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Value of Business Plan

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Discuss the value of a business plan to an organization. A business plan is essentially an outline/guide that is used to accomplish a multitude of goals and planning for growth, to secure capital, introduce new products/services, and internally provides direction for the entire organization. This valuable document should include a mission statement, strategy, planning and action plan. Business plans should answer the following questions: “What does your company do best? Or better yet, what can your company potentially do better than any other company? And perhaps just as important, what can it not do best?” (http://homebusiness.about.com/od/growing/a/comp_advantage.htm) A well written business plan can show that enough research has been done to help your company become a success. Discuss how the economic concepts of supply and demand can have an impact on organizational performance in the short and long run. Demand is the number of good/services that consumers are willing to buy at different prices at a specific time. Supply is the number of products that businesses are willing to sell at different prices at a specific time. Discuss Business Ethics and its’ important to the business’s success. Ethics relates to how a moral person should behave. Ethical behavior is based on human rights instead of corporate rights. There are six segments of a firms general environment: demographic, economic, socioculture, global, technical, and political/legal. An ethical issue associated with each segment is how information is obtained by its competitors. Information gathering should by done ethically by viewing publicly available information and/or by attending trade shows to learn more about their competitors. Discuss how the following concepts can provide an organization a sustained competitive…...

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