Overview of business planning and its components.
Structured planning stages from initial preparation to long-term strategies.
Key information about the company and its market.
Details on how the business will operate.
Description of products or services offered.
Strengths, Weaknesses, Opportunities, Threats assessment.
Strategies for reaching target customers.
Evaluation of competitors in the market.
"For I know the plans I have for you..." - Jeremiah 29:11
Definition: Planning involves knowing what to do, how to do it, when to do it, and what to expect in the future.
Importance of goal attainment.
A written document outlining the internal and external factors of a new venture.
Integration of marketing, finance, manufacturing, sales, and human resources strategies.
Realistic and flexible planning based on needs.
Starting with simple projects.
Unplanned Stage: Seeking funds and customers.
Budgeting System Stage: Developing a budgeting system.
Annual Planning Stage: Drafting an annual plan.
Strategic Planning Stages: Longer-term planning (3-5 years).
Clear objectives, measurable outcomes, guiding policies, involved departments.
Time allocation, required resources, accountability.
SWOT Analysis
Objectives
Strategies
Time Frame
Objective, clear, logical, flexible, stable, and integrated approach.
Questions to gather data:
Uniqueness of products/services.
Competitor analysis.
Customer purchasing patterns.
Market share and potential.
Business location decisions.
Evaluate personal and community resources.
Analyze the market.
Choose a business location.
Prepare a financial plan.
Prepare a production and organizational plan.
Prepare a management plan.
Risk elimination, cost minimization, operational weaknesses detection.
Vital elements: Profit, sales, ideas, projects, innovation, performance, goals, management strategy, market opportunities.
Comparison: Business planning is essential, akin to navigating without a map.
Quote by Kevin J. Donaldson emphasizes the importance of having a business plan.
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