My research paper talks about the importance of business planning and how to write an effective business plan

by 123456789ssss (student)

My research paper talks about the importance of business planning and how to write an effective business plan essay , how change improve in solving a problem in a company and how organizational development participate so as to give a strong plan so that the increased corporation and clear priorities helps a company move forward.

A business plan is a formal document indicating a set of company goals, the plan for achieving those set goals and a description why the management believe that those goals are attainable and etc. Its primary value is to evaluate the viability of the potential projects and to analyze the business prospects. It may also contain background information about the company such as mission, vision and how suitable and feasible the project is, to the company. This is one of the most common business assignment essays for university level students.

A business plan will be useful to a company in many ways. Firstly it will clearly identify and focus the company objectives using suitable information and analysis. Also it can be used as a selling tool when dealing with lenders, investors and banks. An effective business plan essay will also provide the company with a clear direction there by the company can avoid any loopholes in their planning process.

Business plans essay writing should be written with the audience in mind. These are targeted at external stakeholders such as investors and customers as well as the internal stakeholders such as the management. Therefore the business plan for these external stakeholders typically should have detailed information about the organization.

Writing a business plan essay is an essential step for any far sighted entrepreneur, regardless of the size or type of the business. This is why this essay is a critical grooming exercise for students who plan to excel in own business or in corporate world in future. If the organization is a profit organization the business plan will focus more on financial goals such as profit or value creation. On the other hand a not for profit organization will focus on the three E's namely Economy, effectiveness and efficiency. Therefore there is no specific format of a business plan. It can vary enormously. However when writing a business plan try and organize the business ideas and a high level of analysis. The skills students gain from writing analysis essay can come to aid in writing business analysis section of the plan. It is important to collect a great deal of information so that the writer will be able to better understand the company position in the market, the viability of the new business venture and etc. When students write this essay, it should reflect a high level of practicality while including theoretical components in to it.

Whether a business is a start-up or already well established, business implementation becomes the responsibility of all the employees. Implementation is the process of executing a plan or policy so that a concept becomes a reality. To implement a plan properly, managers should communicate clear goals and expectations, and supply employees with the resources needed to help the company achieve its goals.

Change

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Change

The implementation of a plan brings about change meant to help improve the company or solve a problem. The changes can occur to policies, management structures, organizational development, budgets, processes, products or services. Since the status quo can be detrimental to a company, change can help improve the work environment and/or the customer experience.

Organizational Development

Part of good organizational development involves including all employees in implemented changes. When a company shares its ideas and goals with workers, the workers will feel a sense of ownership and loyalty to the company, as well as feel included in something important that is larger than their respective job descriptions. Making workers feel valued also helps maintain or improve employee retention. Communicating goals to employees helps encourage participation and can give a plan a strong start.

Increased Cooperation

When executed properly, business implementation can increase interdepartmental cooperation. It can be easy for a department within a business to work independently and only rely on another department when a need arises, particularly in large company. Business implementation helps unite departments, open the lines of communication, and create a diverse culture within the organization and increase efficiency and productivity. Successful business implementation links performance factors with projects designed to develop and optimize individual and departmental activities.

Clear Priorities

As well as communicating goals, business implementation sets clear priorities. Priorities are generally based on due dates, client needs, financial concerns, worker needs or logistics. Deadlines help guarantee the implementation of a plan with realistic due dates, but a company must provide its workers with clear action steps and resources to ensure the success of the plan. Failure to communicate priorities can cause inefficiencies, miscommunications, worker frustration and low morale. When priorities or deadlines are realistic, employees feel as if a company is setting them up for success.

Moving Forward

Business implementation is important for moving a company forward. When a business fails to implement and execute its strategies properly, it fails to move forward and grow. According to website Business Balls, to implement and execute a plan successfully, there must be "motivational leadership," a plan of action and "performance management."

Business Plan Mistakes

The importance of business planning is widely documented; however, guidance as to what constitutes good business planning is less clearly defined. This article aims to redress that imbalance by describing 10 of the most common mistakes that occur in business plans,

While the business-planning process is in itself a very worthwhile pursuit, most business plans are produced for a specific purpose. The plan is used as a means to convey an idea with a view to achieving a specific goal, e.g. securing funding. Hence the plan needs to be tailored with the audience in mind, and good knowledge of their requirements will help shape a winning plan.

For example, the requirements a Venture Capitalist will have in assessing a plan seeking to secure a million-pound investment will differ considerably from those of a local bank manager who needs a plan to support a small-loan application. While the former will be primarily looking for capital growth, the latter will be more concerned with security. Regardless of the specific purpose of the plan, these following business plan lessons will apply.

1. Incredible financial projections

One of the key areas business plan readers will focus on will be ‘the numbers’. Specifically, they will concentrate on the projected Income Statement or Profit & Loss.

2. Lack of a viable opportunity

A business plan needs to not only describe an opportunity, it must also detail how the opportunity can be exploited profitably and demonstrate the company’s ability to deliver what is required. In recent years there has been a significant increase in plans that are inaccessible to the average reader because they are couched in technical jargon and unfamiliar terms.

Many business plan recipients will only scrutinize the executive summary and the financials, using these as the decision points as to whether to read further or not. Hence it is of paramount importance that both the executive summary and the wider plan describe the opportunity in readily understood terms, such as:

What is the issue or pain point?
What is the proposed solution?
What are the benefits of the solution?
Why are these benefits compelling?
Who will benefit the most from these?

Once these are detailed, there will be greater transparency regarding the viability, or otherwise, of the proposed opportunity in terms of the company’s ability to profitably serve the target market.

3. No clear route to market

All opportunities are only prospective ones without evidence that the target market can be accessed profitably.

4. Lack of appreciation of the importance of good cash flow management

A critical subtlety of any new business is the ability of the entrepreneur to understand the differences between cash and profits and to accept the fact that insolvency is probably the most significant threat to a business.

So that these are the four most important issues that you should avoid in any business planning.

So my conclusion is that The shorter you can make your summary business plan, the better. You want to focus on just a few key elements of your business that will generate the most excitement among those reading it -- without requiring them to invest a weekend in doing so. You can always pass along a more detailed plan to those interested later.