About This Chapter
Importance of Business Planning - Chapter Summary
In this professional development chapter, our expert instructors explain the overall importance of business planning. Assign these lessons to your company's employees to help them develop knowledge regarding:
- Business plans
- Operational plans
- Competition analysis
- Market analysis
- Performance levers
The chapter is available online at any time, and you can either share these lessons with specific employees or integrate them into a corporate training session. Included in the chapter are short quizzes that your employees can use to reinforce their understanding of the chapter's business planning concepts.
How It Helps
- Builds awareness: The chapter can help employees understand why business plans are essential in an organization.
- Helps identify performance levers: The chapter offers insight into how your employees can go about determining performance levers at your organization.
- Improves planning and analysis skills: By completing the chapter, employees will be able to use business planning, market analysis and competition analysis at work.
By the end of the chapter, your company's employees should be able to:
- Explain the importance of business plans
- Compare types of operational plans
- Use competition analysis and market analysis methods
- Identify performance levers
- Recognize your company's performance levers
1. Why Are Business Plans Important?
In this lesson, we'll define a business plan, talk about why a business plan is important, and explore its major components. We'll also discuss what information is useful to external and internal users.
2. Practical Application: Business Plan Template
It would be hard to overestimate the importance of a business plan. When launching a business, the quality of the business plan will influence funding, customer acquisition, financial decisions, the management structure, and the overall success of the business.
3. What Are Operational Plans for a Business? - Definition, Types & Examples
In this lesson, you will learn about the purposes and content of operational plans. We also will define their place within the overall management planning process.
4. Competition Analysis in Business Planning
Do you own a business and want to know how to stand out from the pack? In this lesson, we will discuss what competition analysis is, how to determine your competitors, and ways to compare yourself to competitors through business planning.
5. What is Market Analysis? - Definition & Examples
How do you determine the most suitable market for your industry? What are the risks and benefits of operating in a particular market? This lesson discusses the definition and purpose of a market analysis.
6. What Are Performance Levers? - Definition & Examples
In this lesson, we'll define something known as performance levers. You'll then identify numerous different types of performance levers. Finally, we'll go over how/when some of them are used.
7. How to Determine Your Company's Performance Levers
In this lesson, we define performance levers. Then, we explore the numerous questions you must ask yourself in order to help determine your company's performance levers.
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