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Business Planning
Business planning involves all the major areas of planning in order to provide a business or entity with the opportunity to continue to stay in business, grow the business and achieve long-lasting success. The timeline with business planning is continuous because all businesses or entities must react to changing rules, regulations and market forces. Any company that does not execute on successful and relevant strategy for their business will be at a severe disadvantage to their competitors. |
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SWOT Analysis
A very important part of business planning is to analyze the company strengths and weaknesses. A SWOT analysis will provide the business owner or executive with an overview of where the business is now and where it may be headed. SWOT stands for strengths, weaknesses, opportunities and threats. Strengths and weaknesses generally exist within the business or corporation itself and need to be examined and noted. Opportunities and threats can be internal as well as external.
Why is it important to know what the company's strengths and weakness are? The only way to build on your strengths and to lessen the effect of your weaknesses is to understand them and capitalize on them. How can you seize opportunities if you don't realize that they exist? How can you defeat a threat if you don't recognize it before it's too late? This analysis is made at the company level as well as the individual level.
If you are employing a key person who is critical to your organization's strengths, you need to know this and you need to plan because of it. If a key person in your company leaves, becomes disabled or dies, how will you replace the person and how long would it take to find and train a replacement? How much will this change cost your company? Key person planning is critical to the success of the enterprise over the long-term. |
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