What is a business plan wikipedia

what is a business plan wikipedia

Business model

From Wikipedia, the free encyclopedia Business model innovation is an iterative and potentially circular process A business model describes the rationale of how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts. (October ) A plan is typically any diagram or list of steps with details of timing and resources, used to achieve an objective to do something. It is commonly understood as a temporal set of intended actions through which one expects to achieve a goal. For spatial or planar topologic or topographic sets see map.

While some owners may be tempted to jump directly into startup mode, writing a business plan is a crucial first step for budding entrepreneurs to check the viability of a business before investing too much time or money. The purpose of a business plan is to help articulate a strategy for starting your business.

It also provides insight on steps to be taken, resources required for achieving what is the total us debt business goals and a timeline of anticipated results. For existing small businesses, a business plan should be updated annually as a way to guide growth and navigate the expansion into new markets. Your plan should include explicit objectives for hiring new employees, market analysis, financial projections, and potential investors.

But a business plan can bring clarity to the process of whether to how to get child support or lease and help determine the optimal amount allocated to those assets.

Marketing and market potential are important aspects of a plan for aspiring small businesses. In addition to providing a roadmap for progress and a marketing plan, your business plan could also be important in securing funding. A business plan may also be needed to retain other professional services as well, such as attorneys, landlords, consultants or accountants. Sulzer used his business plan to secure a lease.

I had to submit all my information and a plan that presented what I wanted to do, with financial breakdowns and percentages, demographics, and how I was going to get customers.

For a small business to succeed, attracting talented workers and partners is of vital importance. It can also help secure vendor accounts, especially with exclusive suppliers. Finally, a how to calculate discount in excel plan can be important in providing structure and management objectives to a small business.

It can become a reference tool to keep management on track with sales targets and operational milestones. Ready to take the next step? Learn how to write a business plan.

When the unexpected happens, you want to make sure your small business is covered. Customized insurance solutions are crucial to protecting and keeping your operation going. Find out how small business insurance can help you build and protect your business whether you are just starting up or already established.

Creating a marketing strategy Marketing and market potential are important aspects of a plan for aspiring small businesses. Hiring the right talent A business plan may also be needed to retain other professional services as well, what is a business plan wikipedia as attorneys, landlords, consultants or accountants.

Setting objectives for management Finally, a business plan can be important in providing structure and management objectives to a small business.

What is a business plan

A business plan is a written document that describes in detail how a business—usually a startup —defines its objectives and how it is to go about achieving its goals. A business plan lays out a. Sep 25,  · Business continuity may be defined as "the capability of an organisation to continue the delivery of products or services at pre-defined acceptable levels following a disruptive incident”, and business continuity planning (or business continuity and resiliency planning) is the process of creating systems of prevention and recovery to deal with potential threats to a company. Sep 18,  · What is a business plan Whether you’re starting a small business or exploring ways to expand an existing one, a business plan is an important tool to help guide your decisions. Think of it as a roadmap to success, providing greater clarity on all aspects of your business, from marketing and finance to operations and product/service details.

Business is the activity of making one's living or making money by producing or buying and selling products such as goods and services.

Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

The term is also often used colloquially but not by lawyers or by public officials to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability , as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner. Forms of business ownership vary by jurisdiction , but several common entities exist:. Note that "Ltd after the company's name signifies limited company, and PLC public limited company indicates that its shares are widely held.

In legal parlance, the owners of a company are normally referred to as the "members". In a company limited or unlimited by shares formed or incorporated with a share capital , this will be the shareholders.

In a company limited by guarantee, this will be the guarantors. Some offshore jurisdictions have created special forms of offshore company in a bid to attract business for their jurisdictions. Examples include " segregated portfolio companies " and restricted purpose companies. There are, however, many, many sub-categories of types of company that can be formed in various jurisdictions in the world. Companies are also sometimes distinguished into public companies and private companies for legal and regulatory purposes.

Private companies do not have publicly traded shares, and often contain restrictions on transfers of shares. In some jurisdictions, private companies have maximum numbers of shareholders. A parent company is a company that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors; the second company being deemed as a subsidiary of the parent company.

The definition of a parent company differs by jurisdiction, with the definition normally being defined by way of laws dealing with companies in that jurisdiction. Accounting is the measurement, processing, and communication of financial information about economic entities [15] [16] such as businesses and corporations.

The modern field was established by the Italian mathematician Luca Pacioli in The terms "accounting" and "financial reporting" are often used as synonyms. Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty and risk.

Finance can also be defined as the science of money management. Finance aims to price assets based on their risk level and their expected rate of return. Finance can be broken into three different sub categories: public finance , corporate finance , and personal finance. Activities also include budgeting, forecasting and lending money, and is defined as the management of money.

Manufacturing is the production of merchandise for use or sale using labour and machines , tools , chemical and biological processing, or formulation. The term may refer to a range of human activity, from handicraft to high tech , but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale. Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Marketing tactics include advertising as well as determining product pricing. With the rise in technology, marketing is further divided into a class called digital marketing. It is marketing products and services using digital technologies. Research and development refer to activities in connection with corporate or government innovation. Injuries cost businesses billions of dollars annually.

Sales are activity related to selling or the number of goods or services sold in a given time period. Sales are often integrated with all lines of business and are key to a companies' success. The efficient and effective operation of a business , and study of this subject, is called management.

