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assigment5 - Business Management Exercise Assignment 5 Dr...

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Business Management Exercise Assignment 5 Dr. Maggie Sizer The Business Enterprise BUS508 Kakageldi Amanmedov June, 13, 2010 Discuss the value of a business plan to an organization. A key element of business success is a business plan. A business plan is a precise statement of the rationale for the business and a step by step explanation of how it will achieve its goals. The business plan should include an explanation of the business, an analysis of the
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Business Management Exercise competition, estimates of income and expenses, and other information. It should also establish a strategy for acquiring sufficient funds to keep the business going (Ferrell 2009, p185). The business plan should be informative, specific, and visionary. Elements that every business plan should address are a mission statement, strategy, planning, management information, and action scheme. The business plan should include certain information in a prescribed order. By writing a realistic business plan, group practices can work more efficiently and minimize the risk of not meeting their financial projections. A business plan plays very important role in an organization. If an organization wants to be successful, it will need good organized a business plan. Because, writing a well thought out and organized business plan dramatically increases an organization’s odds of succeeding as an entrepreneur. Running or starting an organization without a business plan is like walking through the dark without a flashlight. You can probably go a long way using just your senses and relying on basic instincts. But operating in such a manner leaves you wide open to the risk that
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