Importance of strategic Planning

Importance of strategic Planning The following report is on the Importance of Planning and the main differences between Operational and Strategic Planning. The writer has discussed the relevance of Planning from the point of view of a business along with the two main types of planning, Operational planning and Strategic planning. He has also thrown some light on the difference between Operational and Strategic planning. The writer has referred and drawn ideas from online materials, articles, journals, and text books and would like to thank the authors and publishers and all the experts whose ideas works have helped me with this report. Special gratitude extended to Mr. Dele Amusan, Lecturer, College of Technology London, for guiding students with the topics and also to Dr. Leslie Roberts, Lecturer, College of Technology London, for the assistance she provided regarding referencing. Discussion Management is effective utilisation of available resources, which includes human resources, finances and assets for the attainment of a particular objective. Management consists of five main steps or in other words functions Planning, Organising, Staffing, Directing and Controlling. (Higgins, 1994) Planning according to the writer can be called the primary function of management as it is the foremost step to be taken in management. Planning as J. Higgins says is continuous course of action of developing tasks and objectives and determining the course for their attainment. (Higgins, 1994) Planning is the preparation of a series of action steps to realize a particular objective or purpose. Effective planning enables the attainment of the goal in a much shorter time period. (Dudiy, 2002) Time-management.com compares a plan to a map. They say that the progress towards the goal is clearly visible when following a plan. (Dudiy, 2002) Business Plan Business plan is an indispensable tool for developing ones business.(Kotelnikov, 2003) A Business Plan is any arrangement or preparation that allows a business to look ahead, assign available possessions like funds and assets and also prepare the business to face difficult situations and opportunities. Tim Berry says that A simple start-up plan includes asummary,mission statement, keys to success, market analysis, and break-even analysis. Such a business plan provides a clear idea about the business and its external environment. It tells if it is worth money and time to go ahead with the business or not but this kind of a plan is not quite sufficient to actually run the business (Berry, 2009). As Fred Adler quotes The seeds of every companys demise are contained in its business plan. (Adler, 1987) The external environment plays a major role in every businesses success or failure. An entrepreneur no matter how good or experienced will still have a hard time succeeding in a business within an adverse environment. For example, A restaurant near the city dump can hardly hope to succeed; same would be the case of a designer boutique if opened in a village. Therefore it is advisable to study the external environment before investing in a business. The main objective of every entrepreneur or a business is to formulate profit. For this the satisfaction of the customers is a necessity. A good business plan can help in identifying the factors affecting the business and can tell if the business can succeed or fail. Such a plan can also help in then recognising the solutions to existing problems. It helps the entrepreneur to have a brief idea of what can be done, how he can do it and where he should do it. (Siyavula Uploader, 2009) Business Plans themselves are categorised into two major types Operational Business Plan, and Strategic Business Plan. Operational Plan The Operational plan might sound mundane but it is an indispensable element for your business plan. It forms the basic foundation of a business plan and answers the elementary questions such as the type of product or service provided and by whom, the daily activities of the business, who the suppliers, dealers or vendors are and how they are used, what the labour requirements are and also details regarding the types and sources of raw materials used. This kind of a plan educates the reader how the business is taken to consumer, that is, how the customers get access to the products or services provided by the company. (Bissaillion, 2005) Imagine if a person was to start a business. In his Operational plan he would have to include at least the following details. * A general outline of the daily operations, timings, and working days. * The location of the business, its value and weight. * The required equipments, its worth and the financial arrangements to buy them. * List of possessions, property and resources and its worth. * How and from where you will get the resources or raw materials required. * Details regarding production of goods or services