By Thorsten Scholz at January 03 2020 06:42:35
A valuable source of information about your business that may be required by third parties ; Improved use of your company personal resulting from participation in the business planning process ; Increased employee motivation ; Increased profits and sustained growth.
A business that makes sense and is going to be sustainable in the future is one that has that clear vision within which all the smaller parts contribute to make it successful.
Planning is the first and the most crucial step for starting a business. Business Planning lays down step-by-step procedure by which would function. The various functional requirements of business-marketing, finance, human resource and production, provide information to all the concerned people like employees, venture capitalists, etc. and it also draws a read map to help the entrepreneur run the business successfully.
Production/ Operation plan: The production/ Operation plan should include strategies for the following parameters ; Location and reasons for selecting the location ; Physical layout ; Cost and availability of machinery, equipments, raw material ; List of suppliers and, if possible, distributors ; Cost of manufacturing ; Quality management ; Production scheduling, capacity management and inventory management ; Changes in above in the case of expansion of business.