Planning Techniques for businesses
Planning is a critical business responsibility that is often overlooked, particularly by smaller companies with limited time and personnel resources. However, the reason for this oversight is often the result of management's techniques. Learning useful planning methods and factors eliminates this knowledge gap. Business planning is just as critical as having a map when traveling to an unfamiliar location. Without it you may never reach your destination.
Primary planning typesBusiness planning types come in various flavors depending on the company size and industry. However, there are three basic plans that apply to all businesses, large or small. Business strategic and marketing plans are important to every for-profit and nonprofit organization. Understanding the goals and components of each offers business the tools to create effective plans using the most basic or sophisticated techniques.
Business PlansTypically used for starting up or financing a company, business plans are the cornerstone of the planning function. Components of a business plan include an executive summary, market analysis, product / service descriptions and financial / orations projections for a minimum of three to five years. In startup situation that need initial financing, creators should paint a vivid, yet conservative, picture of the founder and the rationale for believing the business will succeed. When seeking growth-financing, management should highlight past company performance and carefully project the impact of the new funding on improving net income.
Marketing PlansAll the fabulous business and strategic plans ever devised will fail if you don't market and sell your product or service. A solid marketing plan will help you achieve gross income and sales goals. A SWOT (Strengths, Weakens, Opportunities and Treats) analysis is an effective technique for creating a winning marketing plan. SWOT is also useful in strategic plan creation as a foundation technique. You can also combine a SWOT analysis with the four P's (Product, Price, Publicity and Place). If you would like to read more about 4P's bellow is link to ours article where explain with detail.
This article also might be interesting for you: https://blog.planb-cambodia.com/strategic_management/porters-competition-model/ Let us know what is your best practice in planning, leave a comment!