provided, explaining the time taken, facing potential problems etc. * Estimate on product or service pricing. (Ward, 2009) It is important for an Operational plan to contain the above given data, but in certain cases depending upon the type of business more data maybe required or sometimes some data provided above could be insignificant considering the business planned for. Strategic Plan A Strategic business plan is generalised and usually a five year plan focusing on long-term goals and objectives of the company. (Berry, 2008) A companys growth depends upon the quality of the strategic plan and its effective usage. It maximises the growth potential for the business with a rational view of the future. The purpose of a strategic plan is to look ahead of your daily activities assessing the future of the company and establishing your priorities. (www.businesslink.gov.uk, 2009) For making a good Strategic plan one must have a clear idea of three chief rudiments of his business The present status of the business, Future position of the business, and How to get there. (www.businesslink.gov.uk, 2009) * Assessing the current status of the business requires a good understanding of the business in a whole. How it operates, the kind of market it is in and its profitability. * Where you want to take your business is basically your objective. It involves establishing your goal but it must be realistic because the plan should be achievable. A strategic plan is made not just to work for; it is made with an aim to achieve it in the considered period of time. So it is important that the plan is set high and yet practical. * The method of getting there involves understanding the working of the business. Understanding the processes helps in making the right decisions and changes, and thereby, modify the working of the business according to the plan and the set goal. Differences between Operational and Strategic Planning A strategic plan must never be confused with an operational plan. A strategic plan is always made for a long period of time, commonly three to five years and sometimes even up to ten or twenty years in case of some companies, where as an operational plan is never that long. Strategic plans always have a clear concept and vision and most importantly a clear idea of the direction it should progress in. On the other hand an operational plan does not require these because of its short term of implication, but it has to be tactical and immediately executable. Since the Operational plan has a short term of action its effects can be seen in the business and therefore it is possible to evaluate it. (www.planware.org, 2004) Conclusion Planning plays an important role in all the facets of life. Without proper planning it is impossible for a business to grow or even succeed for that matter. Even the best plan cannot be effective without proper implementation and therefore it should always contain the methods for executing the plan for realization of the desired objectives and succeeding in the business. The two major types of planning are Operational planning and Strategic planning. Operational planning deals with mainly the daily activities of the business and helps in achieving short term goals. Strategic planning on the other hand aims for goals on the long run and emphasises on the future of the company. References Adler, F. 1987, Read This Box, Save $5,000,000, Inc. Magazine, [Online], Available from URL: http://www.inc.com//magazine/19870201/8146.html, [Accessed 26 November, 2009] Berry, T. 2008, Different Types of Plans for Businesses, [Online], Available from URL: http://articles.bplans.com/growing-a-business/different-types-of-plans-for-businesses/82, [Accessed 24 November, 2009] Berry, T. 2009, What is a Business Plan?, [Online], Available from URL: http://articles.bplans.co.uk/writing-a-business-plan/what-is-a-business-plan/384, [Accessed 24 November, 2009] Bissaillion, B. 2005, How You Going To Run Your Business, Business Operational Plan, [Online], Available from URL: http://www.business-plans-guide.com/operational-plan.html, [Accessed 25 November, 2009] Dudiy, S. 2002, What is planning and why you need to plan,[Online], Available from URL: http://www.time-management-guide.com/planning.html, [Accessed 26 November, 2009] Higgins, J. 1994,The Management Challenge,Second edition, Macmillan. Kotelnikov, V. 2003, Business Plan,[Online], Available from URL: http://www.1000ventures.com/business_guide/bp_main.html, [Accessed 25 November, 2009] Siyavula Uploader, 2009, The business concept, [Online], Available from URL: http://cnx.org/content/m22589/1.1/, [Accessed 23 November, 2009] Strategic Planning, 2009, [Online], available from URL: http://www.businesslink.gov.uk/bdotg/action/layer?=enr.s=scr.l1=1074404796r.lc=enr.l3=1079687477r.l2=1074446322topicId=1079687477r.i=1079693661r.t=RESOURCES, [Accessed 26 November, 2009] Ward, S. 2009, The Operating Plan Section Of The Business Plan, Writing The Business Plan: Section 7, [Online], Available from URL: http://sbinfocanada.about.com/cs/businessplans/a/bizplanoperplan_2.htm, [Accessed 24 November, 2009] Introduction to Strategic Planning, Business Planning Papers: Developing a Strategic Plan, [Online], 2004, from URL: http://www.planware.org/strategicplan.htm, [Accessed 26 November, 2009]

