Small Business Report

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Jimmy Maxwell
Small Business Report
December 11, 2012

Creating a Business

While in today’s world we must take extra precautionary steps when it comes to creating a business. Many successful business are not created over night, although the idea oftentimes are, we have to be sure and take the necessary steps so as our idea of an accomplished business can start to take form. Every planning process goes through a series of stages.  In essence the aim is to complete each of the following steps to ensure the plan of action will be successful. The first step in planning a business is to gather the information needed to create such a business. While gathering information, take into consideration the location of business, the product or service being offered, what style of business it will be and where it should be years from now. Next would be to evaluate the plan, everything having thought of in the information gathering process should be evaluated and taken forth for the starting of the business

The planning process of a business has to be analyzed internally and externally, having to define the business and mission of said company, set corporate objectives, formulate strategies, make tactical plans and build in procedures for monitoring and controlling the business environment.

Effective business planning has to begin with an honest and realistic appraisal of the current position of the business. The formal term for this is “situational analysis” and there are several planning tools and methods which are helpful in putting the analysis together. The true purpose of situational analysis is to determine which opportunities to pursue. Having determined the current position, the next step is to determine the direction of the business. Ask yourself a series of questions, starting wit, “Where are we going”? The outputs from asking this question are the vision of the non-specific directional and motivational guidance for the entire business. “What will the...
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