...Creating a Business Plan Harvard Business Press Boston, Massachusetts ISBN-13: 978-1-4221-6687-1 Creating a Business Plan Pocket Mentor Series The Pocket Mentor Series offers immediate solutions to common challenges managers face on the job every day. Each book in the series is packed with handy tools, self-tests, and real-life examples to help you identify your strengths and weaknesses and hone critical skills. Whether you’re at your desk, in a meeting, or on the road, these portable guides enable you to tackle the daily demands of your work with greater speed, savvy, and effectiveness. Books in the series: Leading Teams Running Meetings Managing Time Managing Projects Coaching People Giving Feedback Leading People Negotiating Outcomes Writing for Business Giving Presentations Understanding Finance Dismissing an Employee Creating a Business Plan Managing Stress Delegating Work Shaping Your Career Persuading People Managing Crises Managing Up Becoming a New Manager Managing Difficult Interactions Hiring an Employee Making Decisions Managing Diversity Executing Innovation Creating a Business Plan Expert Solutions to Everyday Challenges Harvard Business School Publishing Boston, Massachusetts Copyright 2007 Harvard Business School Publishing Corporation All rights reserved No part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form, or by any means (electronic, mechanical, photocopying, recording...
Words: 18901 - Pages: 76
...The Cost of Business Continuity Planning Versus the Potential of Risk Though the cost of mitigating risk can be high, the lack of proper business continuity planning and disaster recovery planning will leave a company is at risk of a catastrophic loss of revenue due to the loss of the Information Systems. Any company that relies on its Information Systems for their operations should invest the time and revenue in developing an efficient and effective Business Continuity Plan (BCP) and a Disaster Recovery Plan (DRP). This study will compare the differences in what a Business Continuity Plan is used for and what a Disaster Recovery Plan is used for. Additionally, it will evaluate the risk having a Business Continuity Plan and Disaster Recovery Plan versus accepting the potential loss of revenue and business in the event of a disaster. It is important to any company that uses it Information Systems to generate revenue. If a company is effected by a disaster, the longer a company takes to respond to the emergency and recover its resources, the more time it will take the company to get back to normal operations (Harris, 2013, p. 887). As history has shown, our world has and will continue to experience many destructive events such as, floods, earthquakes, terrorism, hurricanes, and many other catastrophic events that could cripple a company that is not prepared. Disasters are uncontrollable and over time, every organization will have to deal with the fallout of a disaster. Three...
Words: 2924 - Pages: 12
...Creating a Successful Business Plan (for the Artist) Creating a Successful Business Plan (for the Artist) Prepared by SaskMusic (the Saskatchewan Recording Industry Association) http://www.saskrecording.ca/ The following document was created strictly for those interested in understanding the different aspects of a business plan. There are several models for creating business plans and as such, this is only one possible model. Make sure that you are writing a business plan which best reflects you as an artist and your music. Just a reminder: Your business is your music, your band and all of the promotion and marketing that you do for yourself so that you are successful in this industry. What is a Business Plan? The business plan outlines your professional goals, how you will achieve those goals and the resources that you have and need to get in order to achieve those goals. It is basically the story of your career and your business. The business plan takes you from the “idea stage” to the “action stage.” Why Write a Business Plan? At the very basic level (and perhaps the most important level), the business plan will allow you to focus your thinking, set a realistic plan with realistic goals, and get you moving forward with your career. Additionally, the business plan can be used to bring in key players whom you would like to have as a part of your team. These key players might include prospective managers, agents, labels. The business plan shows these...
Words: 5563 - Pages: 23
...Ethics Reflection Paper Ethics Reflection Paper Ethics and social responsibility are important concepts that play a significant role into implementing a strategic plan. Ethics and social responsibility will benefit an organization into having a successful strategy plan and reduce and any potential negative impact of a operation. The subjects to address in this paper are the following, the role of ethics and social responsibility in developing a strategic plan considering stakeholder needs and how my ethical perceptive has evolved throughout the program. Ethics is an important concept as well as the fundamental principles of right individuals conduct. “Business ethics seek to proscribe behavior that businesses, firm managers, and workers should not engage in. Ethics is a source of guidance beyond enforceable law. It is clear and uncontroversial that firms and their workers should not engage in unlawful acts, such as selling harmful or defective products, and ignorance of the law cannot be used as a justification for unlawful actions. Business and management ethics goes beyond the law lo provide guidelines as to what is acceptable behavior in business transactions” (Haq, 2011, p.1). The way a company could successfully establish a mission, vision, or objective for its organization is through adhering ethics. The company must develop values that interest stakeholders. The values should include direction and expectation of the organization. The values should...
