What Considerations Go into Business Planning?

Introduction

Typically a business plan takes into consideration a large number of things . These include financial aspects , commercial , competitiveness environmental , human resources amongst others . In this I will emphasis what business planning entails . I will use graphs to illustrate my answer and use an organization so that we see what happens in the real world when business planning is put into practice . Firstly I will briefly touch on business objectives as it 's the first thing that enters the mind of a would be entrepreneur

Business objectives

Business objective is

a goal that every business wants to achieve to be successful . You can find these objectives in the mission statement of the company or in details in the corporate strategy . In this they clarify for everyone what the business is working to achieve . They aided the decision making process and choice of alternative strategies . They provide the means by which performance can be measured and actions can be controlled . Businesses have many objectives that you can find in their mission statement . They want to be consumer 's first choice for the area of business , products and outstanding quality . They want to give great service at a competitive cost by working simpler , faster and together . In for objectives to be effective , they must Provide detail about what specifically needs to be achieved (often in a quantitative form

Have a time limit by when they need to have been achieved

Need to state the necessary resources that they require in to be met Primary and secondary objectives A primary objective is an ultimate long-term goal of the business (e .g survival , profit maximisation , diversification and growth . They are often referred to as strategic objectives

A secondary objective is a day-to-day objective , and it makes a direct contribution to meeting the primary objectives (e .g . increase sales by 5 each year , keep labor turnover at less than 4 . They are often referred to as Tactical objectives In any business plan the main aim is to be leading business in at least the country in which it trades and to stay above their competitors

Methodology of research of an organization called destiny star

Information about the company was obtained through telephone interviews conducted over a 48 hours period between with the Managing Director and the Finance Director . Any follow-up or clarification of issues was done using E-mail . General information on the market and the competition is secondary data from competitors ' websites , government and industry reports

The theory is based on literature reviews and journal articles on technology management , marketing and strategy . First , the project analysed the competitive environment of Destiny Star . Second , the internal analysis was conducted using resource audit . Third , the value chain /system was analysed . Fourth , SWOT analysis was carried out based on the firm 's internal strengths and weaknesses as well as external opportunities and threats . Fifth , a number of potential strategies were identified and critical success factors established . Sixth , a number of recommendations were generated . Finally concrete...