Different characteristics of a good business

Bring out the difference between personal letters and business letters. Discuss the different characteristics of a good business letter. Importance of business letter Differences Characteristics 3 Writing effectively is a skill, which can be learnt and perfected. Explain the general principles of Effective writing. What are the various techniques to improve your writing skills? General principles of Effective writing Techniques to improve writing skills 4 What groundwork does one need to do to make an effective presentation?How do verbal, vocal and visual components of communication impact a presentation? Groundwork needed to make an effective presentation Verbal, vocal and visual components impact on presentation Explain the contents of a good resume. Distinguish between the different types of resumes. Contents of good resume Types of Resumes 6 With growing competition and volatile market conditions, Jobs are not secured as they ought to be previously. What are the factors looked in to by the prospective employers?Identify the techniques, which should be used by an interviewee to get a good Job. Factors Job interview techniques Define the term ‘Organizational Behavior†. Explain the importance of Organizational Behavior. Definition of Organizational Behavior Importance of Organizational Behavior 2 Explain the following: a) Span of Control b) Centralization and Decentralization 3 Describe the personality traits influencing Organizational behavior.Personality traits influencing Organizational Behavior 4 Define the term motivation. Explain Mascots need Hierarchy theory. Definition of motivation Mascots hierarchy theory 5 Explain the functions of communication. Mention some of the tips or techniques for effective communication. Functions of communication Tips or techniques for effective communication 6 Write short notes on the following: a) Organization Culture ) Conflict management a) Organizational Culture Monetary policy regulates the money supply in an economy.

Essay on Pips Development Through Character Interactions

Throughout Dickens’ novel Great Expectations, the character, personality, and social beliefs of Pip undergo complete transformations as he interacts with an ever-changing pool of characters presented in the book. Pip’s moral values remain more or less constant at the beginning and the end; however, it is evident that in the time between, the years of his maturation and coming of adulthood, he is fledgling to find his place in society. Although Pip is influenced by many characters throughout the novel, his two most influential role models are: Estella, the object of Miss Havisham’s revenge against men, and Magwitch, the benevolent convict. Exposing himself to such diverse characters Pip has to learn to discern right from wrong and chose†¦show more content†¦Estella lives in the Manor House with her adoptive mother Miss Havisham who has raised her up as a tool to be used to break men’s hearts. Although she constantly insults and makes fun of Pip, he falls in love with her. This love for her makes Pip vulnerable to any and every little insult that comes out of her mouth and Pip puts to heart everything she says. So, when she says, He calls the knaves, Jacks, this boy!...And what course hands he has! And what thick boots! he takes it to heart (Dickens 105). It is at this point that Pip begins to feel ashamed of his uneducated family, and longs to become a gentleman. Due to Estella’s cold-hearted character and her arrogant personality, Pip is made to feel that he stands no chance with her. Even more dangerous is her destructive influence on Pip which makes him strive to become a gentleman no matter the cost. Rather than being surrounded by people such as Estella who do nothing but put Pip’s character down, he should surround himself with supportive and encouraging individuals who are always there for him and appreciate his unique personality. This is what causes growth in a person. With a beautiful angelic face and a cold-heart Estella serves an important role as Pip’s love interest in the story. Although she is everything that Pip should never want in a friend, that doesn’t stop him from loving her. In the novel, Estella is an important character in both the literal and figurativeShow MoreRelatedGreat Expectations By Charles Dickens924 Words   |  4 PagesCommonly, a novel is either a plot driven novel, a character driven novel, or a mix of the two. In order for a novel to be character driven, it must revolve more around the characters’ individual thoughts, feelings, and inner struggles, rather than around the quest of the story. Great Expectations, by Charles Dickens, is a character driven novel. While the story does have a plot, it is not contingent upon that plot, but rather is reliant upon its characters and their natures. This is evident from the beginningRead MoreEssay on Great Expectations: A Character-Driven Novel1334 Words   |   6 PagesGreat Expectations: A Character-Driven Novel The novel, Great Expectations, by Charles Dickens is heavily a character-driven novel due to the fact that the sequence of events in the novel are causes and effects of the actions of the characters as well as the interactions between them. The novel mainly depicts the growth and development of an orphan named Pip, who is greatly influenced by the other characters and became a gentleman and a bachelor in the end of the novel through his encounters withRead MoreGreat Expectations By Charles Dicken1764 Words   |  8 PagesGreat Expectations there is a wide diverse cast of characters who play different significant roles that affect the character development of Pip. One of the unsung heroes throughout the book, that’s role can be often overlooked is Herbert Pocket. At first glance, it can seem as if Herbert does not have as much of an influence on Pip as he tends to blend into the background, along with the fact that at different points can compare to other minor characters that only show up when they are needed to helpRead MoreAnalysing the Female Characters in Henry James Fiction Essay3987 Words   |  16 PagesAnalysing the Female Characters in Henry James Fiction ‘A woman it seems to me has no natural place anywhere; wherever she finds herself, she has to remain on the surface and more or less to control’ Discuss James’ representations of ‘places’ for women in his novels. There is an impressive range of female characters in Henry James’ fiction. Drawn to the world of wealth and leisure as a subject

Monkeys Paw Theme - 838 Words

The Monkey’s Paw is a short story written by W. W. Jacobs that tells of a mystical charm and its effects on the White family. It starts with the family gathered inside their cozy home playing chess. When suddenly, Sergeant-Major Morris is at their door and they invite him in. He tells them of his time in India and how he came across a magical money paw. He tells them of how the paw can grant three wishes to three different men. That he is the second owner and that the first owner’s final wish was for death. He then proceeds to throw the paw into the fire. Mr. White instantly retrieves it and when Morris leaves pays him for it. They family later make a wish for 200 pounds, but nothing happens. Then next morning the son claims the paw is a†¦show more content†¦With the sudden realization of what was happening, Mr. White replied with If you dont want it Morris†¦ give it to me† (Jacobs). Morris responds with ’I wont.’ said his friend dogged ly. ‘I threw it on the fire. If you keep it, dont blame me for what happens. Pitch it on the fire like a sensible man’† (Jacobs). As you can see, the second warning is substantially apparent in that using the paw would be ill advised. The third and final warning came right before Morris’ departure when he tells the Whites that if they must use it to wish for something sensible. Jacobs illustrates the strong theme throughout the narrative by using a unique form of structure. The tale is divided into three parts in which each one has its own climatic movement with each one being stronger than the pervious. Part I is classified as an exposition because a detached third person narrator describes the overall setting and characters in the tale. In this part the Monkey’s Paw is introduced which plays a key role later in the text. Moreover, Part II is the rising action of the story because the first tension point is exhibited when the son’s death is r evealed, and the company’s compensation is exactly 200 pounds- what the father wished for. This indicates that the Monkey’s Paw is a cursed omen, just as Sergeant- Major Morris said. Lastly, Part III is the falling action because the resolution is finally given in the last sentence of theShow MoreRelatedThe Monkeys Paw Analysis1252 Words   |  6 Pagesfrom those who came before you? Do you know there are always consequences for every action? Setting The main setting of the short story The Monkey s Paw is the White family home, known as Lakesnam Villa. The story seems to be set around the 1900’s. The first section of the story covers a single night within the lives of the Whites. The next section covers the following day. The last part happensRead MoreDeath Of An Hour By Kate Chopin955 Words   |  4 Pagestherefore, a common theme in many literary works. Kate Chopin, the author of The Story of an Hour, explores the theme of death by unfolding the story of a woman whose husband dies in a tragic accident. While the wife