Without planning the company is reacting to events

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Unformatted text preview: ocess. The process, not just the plan, is a vital part of managing growth. Control Your Destiny Ask the owner of a small-to-medium company about a business plan. Expect the answer: “Business plan? But I’m not a start-up. Why would I want a business plan?” They don’t all answer that way, but too many do, and it’s a shame. Creating a business plan is a great tool for growing a business, but so many people dismiss it as a one-time process used only to start a company or raise financing. The myth that a business plan is only for start-ups gets in the way far too often. If you own or run a company, you probably want to grow it. And if you want to grow a company, then you want to plan that growth. And the planning is only the beginning; you want to use the full planning process to manage growth. Think for just a minute about how many different reasons there are for an existing company to plan (and manage) its growth. There’s the need, first of all, to control your company’s destiny, to set longterm vision and objectives, and to calculate steps to take to achieve that vision. Without planning, the company is reacting to events, following reality as it emerges. With planning, there’s the chance to proactively lead the company towards its future. For an existing company that wants to grow, the planning process is essential. Everybody wants to control their own destiny. The planning process is the best way to review the market and refresh your marketing, to prioritize and channel growth into the optimal areas, to allocate resources, to set priorities and manage tasks. Bring a team of managers together and develop strategy that the team can implement. Work on dealing with reality, the possible instead of just the desirable, and make strategic choices. Then follow up with regular plan review that becomes, in the end, management. This normally starts with a plan, but the plan is just the beginning. It takes the full cycle to make a plan into a planning process. Forget planning a start-up or a single pl...
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This note was uploaded on 01/26/2014 for the course BUINESS 102 taught by Professor Unknown during the Winter '09 term at University of Phoenix.

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