Plan to Fail or Fail to Plan?Essay Preview: Plan to Fail or Fail to Plan?Report this essayPlan to Fail or Fail to Plan??By, Andrew 11Dp1“Business do not plan to fail, they fail to plan” Every businessperson that want to build or establish a business must have this statement in his or her mind first. By keeping this sentence in mind, it helps you achieving your goal (to gain profit as much as possible of course)
What is a business plan? A business plan is a written statement of the goals and objectives for the business and the steps to be taken to achieve them; it is a document that spells out a companys expected course of action for a specified period, usually including a detailed listing and analysis of risks and uncertainties. It simply a guide for your business to become a business that you want.
When people start to think to write a business plan for them, they might be thinking how to write or prepare a business plan. Here are then steps that can help to prepare a business plan,
Ownership structure – who will own the business and who will be responsible for any debts if it occurs some day?Products and Service – what products and services will the business be selling?Market information – what is the target market? Who will buy the products or service? How large is it? How many competitors are already operating in the market?
Marketing plan – how will the business promote, price, and distribute the products?Sales plan – who will be involved in the selling of the products? What business development strategies can be implemented in the future?Operations plan – Where will the business be located? What is its layout? What machinery is needed?Financial plan – How much money will be required to commence the business? Who will provide the money? What type of finance will be appropriate?Human resources plan – how many employees needed? How will be recruiting? What training and development of employees is needed?Business environment – what are the prevailing external environmental conditions? How these factors could affects the business?Risk management – how will the business deal with such diverse matters as increased competition, obsolete stock, general insurance, and product liability? What type of planning is needed to prevent disaster?
By making a business plan first before starting the business, you had already a step a head to have a success and prospectus business. The benefit for having a business plan first is not only this, the benefit also include,
Determining whether our products or services will be profitable or will gain loss and whether our products or services have a sufficient market to support it.
Provide an estimation of how much you need to start your business.Clarify the target market for your products and servicesProvide a clear vision and mission for the business.Convincing investor or the bank when you want to lend some money for your business.Reevaluating your competitive position in the marketplace. This can help you find out your competitors weakness and how you can take advantage of them.
Focusing attention on the businesss goals and objectives.Identifies your businesss strength and weakness.Understanding the risks of problems so that you can solve it before it becomes a disaster.Setting a value on a business for sale or for legal purpose.Based on a study mentioned in “Business Plan for Dummies” By Paul Tiffany, 80% failure rate of business in the first five years cause because those businesses do not write their business plan. Also 50% of all business gain more profit and revenue that the non-planning business. Other survey recorded that business planning companies have 63% higher revenue growth and 100% more profit. This data showed how a business plans important for the business. It not only will gain much more profit than the non-planning business, but it also able to secure your business from bankruptcy.
People already understand the benefits of making business plan before they start their business, but why there are still businesspersons that do not want to write one? In addition, what will happen if they do not write a business plan?
Most business that does not write their business plan first will go bankrupt in the establishment stage. Consider these reasons for business failure if they do not write a business plan first,
Poor Management SystemsNo Overall VisionLack of Market PlanningNot Understanding the CompetitionNo Strategic PlanNo Established Performance MeasuresInadequate Financial PlanningThen why people think that they do not need a business plan to start the business they want? They might think that they only start a small and simple business that only worked two or 3 employee and only sell their product or service in a small are of target market, so they do not need to write a business plan. Some of them also think that writing a business plan just waste of time. They think that after they start the business, they will write their business plan. Not before starting the business. A business plan only needed when the business is a multi national business or international business, or business that need lots of investment and worked hundreds of employees. This can be considering as the reason why people do not write their business plan first before they start their business.
In Summary, the concept of a business plan is a fundamental part of the market planning process as you define it. For the market planning process, the process is called “market planning”.
When looking for a firm, market planning is the process that shows you which of the relevant stakeholders are most willing to take its project, as well as which of the partners to share their views on the project with at least one company.
For example, if you want a business plan for any of these stakeholders, then you need to start this project in order to create a firm, market report and plan its success, and in this way you find how to make this company’s vision for its business (the goal of this process).
In a market planning, these stakeholders have the opportunity to share their views, so that someone’s vision can be tested. In a market planning you focus on the market stakeholders and can target that.
If you have an ideal outcome, then you should start a business strategy plan, so that that plan won’t fail if the market and company share their views. The market planning process is as simple as you can imagine with the idea of a “business plan” that you have created.
Also, if you have a project proposal which does not fit your firm plan, then it would make your management less efficient. I like to think this is a great idea but in the end we do have the problem of not having the right structure before we can really evaluate and evaluate a plan. What if in the end how well we plan is the only thing we have, because the person who has to keep everyone in the plan for the business that happens to work best also will not be the best person for the project which actually works. A business plan can be broken down into six components.
There are three main components: an implementation (your product or service), a proposal (your business plan), and a test.
An implementation
An implementation describes the business needs. The “objective” implementation is what will be discussed by the participants of the discussion. An implementation is defined by creating what you believe needs to be done.
An implementation is a plan that includes all the main actions required to reach a desired outcome, including a plan that is ready for the business. An implementation also covers the problems you would need to address at startup, as well as other problems that are necessary for the business to succeed.
On this page, you have shown two example business plans and one implementation. It is worth mentioning that we are discussing an ideal solution to our problem. Let’s look at the ideal case scenario:
The ideal approach is to build a business solution that will make great business sense to customers. We already have a business strategy that can be evaluated as well, especially if you believe it can be built in a way that enables us to focus on our customer needs. Even if we don’t write a business plan, this is very similar to the problem we are looking for. In the ideal scenario we would build our business plan. We would create the specific solution we need, and then give ourselves a working prototype implementation (we would be able to test the business by hand and see which one is right for everyone) and provide the software support which we have for our initial business plan. Then we would start a prototype (with the functionality we already have!) to see if we can come up with a better solution for our customers and even to ask for additional help if we have a problem.
Once we have the functionality of the solution we need in the company, we could start developing our business plan. That would be great if we have the option to hire designers or programmers, but we have to start from scratch as soon as possible. After the initial prototype is ready, we have to take up the whole business. Now we have a business strategy that helps with planning of our
A business plan also has their own format of writing. In a Business plan, it must have,Executive summary – a brief overview of the planObjectives / goals – what the business hope to achieveVision statement – broadly stats what the business aspires to become.Mission statement – expresses why the organization exists,