Business Planning for SME’s

According to Cranfield School of Management planning is key to all business – large and small. Every successful business regularly reviews its business plan to ensure it continues to meet its needs and responds to variations in the market, the economy and its customer base.

Bord Bia Vantage Plus is running a series of one day interactive workshops to assist in Business Planning for small to medium sized food and drink producers.

There are several planning tools and methods which are helpful in putting a business plan together. The SOSTAC model examines the following areas as a basis for developing a business plan.

• Situational Analysis
• Objectives
• Strategy
• Tactics
• Control

Situational analysis:  An examination of the external and internal environment in which a business is operating taking into account the following factors – the macro environment, the customer, competitors and collaborators in addition to a SWOT analysis of strengths, weaknesses, opportunities and threats.

Objectives: Define the business mission and corporate objectives that are SMART (specific, measureable, achievable, realistic and timely)

Strategy: A business needs to develop and communicate its strategy.

Tactics: It is important to draw up details of how the business plans to achieve its objectives with specific actions around the 4 P’s of Marketing – Product, Price, Place and Promotion

Control: With tactics and actions all agreed and implemented it is vitally important to ensure that all actions are monitored and measured

Source: bordbia - Business Planning for SME’s

• < Prev
• Next >