Table of Contents

What is a business plan, the advantages of having a business plan, the types of business plans, the key elements of a business plan, best business plan software, common challenges of writing a business plan, become an expert business planner, business planning: it’s importance, types and key elements.

Business Planning: It’s Importance, Types and Key Elements

Every year, thousands of new businesses see the light of the day. One look at the  World Bank's Entrepreneurship Survey and database  shows the mind-boggling rate of new business registrations. However, sadly, only a tiny percentage of them have a chance of survival.   

According to the Bureau of Labor Statistics, about 20% of small businesses fail in their first year, about 50% in their fifth year.

Research from the University of Tennessee found that 44% of businesses fail within the first three years. Among those that operate within specific sectors, like information (which includes most tech firms), 63% shut shop within three years.

Several  other statistics  expose the abysmal rates of business failure. But why are so many businesses bound to fail? Most studies mention "lack of business planning" as one of the reasons.

This isn’t surprising at all. 

Running a business without a plan is like riding a motorcycle up a craggy cliff blindfolded. Yet, way too many firms ( a whopping 67%)  don't have a formal business plan in place. 

It doesn't matter if you're a startup with a great idea or a business with an excellent product. You can only go so far without a roadmap — a business plan. Only, a business plan is so much more than just a roadmap. A solid plan allows a business to weather market challenges and pivot quickly in the face of crisis, like the one global businesses are struggling with right now, in the post-pandemic world.  

But before you can go ahead and develop a great business plan, you need to know the basics. In this article, we'll discuss the fundamentals of business planning to help you plan effectively for 2021.  

Now before we begin with the details of business planning, let us understand what it is.

No two businesses have an identical business plan, even if they operate within the same industry. So one business plan can look entirely different from another one. Still, for the sake of simplicity, a business plan can be defined as a guide for a company to operate and achieve its goals.  

More specifically, it's a document in writing that outlines the goals, objectives, and purpose of a business while laying out the blueprint for its day-to-day operations and key functions such as marketing, finance, and expansion.

A good business plan can be a game-changer for startups that are looking to raise funds to grow and scale. It convinces prospective investors that the venture will be profitable and provides a realistic outlook on how much profit is on the cards and by when it will be attained. 

However, it's not only new businesses that greatly benefit from a business plan. Well-established companies and large conglomerates also need to tweak their business plans to adapt to new business environments and unpredictable market changes. 

Before getting into learning more about business planning, let us learn the advantages of having one.

Since a detailed business plan offers a birds-eye view of the entire framework of an establishment, it has several benefits that make it an important part of any organization. Here are few ways a business plan can offer significant competitive edge.

  • Sets objectives and benchmarks: Proper planning helps a business set realistic objectives and assign stipulated time for those goals to be met. This results in long-term profitability. It also lets a company set benchmarks and Key Performance Indicators (KPIs) necessary to reach its goals. 
  • Maximizes resource allocation: A good business plan helps to effectively organize and allocate the company’s resources. It provides an understanding of the result of actions, such as, opening new offices, recruiting fresh staff, change in production, and so on. It also helps the business estimate the financial impact of such actions.
  • Enhances viability: A plan greatly contributes towards turning concepts into reality. Though business plans vary from company to company, the blueprints of successful companies often serve as an excellent guide for nascent-stage start-ups and new entrepreneurs. It also helps existing firms to market, advertise, and promote new products and services into the market.
  • Aids in decision making: Running a business involves a lot of decision making: where to pitch, where to locate, what to sell, what to charge — the list goes on. A well thought-out business plan provides an organization the ability to anticipate the curveballs that the future could throw at them. It allows them to come up with answers and solutions to these issues well in advance.
  • Fix past mistakes: When businesses create plans keeping in mind the flaws and failures of the past and what worked for them and what didn’t, it can help them save time, money, and resources. Such plans that reflects the lessons learnt from the past offers businesses an opportunity to avoid future pitfalls.
  • Attracts investors: A business plan gives investors an in-depth idea about the objectives, structure, and validity of a firm. It helps to secure their confidence and encourages them to invest. 

Now let's look at the various types involved in business planning.

