Business Plan Unit 351

846 Words4 Pages
Business Plan A well documented business plan can provide tremendous value to the organization by detailing the business goals for your intended audience. By definition a business plan is “a plan for the business, clarifying why it exists, who it exists for, what products and services it provides these client groups, how it intends to develop and deliver these products and services, and where it is headed” (Business Plan, n.d.). Business plans are used to start new businesses and to grow existing businesses. They can be geared towards internal audiences (staff) and external audiences (investors, suppliers, lenders, and so on). They provide a rationale for the business, its service(s) or product(s). It’s a strategy for obtaining funds…show more content…
You want to know how your product or service will stack up against your competition as well as what the demands of the market are or will be. With that being said, your supply and demand which has a significant impact on the organizational performance is reviewed. Per the textbook, supply is the number of products (goods and/or services) that businesses are willing to sell at different prices at a specific time and demand is the number of goods and services that consumers are willing to buy at different prices at a specific time (Hellriegel & Slocum, 2009,…show more content…
A business that wants to be profitable will follow a standard code of conduct for how is treats others and rectifies any wrong doing. Many believe that a business should not exist only to make a profit but that a business has a social responsibility to society. Social responsibility is a business’ obligation to maximize its positive impact and minimize its negative impact on society (Ferrell, Hirt, & Ferrell, 2009, 38). A profitable and sustaining business relationship can not be built without a solid foundation of trust, ethical behavior and social responsibility, and

More about Business Plan Unit 351

Open Document