Businesses Dont Plan To Fail, They Fail To Plan! Included Are Details On The 5 Keys To Successful Business, Business Goals,Mission Statements, Business Life Cycle Etc.

1520 words - 6 pages

Almost 70% of small businesses fail within the first 5 years of establishment. Reasons for this include lack of management or technological expertise, account keeping skills, cash flow or forced out through competition. Without essential planning and the correct procedures put in place to execute these plans it can be said that businesses do not plan to fail, yet fail to plan.Planning maximizes the potential for success and extends the aptitude to which a business can create wealth, prosperity and security for owners and employees benefit society with its products and services and enable easier practice of day to day functions.In business, goals are set to outline what the business hopes to achieve through its existence and operations. A successful business should be aware of their goals and strive to attain these to the best of their ability.There are 3 types of business goals being financial, social and personal goals. Of the three, financial goals would be of most importance because they determine whether a business results in financial success or terminates in a loss.To survive in the long term, a business is required to 'break even' to cover its expenses and ensure it does not loose money. After a business breaks even, the remainder of the money, known as profit is distributed to the owners to gain return on their investment in the company. Profit gained from the amount a business sells a particular product is related to the product sales and market shares. The more product a business sells, the larger the share of that products market the business owns. To further increase the successfulness of the business, owners may endeavor to utilize the profit gained to grow and diversify their business, by employing more people, opening at additional locations etc.Social goals include providing community services, employment and income as well as the pursuit of social justice and ecologically sustainable policies. Personal goals, varying owner to owner involve achievements such as independence, recognition, power, status and wealth. Both these goals, although not as vital to a business's wellbeing, should be incorporated in the business plan to ensure that owners and their employees have a well defined objective to work towards and stick to.Clearly defined goals and the knowledge of how to best accomplish them are a key essential in business planning. All goals should stem from the formal written statement, being the mission statement. This statement, incorporating the special characteristics and purposes of the business outlines how different the business is from its competitors. It presents the business's values and beliefs, outlines its public image and makes promises to stakeholders. An insufficient mission statement often is the origin of many forthcoming problems for establishing businesses and therefore needs to be created with much consideration and planning.An effective business plan integrating correct coordination skills and strategies,...

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