wk1 article I need help with an article I need a 500 words s

wk1 article

I need help with an article, I need a 500 words summary of Business planning and discuss what you learned from reading it that will aid the Strategic management effort of an organization. I need an introduction, body, conclusion and a least 2-3 reference, please. BUSINESS planning

Solution

Business Planning is said to be one of the most important aspects of a business today and almost no organization can succeed without a proper business planning. Business Plan can be defined as a formal document which consists of the objectives of the business and a detailed description of the goals that the business needs to achieve in a given period of time. It may also consist of the history of the organization and also the background which may state and display the previous performance of the organization and the challenges that it has experienced. There are various stakeholders to whom the plan may be communicated but that too in a proper process because the information is segregated which will possess internal information, confidential information and also external information. The basic objective of a business organization is to generate the maximum possible revenue and that is possible if the financial stakeholders are aware of all the activities and are able to monitor the same.

In order to make the business plan successful, strategic planning needs to be done because the priorities needs to set and once the priorities are set the focus should be done accordingly in order to be effective. Strategic planning is generally a decision making process that can be executed once the parameters are set right or else result will not be as per the desired. The basic difference between a business plan and strategic plan is that business plan is the initial plan to start a business or start a new operation of the business whereas strategic plan is the process through which the business gets proper direction of an existing business that is already functioning. The competition level in any field of business is high and an organization should possess a competitive advantage over its competitors in order to be successful, therefore strategic plan or management will provide or plan to provide such an advantage. Strategic management can also be stated as the collective process of bringing the activities and processes of the organization in synchronization that will help in serving the greater cause.

Strategic management generally transforms the theoretical plan to a practical plan that is ready to be implemented in order to yield results for the organization. In order to make the strategic management successful there are some steps that the organization need to adopt because success is possible only if things are done perfectly. Assessment of the current internal and external aspects is a major step because without this information the plan may not work accordingly. Formulation of the strategy in high level keeping in mind the basic structure of the organization because the organizational structure and processes cannot be changes so the strategy should be such that it is successful keeping mind the advantages and also the limitations. Planning is important but execution is more important and execution should be done as per the planning or else the result may not be as per desired. Finally the post evaluation needs to be done in order to find out the difference or change that the strategy has brought to the organization.

It can be concluded that because of the advancement in the way of doing business the organizations knees to be flexible and open to latest trends and technologies too or else the competitor may move a step ahead of the organization. Strategic plan and Business plan is very much important in this context because no business can succeed without proper objectives and goals.

References - Max Mckeown (2012), The Strategy Book, FT Prentice Hall, John Argenti (1974). Systematic Corporate Planning. Wiley, Stephen G. Haines (2004). ABCs of strategic management : an executive briefing and plan-to-plan day on strategic management in the 21st century.