Business Plan: the Secret of Fortune 500 Companies
Most of us wondered how big companies successfully do it. They survive despite the continuous economic crisis and maintain their ranking in top fortune 500 companies. Is the fact true on how big companies eat small companies to survive? Well, the game in the business world is like a rat race. Everybody should be fast and first to win. Competition is tough. If the companies want to stay in long term, their foundation should be strong.
Different companies derived an effective business plan to implement. It’s their secret to success. They allot few days at least twice or once in a year for brainstorming. Key employees from different management should participate in this planning. These departments were finance, human resource management, supply chain management, marketing, and operations management are involved.
Business plan is a goal. It is about setting a business goal in our company. It is classified into two: profit and non-profit. The profit business plan is focus on financial goals. For non-profit and government agency business plan, they are focus on service goals or how to maximize profit.
It can be focused on the internal or external aspects of the company. For profit companies that focus on external aspects, their target goals are the investors and the consumers. Non-profit services were focus on their donors and clients. For government agencies, they look to the tax-payers and international lending bodies like World Bank.
For internal aspects, the main goal is how to reach the external goals by strengthening the internal discipline. This is involved in developing the product, services, system, and restructure of organization.
It is a tool that has no fixed content. Different departments have their own format in producing this. Majority, there’s an introduction, background and the plan proper seen in the document. During the presentation, some uses a teaser, oral presentation, written report and informal plan. They can choose one or a combination of all that mention.
Some business establishments focus on their sales on the past year to the current. Then, there’s a follow up meeting to check the status of the plan if it becomes effective. Venues for this meeting can be inside the company’s premises or out of town. It depends on the higher management’s decision and budget.
There is software available in the market in making an effective plan. We can keep it limited to the key employees only or make it restricted to others. Some companies make it as a secret strategy on how to increase their profit in a given period of time. So, they secure it for their authorize personnel only.
Success in this area can make our business competitive in the corporate world. It can increase income or profits to the company and gain recognition for ranking. It can also attract potential investors or donors. Stabilize companies’ gives an edge in the industry. Startup companies admire, follow and compete with them. But, they still remain in the winning arena of the business world.