How to apply for ESIC Registration?

Employees intending to apply for ESIC registration must know that they need to contribute 1.75% of their monthly income every month of the year. However, the employer is supposed to pay 4.75% of the total monthly salary payable to the employee.

But before you apply for ESIC registration, it’s significant to understand what it is and why do need it. Therefore, in this blog, the topics that we have covered are as follows:

  • What is ESIC Registration?
  • Why do you need ESIC registration?
  • Documents required for ESIC registration
  • Steps for registration

What is ESIC registration?

ESIC registration is a scheme and the process of registering oneself under the Ministry of Labour and Employment, Government of India, under which the workers get a huge variety of medical, monetary, and other benefits by the employer.

ESIC registration is obligatory for every company having more than 10 employees who have a maximum salary of Rs. 15,000. However, the number of employees differs in some states that are instead of 10, companies in particular states should have 20 employees to be eligible for ESIC registration.

If you’re looking for any consultant with reasonable registration fees for ESIC registration, then you must once give a chance to Enterslice.

Why do you need ESIC registration?

There are several benefits of ESIC registration that workers or labors can avail through it. Some of them are stated below:

  • Sickness benefits at the rate of 70% if there’s any certified illness or it lasts for a maximum of 91 days in any year;
  • Several medical benefits to the employee and his/her family members;
  • If a woman is pregnant, she can avail maternity benefit (paid leaves);
  • If the employee dies at the workplace, then 90% of the salary is given to his/her dependents every month after his/her death;
  • The above said holds same in the of disability;
  • Funeral expenses;
  • Old age care expenses.

Documents required for ESIC registration

  • PAN card of the directors, shareholders, and employees of the organization
  • A registration certificate obtained either under the Shops and Establishment Act or Factories Act
  • MOA (Memorandum of Association)
  • AOA ( Article of Association)
  • Certificate of Company registration or Partnership Deed
  • A document depicting the list of all the employees working in the establishment
  • A list of directors and shareholders of the company
  • The compensation detail of all the employees
  • Copy of GST registration
  • Copy of current bank statement
  • Declaration form of every employee along with their 2 postcard-sized photographs (optional)

Steps for ESIC registration

Step1: ESI registration application, Form-1

Download the ESIC registration application or Form-1, fill it, and then submit it on the official website of ESIC.

Step2: Issuance of the 17-digit number

After the form is verified, the government will issue a 17-digit unique identification number known as a code number. The applicant is required to submit Return of Declaration in Form 3 along with Form 1.

Step3: The employee needs to submit the form

The employee registered under the ESIC scheme will provide the employer the filled form and photographs of his/her own and family members as a part of the registration process. And, after the registration, the employee will get an ESI card.

Step4: Insurance number

Just for the purpose of identification, an insurance number will be allotted to the employee.

Step5: Issuance of temporary identity card

The employee will get a temporary ID card for the duration of three months so that he/she can avail medical benefits for oneself or for family members.

Step6: Permanent photo ID card

In the last step, employees need to fill Form1 and submit two copies of a family photo to the employer, which will be thereafter submitted with the relevant ESIC Branch Office by the employer.

With this, the ESIC registration process completes. If you have any queries regarding the same, then feel free to contact the experts at Enterslice.

Source url – http://enterslice.aircus.com/how-to-apply-for-esic-registration

Who is Responsible for Tax Audit Report

Submitting the Tax Audit Report is the final step which requires to be performed in an orderly manner.   After the audit is thoroughly done, the auditor submits a detailed audit report with opinions and inferences of the financial statements in a format prescribed by the Institute of Chartered Accountants of India. The report must not contain any misstatements, ambiguous or misleading statements.

The audit report first mentions the legal name of organization/individual and the details of the financial statements being audited. Every tax audit report along with other headings as per format, must have these three heads: ‘Management’s Responsibility for the Standalone Financial Statements’, ‘Auditor’s Responsibility’ and ‘Report on Other Legal and Regulatory Requirements’. The auditor, in case of any negligence brought forward, may be held accountable. Thus, the auditor must be coherent in his opinions and must act independent of any factors.