Words: 590 - Pages: 3
...Business Plans: Implementing and Designing Professor Laura Alderson MGMT 3510-001 University of Memphis By Keara Collins 1 April 2014 Business Plans: Implementing and Designing Each and every day Americans are striving to become more independent in the business world. Being a business owner is very exciting, but it requires knowledge, work, skills and maintenance. One of the best ways to design and implement a business plan is to write the vision and do the research. There are procedures on how to keep a business effective (Covey 1989). Research and knowledge helps to ensure the companies stability and longevity. Behind the Scenes Work The creation of a successful business will always take time, research, and work. There are many available resources to potential business owners. One of the most important aspects to starting a business is putting in the work to start the business, and keep the business. Successful businesses are not given to those who lay idle but to those who change their perception and work for end results (Covey et al.,1989). People must be willing invest the time and money into the business. Research past business successes and failures of similar businesses and take notes. The greatest leaders were once followers (Maxwell 10/02/2012). Skill is required when starting a business, skills are essential because it shows an area of specialty that the business owner has and a great amount of knowledge in that area. Sacrifices have to be made...
Words: 690 - Pages: 3
...into running a business efficiently. One of those things is having a strategy. A strategy is defined as a method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem using available resources (Business Dictionary, 2015). Strategy can fill the separation between organizations Means and Ends. A great example of this would be trying to plan a trip. Some may have a strategy like calling their travel agent, or using different website to compare the different rates available. Strategy is important and details on why will be further discussed. Strategy is important. Creating a strategy is important because it helps obtain and maintain a position of advantage over the disadvantage. Strategy is not a quick decision; it is a lure of decisions that have to be made. Creating this strategy for a business helps the organization to help shape them in the present and the future. You want to be able to connect the desirable ends with the needs that are available. An organization is going to want to take it a step further and create a business plan, A Business strategy is defined as business plan that takes place long-term in order to help achieve specific goals or objectives (Business Dictionary, 2015). Some of the significances of creating a business strategy are that it helps to motivate all those involved in the company, to know that the company has a future goal in mind. Its informational as well because it’s important to keep all those...
Words: 1308 - Pages: 6
...20 Reasons Why You Need a Business Plan Written by Pete Kennedy Categories: * Business Planning 1. To prove that you’re serious about your business. A formal business plan is necessary to show all interested parties -- employees, investors, partners and yourself -- that you are committed to building the business. 2. To establish business milestones. The business plan should clearly lay out the long-term milestones that are most important to the success of your business. To paraphrase Guy Kawasaki, a milestone is something significant enough to come home and tell your spouse about (without boring him or her to death). Would you tell your spouse that you tweaked the company brochure? Probably not. But you'd certainly share the news that you launched your new website or reached $1M in annual revenues. 3. To better understand your competition. Creating the business plan forces you to analyze the competition. All companies have competition in the form of either direct or indirect competitors, and it is critical to understand your company's competitive advantages. 4. To better understand your customer. Why do they buy when they buy? Why don’t they when they don't? An in-depth customer analysis is essential to an effective business plan and to a successful business. 5. To enunciate previously unstated assumptions. The process of actually writing the business plan helps to bring previously "hidden" assumptions to the foreground. By writing them down and assessing...
Words: 925 - Pages: 4
...Developing a construction marketing plan and strategy is critical to the success of your organization. The term "marketing" is often misunderstood and used incorrectly. Marketing is much more than selling or advertising. Marketing is the strategic plan that you develop for your organization that looks at your construction company's strengths and weaknesses; the areas in which you have a competitive advantage; the market(s) that you will target your sales focus on; the demographics of your chosen market; and the pricing structure that you plan to use. While advertising is often confused with marketing (as is strictly selling), it is just one piece of a solid marketing plan. To use a farming analogy, if I may, marketing is akin to analyzing crop prices, field conditions and determining what crop to plant-advertising and public outreach nurtures the seedlings, and selling harvests the results. Each component is a part of the larger strategy and depends on the other for success. As with most issues involving a construction business, planning and preparation are paramount, as well as measuring the results. We can't take a break from fundamental business practices. It's important to understand the general steps necessary to create and implement a construction marketing plan for your business. The size of the marketing budgets will vary, as will the intended target market. Ultimately the development of a marketing strategy comes down to similar steps that can be used for...
