1 Outline three reasons why a company may choose to develop a business plan. XXXXXXXXXX ...

Question

1 Outline three reasons why a company may choose to develop a business plan.
XXXXXXXXXX Outline the key steps involved in developing a business plan.
XXXXXXXXXXOutline five common components of a business plan.
XXXXXXXXXXOutline three areas that the initial business planning process may address:
XXXXXXXXXX Outline the purpose of a SWOT analysis in a business planning process.
XXXXXXXXXXDescribe the relationship between performance objectives and key performance indicators in a business plan.
XXXXXXXXXXExplain why it is important for a business to use a range of performance measures within its business plan.
XXXXXXXXXXIf a business plan has an objective of improving customer satisfaction, describe three performance measures that could be used to measure customer satisfaction.

XXXXXXXXXX Describe the balanced scorecard approach in relation to performance measurement
XXXXXXXXXX Outline key stakeholders who may be involved in business planning.
Pls provide reference for each question

task-1-q-axrn02io.docx

Dilpreet · Accepted Answer

Running Head: Response to Questions 		1
Response to Questions 		5
RESPONSE TO QUESTIONS
Table of Contents
Response to Questions	3
References	6
Response to Questions
1. A company may choose to develop a business plan because:
· It will help to identify, describe and analyse a business opportunity in terms of its economic, technical and financial feasibility (Fairchild, 2017)
· It will help to start up a new business project by providing an estimate of start-up costs 
· It will act as a management and planning tool and will help to convince investors to fund the project
2. The key steps involved in developing a business plan are:
· Research: The mission and gaols of the business must be stated explicitly and the information gathered must be relevant to the business and must act to be valuable for the business.
· Market Analysis: Conduct a thorough market analysis to determine the needs and the target market for the business (Barrow, Barrow & Barrow, 2018). This will help to validate the new ideas. 
· Financial Analysis: This will help to determine the costs that must be involved in executing the new business idea.
· Determining the structure of the organisation: For a business to be successful it must have a well-defined organisational structure and culture.
· Launch the products and services: Let the people know about the products and services and launch them into the market.
3. Five common components of a business plan are:
· Executive Summary
· Structure and description of the business
· Market research and strategies
· Human resources and structure of the organisation (Alonso-Vazquez, del Pilar Pastor-Pérez & Alonso-Castañón, 2018)
· Financial and budgetary requirements
4. The three areas that can be addressed through initial business planning process are:
· Financial Analysis (Thande, 2020)
· Situational Analysis 
· Strengths and weaknesses of the business
5.

1 Outline three reasons why a company may choose to develop a business plan. XXXXXXXXXX Outline the key steps involved in developing a business plan. XXXXXXXXXXOutline five common components of a...

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