Why Business Plan Is Important For The Success Of The Business_

Views:
 
Category: Education
     
 

Presentation Description

Don't you know the importance of business plan for a business? If yes, then have a look at this presentation to know why business plan is important for the success of the business.

Comments

Presentation Transcript

Office Theme:

WHY BUSINESS PLAN IS IMPORTANT FOR THE SUCCESS OF THE BUSINESS? CALLTUTORS Presented By: Calltutors Team

Office Theme:

Calltutors Presentation Outline TOPICS FOR DISCUSSION Overview External Factors Assets based decision Investment for your business Hiring the best talent Internal Factors Creating a solid marketing strategy Setting objectives for management Business expansion To reduce risk Eliminate potential weaknesses Goals and milestones establishment Conclusion

Office Theme:

Th e business plan works as the spinal cord for the business. A perfect business plan can bring the company to the next level. On the other hand, the worst business plan can be a great failure for the company. Apart from that, the element of the business plan works as the nervous system of the company. That is why business plan is important for every organization. A business plan is also important when the company wants to launch new products or services. The format of the business plan can vary from organization to organization, but its importance is still the same. It is important for the small as well as a large organization. Besides, it is also applicable to the government as well as for the nonprofit organization. Apart from that, the organization should update its business plan annually because the world is changing rapidly, and you can’t survive on the old business plan. Therefore it should be updated as per the trends and technologies. If somehow, the business is not able to work longer. Overview Calltutors

Office Theme:

External Factors ASSETS BASED DECISION It h elps you to decide what you need to have the new assets in your organization. It helps in the capital improvement of the company. The business can’t survive without investment. Even in the competitive market, the business has to arrange additional funds. INVESTMENT FOR YOUR BUSINESS HIRING THE BEST TALENT Th e business plan also has the criteria for the professionals and employees that they want to hire. Calltutors

Office Theme:

Asse ts Based Decision EXTERNAL FACTORS It h elps you to decide what you need to have the new assets in your organization. It helps in the capital improvement of the company. The new assets can be computers, furniture, software, vehicle, or anything else. It is not that easy for the small business owners to replace the old assets with the new one. With the help of it, you can evaluate whether you need to purchase the new assets or rent or lease the assets. Because in most of the cases, the organization doesn’t require the long term assets. I have mentioned earlier that technology is changing at a rapid pace. BSI | 2020 Brand Guidelines

Office Theme:

Investmen t For Your Business EXTERNAL FACTORS Th e business can’t survive without investment. Even in the competitive market, the business has to arrange additional funds and investments to remain competitive. For this, it helps you a lot to arrange the securing funding. Either you want to take the loan from the bank or want the other investors to invest in it. The business plan creates a solid investment plan. BSI | 2020 Brand Guidelines External Factors

Office Theme:

Hiring The Best Talen t EXTERNAL FACTORS Th e business plan also has the criteria for the professionals and employees that they want to hire. In most well-established businesses, they have solid criteria for the talent they want to hire. The process can vary from organization to organization. But the ultimate goal for the business plan is to hire the right talent for the business. If we talk about the small organization, then it becomes quite crucial for the business to hire the right talent because it can play a crucial role in the success of the organization. It does not help the business acquire the junior staff, but it also helps the business acquire higher management staff. BSI | 2020 Brand Guidelines

Office Theme:

In ternal Factors CREATING A SOLID MARKETING STRATEGY A lmost every business remains in this competitive world with the help of their marketing strategies. The management of the company is responsible for the company’s growth. Therefore the business needs to set the objectives for the management. SETTING OBJECTIVES FOR MA NAGEMENT BUS INESS EXPANSION Ev ery business wants to expand when they are consistently meeting their short term goals. Calltutors

Office Theme:

In ternal Factors TO REDUCE RIS K Risk is one of the most common factors for every business. It is quite hard to save the business for every type of risk. It is quite often that every business has its weakness. But these weaknesses can turn into a massive loss for the business if these weaknesses are not identified at the right time. ELIMINATE POTENTIAL WEAK NESSES GOALS A ND MILESTONES ESTABLISHMENT Ev ery business is established to generate revenue. Calltutors

