OfficiaNet - Knowledge Base
Business PlanningBusiness planning is an internal exercise that summarises the firm’s overall strategic purpose, philosophy and direction. It establishes long term objectives and short term methods to reach those objectives, incorporating all aspects of managing the business. Business PlanA business plan is a set of documents summarising a firm’s operational and financial objectives, and an explanation of how those objectives will be reached. They often serve to provide financial information for sponsors, lenders and prospective investors, so business plans need to incorporate a financial forecast and a pro-forma of the cash flow statement, income statement and a balance sheet the firm intends to use. Tools for Business AnalysisThere are a wide range of tools to help managers plan, monitor and improve their companies, and generally provide business guidance. The basic tools include PEST, which provides a general overview of an industry sector; SELECT, a six-stage process to guide market research; SWOT, which illustrates the current position of a specific business; the 4Ps, which covers the marketing mix; ratio analysis, to make meaningful financial comparisons; and the ANSOFF MATRIX, a tool which supports decision making in relation to business development. |
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