The major branches of management are financial management , marketing management, human resource management , strategic management , production management , operations management , service management , and information technology management. Owners may manage their businesses themselves, or employ managers to do so for them. Whether they are owners or employees, managers administer three primary components of the business' value: financial resources, capital tangible resources , and human resources.

These resources are administered in at least six functional areas: legal contracting, manufacturing or service production, marketing, accounting, financing, and human resources. In recent decades, states modeled some of their assets and enterprises after business enterprises. Business process management BPM is a holistic management approach focused on aligning all aspects of an organization with the wants and needs of clients.

BPM attempts to improve processes continuously. It can, therefore, be described as a "process optimization process". It is argued that BPM enables organizations to be more efficient, effective and capable of change than a functionally focused, traditional hierarchical management approach. Most legal jurisdictions specify the forms of ownership that a business can take, creating a body of commercial law for each type.

Many businesses are operated through a separate entity such as a corporation or a partnership either formed with or without limited liability.

Most legal jurisdictions allow people to organize such an entity by filing certain charter documents with the relevant Secretary of State or equivalent and complying with certain other ongoing obligations. The relationships and legal rights of shareholders , limited partners, or members are governed partly by the charter documents and partly by the law of the jurisdiction where the entity is organized.

Generally speaking, shareholders in a corporation, limited partners in a limited partnership, and members in a limited liability company are shielded from personal liability for the debts and obligations of the entity, which is legally treated as a separate "person".

This means that unless there is misconduct, the owner's own possessions are strongly protected in law if the business does not succeed. Where two or more individuals own a business together but have failed to organize a more specialized form of vehicle, they will be treated as a general partnership. The terms of a partnership are partly governed by a partnership agreement if one is created, and partly by the law of the jurisdiction where the partnership is located. No paperwork or filing is necessary to create a partnership, and without an agreement, the relationships and legal rights of the partners will be entirely governed by the law of the jurisdiction where the partnership is located.

A single person who owns and runs a business is commonly known as a sole proprietor , whether that person owns it directly or through a formally organized entity. Depending on the business needs, an adviser can decide what kind is proprietorship will be most suitable. A very detailed and well-established body of rules that evolved over a very long period of time applies to commercial transactions. The need to regulate trade and commerce and resolve business disputes helped shape the creation of law and courts.

The Code of Hammurabi dates back to about BC for example and contains provisions that relate, among other matters, to shipping costs and dealings between merchants and brokers. In many countries, it is difficult to compile all the laws that can affect a business into a single reference source. Laws can govern the treatment of labour and employee relations, worker protection and safety , discrimination on the basis of age, gender, disability, race, and in some jurisdictions, sexual orientation, and the minimum wage, as well as unions , worker compensation, and working hours and leave.

Some specialized businesses may also require licenses, either due to laws governing entry into certain trades, occupations or professions, that require special education or to raise revenue for local governments. Professions that require special licenses include law, medicine, piloting aircraft, selling liquor, radio broadcasting, selling investment securities, selling used cars, and roofing.

Local jurisdictions may also require special licenses and taxes just to operate a business. Some businesses are subject to ongoing special regulation, for example, public utilities , investment securities, banking, insurance, broadcasting , aviation , and health care providers. Environmental regulations are also very complex and can affect many businesses. When businesses need to raise money called capital , they sometimes offer securities for sale. Capital may be raised through private means, by an initial public offering or IPO on a stock exchange , [37] or in other ways.

Most countries with capital markets have at least one. Businesses that have gone public are subject to regulations concerning their internal governance, such as how executive officers' compensation is determined, and when and how information is disclosed to shareholders and to the public.

Other western nations have comparable regulatory bodies. The proliferation and increasing complexity of the laws governing business have forced increasing specialization in corporate law. It is not unheard of for certain kinds of corporate transactions to require a team of five to ten attorneys due to sprawling regulation.

Commercial law spans general corporate law, employment and labor law, health-care law, securities law, mergers and acquisitions, tax law, employee benefit plans, food and drug regulation, intellectual property law on copyrights, patents, trademarks, telecommunications law, and financing. Other types of capital sourcing include crowdsourcing on the Internet, venture capital, bank loans, and debentures.

Businesses often have important " intellectual property " that needs protection from competitors for the company to stay profitable. This could require patents , copyrights , trademarks , or preservation of trade secrets. Patents and copyrights in the United States are largely governed by federal law, while trade secrets and trademarking are mostly a matter of state law. Because of the nature of intellectual property, a business needs protection in every jurisdiction in which they are concerned about competitors.

Many countries are signatories to international treaties concerning intellectual property, and thus companies registered in these countries are subject to national laws bound by these treaties. In order to protect trade secrets, companies may require employees to sign noncompete clauses which will impose limitations on an employee's interactions with stakeholders, and competitors.

A trade union or labor union is an organization of workers who have come together to achieve common goals such as protecting the integrity of its trade, improving safety standards, achieving higher pay and benefits such as health care and retirement, increasing the number of employees an employer assigns to complete the work, and better working conditions.

From Wikipedia, the free encyclopedia. Organization undertaking commercial, industrial, or professional activity.

For other uses, see Business disambiguation. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. By jurisdiction. General corporate forms. Corporate forms by jurisdiction. Naamloze vennootschap N. Business judgment rule Corporate governance De facto and estoppel corporations Internal affairs doctrine Limited liability Tag-along right Drag-along right Piercing the corporate veil Rochdale Principles Ultra vires.

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