Importance of a Good Business Plan to an Organization
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Importance of a Good Business Plan to an Organization
Executive Summary
For a business to succeed in its operations, there are underlying factors that play a major role in its success. Among the factors is a good business plan that determines the objective of a company, demand and supply factors as well as good business ethics all these work closely to define a good business environment both in the short run and in the long run.
Introduction
A business plan is a vital requirement for many organizations. A company without a business plan is equivalent to a ship without radar (bnet, 2010). A business plan gives the objectives of an organization. Demand and supply are the forces that determine the equilibrium in a market. Through them, a firm can know how much to produce and at what price to supply in the market. Demand and supply are the basis of a firm’s growth in the long run among other factors. In addition to demand and supply, there is the business ethics. Good business ethics adds value to the reputation of the firm which will translate to increased demand for the firm’s products. Contrary, poor business ethics will derail the firm’s reputation hence lower the firm’s output in the long run (bnet, 2010).
Business Plan
This is a document that offers the blue print of an organization. It states out a variety of goals that the company wants to meet. A business plan usually addresses issues like the source of capital for the firm, marketing, employee recruitment and the outline of the budget of a firm. A business plan should inform as well as specify goals and the vision of the organization. It should address things that reflect the vision and mission of the organization. This can include things like the management of the firm, action plan, the mission statement and intended business strategy. A realistic business plan is very important in meeting the expected financial projections of a firm (bnet, 2010).
Depending on how it is
Course:
College:
Tutor:
Date:
Importance of a Good Business Plan to an Organization
Executive Summary
For a business to succeed in its operations, there are underlying factors that play a major role in its success. Among the factors is a good business plan that determines the objective of a company, demand and supply factors as well as good business ethics all these work closely to define a good business environment both in the short run and in the long run.
Introduction
A business plan is a vital requirement for many organizations. A company without a business plan is equivalent to a ship without radar (bnet, 2010). A business plan gives the objectives of an organization. Demand and supply are the forces that determine the equilibrium in a market. Through them, a firm can know how much to produce and at what price to supply in the market. Demand and supply are the basis of a firm’s growth in the long run among other factors. In addition to demand and supply, there is the business ethics. Good business ethics adds value to the reputation of the firm which will translate to increased demand for the firm’s products. Contrary, poor business ethics will derail the firm’s reputation hence lower the firm’s output in the long run (bnet, 2010).
Business Plan
This is a document that offers the blue print of an organization. It states out a variety of goals that the company wants to meet. A business plan usually addresses issues like the source of capital for the firm, marketing, employee recruitment and the outline of the budget of a firm. A business plan should inform as well as specify goals and the vision of the organization. It should address things that reflect the vision and mission of the organization. This can include things like the management of the firm, action plan, the mission statement and intended business strategy. A realistic business plan is very important in meeting the expected financial projections of a firm (bnet, 2010).
Depending on how it is
References: Asq. (2010). “Importance of Ethics in Business.” Retrieved on February 15, 2010 from: http://www.asqsandiego.org/articles/ethics1.htm Britanica. (2010). “Diversity in Business-to-Business Information Exchange.” Retrieved on February 15, 2010 from:http://www.britannica.com/bps/additionalcontent/18/34435960/Diversity-in-BusinesstoBusiness-Information-Exchange-An-Empirical-Analysis-of-Manufacturers-and-their-Trading-Partners Carolina newswire. (2010). “Defining Conflict of Interest and how they Impact on your Business.” Retrieved on February 15, 2010 from: http://carolinanewswire.com/news/News.cgi?database=columns.db&command=viewone&id=123&op=t Find articles. (2010). “Writing a Group Practice Business Plan.” Retrieved on February 13, 2010 from: http://findarticles.com/p/articles/mi_m3257/is_7_53/ai_55208151/ Questia. (2010). “Empirical Estimates of the Short Run Aggregate Supply And Demand Curves For the Post-War U.S Economy.” Retrieved on February 15, 2010 from: http://www.questia.com/googleScholar.qst;jsessionid=L6nQkPF9ft2Dv9QTxw2qkWKG793WXrl4rhYnNTKTL2XPDPhw9DB0!1450717127!1551774961?docId=5000359367 Bnet. (2010). “Business Plan.” Retrieved on February 15, 2010 from: http://jobfunctions.bnet.com/abstract.aspx?docid=68345&tag=content;col1