Chapter 5 _ business planning Flashcards
Business objectives
he specific and measurable results businesses hope to maintain as their organization grows.
Aim
An overall goal that an enterprise wants to achieve.
Objective
A specific target that an enterprise wants to reach so it can achieve its aims.
Business
Not-for Profit
Survival
Maximizing profit
Satisfying profit ( trying to make enough to keep owners happy)
Business objective
Growth_ (size, including market share)
Sales growth- try to make as many sales
Cash flow- try to ensure they have enough cash.
Buisnes objective 3
Provide a good service Environmental Ethical Social Legal compliance
How aims influence the activities of an enterprise.
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Action plan
a list of plans that need to be achieved in order for a set goal to be achieved.
Purpose and importance of action plans
Better understand what needs to be done so the right things are done at the right time.
Accountability-keep track of who is responsible for what and when.
Purpose and importance of action plans
Identify the key stages of a project by having to think carefully about what they want to do- this can stop them from doing the wrong things, which waste time and effort.
Purpose and importance of action plans
Identify potential obstacles and issues that need to be resolved so they can think about hoe to manage or avoid them.
Stages of an action plan
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Methods of monitoring Action plans
Monitor to check or review the progree of something over a period of time.
Checklist
Customer needs and satisfaction
Buisness plan
A Formal document that gives the aims of the enterprise and outlines ways those aims will be received.
Purpose and importance of a business plan
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