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Explain the importance of business planning
Important of business plan in society
Explain the importance of business planning
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INTRODUCTION
Consulting is a broad term that covers a multitude of professional services. It runs the gamut from large. Consulting firms hire bright people directly out of college or with industry experience to help their clients solve business problems. In addition to business knowledge, new consultants also need to know skills such as client relationship management, expectation setting, effective communication selling consulting services, and successful career management techniques.
WHAT IS BUSINESS CONSULTING?
Is a process where organizations hire services of management from other firms to gain external and more objective advices and recommendations. The Practice of helping organizations, Improve performance through
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In other words they are not hired to maintain the status of a company’s business but to change it. This might be changing a company’s strategy or revoking, even taking over, a process in order to transform it, but it does not include managing an existing process or taking over a function in order to deliver the same levels of services at a lower cost. Consultants should be defined less by what they do (offering advice, implementing systems, outsourcing processes) and more in terms of the changes they achieve.
BUSINESS CONSULTING SERVICES
1. Strategic Planning: Review, define mission, planning process to make wise decisions about the organizations future.
2. Business Transformation: Making fundamental changes in how business is conducted (Revenue, customer satisfaction, cut costs)
3. Progress Excellence: Defining quality, improvement and transformation
4. Enterprise Architecture: Effectively achieve current and future objectives
5. Program Management: Series of related projects happening in different areas (marketing, sales etc.)
6. Infrastructure: Physical or Virtualized computing resources
MARKETING YOUR CONSUTING SERVICES YOU WILL NEED:
1. Market Research and Market Plans
2. Guarantee your business success: What does your business do? What do your customers want? Who is your competition? Where is your business heading?
3. The 4 Ps: Product, Price, Placement and
Outsourcing simply means acquiring services from an external organization instead of using internal resources (Butler, 2000). By using outsourced resources, organizations can gain a competitive advantage by utilizing contingent staff to accomplish strategic goals without incurring the fixed overhead. By focusing on the leading edge and highly specialized skill sets, outsourcing providers can often offer higher quality services, or at a lower price than the client organization. Typical reasons for outsourcing go beyond simple contingent staffing. Outsourcing providers are able to maintain economies of scale with regard to specialization (...
(Yoder-Wise, 2015) During the process of planning you need to assess your internal and external environment, identify any opportunities and threats. Then you want to create your plan and identify your goals and objectives, implement the plan and lastly you evaluate and make any necessary changes. In strategic marketing, you want to identify your target market and research it. When planning you identify your strategies and objectives you identify what services you will provide and at what cost an how you’re going to market your plan. You can evaluate by getting feedback from consumers through different
It is important that if you are ever running a business, you change before the change comes to you. Change can have either a positive or negative effect on a business and it is extremely important to strive to make it a positive
Outsourcing is a technique for companies to reassign specific responsibilities to external entities. There are several motivations for outsourcing including organizational, improvement, cost, and revenue advantages (Ghodeswar & Vaidyanathan, 2008).
A strategic plan is a tool that delivers guidance in achieving a mission or goal with maximum proficiency and control for an organization. Strategic planning is used to transform and revitalize organizations. The plan helps provide an inclusive understanding of opportunities and challenges both internally and externally for the organization. The plan delivers an assessment of the strengths and limitations that are realistic within the company. A well-developed strategic plan will offer a comprehensive approach and empowerment for the stakeholders involved. It is an opportunity for learning and understanding priorities that will drive the business to succeed. Jones (2010), describes how in health care organizations, strategic plans characteristically concentrate on operational and organizational goals such as when to obtain new technology, how to meet competitive challenges, and what staffing, tools, or facilities are needed to ensure organizational survival. The mission and value statements are significant in determining the quality of a strategic initiative. Forcing the organization to look toward the future creates proactive objectives in which both short-term and long-terms plans and goals are necessary in order to succeed.
