The Importance of a Business Plan Essay - 717 Words

When it comes to starting a business it is important to have Business Plan. The value of a business plan is important in the startup of an organization. The value of proper business plan in an organization can determine if the organization will withstand over of time or for years to come for that matter. In implementing a proper business plan, proper planning in it self is important and valuable to the process. Planning helps in ensuring that the organization can withstand and remain as an essential asset to the needs of the community and helps in providing an impact on the city tax base. A valuable business plan can also allow the company to look at ahead at its projected profits and loss to be able to give their shareholders the return†¦show more content†¦Short-range planning is for the company to have goals that will be rewarding and easy to obtain. Long-range planning for the most part seems to be more difficult to adjust and is often times less rewarding. When external environments are frequently changing management with staff need to ask how to develop plan of actions that will remain relevant. Planning should be no less important in such a forever evolving environment it needs to be more important. Businesses that operate to just make profit normally operate without ethics. When a business is not held to standards of accountability it would be as to have another Enron or a Bernie Maddoff situation. Sociologist Raymond Baumhart wanted to know from business people what ethics meant to them and some of the replies were â€Å"Ethics has to do with what my feelings tell me is right or wrong. Ethics has to do with my religious beliefs. Being ethical is doing what the law requires. Ethics consists of the standards of behavior our society accepts. Lack of proper marketing in a business is one of the main reasons a lot of businesses have not succeeded. Strategy planning determines whether one will live or die or whether they fail or succeed. Marketing strategy is a process that should allow any organization or business to focus its limited funds or resources onShow MoreRelatedThe Importance of Business Plans for an Organization1292 Words   |  5 PagesThe business plan is of critical importance for any organization. The business plan lays down the blueprint for how the organization will be run, in what markets and products, and how the organizations financials should look. For the entrepreneur, the business plan is essential because the different things contained in the business plan will force the entrepreneur to critically examine every aspect of his or her business. This paper will outline some of the key components of a business plan, andRead MoreThe Importance of Corporate Finance in a Business Plan2232 Words   |  9 Pagesresearch is done by the request of the potential investors in the 5 Aces business club on the basis of the business plan provided. Problem faced: The importance of corporate finance in a business plan. 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