BUSINESS PLANNING

Business Planning

Table of Contents

Business Planning and its Significance2

Business Planning Process4

Usefulness of the SWOT Analysis5

Strengths and Weaknesses7

Opportunities and Threats7

Advantages of SWOT-Analysis8

Usefulness of the PESTEL Analysis9

References12

Business Planning

Business Planning and its Significance

Planning is a logical and systematic process of actions and thoughts put together with the intent to contribute towards the effective and efficient decision making by the management. It involves forethought and the judicious or systematic use of scarce resources to attain a desired goal. The primary objective of planning is to make an informed decision. This entry reviews the history of planning, its development in the areas of both urban and regional planning, and the characteristics of the planning process itself. Planning in terms of management and organizations placed on the importance of writing in at least imagination of the arrangements by which a desired goal can be achieved. The mental and expertise activity for creating a plan called planning. Planning is the stage to the approval of a plan before the start of implementation. The purpose of planning is to have a realistic approach; such a goal that can be achieved in the most direct route (Fogg, 2006).

Business planning is an ordered set of steps and actions associated with a situation analysis of the environment, goal setting business planning, business plan development, its promotion to market intellectual property, as well as implementing a business plan, its promotion and monitoring its implementation. The main elements of the business plan are the title page, introductory part, the analytical section, informative and sections of corporate planning. Business planning is logical presentation of documents; convince investors of the benefits of the project. When developing a business plan is determined by the viability and future sustainability of the enterprise, projected to various kinds of risks, and business prospects are determined through quantitative and qualitative indicators.

Implementation of the business planning covers the period from the decision to invest up to the initial stage of implementation of the project, including commercial production. Implement a business plan - to perform all work tasks within the firm and outside it necessary to translate a business project from the stage of the business plan into a real production stage. Key points of business planning are the analysis and evaluation of the following aspects of the business project:

1. Diagnosis of the situation.

2. Goal setting.

3. Establishment of premises.

4. Determining courses of action.

5. Evaluation of the action lines.

6. Choosing a course of action.

7. Development of plans derivatives.

8. Budget.

To start a business a business plan is develop that is made by the Entrepreneur or by the management and it specifies what task are to be made and it describes the mission of the organization. And to achieve that mission and vision statement how the organization should perform and make people under them to work on it. A business plan describes how you will go to the new company (Hamel, 2007). This is the stage where most entrepreneurs fail; they have rarely done one before and are not technically prepared for their ...