Faced with changing markets and higher competition, more and more firms are struggling to reestablish their dominance, keep market share, and in some cases, ensure their survival. Many have come to understand that the key to competitive success is to transform the way they function. They are reducing reliance on managerial authority, formal rules and procedures, and narrow divisions of work. In effect, companies are moving from the hierarchical and bureaucratic model of organization that has defined corporations since World War II to what can be called the task-driven organization where what has to be done governs who works with whom and who leads. But while senior managers understand the necessity of change to cope with new competitive realities, they often misunderstand what it takes to bring it about.
Strategic planning consist of four steps starting from defining the company’s mission. When talking about a mission were talking about a certain phrase or slogan for say, that is intended to draw attention to customers and make them want to be even more loyal to the company. For example Walmart says, “Save money. Live Better”. Therefore, Walmart’s mission would be to let people know that they have low prices all day every day, insinuating that their products are affordable for everyone. This is a good mission because it gets the majority of the people in this world to want to go out and save money on their everyday necessities and even luxuries. The second step would be to set certain objectives and goals for the company as well. For example, CVS did use “Health is everything” as their mission and this didn’t just set out for a name it became a goal as well. Sooner or later you must set goals on your mission to understand the level that you need to get to and reach. Another example of a goal that I believe CVS set was to start selling healthier products. In the chapter it says that CVS stopped selling tobacco and other products that
...urcing services, the company operation will be became a mess. This is because one organization can’t run a lot of task or project at one time. Therefore an organization need outsourcing in the way to help their organization run smoothly.
Kotter, J. P. (2007). ‘Leading change: Why transformation efforts fail’. Harvard Business Review, January: 96-103.
In business, when we approach change, whether it is about cost reduction, merger or supporting a new technology we need to treat it as a seriously disruptive and stressful activity for all involved especially those leading the change.
Strategic Planning is looking at where you are now, knowing where you want to be in the future and planning the steps to get you there.
The idea of change is the most constant factor in business today and organisational change therefore plays a crucial role in this highly dynamic environment. It is defined as a company that is going through a transformation and is in a progressive step towards improving their existing capabilities. Organisational change is important as managers need to continue to commit and deliver today but must also think of changes that lie ahead tomorrow. This is a difficult task because management systems are design, and people are rewarded for stability. These two main factors will be discussed with reasons as to why organisational change is necessary for survival, but on the other hand why it is difficult to accomplish.
If asked what strategic planning is one could interpret it as simply a road map that can guide the organization in the right direction. It is very unlikely that an organization would know which direction to take without a sense of direction. Managers are faced every day with decisions that have a major impact on the direction the organization must take, therefore, strategic planning can play an important role in guiding managers in the right direction. In other words strategic planning is a tool that management can use to give them a sense of direction that will guide them in doing a better job and to ensure that all the members of the organization are working toward the same goals
In conclusion, change is a very crucial element of any competitive organization that seeks to improve its operations and increase profitability. Managing change is an equally important process which ought to be done with due care and moderation. Organizations should, therefore, be keen on embracing new ways that would improve their structures and incorporate better ideas in carrying out certain tasks. This is the best way to make their going concern certain.
A disciplined approach to management eying leading employees, improving the management team and building the business strategy. Instead of treating each problem as a one off. They design systems and structures that make it easier to handle in the future. (Techrepublic, 2015) 2.2. Risk of exposing confidential data: When an organization outsources HR, Payroll and Recruitment services, it involves a risk if exposing confidential company information to a third-party Synchronizing the deliverables: Some of the common problem areas include stretched delivery time frames, sub-standard quality output and inappropriate categorization of responsibilities. At times it is easier to regulate these factors inside an organization rather than with an outsourced partner Hidden costs: Although outsourcing most of the times is cost-effective at times the hidden costs involved in signing a contract while signing a contract across international boundaries may pose a serious threat Lack of customer focus: An outsourced vendor may be catering to the expertise-needs of multiple company at a time. In such situations vendors may lack complete focus on your organization 's tasks. 2.3. 1.Know the