1. Economic development- financial highlights.
A snapshot of dedicated, and you actually
process in which nation is being your business. care about your business and
improved in the sector of the economic, Company description – the plan. You could discuss
political, and social wellbeing of its describes what you do the mistakes that you’ve
people. Market research and strategies learned, list the problems that
Economic growth- increase of the – spell out your market analysis you’re hoping to solve,
inflation-adjusted market value of the and describe your marketing describe your values, and
goods and services produced by the strategy, including sales forecasts, establish what makes you
economy over time. It is the aspect of deadlines and milestones, stand out from the
the economic development advertising, public relations and competition.
2. Development and growth how you stack up against your
theories: Linear growth theory, competition.
structural change theory, dependency Organization and management
theory, new-classical theory, new – provide basis of your company
growth theory, and property rights. executives and managers and
Structural change theory –the Lewis explain how their expertise will
model, known as the “two sector help you meet business goals.
model” and “surplus labour model”. It Service or product – the
focused on the need for countries to products or services you’re
transform their structures, away from offering
agriculture, with low productivity of Marketing and sales – how
labor, towards industrial activity, with you’ll market your business and
high productivity of labor. your sales strategy
3. Principles of planning – a Financial Documents – this is
rational approach to achieving pre- where you provide the numbers
selected objectives. Panning involves that back up everything you
selecting missions and objectives and described in your organizational
the actions to achieve them. An and marketing sections. These
important aspect of planning is documents are forward-looking
decision making – that is, choosing the projections, not your current
right alternative for the future course of accounting outputs.
action.
Appendix – an optional section
4. Criteria for effective planning:
that includes resumes and permits
Take time to plan the plan – an 6. Steps in business planning:
overall plan on how the strategic 1. Research, research, research
planning will be accomplished, – research and analyse your
based upon known best practices. product, your market and your
Well-designed research – objective expertise.
effective strategic plan is based on 2. Determine the purpose of your
an extensive research phase plan – as entrepreneur notes,
which objectively examines the it is also a road map that
strengths and weaknesses of the provides directions so a
organization (assets, weaknesses, business can plan its future
processes…) and helps it avoid bumps in
Assess different options – don’t the road.
just jump at the first and seemingly 3. Create a company profile –
obvious solution. Take sufficient your company profile includes
time to analyse a range of options. the history of your
Don’t make assumption or leave organization, what products or
potential problems for operations services you offer, your target
to solve. market and audience, your
Outline how implement the resources, how you’re going
plan – successful strategic plan to solve a problem and what
will should include an action plan makes your business unique.
that identifies WHAT must be 4. Document all aspects of your
done, by WHOM, by WHEN, and business – document
HOW it will be measured. everything from your
Ongoing review and expenses, cash flow and
assessment – a strategic plan isn’t industry projections.
just a static document. Don’t let 5. Have strategic marketing plan
just sit on the shelf. Set up a in place – a great business
schedule to make sure it is re- plan will always include a
visited often. Quarterly meetings to strategic and aggressive
review progress, identify issues, marketing plan. This typically
and adjust course where includes achieving marketing
necessary. objectives.
5. Components of business 6. Make it adaptable based on
planning: your audience - make sure
Executive summary – includes that your plan can be modified
table of contents, company depending on the audience
background, market opportunity, reading your plan.
management overviews, 7. Explain why you care – you
competitive advantages, and plan needs to show that
you’re passionate and