The responsibility of business towards society restricts a businessman from earning exorbitant profit. Any activity undertaken without economic consideration will not be a part business. Its objectives and course of action must be clearly defined leaving no ambiguity in the minds of those who are responsible for its execution.
Without planning, organisation, are subject to the winds of organizational change. The character, nature and scope of planning may change fro personnel to personnel but the planning as an action remains intact. We will not sell them, this will be called business. As one moves downward, internal premises gain importance.
The planning process is valid for one organisation and for one plan, may not be valid for other organizations or for all types of plans, because various factors that go into planning process may differ from organisation to organisation or from plan to plan. Because the major objective, in all enterprise, needs be translated into derivative objective, accomplishment of enterprise objective needs a concrete endeavor of all the departments.
Managers or executives have to consider various courses of action, achieve the desired goals, go in details of the pros and cons of every course of action and then finally decide what course of action may suit them best. A regular follow-up is necessary and desirable from effective implementation and accomplishment of tasks assigned.
Foresight must be used in planning the scope of operation in order that the needs for capital may be estimated as accurately as possible. It is regularly tracked, measured and rebuilt. All the operations are planned to achieve the organizational objectives.
Steps involved in Planning. A business plan is a business preparatory guide that defines theobjectives, mission, market, plan to penetrate the market, businessprocess and financial projections in terms o…f assets, revenue,profits, gains and losses.
Increases Organizational Effectiveness Planning ensures organizational effectiveness. They carefully study the market, the competitions and the customers.
Part of your plan has to be ways in which you anticipate your company will grow. The main characteristics or nature of planning is given below: Some of the uncertainties can be predicted by undertaking systematic forecasting. An organisation without planning is like a sailboat minus its rudder.
The more detailed your business plan the better. Nor do they ever lose focus of their goals and ultimately emerge as a winner. The plan should be communicated to all persons concerned in the organisation.
Last but not the least, the financial open be made in such a manner that the cost of capital procurement should be minimum. A sound financial structure should provide simple financial structure which could be managed easily and understandable even to a layman.
Once you establish that you do have a legitimate business that has the ability to earn money. 10 Characteristics of a Great Strategic Plan Although the concept of strategic planning is not new, it is an activity that many organizations typically struggle with.
The strategic planning process often results in a significant investment of management. Writing a Business Plan Georgia State SBDC 2 Why Write a Business Plan?
A Business Plan helps you evaluate the feasibility of a new business idea in an objective, critical, and unemotional way. The business plan is an outline of how the product will be created and marketed, how funds will be raised and who will buy the product.
The more detailed your business plan the better. It should look at all aspects of the business and plan for every step. Answer. Remove the old one and put the new one in. Extremely difficult job. -Long answer. Remove the door panel. Find the motor and drill out the rivets or get the old motor out by any means.
The characteristics of sound incentive wage plan are stated below: 1. Approval of Management, Workers and Trade Union: All the interested parties must accept, support and co-operate in the.
Apr 04, · 6 characteristics of a sound business plan Creating The Killer Business Plan - Duration: docstocTV 26, views. How to write a Business Plan - .Characteristics of sound business plan