Are You Aware of Planning in Business?

Human beings are rational agents. Rationality endorses one to take up planning in every sphere of life from shifting to a new house to marriage, as well as business. A business plan is the first and most significant premise to reach and run a successful business. It is not just that capital that makes a business successful but it is also planning done in a prudent manner that plays a crucial role.

In simple terms a business plan is nothing but a written plan that delineates the monetary or the fiscal structure (an outlay)-for the purpose of either promoting an already established business i.e. to say a new venture or for starting up of a new business. Like map of a building made by an architect prior to its making demonstrates how the building will look like with all its rooms, lawns, lobby etc. similarly a business plan is a guide that presents all the details of a business- from money to the amount of people involved, from the flow of capital invested to the money expected to be accrued in the form of profits, from the predictable rate of growth to the snags one can land into.

A business plan gives an entrepreneur a fair idea of how much investment is required, in what areas and how will it lead to benefits in his business. This in turn enables him to seek loans and finances from the market. For once a business plan is made it becomes trouble-free for the individual to explain his idea (for example if he wants to launch a new product), its uniqueness and the material gains that follow from it. Such a plan well demonstrates the passage of money required to meet a horde targets that one seeks to achieve through his business. It is an easy guide that facilitates navigation to all the crucial aspects of a business like ? the significance and exclusiveness of the idea (business), the chosen native place for it, market planning, the kind of consumers targeted and in what areas, approximate budget involved in promotion or growth of the business, the tentative dates to meet the targets, the key areas and factors of escalation and last but not the least the methodology adopted in this enhancement. All these therefore form the basic components of a business plan.

Besides these an effective business plan for a large scale business can also include the quality and rate of raw materials used, the cost of advertising, the prospects of export details in other countries if any, the mode of transportation-shipping etc.- the chosen companies for it etc. and the names and social status of the owner(s), the partners and the number of employees.

Apart from being a successful key to lure the investors, a business plan also aids in regulation and maintenance of the business involved. For it allows one to cross check the expenditure made once a business gets on wheels. The amount spent can be compared to the one initially thought and written and so it can be visualized against the future demands to be met. Hence the plan acts as a textbook that can always be referred to in order to recollect the preliminary figures as well as dates. In toto,

"A PERFECT BUSINESS PLAN ENSURES A LIFELONG, HAPPY BUSINESS."

Parul jain writes about Business plan topics.

In The News:

Admin 101: How to Manage the Strategic-Planning Process  The Chronicle of Higher Education
Strategic Planning for TMSD  DiscoverWestman.com
chronicle-tribune.com  Chronicle-Tribune
5 common reasons why strategic plans fail  Charlotte Business Journal
Dist. 59 Wants Community Input For Strategic Plan  Journal & Topics Newspapers Online
St. Thomas Launches First Sustainability Strategic Plan  University of St. Thomas Newsroom
USG Hosts Strategic Planning Forum at VSU Sept. 25  Valdosta State University News
Meredith Selects Kwon As Chief Strategy Officer  Radio & Television Business Report
New Albany maps strategic-plan update  ThisWeek Community News

Top Ten Reasons To Create A One Page Business Plan

There is a story, about a business owner who wasn't... Read More

Hunters and Gatherers - Are You Serving Both Their Needs?

The University of Exeter in the United Kingdom recently published... Read More

Succession Planning: Problems Getting Started

A survey released by the American Institute of Certified Public... Read More

Top Reasons To Form A Strategic Business Alliance

A strategic alliance is when two or more businesses join... Read More

Sales Planning and Business Plans

Writing a business plan can be tricky when all the... Read More

What is a Shared Vision?

So what makes a vision successful? Everyday companies try to... Read More

2 Simple Steps Before Starting Your Business

There is so much small business information available today that... Read More

The Top Five Reasons Strategic Plans Fail

"Most great plans aren't. They are just nice, high-level ideas."That's... Read More

Ten Steps To A Great Strategic Plan

Ask a small business owner about their strategic plan and... Read More

Secrets Of Effective Brainstorming

Have you been in a "brainstorming" session where each person... Read More

For Business Owners Only - You Can?t Be Fired But Neither Can You Quit

The decision to sell, or not to sell your business... Read More

3 Ps of Planning - Prepare, Personalize, Pilot

Here's a really simple way to make sure your plans... Read More

Dotcom Business Plans Archive Project

One of the most important initiatives in the domain of... Read More

Microsoft Great Plains in Agriculture ? implementation highlights

In this small article we'll concentrate on farmers associations and... Read More

Insurance Requirements in Franchised Companies

Franchised companies often require what some believe to be excessive... Read More

5 Strategies That Will Boost Your Business Productivity Today! - Part 1

Building a dynamic small business is a constantly evolving, increasingly... Read More

Leverage - A Small Step For You /A Big Change For Your Career

Cassy was an employee of a nonprofit who had been... Read More

Attributes of Companies You Dont Want to Buy!

There are no "rules of thumb" in the pursuit of... Read More

Bounced Checks in Your Business Location Outlets

The new check cashing instant clearing will take some time... Read More

Thinking Like A Farmer

One of the difficulties we face in our industrialized age... Read More

Dayton, OH; Why your Company needs to expand there

In Ohio: besides the 3-Cs you should look at Akron,... Read More

Getting Started with Succession Planning: Part I

GETTING STARTED WITH SUCCESSION PLANNING: PART IA survey of 4,300... Read More

Business Planning and the ?Bozo? Factor

"Bozo" ? A clown with a forlorn look, always finding... Read More

The 7 Critical Steps to Formulating Your Annual Strategic Business Plan

Businesses tend to avoid doing their annual business plan thinking... Read More

Menu Driven Business Planning

A menu is the foundation of any restaurant; Guests will... Read More