Objectives of Tax Audit

Tax audit is being conducted to achieve the following:

  1. A proper system ensures maintenance of its record of income, revenue, expense etc in a correct and verified manner.
  2. Tax audits minimize the risk of frauds and other illegal practices
  • In case of discrepancies, there is an ease of methodical examination of the well-maintained record.
  1. It also facilitates the implementation of tax laws during routine verification since proper presentation of accounts saves time of the assessing officer
  2. Also, be noted that failure to comply with the Income Tax rules attracts penalty, thus tax audits for compliance are a wise choice

Penalty for Non-Compliance

According to section 271B of the Act, if any person who is required to comply with section 44AB, does not do so, as per the prescribed manner, a penalty may be imposed by the Assessing Officer which may be:

(a) 0.5% of the total turnover, sales or gross receipts, in business, or of the gross receipts in profession of an individual, in such year or years as under scrutiny, OR

(b) Rs. 1,50,000.

Whichever is lower

Though, there may not be penalty imposed a reasonable and bonafide cause for such failure is brought forward.

Source url – https://penzu.com/public/fce08de3

Political Party Registration in India

Before you announce your political party arrival on air, don’t forget to register your political party first and then take the lead. It is necessary for every association to get registered by the election commission of India. Political party registration is governed by the provision of section 29A of the representation of the people Act, 1951.

A party under formation has to submit the filled application within the thirty days of party formation, which has to written in an immaculate manner in the prescribed format. Proper details have to be mentioned of every party member as required under section 29A of the representation of the people Act, 1951.

What Is The Procedure For Political Party Registration In India?

Following steps are required to be taken for political party registration:

  • The party name should not contain or hurt any religion or caste.
  • The objective of the political party should be under the horizon of constitution of India.
  • Party members should be considered equally, no discrimination on the basis of caste, religion or gender during the selection of members.
  • No veto power is exercised within the party, It should always reflect the democratic approach.
  • Not more than one third of the members can be nominated within maximum five years and there has to be periodic elections within every five years.
  • Party funds cannot be used for any of the personal use of party member. Proper accounts have to be maintained, every time party shells out money for their use. These accounts are annually audited by the CAG and its reports have to be submitted to the election commission of India within six months of the financial year end.
  • A checklist of items stating clear answer against each item can be submitted

Documents Required For the Political Party Registration

Following documents are required for Political Party Registration:

  • A demand draft of Rs.10000 must be sent under the favor of Under Secretary, Election Commission of India, New Delhi. And this amount of Rs.10000 is non refundable.
  • After that party has to submit neatly typed copy of memorandum, rules and regulation containing specific provision as required under sub-section(5) of Section 29A of the Representation of People Act, 1951.
  • An affidavit mentioning no member of the political party is registered with any other political party.
  • Extracts from the latest electoral polls at least 100 members of the
  • A No Objection Certificate must be submitted for the party office space
  • An Affidavit including the former involvement in any criminal activity of the party members
  • Party as an evidence should be registered voters.
  • Business, wealth, assets and investments of every party member and their spouse and children must be disclosed.
  • Details of bank account and PAN under party’s name.

Currently, there are seven national parties and fifty six state parties. Nearly seventeen hundred parties are registered with election commission of India. Political Party registration in India is a cumbersome task, when it comes to filing the documents and registering it.

Make sure to follow the proper guidelines to start your political game.

Source url – http://entersliceindia.pbworks.com/w/page/130116795/Political-Party-Registration-in-India

Various exemptions under GST Registration in India

The day GST (Goods and Services Tax) was levied by the Government of India; the country has undergone various economic reforms till then. And not only that, but India has become the sixth biggest economy in the world. Despite this fact, many people are still skeptical about the GST registration and its benefits.

