Even though the techniques for business planning may vary between different sizes and types of organization, the objective is always the same: to define targeted opportunities to become more competitive with resources, focused activity, and strategies.
In smaller organizations, the business planning process may be more straightforward than for larger organizations with distinct business areas and who may need to make some difficult decisions regarding resource allocations and strategic priorities.
Understanding and creating different types of marketing plans and knowing when they are needed is essential to creating a thriving business.
But it can be difficult to know which type of plan to use when and how best to structure them.
It answers questions including: how do we position ourselves in order to gain a competitive advantage? The Control section of the plan ensures you know if you are succeeding or failing – and you can make adjustments – before it is too late.
A common perception is that business plans are formulated by cash-starved start-ups seeking investment to launch a new venture, but a business plan can and should be utilized by businesses of any size, type and at any stage of existence.
It identifies how you drive your organization’s future.
It aims to answer the question: It is a written record of goals, coupled with a track record of delivering against those goals.
For already established businesses, a business plan will enable you to objectively look at what is working well and areas for improvement.
Many business plans are formulated by organizations that are long past the start-up stage.