Plan to Fail or Fail to Plan?

3. The acronym SWOT stands for an organizations strengths, weaknesses, opportunities and threats. A SWOT analysis is strategic planning method that evaluates the internal and external performance of an organization to see if it’s favorable or unfavorable to achieve whatever objective you are set out to accomplish. Strengths and weaknesses usually arise from the internal aspect of an organization, whereas opportunities and threats evolve from external components. By performing a SWOT analysis it provides information to managers to help formulate a successful strategy to achieve goals.

After gaining enough knowledge on the types of business structure, business owners can proceed to the process so that their plans of owning a business will turn into reality. After reading several resources, the process will be divided into five stages. The first stage is the planning and research. This involves developing viable business ideas, knowing the target customers and possible competitors, searching for the right location, thinking what will be the business name, and marketing strategy. In this stage, a business plan should be made. Business Link (2016) refers, “business plan as a document that defines why you’re in business, your goals, and how to achieve those goals and it also covers all major aspects of the business, including

The business plan of any organization can only occur after a successful strategic plan is form and securely in place. The strategic plan in any corporation, organization, and small business ventures has a vision on where this organization needs to be in the future. “The strategic plan is a long-term (three- to- five years) views of where the organization is going” (Hillestad & Berkowitz, 2004, p. 32). A strategic plan is just that a plan of things to come and how to attain the business or how

If the company wants to solve its problems and become attractive for the potential investor, it should solve all its problems. The most important, company has to develop a business plan. In this plan, all the problems will be solved through stating company’s vision, mission, objectives, marketing, production and financial plan.

A good business plan is the foundation of your entrepreneurial journey. You may have certain liberty in the form and the content of your business plan but you would definitely use the required material.

A SWOT analysis is the strategic business plan that shows the important aspect of a company, which details the company’s strengths, weakness, opportunities, and threats (Simoneaux, 2011). Many SWOT analysis are done at companies to make sure that they are aware of what health of their organization. The SWOT will have the company to identify where they can use help, and where they are doing well.

The first step to starting a business is to create a business plan. A business plan is a document that outlines the overall strategies of a new venture and how those strategies will be implemented (Ebert &

Writing a business plan may sound simple enough, but it actually takes several dire and crucial steps. According to entrepreneur Darrell Zahorsky, the following steps are all essential in comprising a plan for one’s business:

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.

Agenda should include an executive summary, supporting documents, and financial projections. Although there is no single formula for developing a business plan, some elements are common to all business plans. They are summarized in the following outline:

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.

Starting a new business is an exciting venture and has its unique mix of challenges and rewards. Many are set-up for failure if no clear goals or measures are established and adhered. According to the Small Business Administration, “Planning is critical to successfully starting and building a business.” The best advice for a new entrepreneur interested in starting a business is to create a solid business plan that outlines the business in its entirety. A well-constructed, written business plan will help owners remain focused on their operations, marketing and financial measures through the duration of the business life. In addition, knowing the risks involved in starting a business can help prevent and minimize mistakes that cause many

SWOT Analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favourable and unfavourable to achieving that objective. The technique is credited to Albert Humphrey, who led a research project at Stanford University in the 1960s and 1970s using data from Fortune 500 companies.[1]

Furthermore, the basic start of a business begins with a business plan. “A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume”