Executive Summary: Overview of Main Points
The main objective of executive summary is to provide an overview of the main points of a larger report. It is considered as the condensed form of business plan, proposal, etc. The primary focus of it is to use in the business world but its application in the academia is also quite possible. As the readers of the reports as well as business plans such as investors, C-level executives or lenders do not have the time to read all the material of those documents, a well written summary can help in grabbing their attention and also to achieve their business goals (Ekanem, 2017). It includes the points relating to major points, describe results, conclusions as well as recommendations of the reports. The components which are required to be avoided are that it is not lengthy, it is required to have focus as without the same; it will not have a purpose, provide unrealistic financial projections, etc.
What purpose do the mission, vision, and values of an organization hold? How do these affect you both professionally and personally? How do the mission, vision, and values of an organization influence the activities included in a business plan?
Everything a company does is guided by its vision, mission, and values declarations. It is indeed their responsibility to keep everyone on the same page about the organization’s long-term goals and objectives. They also describe the organization’s basic principles and the manner in which employees are expected to conduct themselves (Demartini, 2014). The main objective is really not meant to keep people from being creative and innovative, but rather to direct them toward shared goals. As compared to the mission statement, the vision statement focuses on the future of the company. The company’s desired course is outlined in its vision statement. It works in line with the company’s mission statement to form the basis of its overall organizational strategy. Managers may then develop strategic objectives that are linked with the company’s long-term goals after having explicitly defined the organization’s vision and purpose. In order to implement, monitor, and assess this operational plan, managers use these strategic objectives as a guide. The company’s vision and mission statements lay forth its goals and inspire a sense of purpose and belonging among its workers. This encourages people to put in more effort in order to be successful (Mone and London, 2014).
Why is it important to outline a communication plan when developing a business plan? What purpose does it serve? What challenges could occur without a detailed communication plan?
An organization’s communication strategy outlines the goals it hopes to achieve with the information it puts out to the public. It outlines the purpose of the message, the methods used to create it, and the target audience. Details on how and when information will be disseminated are included in the strategy. Additionally, the strategy outlines who is in charge of creating and maintaining information, as well as how and when it should be shared and where it should be kept. Making ensuring that everyone has access to the relevant information at the right time is made easier by implementing a communication strategy. When and how often each sort of communication is updated or delivered is outlined in the strategy. It is important for an organization to prioritize its communication needs in order to determine how much time it needs to allocate to these tasks in its overall organizational planning. Morale might suffer due to the lack of communication. Employees may feel defeated with respect to poor communication, which can lead to misunderstandings, lost opportunities, conflict, the spread of incorrect information, and mistrust (Campion et.al, 2015).
Mission, Vision, and Values Declarations: Guiding Principles for Organizations
What type of stakeholders need to be involved in a communication plan for your business plan? Provide a rationale.
The key stakeholders to be involved within the strategic planning are those who have interest with respect to the success of the organization. These include unions, vendors, employees, regulatory agencies, customers, supply chain partners, owners, community members, etc. who depend upon the organization. External perspectives and ideas from stakeholders may be especially useful in the early phases of planning to better understand the current operating environment and to help shape an organization’s long-term strategy. Employees are well-versed about the company’s strengths and its related shortcomings, as well as the roadblocks which stand in the way of success (Taylor, 2014). They also know firsthand what it takes to deliver. Communication with a customer or stakeholder may help you better understand their overall aims and objectives, which in turn allows you to better support them in achieving these goals. Stakeholders may raise questions or concerns pursuant to the feasibility of achieving the project’s original criteria, demands, and limits.
Notice how much detail can be included in various financial statements. What accounting data is required for you to write your CLC Business Plan? How can you present just enough information for your reader to get a clear understanding of the financial concerns of your proposal? What risks are posed with providing too much or too little financial information?
When it comes to the financial aspects of the business, there is no better place to keep track of everything than the general ledger. In the conventional general ledger, the specific transactions constitute a treasure trove of information and prospective insights into the activities of the firm”. Additional revenue and expenditures must also be shown to demonstrate the value of the project. One may accomplish this by preparing a pro forma financial statement that outlines the increased income and expense projections and the methodology used to get at those numbers. A thorough examination of the pro forma financial statements should comprise the income statement, cash flow forecast schedule, and balance sheet (Fernández-Guerrero et.al, 2012).
Anyone without a background in finance may feel daunted by the sheer volume of financial information available. If one is writing a business plan and trying to include financial information, they will want to make it as clear as possible. If one is applying for a loan, the people examining the business plan will almost certainly have experience in the financial sector. They need to be able to see and understand that you are presenting precise and thorough data so that they do not grant the loan for a firm that is destined to fail. So, these are some of the repercussions which might arise if inadequate financial information is provided with respect to the business plan and might hinder the development of business activities and simultaneously the growth prospects.
Discuss how an organization’s budget can affect both the development and execution of its strategic plan. Similarly, how could a strategic plan affect an organization’s budget?