Words: 1678 - Pages: 7
...20 Reasons Why You Need a Business Plan Categories: * Business Planning 1. To prove that you’re serious about your business. A formal business plan is necessary to show all interested parties -- employees, investors, partners and yourself -- that you are committed to building the business. 2. To establish business milestones. The business plan should clearly lay out the long-term milestones that are most important to the success of your business. To paraphrase Guy Kawasaki, a milestone is something significant enough to come home and tell your spouse about (without boring him or her to death). Would you tell your spouse that you tweaked the company brochure? Probably not. But you'd certainly share the news that you launched your new website or reached $1M in annual revenues. 3. To better understand your competition. Creating the business plan forces you to analyze the competition. All companies have competition in the form of either direct or indirect competitors, and it is critical to understand your company's competitive advantages. 4. To better understand your customer. Why do they buy when they buy? Why don’t they when they don't? An in-depth customer analysis is essential to an effective business plan and to a successful business. 5. To enunciate previously unstated assumptions. The process of actually writing the business plan helps to bring previously "hidden" assumptions to the foreground. By writing them down and assessing them, you can test them and...
Words: 921 - Pages: 4
...Having a business is a big responsibility and knowing the type of product or service that you are offering is crucial in the success of the company. In this paper there will be discussion related to the new business that I am about to open and the journey I go through by successfully coming up with a plan to help me create my business and remain successful throughout the life of the business. Having the proper planning is going to be one of the keys to success. Knowing and understanding the values of the business is also important and will enable me to be more efficient in the opening of my business. The business that I am planning to open is a bakery. I want to open a bakery that offers a variety of different products for my customer base. I have created a vision for this bakery and it is to guarantee fresh value products to my customer any time of day. Being able to serve a fresh quality product to your customers is important in maintaining a good relationship with the customer. It is great to have a vision in mind and within that vision it is important that it is always carried out. Understanding the vision of the company will help me create a mission statement for my customers to see and understand. I plan to offer all types of different bakery items. I want to be able to give the customer a quality product that they can’t resist. By offering different products such as cakes, cookies, pies and other delicious desserts I will be able to gain the business of the customer...
Words: 1057 - Pages: 5
...main principles of management. Your business is the correspond of the whole decisions you make, with the need of a vision to achieve your objectives. Customers are the real evaluation of your good decision. So base your decision to get best feedback. Planning is a systematic process to get the best use of resources, methodology, and projected outcome in specific period of time. Each plan supposed to have a clear goal and objectives. Organizing is the distribution and use of resources such as capital, information, physical resources, and people. Leading which is another definition of directing people. Leading includes motivating and working in teams. Leaders should have basic skills like communication skills, and they could have a greater impact by leading by example. Controlling includes monitoring, evaluating, and correcting to achieve goals and objectives. Controlling and monitoring are much linked and similar. ACTION PLANS The best way to manage and organize a business is to follow the three action plans, which begins with setting up an operations plan, creating a management plan, and creating a contingency plan. Operation plan starts by setting the whole process and steps from supplying the raw material till delivering it to the customer. A good method to set an operation plan is to sketch the wok area, and the distribution of tasks and processes with the timing of receiving/producing the product and delivering it. Management plan is a simple way of saying “managing...
Words: 380 - Pages: 2
...survive the economical battles of doing business. The communication style of management is also an important area for change. There are multitudes of articles and information regarding organizational change and many of them has have conflicting information on what is most important. The factors of change can be slightly different based upon the type of business, but the basics are always the same. How an organization communicates the need for change, the plan for change as well as the implementation of change are the broad spectrum of the success or failure of change. Not clear. The following literature reviews attempt to This literature review support the hypothesis that Proctor and Gamble would benefit from creating desire to change, communication, planning and resources. These are four of the most important phases of successful change implementation for Proctor and Gamble. Proctor and Gamble Problem Overview Underline not needed. Proctor and Gamble is an innovative, multinational company. Currently, Proctor and Gamble lacks an effective distribution system in some segments as well as poor location in some foreign countries and high cost of inputs. Another area of weakness is the employment of foreign based local management who don’t have international business experience. doesn’t have any international business experience. This makes collaboration with headquarters a little difficult because of their inexperience in the global business. According to the article: How...
