What Are Business Planning Processes?
Running a company usually requires owners to spend copious amounts of time planning different aspects of the business. Planning is often used to develop strategies for improving current business operations and developing new growth strategies. Small-business owners should gather only the necessary information during the planning process. Too much information may lead to a “paralysis of analysis.” This occurs when too much analytical data is collected, no priorities exist, the owner has failed to delegate tasks or the planning process includes highly complex business situations. Define a Mission Defining a business mission is an important planning process. Business owners may ask questions such as where is the business currently, how did it get there, where does the owner want to take the business and how does the business get to the destination. Owners usually set a mission for a small business as a constant reminder of why the owner started the company. Setting a business mission also
