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TOPIC 3: BUSINESS PLANNING

SMEs
Influences
Planning Process
Critical Issues

Critical issues in business success and failure

  • importance of a business plan
  • management - staffing and teams
  • trend analysis
  • identifying and sustaining competitive advantage
  • avoiding over-extension of finance and other resources
  • using technology
  • economic conditions
It should be clear by now that a business plan is important. If you still need to be convinced READ ​What Is the Importance & Purpose of a Business Plan? (Chron).
Once the business plan indicates that your business has a strong possibility of being successful it needs to be brought into action.
  • Management structures and the managers themselves need to be chosen. Then the managers need to staff the business and organising the teams in which they will be working. READ: Staffing Issues Critical to Business Strategies
  • The business needs to continue monitoring, evaluating and adjusting the business plan and its implementation by conducting trend analysis.  This includes the importance of sustaining a competitive advantage.
  • With some initial successes a business may be tempted to overextend by acquiring too many resources such as purchasing and leasing equipment, cars and inventory. This could then stretch finances too thin. This also means being careful about not overcommitting to customers about what the business is capable of achieving.
  • The video below discusses why using technology remains key to business success.
  • Finally, businesses need to adapt their business plans according to economic conditions. READ What Constraints are Placed on Business in the Economy? 

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  • Home
  • About
    • About
    • Education Blog
    • Writing Blog
  • Case Studies
  • Courses
  • HSIE Resources
    • HSC Business Studies >
      • Operations >
        • Role of operations management
        • Influences
        • Processes (overview) >
          • Inputs
          • Transformation processes
          • Outputs
        • Strategies
      • Marketing >
        • Role of marketing
        • Influences
        • Process
        • Strategies
      • Finance >
        • Role of Financial Management
        • Influences
        • Processes
        • Strategies
      • Human Resources >
        • Role of human resource management
        • Influences
        • Processes
        • Strategies
        • Effectiveness
    • Preliminary Business Studies >
      • Nature of Business >
        • Role of business
        • Types of businesses
        • Influences
        • Business growth and decline
      • Business Management >
        • Nature of management
        • Management approaches
        • Management process
        • Management and change
      • Business Planning >
        • SMEs
        • Influences
        • Business Planning Process
        • Critical Issues
    • Economics >
      • Introduction to Economics >
        • The nature of economics
        • The operation of an economy
      • Consumers and Businesses >
        • Businesses
      • Markets >
        • Demand
        • Supply
        • Market equilibrium
        • Market structures
      • Labour Market >
        • Demand and supply of labour
        • Labour market trends
      • Economic Issues >
        • Economic growth
        • Unemployment
        • Inflation
        • External Stability
        • Distribution of Income and Wealth
        • Environmental Sustainability
    • Society and Culture >
      • Course Framework
      • Research Methods
      • P1: Social and Cultural World
      • P2 Personal and Social Identity
      • P3: Intercultural Communication
      • PIP
      • H1: Social and Cultural Continuity and Change
      • H2: Popular Culture - Social Media
      • H3: Equality and Difference
    • Geography (old syllabus) >
      • Coastal Management
      • Urban Growth and Decline
      • Human Rights
  • Contact