Communication Plan: Outlining Goals to Achieve
Both a strategy and a budget are essential for any company. The strategic plan lays out the company’s vision and goals, whereas the budget focuses on the financial resources needed to fulfil those goals. The strategic planning process includes more than just budgeting. Furthermore, budgeting allows the organization to comprehend goals, determine how resources should be distributed and identify areas in need of re-evaluation via the formulation of the company’s operations. The capacity to define realistic goals is another aspect of the planning process that is critical. Long-term and short-term planning are both supported by strategic analysis. As a result, these strategies lead to budgets being drawn up throughout the process. Managers can acquire insight into the expected outcomes of their strategic plans through budgets. Strategic strategies are revised based on this feedback (Botha and Robertson, 2014).
What aspects of performance are important to measure in business operations? What is your rationale? Why are performance measurement strategies needed?
Organizational improvement can only be achieved via the use of performance measurement. Achieving long-term success in today’s highly competitive corporate environment relies on limiting the amount of failure that can occur by implementing an effective performance assessment procedure, and this importance has only expanded. It is based upon metrics such as sales, revenue, finance, profits, etc. A critical consideration in the performance measurement process is to ensure that the performance measurements give relevant information about the goods, processes, as well as services generated in an organization. Performance measurements are an excellent tool to better understand, manage, and enhance a company’s operations (Ivanisevic et.al, 2016).
Measurement is an ongoing activity that involves comparing performance to the standards that have been established. In this way, it is possible to compare the actual results to set benchmarks. While reviewing numerous summaries or reports, a manager must keep tabs on the actions of his subordinates and exercise control over them in order to effectively manage the job and achieve the desired results. In order to ensure that such variances do not occur again, the management must regularly monitor the performance and take corrective steps if necessary. As a result, the measurement of performance is an ongoing, continuous process (Gu??, 2014).
Discuss an example of a financial metric and a nonfinancial metric. What are the similarities and differences? Why is it important to use the correct type of metrics when evaluating performance? Why should you incorporate both types?
Prior to deducting tax and interest expenditures, a business’ net income is expressed as earnings before these items. This metric is intended to evaluate a business’ core activities without taking into account the company’s overall capital structure or tax obligations that could have an influence on earnings. Customers and the market benefit from companies that innovate, providing them a competitive edge.
Customers and the market benefit from companies that innovate. Non-financial metrics are quantitative indicators that cannot be stated in monetary units, whereas financial metrics include earnings, profit margins, average order value, and return on assets. In contrast to financial measurements, non-financial metrics focus on the long-term strategic success of a firm, whereas financial metrics focus on the short-term performance of a corporation. Non-financial metrics, on the other hand, take into consideration all components of a firm that might foster a well-grounded organization strategy and are less susceptible to manipulation and fabrication provided they are correctly defined, executed, and reviewed. Non-financial indicators can be used by firms that are primarily concerned with making money and increasing sales (Alonso-Vazquez et.al, 2018).
Financial Statements: Required Accounting Data and Risks Posed
Using the appropriate measure aids in more objective management. Metrics allows to manage by the facts since they give objective metrics of achievement. It is not about how many hours the employees work or how busy they are when it comes to evaluating their performance. What exactly did they accomplish? It is all about what they are accomplishing.
For example, by including both indicators, it will allow management and the bard to analyze the company’s main operations rather than just its financial performance, which will help them focus on long-term success.
In the Topic 5 assignment, you discussed barriers that could cause a need to change your plan. Discuss why a change such as this could be essential to the success of your business plan. What would happen if you do not alter your plan when a barrier is presented? Is it possible to still be successful?
In case, the performance management tools are not deployed effectively, then they might affect the business plan in significant manner. Selection of appropriate performance management tool is crucial for the business and the business plan implementation process. This may hinder the measurement of performance of the business plan if adequate performance management tool is not used. For many firms, performance management remains a major roadblock, and it may be a source of stress for both managers and employees. Business production has been negatively impacted by performance management inefficiencies (Taylor, 2014).
Describe the connection between the organization where you work and the business plan you are developing for that organization. How does the organization impact the business plan? How does the business plan impact the organization?
The business plan and the organization within which I work have a strong connection with regard to the accomplishment of goals and objectives of the company. It described the products, services, marketing strategies, financial projections, etc. which helps us being employees working towards attaining the organizational goals. Business plan helps organizations discover markets that are huge and expanding, which makes it easier for the company to create sales. Planning also helps organizations obtain a clear image of the rivals they will be facing up against. They are more equipped to devise plans that take advantage of opponents’ shortcomings (Mone and London, 2018).
To be a successful project manager, one must be able to motivate and inspire your team and individuals, as well as have the ability to communicate effectively, listen well, and influence others. Organizations that want to achieve their strategic goals using projects and programmes require leaders who are capable of doing so. Successful project/program managers who also are strong leaders are essential for organizations. Both the project manager’s as well as the leader’s effectiveness are evaluated by how well his or her team members perform. As a result, project managers must pay close attention to their teams’ performance in order to improve their leadership abilities.