Words: 2291 - Pages: 10
...to create a mission statement for a business small or large, it is important to have a mission statement because creating a vision will guide a company’s future. In doing so a mission statement will provide the vision, mission, and values for the organization’s that will help determine the strategic direction. A well define mission statement will not only help guide a company to success but also define the owner, employees and also set you apart from your competitors. Before creating a mission statement is important to have a vision statement that will convey what the intent for the future of the company and clarify the organizations beliefs and principles. My vision for my independent trucking business would be “To be the most requested independent driver in central Texas by providing first class transportation solutions.” My long range goal is to broker my own deals with the shippers, drive the goods myself and own my own truck. With the vision statement clarifying my trucking company’s goal and where I want to be in the future; the next step is to make a mission statement to capture the reason to be in business and what will help in making company decisions. Central Texas Trucking Company (CTTC) is dedicated to the principal and philosophy of being the best domestic transportation throughout Texas. As an independent trucker, I will provide transportation solutions with the highest commitment to excellence and integrity. In any business, a vision, mission, and values will...
Words: 1120 - Pages: 5
...Risk Management Plan Project Name: IS305 Project Manager: Paul Bettinger Date: October 1, 2013 RISK management PLAN INTRODUCTION 2 PURPOSE AND SCOPE 2 RISK MANAGEMENT PLANNING 3 RISK MANAGEMENT ASSIGNMENTS 6 RISK MANAGEMENT TIMELINE 7 MITIGATION PLAN Introduction 8 Cosiderations 8 Prioritizing 9 Cost benefit analysis 10 Implementation 11 Follow-up 11 Buisness impact analysis Introduction 12 Scope 12 PURPOSE AND objectives 13 Steps of bia 13 final review 15 BUSINESS CONTINUITY PLAN Introduction 16 oBJECTIVES 16 BCP PLANNING 17 PLAN UPDATES AND TRAINING 21 computer incident response team Introduction 22 Purpose 22 elements of the plan 23 incident handling process 23 cirt members 23 detection 24 containment 24 recovery and review 24 cirt policies 25 FINAL THOUGHT RISK MANAGEMENT PLAN INTRODUCTION A risk management plan is a process for identifying, assessing, and prioritizing risks that could cause the company a loss. Identifying these risks, threats and vulnerabilities and taking action to prevent or control them now and in the future. Creating a risk management consists of measuring and prioritizing risks involved and taking actions to reduce any loss the company may encounter. Being that indirectly we work with the Department of Defense, which as you knows is a department of the United States Government dealing with national security, a well-developed risk management plan is of the upmost importance. Without updating...
Words: 5009 - Pages: 21
...economy in the year’s previous and certain business sectors were thriving. In late 2007 cracks in the economy started to appear and, soon after, the recession had hit the country full bore. During this devastating time, the Canadian government developed an Economic Action Plan to counter the effects of the recession. This action plan had first been started in 2006, but was implemented during 2008 to spark the lagging economy. This was done by increasing government spending throughout the country and, specifically, in places in Canada that were suffering the most. There are many facets to the Economic Action Plan, but the overall goal was to get the economy back on track. The main elements to the action plan are jobs, growth and prosperity for Canadians. The first topic in the action plan is Connecting Canadians with Available Jobs: this portion of the action plan makes sure that Canadians find the jobs they need in order to keep working and contributing to the economy. The government of Canada has ensured this will happen through several different methods and some examples are: • Creating the Canada Job Grant • Creating and encouraging opportunities for apprentices • Providing support to groups which are underrepresented in the job market (examples: Aboriginals, newcomers, youth) • Promoting education in high demand fields • Providing scholarships for post-secondary education The second topic discussed in the Economic Action Plan is Helping Manufacturers and Businesses...
Words: 1030 - Pages: 5