GST is an indirect tax imposed by the Government of India that has replaced all other indirect taxes (VAT, Excise, Sales, Service Tax, and more) imposed earlier by the central and state government on the supply of goods and services.

In this blog, we will come across various exemptions under GST registration. But before that, it’s important to know what people or businesses are eligible for GST registration.

Who is liable for GST Registration in India?

People or businesses falling under special category defined below are liable for GST registration in India. They are:

  • Businesses with a turnover of more than Rs. 20 lakhs in the financial year, while it’s 10 lakh for those in the North-Eastern and hill states.
  • Everybody who is registered under Pre-GST law i.e., Excise, VAT, Service Tax, Sales Tax etc.
  • Casual taxable person (who occasionally supplies goods/services in a territory where GST is applicable but doesn’t have a fixed place of business).
  • Non-Resident person (a person who doesn’t have a fixed business place in India but supply goods/services occasionally in the territory).
  • A taxpayer under the reverse charge mechanism.
  • Input service distributor.
  • A person who drives the inter-state supply of goods.
  • When a registered business is transferred to someone, the transferee shall get the registration done with effect from the date of transfer.
  • E-commerce operator.
  • The person furnishing online information and database access or retrieval services from another country to India, other than a registered taxable person.

Exemptions under GST Registration in India

There are a few people who are exempted from GST Registration in India. They are:

  • Agriculturists

A person who supplies products out of his cultivation land is exempted from GST registration. Other agricultural services such as fertilizers, seeds, irrigation (electricity is required), machinery and more are also free from GST registration.

  • Persons falling under the Threshold Exemption Limit

Businesses with annual turnover less than Rs. 20 lakh are also exempted from GST registration. While, businesses are operated in the North-Easter states and states such as Himachal Pradesh, J&K, and Uttarakhand don’t have to register under GST if their annual turnover is less than Rs. 10 lakh.

  • Activities that include neither Supply of Goods nor Services

Such activities include:

  • Funeral services
  • Services by an employee
  • Services by any court or tribunal
  • Sale of land and building
  • Actionable claims excluding lottery, betting, and gambling.
  • Functions and duties of MPs, MLAs, Municipalities, Chairperson, Directors, and more.
  • Non-taxable/Non-GST supplies of goods and services

Items listed below come under the purview of GST:

  • Alcohol for human consumption
  • Aviation turbine fuel
  • Electricity
  • Petroleum crude and petrol
  • High-speed diesel
  • Natural gas
  • People making Nil-Rated/Exempt supplies of goods and services

Their persons are engaged in supplying common items which are in the exemptions list of GST. A list of such items is as follows:

  • Education
  • Every unprocessed food like rice, vegetables, cereals, eggs, meat, fish, salt, wheat, bread etc.
  • Traveling by train by local and sleeper classes
  • Healthcare (except medicines)
  • Cosmetic items such as bindis, sindoor, bangles, lipsticks etc.
  • Hotels, lodges with room rent less than Rs. 1000
  • Kid’s coloring/drawing books

Source url – https://enterslice1.weebly.com/blog/various-exemptions-under-gst-registration-in-india

What is Business Plan? A Step by Step Guide

A business plan is a written statement or document that gives detailed description of a business or a division, mentioning its objective and goal and the method of achieving the same. In fact before starting the operations of a business, defining the business plan is a pre-requisite for various reasons, getting the right kind of investment being one of them. The business should be reviewed annually for understanding gaps and shortfalls, if any.

Preparing a business plan requires specialized knowledge of the domain. In order to prepare an impressive and winning business plan – a plan that is realistic, practical and achievable – it is important to hire experienced and premier business plan consultants so that a viable plan is drawn up.

What are the reasons for preparing a business plan?

