Task 1 ass 1. Outline three reasons why a company may choose to develop a business plan. 2. Outline the key steps involved in developing a business plan. 3. Outline five common components of a...

Business Planning and Performance Measurement
Answer 1: 1. A proper business plan is important to show all involved parties- staff, investors, partners and yourself that you are firm in developing the business. It helps in examining the potential consumers, as well as the aggressive environment, and helps as a possibility study for the success of business. 2. A business plan is a best technique that allows owners to express their idea and expectation plans for their firm and help as a guide to record the growth and hold the firm responsible for the future. 3. Creating a plan with expense calculations and profits predictions, can help business remain dedicated to its long-term goals and describe exactly how much funds business need and what company will utilize it for [Anatomy of a Business Plan, 7th Edition, 1987, by Linda Pinson].
Answer 2: Key steps involved in developing a strategic plan: 1. Research- While developing a business plan, it is the responsibility of the company to know the business, product, competition and the market it is entering, closely for the success of the business. So the firm should research and study the product, market and objective skills. 2. Describe the purpose of plan- A strategic plan is a guideline that gives guidance so a business can plan its future. If the firm wants to attract the investors, it should define the goals and purpose of business plan that assists them, and the goals should be defined clearly and briefly as possible [Anatomy of a Business Plan, 7th Edition, 1987, by Linda Pinson]. 3. Create a Company Profile- A company biography can be utilized to define the firm in a strategic plan. It is an important factor of a strategic plan; and among the primarily written portion of the plan as well. It includes the history of the firm, products or services offered, potential consumers and audience, funds, problem-solving techniques and distinct quality of the company. 4. Record the factors of Company- Shareholders need assurance that the business will make profits to them. Because of this hope, shareholders want to be aware of everything about the company. So the company should record the charges and costs, accounts payable and trade predictions. 5. Have a tactical advertising plan in place- A proper strategic plan always involve a tactical and competitive advertising arrangement to achieve the marketing objectives like establishing new goods, coming in new areas for the business, improving the products, etc. 6. Develop a flexible plan on the basis of public- The expected audience of a strategic plan are a mixed group, varying from capitalists and stock holders to workers, and every audience has definite standard concerns, if the company is aware of these concerns properly, the firm can be confident to consider them while developing a design and can assure that the business strategy can be adjusted on the basis of public [Anatomy of a Business Plan, 7th Edition, 1987, by Linda Pinson]. 7. Explain why the managers care- When the company share business strategy with an stockholder, consumer or co-worker, it should show that the firm is excited and passionate, and the managers genuine concentrate on the firm and the strategy. The managers can explain the faults that they have understood, describe company code of conduct, and determine what makes company remarkable from the opposition[Anatomy of a Business Plan, 7th Edition, 1987, by Linda Pinson].
Answer 3: Components of a Business Plan: 1. Executive Review- It may include an index...