BUSN 1101 Lecture Notes - Lecture 4: State Implementation Plan, Swot Analysis
16 Dec 2016
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Document Summary
A plan to take to the bank for financing. A guide for both new and established businesses. It helps to focus the business: gives direction, determines resource allocation. Why write a plan: no two businesses or plans are alike, the planning process forces managers to understand more clearly: How and when they can do it: helps to avoid mistakes or recognize hidden opportunities, the process of planning (thinking, discussing, researching and analyzing) is just as, or even more, useful than the final plan. Where to start: know your business environment, swot analysis. Evaluate yourself first and then your competition: this then leads to strategy development, which includes: Identifies which markets and needs are to be served by which categories of products. Values/ethics: mission statement can include a values statement governing the operation of the business and its standard of conduct or relationships with society, customers, employees etc. Objectives: explicitly state the goals the firm needs/ wants to achieve.