Commercially, business plan is prepared to reach out to two types of audiences – the internal audience or external audience. Business plans that are prepared to impress and attract funding from banks and even investors are the ones that focus on external audience. These plans are also good to portray when companies are put up for sale or when looking out for new alliances. Business plans are prepared for the internal audience which mainly constitutes of employees and the management, in circumstances when one needs to explain and share certain business goals with them.

Formal business plans are given shape in case of starting a new business, or looking for a financier or looking to grow the business.

Constituents of a business plan

In general, a typical business plan comprises of all or few of the sections below:-

  1. An executive summary which is basically a summarization of the entire plan.
  2. Mission statement that defines the reason behind the existence of the business
  3. A description of the business
  4. Analysis of the particular industry and environment
  5. Analysis of the Strength, weaknesses, opportunities and threats to the business
  6. Analysis of the market, potential customers and the existing competitors.
  7. Detailed plan of operations, sales and marketing strategies and financial plan.
  8. Summary of the management team
  9. Achievements and milestones, in case of existing businesses.

What are the major steps involved in Business Plan?

The different stages that a typical business plan consultant will work through during making a business plan include:-

  • Researching and analysing the current model; the industry, the market conditions, competition scenario, production and operation capabilities of the organisation and overall industry, demand and supply conditions for the particular product or service etc.
  • From the findings of the above step, the consultant will collaborate with the business owner and management team to plan the next course of action.
  • Once the plan is drafted, it is put down on the paper so that concerned parties can review it.
  • On reviewing, there will be points that would require editing and reformatting. After much to and fro and detailed discussion, the final format gets ready and then the formal business plan is ready for the external and internal audience.

The business plan consultant’s job is highly complex. Every business – new or old – needs a plan made by a professional.

Hiring a consultant who is certified to do so is the foremost parameter to check for a business. Also getting to know about their previous record and experience helps determine if they are the right people for your type of industry, business, product etc. Checking with few of their past customers will help you decide if the business plan consultant is the one that can give proper shape and definition to your business goal.

Source url – https://entersliceindia.carbonmade.com/blog/6620282827940298765

 

Who are Entitled for GST Registration

  1.    A Supplier of taxable goods and services whose turnover in a financial year exceeds the following threshold limit state wise is eligible for GST registration:
S.NO States Threshold limit (in lakhs)
1 North eastern states

(Assam, Nagaland, Manipur, Tripura, Arunanchal Pradesh, Meghlaya, Mizoram, Sikkim)

10
2 Hilly states

(J&K, Himachal Pradesh, uttarakhand

10
3 Other states 20
  1. The following list of persons are required to obtain GST registrationwithout the threshold limit
 S.No Category of person
1 Inter State supplies
2 Persons who are required to pay tax under reverse charge
3 Casual taxable persons
4 Non Resident taxable persons
5 Electronic commerce operators
6 Notified persons who are required to make TDS
7 Persons who supply goods on behalf of other persons whether

as an agent or otherwise

8 Input service distributor
9 Persons who are supplying goods/services through electronic commerce operators
10 Every electronic commerce operator
11 Every person supplying online information & database access

from a place outside India to a unregistered person in India

12 Any other class of persons notified by Government

WHO ARE NOT ENTITLED FOR GST REGISTRATION?

1)    A person whose aggregate turnover in a financial year is below the prescribed threshold limit

2)    A person who is engaged in supplying of non-taxable goods/services or goods/services which  are wholly exempt from GST

3)    An agriculturist (Individual, HUF) to the extent of supply of produce out of cultivation of land

OBTAINING REGISTRATION UNDER GST

Every Person required to GST registration shall obtain it on the GST portal information required within a period of 30 days from the date of his liability to register. However, casual taxable person or a non-resident taxable person (requires self attested copy of Passport) shall apply for registration at least five days prior to the commencement of business

GST Registration is a one-time except for casual taxpayers and non-resident taxpayers, who have to apply for renewal of registration after every 90 days from effective date of registration

DOCUMENTATION REQUIRED FOR GST REGISTRATION

  1.    PAN of the applicant
  2.    Address proof place of business
  3.    Proof of business registration or Certificate or Incorporation
  4.    Identity Proof and address Proof of Promoters in case of Company registration in GST
  5.    Photograph of Promoter
  6.    Bank account Statement

Source url – https://entersliceindia.dudaone.com/who-are-entitled-for-gst-registration

How to make a proper Business plan?