initially weeps with grief, her emotions soon transform into feelings of secret delight over her new-found freedom. In his story The Monkey s Paw, W. W. Jacobs addresses the theme of death in a much darker manner. A holy man has placed a curse on a decaying monkey s paw. The White familyRead MoreAnalysis Of The Mon keys Paw843 Words   |  4 PagesThe Monkey’s paw by W. W. Jacobs is an eerie short story about a son who dies in a horrific way and a family who wants to bring him back. It focuses on an enchanted monkey’s paw that grants three wishes. The paw was enchanted by an old fakir that wanted to prove that fate controlled life and going against it would only lead to regret and sorrow. This plot point can be noted as an underlying theme, but the main theme is â€Å"be careful what you wish for, because you might get it†. While this story isRead MoreLiterary Analysis of the Monkeys Paw754 Words   |  4 PagesLiterary Analysis of The Monkey’s Paw The story begins on a rainy evening with Mrs. White, Mr. White, and their son Herbert gathered in the parlor. Mrs. White is sitting in her chair knitting as she looks on as her husband is losing to Herbert in a game of chess. From the inside, Mr. White can hear the footsteps of someone walking along their walkway and onto their porch. Mr. White immediately gets up to answer the door and is happy to see his longtime friend Sergeant-major Morris. Mr. White introducesRead More Life Lessons in The Monkey’s Paw by W.W. Jacobs and The Third Wish by Joan Aiken1052 Words   |  5 PagesLife Lessons in â€Å"The Monkey’s Paw† by W.W. Jacobs and â€Å"The Third Wish† by Joan Aiken What would a typical person do if they had three wishes and knew that there would be a price that they would have to pay in order for them to fulfill their wishes? This is the question that overcomes the main characters, Mr. White and Mr. Peters, in the stories â€Å"The Monkey’s Paw† by W.W. Jacobs and â€Å"The Third Wish† by Joan Aiken. In these two stories, two men were allowed to create three wishes each and hadRead MoreThe Strange Case Of Dr. Jekyll And Mr. Hyde1739 Words   |  7 PagesPeople are too quick to judge something by its first appearance: The theme that something or someone should not be judged on first appearances should be an obvious fact known to everyone. Appearances do not always reflect reality and our society is often too quick to judge human beings and objects by their visual appearance without discovering more about the person or object. This appears to be a prominent recurring theme throughout the novel â€Å"The Strange Case of Dr. Jekyll and Mr Hyde† by RobertRead MoreThe Ways in Which the Writers Create an Atmosphere of Tension, Mystery and Suspense in the Stories The Monkeys Paw and The Red Room2122 Words   |  9 PagesThe Ways in Which the Writers Create an Atmosphere of Tension, Mystery and Suspense in the Stories The Monkeys Paw and The Red Room Ans. The Monkeys Paw, a very well written gothic short story by W. W. Jacobs, has an immense variety of elements, which create an atmosphere of mystery and suspense in the story, which also links and can be compared to the short story, The Red Room, written by H. G. Wells. The various steps, which the authors took to bring out the nature of Read MoreLiterary Elements970 Words   |  4 Pagesthe narrative into a jaw dropping meaning story from the beginning to the ending. The author begins with constructing  the story with the building blocks of literary devices. Short story authors apply the literary techniques of symbolism, irony and theme to create a meaningful connection with the reader.   Authors exploit symbolism into the works of literature to create strong connections between ideas, actions or persons that intertwine to represent a greater similarity throughout the story. EdgarRead MoreAnalysis Of Mary Shelley s Frankenstein Essay1267 Words   |  6 Pagesfear, abandonment, acceptance, death, impulse, rejection, life, and many more not listed that are prevalent today; each scene discussed has a theme that reaches outside the novel and the time period to create another relevant message that is still evident today. With the creation scene of the monster much more detail is added, the addition of a the monkey’s paw scene that tells us Victors inspiration to create the creature, and a scene where Victor creates another monster in the name of love. In theRead MoreThe Jungle Book Character Analysis1527 Words   |  7 Pages The Monkey People of the Jungle Book represent anarchy and mayhem. As discussed in class they are the social model for bad behaviour. They have no laws for their people, they steal and mimic words of the Jungle People. They also live in a run-down palace of a place that was once a glorious kingdom, which mirrors their mind. Initially, in the beginning of the chapter of ‘Maxism of Baloo’ Mowgli has a very childlike view on the Bandar-log, â€Å"They do not hit me with their hard paws. They play