesses as a fun way to give kids hands-on business experience, develop their teamwork and leadership skills & generate income at the same time.
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