Business Planning Definition

Business Planning encompasses all the goals, strategies and actions that you envision taking to ensure your business’s survival and growth.

Huge, isn't it? For convenience, think of business planning as being broken into two large topics; profit-making business planning and contingency business planning.

Profit-making business planning is all the general business planning that must be done to start and run a successful business. The best known example of this type of business planning is the business plan. The business plan isn’t a do-it-and-forget-it business planning exercise but a living document that needs to be updated throughout the lifecycle of your business.

Once the business has officially started, profit-making business planning will center on setting and meeting goals and targets. While some businesses make business planning an annual event, business planning is most effective when it’s done frequently and consistently. The business planning process of reviewing progress on business goals and targets and setting new ones should take place at least monthly.

Daily business planning is an incredibly effective way for individuals to focus on achieving both their own goals and the goals of the organization.

Contingency business planning is the type of business planning that focuses on dealing with crises. A business contingency plan is a proposed implementation plan to deal with some new emergency, event or new information.



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