Explain the importance of business planning to the survival and growth

| Most successful companies utilize business strategic planning to set priorities and goals for the organization's future; outcomes include short-term goals and long-term strategies.  A clearly written, well designed strategic plan can align business units, divisions and employees so that the vision of the management team and the mission of the company can be fulfilled.  As companies evolve and the environment changes it is critical for companies to maintain a disciplined execution of the strategic plan.However, if they are not

Business planning is the blueprint for business, which provides direction toward success. Planning and writing a business plan is more than just choosing products and services to sell and selecting a business location. A well-thought plan is a fundamental requirement in the financing, marketing strategies and the growth of a new business. This serves as a roadmap of how the business venture will operate to reach target goals. Coming up with a sound business plan entails the following; gathering reliable information about the chosen industry, the market, the customers, the product & services, and the competitors. A good plan includes thorough market research, industry analysis, product and service comparison, and competitor analysis.

Planning is the foundation of all the functions of management upon which the other three areas should be built. During planning, management must evaluate the company’s current situation and then developing strategies to achieve these goals, this is called strategic planning.

Anne, Planning is the most important function of management, planning provides clear concise directions for everyone in the organization. The importance of planning is that it provides attention on objectives and results, reduces uncertainty, gives direction for everyone, encourages team work and creativity, helps with decision making among many other important factors. Each organization is different in the approach they take in planning one’s organization. There are different plans that may be used depending on what you are trying to achieve.

* The first two assignments (Stages I and II of the project) are worth 100 points each.

Strategic planning is important for all businesses because this is when they set there aims and will discuss how they can achieve that aim. These aims have to be realistic and the owners will discuss this with their workers. Some aims might be hard to get but executives will want their workers to push hard so that it can be achieved. Marks and Spencer’s aim was to be the best supermarket in Britain but the recession had affected them really bad giving them losses of over 100 million pounds. Currently they are making profits of 50 million pounds but it is nowhere near what they made a few years ago.

Firstly good communication with the customer is necessary. Identifying exactly what the customer needs and expectations are and why they are purchasing from you. This could be because your company is providing the cheapest cost etc… Business plans help the company who is providing the service understand in writing what the customer is purchasing and what they are expecting to receive. This way all managers and employees from the organization can see what they are to provide to the customer. The business plan is a statement that gives goals and objectives including strategies that enable the supplier to reach those goals both future and present. For the running of a day to day business, it is good to have an operational plan in place so that the customers receive the expectations that is promised to them.

· A robust business plan provides a path for changing a company’s profitable enterprises (Wagner, 2017). If the program of activities are not well written or researched, it can cause the company to fail. Starting any business has a price, so

The business plan of any organization occurs once a successful strategic plan is securely in place. The strategic plan details where the organization seeks or desires to be in the future. "The strategic plan is a foreseen view of where the organization is going" (Hillestad & Berkowitz, 20034, p. 32). In a nutshell, a strategic plan tells of things to come and how to attain the business or how to view the vision, mission, and goals of a specific organization. A strategic plan also discovers what other organizations might be in your business area. Once a business is established and the business plan has poured in enough money to

As part of my A level Applied Business coursework I have discovered what makes an effective business plan, examining the struggles new businesses face and considering ways in which to overcome them. Developing these analytical and problem solving skills is

212) Strategic plans will answer the questions “Where are we going?”; “What is the best means to get there?” Strategic plans are the most important aspect for the business because it will set the tone and framework for the entire organization. Strategic plans look at what the current environment the business is in, what are the capabilities of the organization, and the resources available for the business. With the strategic plans in mind, the business comes up with its vision and mission statement. All the other plans are supposed to get the business to the goals set by the strategic plans. (Solomon et al.,

A business plan is the core of your business and a must have. It is the roadmap that brings your business idea into a reality. A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. It guides your business from the start- up stage to developing, growing and managing your business. It can also be used to get funding.

A business plan is a road map for a team or business and it can be used, as an eternal tool for potential customers and partners. The business plan should describe in details the entire business venture, technology behind it, the size of the target market, customers, competition, business model, team, financial needs and exit strategy. The business plan gives a company insight and allows them to think things through early enough in the process to ensure they have a well defined venture goals and objectives. It also gives the business direction to a clear path for the team to follow and implement on their venture.

Every organisation must plan every action it intends to take, in the short-term as well as in the long-term. The company, on the basis of the objectives set by the top management of the organisation should plan for growth, expansion, restructuring of business or otherwise. Every company needs to plan out its strategies according to its future plans in order to avoid surprises and to overcome any challenges they may have to face. Therefore, without planning, the organisation cannot achieve any of its goals.

A business plan is a written document that acts as a roadmap for a start-up business. It has details on the resources and strategies that the new venture will undertake in the initial years (Chwolka & Raith, 2012). The general belief is that for a company to be successful, it must begin by having a business plan. Published research papers have conflicting results on effects of a business plan for the success of start-up companies. On the one hand, some authors believe that a company that writes a business plan survives the initial five years. On the contrary, other authors believe that there is no link between business success and the original plan. Proponents of the business plan argue that it is a recipe for having a successful business (Chwolka& Raith, 2009). Although the advocacy of the importance of having a plan for the business is rife, critics doubt if it is an activity worth undertaking for creating a success new venture (Bygrave et al., 2007). The researchers who subscribe to this school of thought question the importance of wasting time in planning, yet the business environment is dynamic. This essay analyses the literature on the importance of business plans in the success of start-up ventures.