Planning Process Essay

542 words - 2 pages

BUSINESS PLANNING PROCESSBusiness planning process:Situational analysis:Goals:VisionsGoalsGrowthResources for the key business functions:FinanceHuman resourcesOperatingMarketingForecasting:Total revenue/costsBreakeven analysis- output levelsCash flow projectionsMonitoring and evaluation:BudgetsSalesProfitsSituational analysis:An analysis of where a firm is currently placed with regards to its direction, the size of its clientele, and what opportunities exist for future expansion.Typical conduct through SWOT analysisStrengths and weakness within the businessOpportunities and threats outside the businessProduct life cycle:Tracks the products life: whether it is in the research and development stage, the introduction stage, the growth stage maturity stage, or the saturation/post maturing stage.Tracking the product allows the entrepreneur to consider the type of business plan that is needed.Depending on the business position, the owner may want to:Improve their weaknessEnhance their strengthsFollow opporutnutiesVision:The ability to have a clear sense of where the business wants to be in the future. However the ability to identify the steps needed to be taken to get to this position. The main purpose of the vision statement is to "guide and direct the business owners, managers and employees".It creates the culture within the business and acts as a benchmark against which to measure all the business decisions and operations.Goals:'Goals are the central motive'Goal setting is one of the most important tasks of entrepreneurs when establishing a business.Business goals are targets that the enterprise expects to accomplish over a period of time.Goals need to be SMART:SpecificMeasurableAchievableRealisticTimelyStrategic goals- long term and established by senior managementTactical goals- mid term and focus on supporting strategic goals, middle management emphasisThree types of goalsFinancial goalsSocial goalsPersonal goalsFinancial:All businesses have financial goals as well as a system of financial record keeping.Financial records are also used to determine a business's...

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