Business planning

Hi steemians, happy new year, as we begin the new year, i think this post should be considered in order to acheive a good business this year.iStock-handshake-business-deal-partnership-635974362.jpg

In enterprenurship development, the concept of business is central and the paramount importance. There are considerable risks in every business terrain. The negative effect of the risk on a business can be minimize and controlled by means of business planning.
Before i go directly to business planning i would like to define business. Business is any activity that intends to make profit by satisfying the needs of the customers. According to my definition the aim of every business is not just profit but to satisfy the human needs.
In most cases today business is mostly veiwed from economic perspective ie making profit rather satisfying human needs, therefore business enterprices make efforts to making more profit thereby reducing the quality of the product. The excessive focus on profit making has resulted in a short life span of many business. The appropriate approach to business is the focus on the satisfaction of the customers.
The concept of planning according to knoontz in ujo (1984) "is deciding in advance what to do, when to do it and who is to do it " planning bridges the gap from where we are to where we want to go. It creates possibility for positive things which would not otherwise occur.
With the above definition of planning and that of business, i can attempt to define business planning as "deciding in advance what to do, how to do it, when to do it and who is to do it in making available goods or services for the satisfaction of the customers.
Before starting or expanding a business, you should have a business plan, it will help you know the purpose of your business and the need you are about to satisfy, it also helps you to business growth patterns, it also helps you to know the consequent problems that may arise in future, therefore enabling you to deal with them.
•In making business plan the following should be considered.
*the agreement on how your management team plans to carry out certain functions to acheive business results that would serve as a means of measuring the growth of the bisiness
*as a document that will assist when raising capital from banks, private investors, or other sources.
• business entails the following

• preparation ahead of time ie, foreseeing opportunities and threats and making arrangement for their exploitation or confrontation respectively.
• Earlier determination of what to do, which involves its mission, vision and goals.
• determination of amount of capital required and technique of distribution.
• when to do ie the determination of tje appropriate time.
• the determination of who is to do ie the appropriate labour or personnel required.
  • A business plan has to answer some critical questions about the business venture
• is this a viable business idea?
• is there market for this product or service?
• what would it take to produce and deliver the product or service?
• who would buy it, how often and how will your potential customers find out about your product or service?
• who and where is your competition.

There are so many others to consider when planning a business, but this is the little i know.
Thanks for reading.