A formal business plan is invariably required by most of the businesses, whether small or big. Generally speaking businesses go in for a formal business plan under three scenarios:-

  1. Start-ups or established businesses that need loan from banks. The business plan in this case typically needs to focus on the financial plans and projections of the business, market condition analyses and a brief on existing competitors in the market.
  2. The internal business plan when an existing organisation plans to tap another industry vertical or increase its existing product line etc. In case of small businesses the business plan would be much simpler as compared to that of large-scale companies with multiple products and services and present throughout different geographical locations.
  3. When looking out for equity financing, new business houses or ones with specialized technology or innovative product and services, may require venture capitalists or angel investors to invest money into the business. This is when they need the business plan to be done with due diligence so that the potential investors are impressed thoroughly to put their money in the business.

How Business Plan consultant can help you?

A business plan consultant will work hand-in-hand with the team of the business to prepare a plan that is relevant and practical after considering factors like:-

  • Industry statistics
  • The demand and supply opportunities in the market
  • Profile of potential customers
  • The competitive landscape – direct and indirect competitors
  • the products and services of the business house
  • revenue model of the business
  • sales and marketing plans
  • financial projections
  • details of the top management and employees
  • SWOT analysis of the business
  • Details of the investment plan, their compensation, exit strategy for investors etc.
  • Additional information like accolades, licenses, agreements etc.

Choosing the right business plan consultant is hence highly critical for not only defining an achievable goal for the business but also a practical approach to achieve the same and impressing external and internal audience simultaneously.

What are the things to be considered before hiring a business plan consultant?

A business house, small or big, planning to hire an external business plan consultant needs to ensure the following:-

  • First and foremost is that the consultant should be certified to do the job.
  • Second important parameter worth considering is whether the consultant has relevant experience in the particular domain or not. For example, a business looking at attracting investors will require more clarity on financial points like budgets, overheads, fixed costs, cash flows, sale forecasts, assets, projection of growth etc. And larger the business, the scale of funding is also going to be substantially higher which would require specialized skills for writing the business plan. However, if funding is not the primary objective and it is more to do with strategizing sales and marketing, the consultant needs to be experienced in that particular domain.
  • Checking the credibility of the consultant is another important thing to do. What has been their record in creating successful business plans in the past? Are their previous customers satisfied with their work? Checking up on the business plan consultant website is good to understand his approach towards work.

Conclusion

It is essential to understand here that the growth or success of the business is largely dependent on the business plan. Hence if the consultant is not ready to collaborate and handhold with his client, it would not make sense to hire his services. From defining the mission statement to formalising the exit strategy for investors, the consultant needs to on the same level as the business. This relationship also needs to be dynamic as the business plan is not a static document. The plan requires constant review and should evolve as the business grows. An annual review of the business plan where the consultant is involved too helps in conducting a structured gap analysis and update the same if decision is taken to the same effect. Drafting and writing the document too requires expertise and cannot be treated casually.

What is an Import Export Code and who needs it?

This is a mandatory registration for all business entities in India involved in export and import of products and services. IEC Code is issued by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industries, it is a 10-digit number called the IEC Code that can be issued to a business entity as well as the owner or the proprietor of the business. The underlying importance of the IEC Code registration is that without it neither can import units import any goods nor can exporters export their products outside the country. The best thing about the code is that it has lifetime validity and does not require filing of any returns.

Why IEC Registration?

