Planning
is an essential part of any organization. Without planning nothing is
possible. So in business management planning is a very important
process. Planning helps you to reach to your goal or mission.
What
is business plan?
A
business plan is any plan that works for a business to look ahead,
allocate resources, focus on key points, and prepare for problems and
opportunities.
But
many people think of business plan only for starting a new business
or applying for business loans. But they are also vital for running a
business, weather or not the business needs new loans or new
investments. Businesses need plans to optimize growth and development
according to priorities.
Every
planning process goes through a serial of stages. To reach your goal
you have to follow those essential steps.
- Analyze the external environment
- Analyze the internal environment
- Define the business goal
- Set up your tactics
- Make plans and take action
- Build in procedure for observing and controlling
So
we can see it's a chained process. It is followed step by step.
1.
Define your goal or mission
2.
Devise tactics
3.
Implication of plans
4.
Monitor performance
5.
Evaluate plan
6.
And gather information