When developing a project plan extending from your business plan, what kinds of issues or topics would you focus on if you were a project manager? Why?
A project is at risk if its goals are not clearly stated or if they lack objectives. A project’s first step is to set goals and objectives, and this may be a difficult task. Perhaps the project managers as well as team members are unsure of what to expect from the undertaking. The project is ruined if the goals and objectives are not properly specified. Confidence and chaos ensue when no one understands the project’s purpose, why, and when. In order to accomplish your initiatives, it might be time-consuming to choose the suitable technology for your team. An effective project management software will keep projects on track and provide you access to all of your projects at once. In many cases, team members are allocated based on their availability, rather than their skill, for a certain project. Project development might be jeopardized if team members are ill-equipped to handle the problems and responsibilities they have been allocated. When a project doesn’t go according to plan, risk management is one amongst the most important aspects of project management. Professionals in project management may identify how experienced a project manager is by his ability to manage hazards that may arise at any point over the course of a project. Financial uncertainties, hidden defects in the project design, or other unknown elements can all provide hazards to a project. When things go wrong, accountability is readily apparent in the form of a blame game, but it is absent from the picture when things are going well. Having objectives without goals puts a project in jeopardy. A project’s first step is to set goals and objectives, and this may be a difficult task. Perhaps the project managers as well as team members are unsure of what to expect from the undertaking. The project is doomed if the goals and objectives are not properly specified. Confidence and chaos ensue when no one understands the project’s purpose, why, and when. In order to accomplish your initiatives, it might be time-consuming to choose the suitable technology for your team (Botha and Robertson, 2014).
An effective project management software will keep projects on track and provide you access to all of your projects at once. In many cases, team members are allocated based on their availability, rather than their skill, for a certain project. Project development might be jeopardized if team members are ill-equipped to handle the problems and responsibilities they have been allocated. When a project does not really go according to plan, risk management is one of the most important aspects of project management. Experts in project management may identify how experienced a project manager is by his ability to manage hazards that may arise at any point over the course of a project. Financial uncertainties, hidden defects in the project design, or other unknown elements can all provide hazards to a project. When things go wrong, accountability is readily apparent in the form of a blame game, but it is absent from the picture when things are going well. Thereby, it is necessary to address these issues such that effectively business plan can be extended to successful project plan.
Describe the elements used in evidence-based practice projects. Why is evidence-based practice important to health care?
Evidence-based nursing project relies heavily on research and the effective application of findings from that research. Students who complete the Doctor of Nursing Practice (DNP) programmes are well-prepared to apply what they have learned in the classroom to their clinical practice and to serve as role models for other nurses interested in pursuing further degrees. Doctoral-level nurses are required to communicate and integrate new information as well as assess how that information is being put to use in clinical practice. The EBP project will look at a nursing issue that is both theoretically and practically important. Integration of research into practice, assessment of practice, and attempts to increase dependability in health care methods and results are all necessary for this competency (Taylor, 2014).
Describe your approach to tracking a project. What kinds of issues would you focus on if you were a project manager? Why?
Being a project manager requires set of skills, confidence, resources, planning and other related aspects which are required in tracking the project. I being a manager will ensure that the aspect of communication, training, motivation, leadership, planning is successfully being implemented and ensure that timely performance is being assessed such that the organization can succeed and ultimately the desired project can be implemented. These aspects if not addressed, might hinder the project success by being a barrier to the project.
References
Alonso-Vazquez, M., del Pilar Pastor-Pérez, M. and Alonso-Castañón, M.A., 2018. Management and business plan. In The Emerald Handbook of Entrepreneurship in Tourism, Travel and Hospitality. Emerald Publishing Limited.
Botha, M. and Robertson, C.L., 2014. Potential entrepreneurs’ assessment of opportunities through the rendering of a business plan. South African Journal of Economic and Management Sciences, 17(3), pp.249-265.
Campion, M.C., Campion, E.D. and Campion, M.A., 2015. Improvements in performance management through the use of 360 feedback. Industrial and Organizational Psychology, 8(1), pp.85-93.
Demartini, C., 2014. Performance management systems. Contributions to Management Science,© Springer-Verlag Berlin Heidelberg.
Ekanem, I., 2017. Writing a business plan: a practical guide. Routledge.
Fernández-Guerrero, R., Revuelto-Taboada, L. and Simón-Moya, V., 2012. The business plan as a project: an evaluation of its predictive capability for business success. The Service Industries Journal, 32(15), pp.2399-2420.
Gu??, A.J., 2014. The role and importance of the business plan in starting and running a business opportunity. Annals of the University of Petros?ani. Economics, 14, pp.119-126.
Ivanisevic, A., Katic, I., Buchmeister, B. and Leber, M., 2016. Business plan feedback for cost effective business processes. Advances in Production Engineering & Management, 11(3), pp.173-182.
Mone, E.M. and London, M., 2018. Employee engagement through effective performance management: A practical guide for managers. Routledge.
Taylor, J., 2014. Organizational culture and the paradox of performance management. Public Performance & Management Review, 38(1), pp.7-22.
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