Business Planning And Control

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Your plan shows how you will get from here to there.

Related: 7 Steps to a Perfectly Written Business Plan You can visit our small business encyclopedia to learn more about business plans or our Form Net area to get the necessary forms to get started.

If your business plan contains measurable goals, develop a tracking system to assess where you stand regularly.

For example, if the plan calls for earning a certain amount of revenue per month, track revenue on a daily or weekly budget to monitor and control the process.

According to modern concepts, control is a foreseeing action whereas earlier concept of control was used only when errors were detected.

Control in management means setting standards, measuring actual performance and taking corrective action.If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of one. You start here, today, with certain resources and abilities.And you want to get to there, a point in the future (usually three to five years out), at which time your business will have a different set of resources and abilities as well as greater profitability and increased assets.Control, or controlling, is one of the managerial functions like planning, organizing, staffing and directing.It is an important function because it helps to check the errors and to take the corrective action so that deviation from standards are minimized and stated goals of the organization are achieved in a desired manner.While many business owners write a marketing plan to obtain business loans, the plan can be a useful tool for monitoring and controlling ongoing operations.Business plans should be reviewed on a regular basis, especially if a business is expanding quickly, experiencing cash flow problems, adding new products or services or reaching into new markets.Video: What Investors Really Think About Your Business Plan.At our Entrepreneur magazine Roundtable, financial pros offer tough talk about the business plans of first-time entrepreneurs: Related: What Investors Really Think About Your Business Plan Video: How Can I Hire Someone to Help Write My Business Plan?Specifically, this badge demonstrates the earner's ability to describe decision-making, planning, control styles, strategies, and challenges from the managerial perspective.A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it.

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