  1. In the absence of the IEC code, exporters and importers cannot carry out export-import functions.
  2. In order to send money abroad or receive money from overseas account, the entity must have IEC code.
  3. Similarly the code needs to be present on all custom related documents during the import export of goods.
  4. It has lifetime validity
  5. Business entities having IEC registration are entitled to certain export scheme benefits sponsored by the government, DGFT and Export Promotion councils.

IEC registration process

  1. The first step is to fill up the Aayaat Niryaat Form 2A for issue or modification of IEC Code at the regional office of DGFT. The details that need to be furnished by the applicant via this form are:-
  2. Name of the applicant
  3. Registered office address
  4. Telephone numbers
  5. Email id and website
  6. Full name and designation of the authorised signatory
  7. Personal details of the proprietor, partners, directors, kartas and trustees
  8. Nature of the business concern – whether a government undertaking or a public or private limited company, proprietorship or partnership or others.
  9. Type of Exporter- to choose from merchant or manufacture exporter, service provider, merchant cum manufacturer or others
  10. Bank account details of the entity or the individual
  11. PAN card details of the entity or the individual
  1. The next step is to collate the required documents that have to be filed along with the application form. The copies of the following documents need to be submitted:-
  2. PAN Card of the business unit or the individual
  3. Photo Identity proof of the individual and the applicant, in case of business entity. Copy of Aadhar card, voter id, passport, ration card etc.
  4. Certificate of incorporation or partnership deed of the firm.
  5. A cancelled copy of cheque bearing the name of the firm or the applicant and the account number.
  6. Address proof of the business is required. Ownership document in case of self-owned property and rental agreement in case of rented property and a copy of latest electricity or water bill along with it.
  7. The last step involves paying the requisite IEC Registration fee by demand draft in case of physical submission of forms.

IEC code can be obtained using the online method too. For IEC online registration, the IEC online application form needs to be filed in at the website of DGFT – https://web.archive.org/web/20180130123729/http://dgft.gov.in:80/. The required documents need to be scanned and attached in gif format. The copy of PAN, photograph of the applicant and the bank certificate in specified format from the applicant’s banker need to be scanned and uploaded along with the form.  The other forms that need to be uploaded are – the Board of Resolution, memorandum of association or article of association, partnership deed etc.

Source url – http://blogs.montevideo.com.uy/blognoticia_164671_1.html

Guide for TDS Return Filing on Income Tax Portal

TDS or Tax Deducted at Source is governed by the rules and regulations of the Income Tax Act, 1961 is a process where an employer deducts tax in advance before paying the salary to his employee or a payee deducts tax before making the actual payment to the receiver. The method of deducting tax is applied on incomes being earned on a regular basis as well as occasionally.

What is TDS Return?

TDS Return is a statement that summarizes the tax that has been deducted showing the details of the TDS entries deducted by the payee in lieu of TDS on a quarterly basis. This statement or the TDS Return is required to be filed with the IT Department every quarter.

How to File TDS Return?

The TDS returns can be filed by using different types of Return forms. They are:-

  • Form 24Q is for filing of return when TDS is deducted from salaries of employee. Under Section 192 of the IT Act, 1961 the TDS Return is prepared. Under the same regulation, the online TDS Return or eTDS is also prepared. The Form 24Q consists of 2 Annexure – Annexure 1 is all about the employer and the employee; the Annexure 2 is the one that shows the salary details and tax computations
  • Form 26Q is to be filed when TDS is deducted for any and all kinds of payments excluding salary payment. This statement is prepared as per Section 200 (3), 193 and 194 of the Income Tax Act 1961. This Form is applicable in case of tax deducted on fees paid to the directors, other professionals, interest on securities etc.
  • Form 27Q is required to be filed on tax that has been deduced at source from incomes received from share dividends, bonus, interest or any other income of non resident Indians and foreigners other than their salary.
  • Form 27EQ is meant for to depict the collection of tax at source following regulations of Section 206C of the IT Act, 1961.

