Business Planning is synonymous with start-up's, however its use is more prevalent amongst established companies than is typically understood.
Planning is about looking to the future and making decisions today based on your assessments of likely future events. It is also about trying to minimise risks by using information available today to help you make better decisions that affect your future
Managing Costs from Key Suppliers. If your firm is reliant on the supply of certain materials to deliver the final good or service, you are vulnerable to price increases.
Managing the Supply Chain. An over reliance on one supplier can lead to problems if there are supply shocks or disruptions to the delivery of your supply.
Managing Cash Flow. Good Cash flow management is a vital process for any growing business. At the start up stage costs and expenses typically exceed sales for a number of months until break even is achieved.
Managing Performance. For business plans to be effective they need to include SMART objectives (Specific Measured Achievable Realistic Time bound) and need to include milestones assigned to named individuals within the company.
Managing Exposure to External Risks. In an increasingly globalised economy numerous external factors can impact on a firm's performance. Effective business planning can help firms identify such risks and help firms put in place processes to minimise any negative effects.
Strategic Decision Making and Resource Allocation. All firms deploy resources in the pursuit of the company's primary objective. How resources are allocated is an important strategic decision, as resources are typically allocated to maximise a company's return.
Contingency planning and scenario analysis. In recent times we have seen the effects of a number of what is called "black hole" events. These are events that can not be avoided and can be very desvastating. A good example is the crash in the Naira's value and the insurgency in areas of the country.
Cooperate Social Responsibility. In recent times we have seen the effects of a number of what is called "black hole" events. These are evnts that can not be avoided and can be very desvastating. A good example is the crash in the Naira's value and the insurgency in areas of the country.
Manage your Brand Relaunch. There comes a time in every business' evolution when it's time to rethink, reinvent and reinvigorate. Over time, even the most carefully developed branding efforts tend to become inconsistent, inefficient and ineffective.
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