Planning: Characteristics of Business Plan Essay Example

It emphasizes the need to document and discuss key aspects of a company, such as its nature, business aims, products, marketing strategies, goals, target market, future plans, and financial standing. By considering all this information, a business plan can be developed to effectively manage and start a business. This plan is likened to a design that guides any organization, regardless of its nature or profitability. The text then highlights some essential components of a good business plan that all types of organizations should consider.

A comprehensive business plan should cover all aspects of the business, including details about the merchandise and services offered. This includes listing the products, providing a description, and specifying the scope of goods. The plan should be research-based, including information on both national and international competitors, their market share percentages, market positioning, and product range. By analyzing competitor activities, a successful business plan should establish industry benchmarks and outline innovative operational strategies to maximize efficiency.

A business program cannot be perfect if it has not included the requirements and needs of the organization to conduct all operational and administrative activities. This includes equipment, technology to be used, types of materials, cash for daily activities, additional investments, and other resources needed to run any activity. This will give an idea to the business about how much capital is required to operate and maintain it. The plan should be formal and properly formatted as it may be presented in front of business partners or external parties such as financial institutions or banks.

Furthermore, the concern program must be regularly updated to reflect the current state of affairs. Additionally, it is crucial for a good concern program

to be error-free as it is a representation of one's identity as a businessperson. Sloppiness in the concern program reflects poorly on the business. Moreover, the use of slang should be avoided to create a professional business plan. According to Richard Bowett (2010), decision-making now occurs at all levels of a business.

The Board of Directors is responsible for making strategic decisions regarding investments and future growth, while directors make tactical decisions on how their own department can contribute to the overall business objectives. However, regular employees are now being increasingly relied upon to make decisions about their own tasks, customer responses, and business improvements. This requires careful hiring and selection, thorough training, and enlightened management.