What is the procedure of filing online TDS return?

For online TDS return filing, the following steps need to be followed:-

  • The file format of the e-TDS and the e-TCS return is present at official website.
  • The e-TDS or e-TCS return can be made using the Return Preparation Utility software of NSDL (National Securities Depository Limited) or even a software developed by a third party.
  • The prepared statement needs to be verified using NSDL software called File Validation Utility. In case the software reports errors, the same need to be rectified and refiled for verification.
  • The verified file can then be uploaded at official website. In order to upload the TDS or TCS return statements at the site above, the organisation has to be registered with the site.

What are the due dates of TDS Return Filing?

At the end of every quarter the TDS for the previous quarter has to be submitted to the Income Tax Department by the payee or the employer. The details have been shown below:-

  • The TDS Return for the first quarter i.e. April – June the last date for TDS return filling is 31st July of the same financial year;
  • TDS return for the second quarter (July – August) has to be filed by 31st October of the same financial year;
  • For the third quarter (October – December), the last date for TDS return filling is 31st January of the same financial year; and
  • The fourth quarter (January – March) returns need to be submitted by 31st May of the next financial year.

Late filing of TDS Return

As per a new ruling that has come into force from 1st April 2017, the maximum penalty for late filing of the return is Rs. 10000.

Source url  http://amusecandy.com/blogs/post/400751

Business Plan: Summary of future plans of an Enterprise

It is said that a good idea only when nicely planed turns out to be good venture and a good idea if not nicely planned may turn out into a disaster. In order to start a business, certain pre planning is definitely required.
What is meant by business plan?
A person who establishes the business or proposing to establish a business, if asked about his/her business plan, then it may happen that he will write it on a piece of paper about his business plan and yes is nothing but a business plan. But then the next question is has he/she covered all the aspects of business? Yes he may be and yes he may not have covered all the aspects of business.
A business plan should contain all such essentials in such a manner that after reading it, the reader get to know exactly what the business is all about and are engaged into.
It shall include following:
1. Business Description
It is the short description of the business outlook, future plans, market dependency, present scenario, trend , possible change in trend and its impact on the business, induction of any new product or such other development.
2. Potential competition
In order to stay competitive, knowing your competitors is very important. Analysis of strength and weakness of competitors, and finding the loophole in it and looking for potential of development in it.
Competitive strategies usually fall into these five areas:
• Product
• Distribution
• Pricing
• Promotion
• Advertising
3. Market Strategies
Clearly defined market strategies, next steps, the target market and at present position of the company in the market are of great importance. Business Plan main aim is to create a development budget that will enable the company to reach its goals.
4. Financial Goals
What is the goal of company in coming years in terms of finance? It can be framed in short term and long term goals basis. As Financials of any company is the back for it and the most vital reason to run a business is nothing but to run the business profitably.
5. Promotion Plan
The promotion strategy shall include every marketing tool utilized in the communication effort. This may includes Advertising, Packaging, Public relation, Sales promotion, Personal sales etc.
6. Costing budgeting and cash flow of the company
Take into account all the expenses and profit sourced areas to run the business. The cash-flow statement is one of the most critical information tool in business, helping in reaching out to the fact that how much cash will be needed to run the business and survive in the market, when it is going to be required, and from where the company will be able to manage safely.
7. Design & Development Plan
The product’s design, chart its development within the context of production, marketing and the company itself, and create a development budget that will enable the company to reach its goals.
8. Operations & Management Plan
How the business functions are going to run. It shall include the details of the logistics of the organization which shall include various responsibilities of the management team, the tasks assigned to every division within the company.
Business plan should be concise and touching on most of the important aspects of the business, at the same time it should be drafted in such a manner that the reader without getting bored , gets a fair idea about our the business engagements.
Source url – https://enterslice.site123.me/blog/business-plan-summary-of-future-plans-of-an-enterprise