Business planning Essay Example | Topics and Well Written Essays - 1000 words

Business planning - Essay Example For formation of a successful business plan all the internal key players of the organization should be involved. Their suggestions and ideas should be valued by the top level management and the business head’ as they are more involved in the on field tasks and can give an insight of on field operations. Also all the core components of the business i.e. all the departments of the business should be actively involved in the business process of planning as they specialize in their respective departments. They know what their strengths and weaknesses are and through this the business can extract its strengths and weaknesses as a whole. By consulting and getting a vote of majority on which goals and objectives to pursue the business functions as a whole and the departments will make efforts for achievement of these goals and objectives later on in the execution stage as they were involved in the planning process and their opinions and suggestions were valued. As most of the busines s plans in the industry which have been successful had the inclusion of the internal stakeholders of the business in the planning process this indicates that the claim made by Stutley was quite true in the sense that if in the start all the internal key players of business from the start are involved in the business activities , this makes a sense of ownership and loyalty prevail amongst the members of the organization and each player feels as an important member of the business hence working for the good of business is taken up as a responsibility by the members of the organization which is quite necessary for business to expand and succeed. A business plan in simple words can be stated as those set of activities or the line of action which is needed to be followed or taken by an organization or a corporation to identify its goals and objectives. It can be termed as the backbone of firm’s business i.e. it guides the company or the organization to the right path so as to adhe re to its vision and stay put on its mission along with catering to the organization’s need for arrangement of resources and have certain contingency measures available at all times in case of problems and troublesome situations. For many people there is a certain misconception that a business plan is formed only while starting the business as it indentifies the short and long term objectives the business wants to achieve over a period of time. That is a structured presentation of business goals and objectives, along with the inclusion of financial statements through which business can approach investors for investments and loans. But in reality a business plan is a framework for running the business and according to certain situations or scenarios faced , the plan can be changed and new additions or modifications can be made in the original plan later on in to business. Not everything can be included in the business plan from the start as you cannot perfectly predict how muc h investment and resources will be required and how will the market trends change or shift from time to