Office Theme:

Creating A Solid Marketing Stra tegy INTERNAL FACTORS Almost ev ery business remains in this competitive world with the help of their marketing strategies. That is the reason it is an important element of the business plan. The marketing strategy of the business can vary for business to business. But if you have a solid business plan, it will help you survive or become more competitive in the market. In the business plan, there is always a second plan for the marketing strategy. If somehow the marketing strategy fails, then the business can utilize plan B for the marketing strategy of the business plan. C alltutors

Office Theme:

Setting Objectives For Mana gement INTERNAL FACTORS The management of the compan y is responsible for the company’s growth. Therefore the business needs to set the objectives for the management. Business plans help the organization to set the management goals for their organizations. It provides a complete structure for the proper management of the business. It helps the business to keep track of their management, targeted sales as well as the operations of the business. The business plan provides the best ways to measure the performance of the management staff in a company. If you create a solid business plan for your business, it will help you make the right management decision for your organization. C alltutors

Office Theme:

Business Expansio n INTERNAL FACTORS Every business wants to expand when they are consistently meeting their short term goals. But business expansion is not that easy for any business because it requires lots of things to be considered. That is why a business plan plays a crucial role in business expansion because it contains almost everything required for the business to expand its operations. It mention that how the business can expand its operations, i.e., hiring the new staff, office location, vendors, suppliers, and other things. Therefore the business needs to have a solid business plan for its expansion. C alltutors

Office Theme:

To Reduce Risk INTERNAL FACTORS Risk is one of the most common factors for every business. It is quite hard to save the business for every type of risk. That is the reason the business should have a solid business plan for risk management. Business plans contain the best ways to reduce every type of risk that the business might face in the future. The financial projection for the business, logistics operations and the competitiveness of the business can help you reduce the risk factors at some point. But having insurance for most of the risk is the best way to reduce the risk. It also helps you to choose the best insurance plan for your business. C alltutors

Office Theme:

Eliminate Potential Weaknesses INTERNAL FACTORS It is quite often that every business has its weakness. But these weaknesses can turn into a massive loss for the business if these weaknesses are not identified at the right time. This business plan helps you a lot because it has the predefined criteria for almost everything. And you can judge the performance of everything based on that criteria.The weakness can be a poor idea, or it can be the employee of the business. If you test the performance of everything like your employee performance or the idea you have implemented for the sales, it will help you identify the weakness. And you can eliminate it as soon as possible. C alltutors

Office Theme:

Goals And Milestones Establishment INTERNAL FACTORS E very business is established to generate revenue. For this, the business establishes the goals and milestones to track its performance. It is usually based on SMART goals and milestones. The goals can be short terms as well as the long terms. Apart from that, the organization’s milestones are usually achieved when they constantly meet their short-term goals.The milestone can be the specific revenue generated from sales, the high amount of revenue generated in the financial year, and many more. It contains the goals as well as the milestones of the business. C alltutors

Office Theme:

Conclusion WHAT YOU GET? A bu siness plan is crucial for the business. Both of the external, as well as the internal factors, are showcasing why business plan is important for the business. So please don’t take it lightly while creating the business plan. Always keep all these points in your mind so that you can create a solid business plan. And also, don’t forget to update it at regular intervals. Don’t rely on the old one always update it with the enhancement in technologies, government policies, environment changes, and climate change. All the factors affect the business plan. So be careful while creating it for the success of your business. C alltutors

Office Theme:

Find Us Online TWITTER @call_tutors FACEBOOK @call.tutors.7 INSTAGRAM @calltutors C alltutors

Office Theme:

C alltutors Contact Informa tion FOR QUESTIONS, SUGGESTIONS, AND MORE WEBSITE www.calltutors.com info@calltutors.com EMAIL ADDRESS PHONE NUMBER +6 1 472 672 397

authorStream Live Help