What would you like to do?
What is the importance of a business plan in managing business growth and survival in a competitive environment?
Growth leads to increased profit, expanding a business will allow it to produce a wide range of products, create a brand name for itself and sustain a position in the mark…et.Also when a business is large it can enjoy economies of scale which will help the business to cut down its cost of production. - Aditta
of what relevance is the knowledge of business environment
A business can only run if there are people that can run a business these would be called the owner's, manager's ect... the business also need people to make the product with …is the employee's. if there is going to be a product produce they need people to buy it customers (s). to make the Product the need raw materials e.g. paper, food ect... they need people to provide this which would be the suppliers. all of these people all come under a group called stakeholders and they our the blood of the business. no people no business. simple!! hope it help! :)
so people are told what to do
The legal environment is important to business so that a business runs smoothly. If a business, especially a large one, has no legal department, they are much more open to… problems.
1. provide or enhance good industrial relationship. 2.Assist in effective decision making 3.Help to solve conflicts 4.increase production 5.lead to the achievement of …the goals Additionally, in today's volatile political, economic and financial environment, the business plan may serve as a 'door opener' to the capital markets; however, to raise capital, additional 'full disclosure' information, not in the business plan, must be provided to prospective investors. The business plan may help form the foundation for these additional documents. When we review a business plan, with an eye toward possible investment, we focus upon the management team and the cash flow summary. A properly created cash flow summary, oftentimes not available from the on-line services, will identify the cash required to achieve the company's e.g., 3 or 5 year goals.
why business plan is important? It is important for several reasons. If you are applying for a bank loan, trying to get an investor, or raising money in general, nobody i…s going to give you the time of day if you don't have your business planned out. How much money you need, what for, your purpose of business, marketing, sales strategy, profit projection, and more. Not only is a business plan designed to help you raise capitol, but it also gives you a road map so you know where you are in building your business. Would you drive across country without mapping out a route, determining the mileage, and calculating how much gas you will need and the cost? That's a business plan in a nutshell.
Having the wrong level of capacity causes negative effects. Too much capacity means that are costs are higher than they should be since we are paying for more land, equipment… and a larger building than we need. Not enough capacity negatively affects the level of service provided to our customers.
There are multiple reasons for a business plan, including but not limited to: 1. A business plan provides the direction for the company (direction defined as the goals/objec…tives and the strategies/tactics to achieve these goals/objectives), 2. A business plan will help the entrepreneur identify the risks associated with the business (market risks, economic risks, competitive risks, management risks). 3. A business plan will form the foundation for the development of required capitalization documents.
1: protects businesses from having products copied (patent) 2: protects employers and customers (from deception) Without law, business organisations could not achieve desi…red results Why? Activities restrained and dependent on law: -Establishing the organisation -Acquiring resources -Business operations -Selling output kind of helps :P
The managers might do this to expand their business into a worldwide organisation making him and all his employees famous but they would most importantly get a massive increas…e in profit.
why is it important for managers to understand the environment in which their business operates?
Helps managers to put into practice the principles underlying the process of management which inturn help him to see the interrelationship between particular theories of manag…ement and actual practice.
How does competition environment have an impact on a business? check it on Google
the world is chingabell so the enveroment chaingbel that lead us to concern that evry thing deal with the is enviroment will chaing so as the business
It's important to plan in a business organization because the lack of planning can cause problems that otherwise wouldn't be there. It is wise to plan ahead for personnel,… finances and other factors.
manager: -1. Executive whose function is to plan, organize, and control, and to make decisions in order to achieve organizational objectives. -2. In a public acco…unting firm, person in charge of an audit engagement. The manager is responsible for all aspects of the engagement, from initiation to closing and rendering an opinion