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Creating an Effective Business Plan

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             A budget provides information on how to implement short and long term strategies in consistence with the objectives of the company concerning capital expenditures on assets and on the expansion of the business. Long term strategies provide a plan for the company's future financial expansion and growth and the purpose of their establishment is to set financial milestones that rest successfully within the company budget. Short term operating plans culminate the capital budget process and generate the decision-making that supports the recommendation. Short term operating plans and long term strategies both focus on the company's financial health and both aim at maximizing efficiency in capital use in order to expand company operations and create shareholder value. A budget ensures that the financial position of the company advances its overall short term operations and long term strategies and provides the foundation required to achieve the objectives. Lack of a budget impairs the ability of a company to conduct short term operating plans and to implement long term strategies because management of funds is vital to paying for the short term operating plans that can be used to achieve long term strategies [Bec08].
             Budgets are used to monitor and evaluate performance by being the yardstick upon which the actual results of a company are used to guide both current and future decision making processes and hold managers accountable for performance. The role played by budgets is the provision of independent verification through reconciliation by journals and summary of expenses and revenues in financial control. Budgets give managers the ability to accurately assign costs of products and activities.


Essays Related to Creating an Effective Business Plan

1. A Business Plan

A BUSINESS PLAN FOR Proposal Overview Statement of Purpose The following business plan has been formulated to obtain $200,000 in capital to establish a coffeehouse on the campus of Doane College named The Orange Cup. This plan will also serve as a formal outline for the first five year's of operation. ... Marketing Research Design The exploratory method was the most effective method available for our research. ... This method was most effective because our research objective was to determine if there was an opportunity for a coffee shop to be successful on Doane Coll...

  • Word Count: 5093
  • Approx Pages: 20
  • Grade Level: High School

2. Business Plan

Embrace the needs of our customers as an essential component in the way we do business. ... Particularly the later have become the focal point of its business. ... Product Descriptions This plan will demonstrate that there is a need for specialist tea shops in Russia, Moscow. ... We strongly believe that our prices will create a perception of the shop that offers the tea only of the best quality, accompanied with best service. b) Distribution Considering the entire process of moving the product to our consumers we will chouse one of the most effective distribution channels- the dir...

  • Word Count: 2179
  • Approx Pages: 9
  • Grade Level: High School

3. Effective Business Management - Giovanni's Pizzeria

It has a very weak organizational culture in that it lacks strict supervision for staff and lacks an effective management system. ... Hence, it is vital to implement effective strategies to overcome the employee and managerial problems of the company. Introducing an effective management system is necessary to uplift the organizational culture of the company. ... As a result of poor effective leadership style, the night managers and store managers fail to recall their responsibilities. ... This further proves his "lack of drive and desire to lead as an effective leade...

  • Word Count: 3421
  • Approx Pages: 14
  • Grade Level: Undergraduate

4. Business Ethics

What is Business Ethics? ... The 10 Benefits of Business Ethics 4. ... Nestlé's view on Business Ethics 4.3. ... What is Business Ethics? ... Businesses cannot function without ethics, why? ...

  • Word Count: 3382
  • Approx Pages: 14
  • Has Bibliography

5. EU Single Market and International Business

Also over 2.5 million workplaces were created, the choice of the goods and services increased and the prices reduced. 2. ... There are a number of factors influencing the development of international businesses and one of them is the communications development which is making it faster, easier and more effective. ... International businesses constantly change but they have both short and long run plans. ... Some branches will be more effective than other which will slow down the whole company growth and development. Single Market is a very big target for any international business so it is v...

  • Word Count: 1276
  • Approx Pages: 5
  • Has Bibliography
  • Grade Level: Undergraduate

6. Effective internal public relations

Effective Public Relations Effective public relations don't happen by chance; they require time, effort and planning. ... Why was this public relations plan so effective? ... This holds true in times of triumph, tragedy, and day-to-day business. ... Today, ethics is hard to come by in the business world. ... Proper planning and executing is the key to effective public relations. ...

  • Word Count: 1082
  • Approx Pages: 4

7. GE Strategic Planning Report

Welch understood the eight errors common to transformation efforts as shown below: Allowing too much Compliancy Failing to create a sufficiently powerful guiding coalition Underestimating the power of vision Under communicating the vision by a factor of 10 Permitting obstacles to block the new vision Failing to create short-term wins Declaring victory too soon Neglecting to anchor changes firmly in the corporate culture GE's strategic planning was to show how one achieves goals and how the strategic process is applied to not only to the creation of plans, but also to the ...

  • Word Count: 2359
  • Approx Pages: 9
  • Grade Level: Undergraduate

8. Business

By satisfying the needs and wants people cannot satisfy themselves, businesses improve the quality of life for people and create a higher standard of living. ... A businesses environment creates many opportunities as well as problems for prospering businesses. ... Businesses function within an environment by allowing entrepreneurs to raise capital and create profits freely. ... In addition, because of this single taxation, the personal assets of the partners are frozen which often creates major problems. ... The role of the government in authorizing the operations of corporations creates stil...

  • Word Count: 3843
  • Approx Pages: 15
  • Grade Level: High School

9. Planning For Management Information System

The third level in the framework is strategic planning, designed to provide top managers with information that assist them in making long-range planning decisions for the business. ... A MIS provides information for effective planning and tactical decision making, which is the foundation of operational level data system. ... The measurement for an effective MIS must be the users; usage and satisfaction have a strong correlation. ... The managers implement the MIS, their behavior and motivation play an important part in the variables for the system to be effective. ... The company establ...

  • Word Count: 2089
  • Approx Pages: 8
  • Has Bibliography
  • Grade Level: Undergraduate

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