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Business Planning: Definition, Objectives, Components, and Stages

Admin BFI
6 February 2023
75872
Business Planning: Definition, Objectives, Components, and Stages

Business planning is important to do before starting a business. This is considered very important because it concerns the long-term success of your business.

Therefore, this planning should not be made haphazardly. As a businessman, you need to make it detailed and systematic.

So, what business plans do you need to prepare and how do you make them? Let's look at the explanation in this one article.

 

1. Definition of Business Planning

Business planning is the process of developing a strategy for running a business. This strategy acts as an action plan and business roadmap from start to finish.

In this plan, there are several parts that are quite crucial, including business goals and strategies, identifying the resources needed, how to manage these resources, up to the marketing strategy, and business evaluation.

2. 7 Purpose of Business Planning

Dilansir dari berbagai sumber yang ada, perencanaan usaha tidak terlepas dari berbagai tujuan penting yang turut andil dalam keberhasilan bisnis Anda. Diantaranya sebagai berikut: 

2.1 Business Establishment Planning

The first purpose of having a business plan is to serve as a guideline to help you determine what you want to achieve, as well as a guide in making decisions when facing various problems or obstacles.

Later, these problems will be sorted by category and class, so that the solution can be more effective and not spread to other domains.

2.1 Define Vision and Mission

The vision and mission of a business are generally made at the start before the business runs. Through business planning, the business you run can be more directed and focused on the goals you want to achieve according to the vision and mission you hold.

2.3 Business Development Planning

Business risks are very likely to occur to business people, including those who have been in the business world before. So, this is where the role of business planning is needed to minimize the risk of failure and how to overcome existing challenges as business opportunities.

2.4 Minimizing the Risk of Failure

Business risks are very likely to occur to business people, including those who have been in the business world before. So, this is where the role of business planning is needed to minimize the risk of failure and how to overcome existing challenges as business opportunities.

2.5 Analyzing the Market and Competitors

With careful planning, it will be easier for you to enter the market and conduct an analysis of competitors or business players in the same field. In this way, it will be easier for you to understand consumer desires and dominate the market.

2.6 Obtain More Profits or Profits

The main goal of a business is of course to make a profit from every sale or offer made. Business planning plays an important role in determining the appropriate sales strategy and is able to attract more consumers.

2.7 Predicting Business Outcomes

In addition to the six objectives above, having this plan can help you predict business results, such as profit, profit and loss, cash flow, and so on.

3. Business Planning Stage

When you are going to make a business plan, there are several stages that you need to fulfill so that the plan is in accordance with the operational needs of your business. The stages are as follows.

Perencanaan Usaha

Image Source: Pexels/Christina Morillo

3.1 Do a Market Analysis

The first thing you need to do in the planning stage is to do a market analysis. Market analysis is an action to study various existing problems according to a predetermined market share.

So, make sure you have determined the product or service that will be offered before going into the field to conduct market and competitor analysis.

3.2 Calculate Production Costs

Calculating production costs can help you estimate the amount of capital needed to run a business. Look for complete information related to raw materials to production costs for your business.

Production costs are generally divided into two types. The first is fixed costs (investment costs) and the second is variable costs.

Investment costs are a number of costs that you need to prepare to start a business. The amount itself is relatively large because you need to buy various needs for your business operations for quite a long time.

Meanwhile, variable costs or non-fixed expenses are consumable costs with a nominal amount that can change, depending on the amount of production and other influencing factors.

3.3 Calculate Income

Recording incoming and outgoing cash flow is a crucial thing that you shouldn't underestimate. Calculate all existing income to estimate the profit you will get and determine the strategy or future steps.

3.4 Calculate Business Results

The results of the business can be calculated after you know your income and other expenses. The existence of this calculation will show a profit and loss statement from the business that you are running. You can also find out whether in the current condition you need additional funds or you need to reduce them.

4. 8 Components of Business Planning

After you understand the flow of business planning, then you need to understand what components are there. Quoted from various sources, there are at least 8 components of business planning that you need to know about, including the following.

4.1 Business Description

The first component is a business description. A business description is needed to be able to explain what business you are going to run as well as provide a broad picture of the business idea you have.

So, later stakeholders such as potential investors, business partners, and so on can more easily understand the business concept that you will run.

4.2 Marketing Strategy

The second is the marketing strategy. This component plays an important role in studying the strengths and weaknesses of competitors. That way you can find out what opportunities you can do to meet market needs and look for more opportunities.

4.3 Market Research

 

Market research is a component of business planning that can help businesses understand consumer desires regarding tastes and products needed. By doing market research you can find out the market segmentation that you will enter better.

4.4 Implementation in the Production Process

When you have successfully done the three things above, the next step is to implement the results of the research and planning that you have made, including implementing a business plan and monitoring business performance to ensure that the business develops according to plan.

4.5 Product Monitoring

Pay attention to how the products and services you make are well received or not by consumers. This aims to evaluate existing deficiencies and maximize sales.

4.6 Operational Management

Business planning is inseparable from operational management which includes the arrangement of alignment, use, and management of raw materials, and production processes, to the selection of quality human resources for the continuity of efficient business management.

4.7 Financial Planning

You need to calculate the estimated costs to start a business. The existence of this financial planning contributes to making it easier for you to find out the amount of capital, profit, loss, and other matters related to finance.

4.8 Evaluation

The last component of business planning is to evaluate. Evaluation is carried out to review the readiness of the plan that you made.

If the existing evaluation is deemed appropriate to produce positive results, then it is likely that the implementation process will go well and bring great benefits.

BFI friends, that's brief information about business planning. Making a strategy is not easy, but running a business without careful planning will make it difficult for you in the future.

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