Sometimes people use the term business plan when they are referring to a project. Some projects are very substantial and equate to an autonomous independent business activity, in which case a business plan is entirely appropriate. Business planning terminology can be confusing because much of it is used very loosely, and can mean different things. Here is a way to understand it better:
As an entrepreneur, you are concerned with every aspect of your business and need to have clear goals in mind for your company. Having a comprehensive list of business objectives creates the guidelines that become the foundation for your business planning.
Profitability Maintaining profitability means making sure that revenue stays ahead of the costs of doing business, according to James Stephenson, writing for the "Entrepreneur" website. Focus on controlling costs in both production and operations while maintaining the profit margin on products sold.
Productivity Employee training, equipment maintenance and new equipment purchases all go into company productivity.
Your objective should be to provide all of the resources your employees need to remain as productive as possible.
Customer Service Good customer service helps you retain clients and generate repeat revenue. Keeping your customers happy should be a primary objective of your organization. Employee Retention Employee turnover costs you money in lost productivity and the costs associated with recruiting, which include employment advertising and paying placement agencies.
Maintaining a productive and positive employee environment improves retention, according to the Dun and Bradstreet website. Core Values Your company mission statement is a description of the core values of your company, according to the Dun and Bradstreet website.
It is a summary of the beliefs your company holds in regard to customer interaction, responsibility to the community and employee satisfaction.
The company's core values become the objectives necessary to create a positive corporate culture. Growth Growth is planned based on historical data and future projections. Growth requires the careful use of company resources such as finances and personnel, according to Tim Berry, writing on the "Entrepreneur" website.
Maintain Financing Even a company with good cash flow needs financing contacts in the event that capital is needed to expand the organization, according to Tim Berry, writing on the "Entrepreneur" website.
Maintaining your ability to finance operations means that you can prepare for long-term projects and address short-term needs such as payroll and accounts payable.
Change Management Change management is the process of preparing your organization for growth and creating processes that effectively deal with a developing marketplace.
The objective of change management is to create a dynamic organization that is prepared to meet the challenges of your industry.
Marketing Marketing is more than creating advertising and getting customer input on product changes. It is understanding consumer buying trends, being able to anticipate product distribution needs and developing business partnerships that help your organization to improve market share.
Competitive Analysis A comprehensive analysis of the activities of the competition should be an ongoing business objective for your organization.When writing a business plan, what is meant by ‘short-term objective’, ‘medium-term objective’ and ‘long-term objective’?
The difference between short, medium, and long-term objectives is the time frame of each, and the implication this has on the nature of the objectives. Short-term.
The One Page Business Plan for the Busy Executive Written specifically for professional business managers and executives. Thousands of business executives have already successfully written and implemented One Page Plans with this simple and effective planning methodology.
Financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives. Usually, a company creates a Financial Plan immediately after the vision and objectives have been set. The Financial Plan describes each of the activities, resources, equipment and materials that are needed to achieve these objectives, as well as the timeframes involved.
Identify Staffing Levels.
One of the objectives of a workforce planning strategy is to identify appropriate staffing levels for all departments in a business during all shifts. benjaminpohle.com A JSJ Business Purpose of APQP Advanced Product Quality Planning (APQP) was designed to help deliver benefits to the entire supply chain.
Jun 29, · Your business objectives are the results you hope to achieve and maintain as you run and grow your business. As an entrepreneur, you are concerned with every aspect of your business .