Discuss about the Business Plan Analysis for Impacting the Business Planning.
Planning is an imperative and integral part of business throughout the existence of the business. Every success story of an organization is based on the effective plan of activities and to make sure that it continues to do so, it is important that it is reviewed from time to time. The business plan also helps in evaluating the performance on the regular interval and also recognize right strategies for the growth and development (Brinckmann et al., 2010). After consideration of the progress and identifying key areas of growth and development that the company wants to target, the business can quickly revisit the strategies and make a right route for achieving the next stage for the business (Brinckmann et al., 2010). The business plan is the compass of the organization since it helps in mapping out a new course and at the same time also assists in navigating through different territories for the growth of the business.
Plan one discusses company which specializes in developing an innovative solution in the form of beverage equipment. The company is known as 2MBA Inc. and is led by a management team which is highly committed to providing the best services. The board holds sixty percent of equity and two positions on the board (Brinckmann et al., 2010). The primary investors will achieve two seats on the board and in addition to this a coordinator position.
The product of the company is La Barista which in technical terms is patented espresso machine. The machine guarantees not just good but great tasting coffee every time it is served to the customers. The product La Barista specializes in coffee making from soluble coffee powder (Hillier et al., 2011). This all can be done through the touch of a button. The company has employed a significant and breakthrough technology which resembles an espresso machine. The company specializes in following points: –
Another business plan presents company called SanaSana which provides B2B2C answers that give an efficient, a partnership which is mutually beneficial for Hispanic customers and the organizations, suppliers and providers that are related to health service and on- health companies and can serve them in an effective manner (Hillier et al., 2011). The company got established in the US, SanaSana is also planning to expand on a global platform with the desire to access Spanish-speakers to access to medical information. The company follows five trends in marketplace: –
The customer gains a convenient way to become more informed consumer for varied health services and at the same time protecting the overall confidentiality by providing four characteristics: –
Strongest Components of 2MBA Inc..
Strongest Points of SanaSana
Weakest Components of 2MBA Inc..
Following are the weakest components in business plan of 2MBA Inc.: –
Following are weakest components in business plan of SanaSana: –
Potential investors these days focus on seeing the business plan before considering funding and investment in the business. Although there are different companies that are tempted to utilize the business plan completely for the same reason and a good and effective plan helps in setting the course of the business over its lifespan (Barney and Hesterly, 2015).
A business plan plays a very important role while allocating different resources in the business and this works like a tool that assists the business to attract new investors and customers. An effective business plan helps in revealing how the bank loan and other investment can be utilized efficiently (Kubr et al., 2013).
Business planning these days means that managers can easily monitor the achievements and future goals of the business. As discussed, it works like a tool that helps in recognizing the current position of the company and future direction for the business for growth. Regular businesses’ planning at regular interval increases the chances of success by continuously improving and also keeps the pan up-to-date (Kubr et al., 2013). This also happens to include regular planning and meeting to strategize that include important people from the companies.
When company regularly assess the performance by aligning it with plans and set targets, the company can easily meet the goals. Following is the detailed discussion of the factors that can improve the business plan: –
The company can analysis the performance of each and every employee, teams or a new service or product by utilising right performance indicators. These indicators can be: –
A target makes it clear for employees to understand where it needs to fit within the organization and also what is need to help the business to meet the set goals. It is important to set clear aims and also targets and closely test the delivery and how it can help in the development process to make it more effective (Williams, 2013). Objectives should be used as a key part of appraisal and promotion of the employees and also as a means of addressing all the progress in an objective manner.
Following are some easy methods in order to overcome these challenges and also ensure that businesses stay on the right direction.
Following are the five lessons for the business planning: –
The competencies demonstrated in the report are knowledge and skill based. The elements discussed are comprehensive and completely theory based. It also covers the in depth discussion of the various points by keeping, knowledge, application ability of the company and professional and personal features (Chang and Lee, 2013).
Conclusion
Businesses these days think of a business plan as a rocket ship which directly takes them to the target. Despite focusing on creating a rocket ship business plans, companies these days must look more like an experience of driving the car. When an individual drives the car, he or she constantly focuses on making small changes and corrections (Chang and Lee, 2013). At the same time, the company will constantly adjust the speed of the care and at the same time also paying attention to different signs on the road. To fix business plans and also create an effective plan that helps in attracting more investors and later it should help in attracting more customers (Chang and Lee, 2013). The business plan should focus on making right assumptions and also create plans for validating those assumptions by proper testing.
Reference
Brinckmann, J., Grichnik, D. and Kapsa, D., 2010. Should entrepreneurs plan or just storm the castle? A meta-analysis on contextual factors impacting the business planning–performance relationship in small firms.Journal of Business Venturing, 25(1), pp.24-40.
Hillier, D., Grinblatt, M. and Titman, S., 2011. Financial markets and corporate strategy. McGraw Hill.
Burke, A., Fraser, S. and Greene, F.J., 2010. The multiple effects of business planning on new venture performance. Journal of management studies, 47(3), pp.391-415.
Smith, L., Andraski, J.C. and Fawcett, S.E., 2010. Integrated business planning: a roadmap to linking S&OP and CPFR. The Journal of Business Forecasting, 29(4), p.4.
Barney, J.B. and Hesterly, W., 2015. Strategic management and competitive advantage concepts and cases. Pearson.
Kubr, T., Marchesi, H., Ilar, D. and Kienhuis, H., 2013. Starting Up: achieving success with professional business planning. McKinsey.
Williams, C., 2013. Principles of management. South-Western Cengage Learning.
Jones, A. and Jones, P., 2011. “Making an impact”: a profile of a business planning competition in a university. Education+ Training, 53(8/9), pp.704-721.
Saunders, M.N. and Lewis, P., 2014. Doing research in business and management: An essential guide to planning your project. Pearson Higher Ed.
Chang, W.L. and Lee, C.Y., 2013. Trust as a learning facilitator that affects students’ learning performance in the Facebook community: An investigation in a business planning writing course. Computers & Education, 62, pp.320-327.
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