Business Planning Process
1. Financial Objectives
The business plan financial objectives involve measuring financial performance to reflect the total operational performance.
2. Business Objectives
When writing your business objectives you should be considering what are the key goals/objectives for the business over the next (usually) 3 years.
3. What's in a Business Plan?
Click on the link above to see the various elements of a business plan.
4. Marketing Objectives
Establishing your key marketing objectives is an essential area of the business plan because it shows just how you will identify with your potential customers, how you will promote to them, and more importantly how you will keep them coming back (and away from your competitors).
5. Purchasing Objectives
Establishing the purchasing requirements is an operational function in any business with physical stock supplies.
6. Personnel Objectives
The personnel objectives for the business must be prepared for every operational area because businesses use human resources in many ways.
7. Business Profile
In this area you should write your business profile. This area should describe your business and what it does.
8. Executive Summary
While the business plan’s executive summary is the first thing the readers of your business plan see, it should be the last part of the business plan you write. You need to have “the feel” for the overall content of the plan before you can begin to summarize it.
9. Market Research
Market research enables a business to keep in touch with what consumers think about it's products or services and those of it's competitors, and to monitor their actions in the market place.
10. Vision and Mission Strategies
Where are you now and what is your vision of the future? Planning is the art of visualization. It is the bridge to the future!
11. Business Planning
A plan gives you a track to run on, your route is well laid out and you can concentrate on your progress and you can map out your future success with a business planning guide.
12. Target Market
You must describe your target market (the people most likely to purchase from you) in as much detail as possible. What will they look like, provide a picture of them. Where do they live? What age group would they be in? Are they male or female? Are they married or single? Are they parents of children of a certain age? What is their income level?
13. Vision Strategies and Plans
It is important to understand the difference between a vision, a strategy and a plan. People often use the terms interchangeably which leads to confusion.
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