WHY STUDY BUSINESS PLANNING

• Helps the learner to acquire planning skills
• Informs the fundamental learner aspects to be considered in business planning
• Helps the learner to be able to prepare plans such as business plans and strategic plans
• Helps the learner to know the business requirements.

INTRODUCTION

Business means an organized system of production and sale of goods and services so that some profit will be released. Planning involves identifying what should be done and how it should be done to enable an entity to attain predetermined goals. Business planning, therefore, is a set of organisational goals. Most of the business planning is done during the preparation of the business plan, either when starting a business or during reviewing business plans. A business plan is a document that is prepared by a business owner when they want to start a business, and it describes various aspects of the business operations such as what to produce, where to get funds, who will manage, target customers and so on. Another type of business planning is through strategic planning.

COMPONENTS OF A BUSINESS PLAN

Since business differs in requirements from one business to another, so as the business plans differ from each other and this means that no strict rules are controlling or determining what should be in a business plan or not. Some of the general components include;

EXECUTIVE SUMMARY

This component summarizes the whole business plan. It should be in a high pitch as it can convince easily since it combines information from the items across the entire business plan. The executive summary is drafted as the last item to enable them to capture the vital information from the whole plan. It should be brief and precise.

BUSINESS DESCRIPTION

Here the business is fully explained, i.e. what it does or what it will be doing, location,  the goods or services to be produced, the vision and mission statement, core values, market opportunities identified, the time the business was started or when it will start among other details.

MARKET ANALYSIS

Here the market and competition is scrutinized properly through market research. Nature of the market and the targeted market is identified. The appropriate marketing strategies are also recognized to handle the already existing competition. The quality of products and services is considered as it will significantly determine the stiffness of the competition.

THE MANAGEMENT OF THE ORGANISATION

This section will explain how the business will be organized and managed. The management teams are also mentioned and their roles outlined. Their skills and expertise information can also be included.

MARKETING STRATEGY

In the business blueprint, it is also very essential to include a winning marketing strategy. It should explain how products and services will get to the customers who are willing to buy them. The amount of funds needed to market should also be specified in this section.

SALES STRATEGY

The way/strategy of selling the products and services being produced is critical and should be outlined. Sales translate to revenues and revenues determine the profits that will be generated. The prices of the products and services produced should be specified here. The workers who will be involved in sales can also be determined.

FINANCES REQUIRED

Nature of the business determines the amount of the fund needed to start a business, and hence the financial requirement will differ from company to company. In this section, the required amount that is subjected to reality is mentioned.  A range of the finances needed, can also be given.

FINANCIAL PROJECTION

This is the final item in the business plan, and it is where the anticipated financial goals and objectives are revealed depending on the findings obtained after conducting market research. The anticipated revenue for one year is projected using cash flow statement and income statement.

IMPORTANCE OF BUSINESS PLANNING/PLAN TO A BUSINESS

• Some business firms will use business plans to source funds for their operations.
• With a good plan, the business can understand its strengths and weaknesses.
• Business planning will always give a focus and direction to the business.
• Reminds the owners and employees about the goals of the business.

Other types of business planning are through strategic plans.  A strategic plan is a document that focuses on the organization's short term goals, medium-term goals and long term goals. The goals are set and then communicated to all the stakeholders of the business. The strategic plan is vital as it aims at long-term growth of the company and thus helps the stakeholders to remain strategically focused. Business executives, experts and stakeholders take part in the preparation of the strategic plan. With sound business planning, businesses are assured of constant growth and profitability plus a good position in the market.

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WHY MANAGEMENT STUDENTS GET BUSINESS PLANNING ASSIGNMENT WORK FROM THEIR UNIVERSITY PROFESSORS?

There are various reasons for which students get assignments related to business management domain. Some of them are mentioned underneath:

• It forces students to think objectively, sensibly and apathetically.
• It lets you identify the areas where you might need external help.
• It permits you to plan the growth and development of your business and related capital necessities.
• It may lead to the inquiring of past and potential assumptions.
• Assists the students in making sure that all the features of the business plan are comprehensible.

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