Planning Cycle : Business Planning

Better Essays

Part 2 Planning Cycle: Business planning is a statement of business goals, how they can be attained and plans for reaching them. When the existing business is to be taken to India a minimum 3- 5 years of business plan is required, because the investors has to look for their annual return in that timeframe. It is rightly said that – “Failing to plan is, planning to fail.” There are five steps involved in planning cycle. 1. Defining the mission statement. 2. Defining the current status of the business. 3. Determining corporate strategy. 4. Identifying international opportunities. 5. Revising the business plan. 1. Defining the mission statement The mission behind launching Tim Hortons in India is – “to deliver superior quality products and services for the guests and communities through leadership, innovations and partnerships.” TIM HORTONS Each business has a mission statement before it come into existence or reopens in the target market. Likewise, in India there are several coffee shops and they all have one or the other mission statement. CAFÉ COFFEE DAY Mission Statement - To be the best café chain by offering a world class coffee experience at affordable prices. COSTA COFFEE Mission Statement – Our mission has always been to save the world from mediocre coffee. 2. Defining the current status of the business At current, Tim Hortons is the leading coffee brand in Canada. Out of 10 coffee cups sold in Canada 8 are of Tim Hortons’. This is all because it has

Get Access