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SETTING SIMPLE BUSINESS GOALS AND SIMPLE BUSINESS PLAN
CONTENT:
- Meaning of Business Goals
- Analysis of Business Goals.
- Simple business plan
- Definition
- Characteristics of a Business Plan.
- Procedure for drawing business plan
- How to draw a business plan
A business goal is an objective to be achieved generally by a specific date, time or period.
Sub topic 1: ANALYSIS OF GOALS: Goals can be analyzed using an acronym called the SWOT Analysis. SWOT stand for:Â Â Â
S – Strength
W -Weakness
O – Opportunities
T – Threat.
The internal environment comprises of Strength and weakness, while the external environment entails Opportunities and Weakness.
S – Strength:- This is the characteristics of a business or project that gives it an advantage over others. Some of the factors for strength are expertise, quality, low capital requirement, stock and product requirement.
W – Weakness:- weakness are characteristic that place the business or project at an advantage over others. Some of the features are Capacity, time and marketing.
O – Opportunities:- elements that the project would exploit to its advantage. Some of the traits that can make a business have more opportunities are: seasonal demand, customer’s loyalty, unique product, and change in technology and market.
T – Threat: negative effects of competitors or customers. Past, present and potential competitors, changes in advertising or marketing strategies, change in government policy. Change in taste and fashion, economic down turn, and relocation of customers.
LIMITATION OF SWOT ANALYSIS (STRENGHT, WEAKNESS, OPPORTUNITY AND THREATS
- It is difficult to address uncertain or two sided factors, such factors that could either be strength or a weakness or both. With SWOT analysis e.g., you might have a prominent location, but the lease may be expensive.
- It doesn’t provide solutions or offer alternative decision.
- It doesn’t priorities issues.
- Can generate too many ideas but not help choose which one is the best.
- It van produce a lot of information but not all of it is useful.
Meaning of simple single Business plan: it is a blueprint of a business plan. It is a document that states the goals and objectives of a business, and how to achieve it.
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