Become a Business and Leadership Professional

  • Top 10 skills in demand Business Analysis As A Skill In 2020
  • 14% Growth in Jobs Of Business Analysis Profile By 2028

Business Analyst

  • Industry-recognized certifications from IBM and Simplilearn
  • Masterclasses from IBM experts

Post Graduate Program in Business Analysis

  • Certificate from Simplilearn in collaboration with Purdue University
  • Become eligible to be part of the Purdue University Alumni Association

Here's what learners are saying regarding our programs:

Sauvik Pal

Assistant Consultant at Tata Consultancy Services , Tata Consultancy Services

My experience with Simplilearn has been great till now. They have good materials to start with, and a wide range of courses. I have signed up for two courses with Simplilearn over the past 6 months, Data Scientist and Agile and Scrum. My experience with both is good. One unique feature I liked about Simplilearn is that they give pre-requisites that you should complete, before a live class, so that you go there fully prepared. Secondly, there support staff is superb. I believe there are two teams, to cater to the Indian and US time zones. Simplilearn gives you the most methodical and easy way to up-skill yourself. Also, when you compare the data analytics courses across the market that offer web-based tutorials, Simplilearn, scores over the rest in my opinion. Great job, Simplilearn!

Vy Tran

I was keenly looking for a change in my domain from business consultancy to IT(Business Analytics). This Post Graduate Program in Business Analysis course helped me achieve the same. I am proficient in business analysis now and am looking for job profiles that suit my skill set.

Business plans are formulated according to the needs of a business. It can be a simple one-page document or an elaborate 40-page affair, or anything in between. While there’s no rule set in stone as to what exactly a business plan can or can’t contain, there are a few common types of business plan that nearly all businesses in existence use.  

Here’s an overview of a few fundamental types of business plans. 

  • Start-up plan: As the name suggests, this is a documentation of the plans, structure, and objections of a new business establishments. It describes the products and services that are to be produced by the firm, the staff management, and market analysis of their production. Often, a detailed finance spreadsheet is also attached to this document for investors to determine the viability of the new business set-up.
  • Feasibility plan: A feasibility plan evaluates the prospective customers of the products or services that are to be produced by a company. It also estimates the possibility of a profit or a loss of a venture. It helps to forecast how well a product will sell at the market, the duration it will require to yield results, and the profit margin that it will secure on investments. 
  • Expansion Plan: This kind of plan is primarily framed when a company decided to expand in terms of production or structure. It lays down the fundamental steps and guidelines with regards to internal or external growth. It helps the firm to analyze the activities like resource allocation for increased production, financial investments, employment of extra staff, and much more.
  • Operations Plan: An operational plan is also called an annual plan. This details the day-to-day activities and strategies that a business needs to follow in order to materialize its targets. It outlines the roles and responsibilities of the managing body, the various departments, and the company’s employees for the holistic success of the firm.
  • Strategic Plan: This document caters to the internal strategies of the company and is a part of the foundational grounds of the establishments. It can be accurately drafted with the help of a SWOT analysis through which the strengths, weaknesses, opportunities, and threats can be categorized and evaluated so that to develop means for optimizing profits.

There is some preliminary work that’s required before you actually sit down to write a plan for your business. Knowing what goes into a business plan is one of them. 

Here are the key elements of a good business plan:

  • Executive Summary: An executive summary gives a clear picture of the strategies and goals of your business right at the outset. Though its value is often understated, it can be extremely helpful in creating the readers’ first impression of your business. As such, it could define the opinions of customers and investors from the get-go.  
  • Business Description: A thorough business description removes room for any ambiguity from your processes. An excellent business description will explain the size and structure of the firm as well as its position in the market. It also describes the kind of products and services that the company offers. It even states as to whether the company is old and established or new and aspiring. Most importantly, it highlights the USP of the products or services as compared to your competitors in the market.
  • Market Analysis: A systematic market analysis helps to determine the current position of a business and analyzes its scope for future expansions. This can help in evaluating investments, promotions, marketing, and distribution of products. In-depth market understanding also helps a business combat competition and make plans for long-term success.
  • Operations and Management: Much like a statement of purpose, this allows an enterprise to explain its uniqueness to its readers and customers. It showcases the ways in which the firm can deliver greater and superior products at cheaper rates and in relatively less time. 
  • Financial Plan: This is the most important element of a business plan and is primarily addressed to investors and sponsors. It requires a firm to reveal its financial policies and market analysis. At times, a 5-year financial report is also required to be included to show past performances and profits. The financial plan draws out the current business strategies, future projections, and the total estimated worth of the firm.

The importance of business planning is it simplifies the planning of your company's finances to present this information to a bank or investors. Here are the best business plan software providers available right now:

  • Business Sorter

The importance of business planning cannot be emphasized enough, but it can be challenging to write a business plan. Here are a few issues to consider before you start your business planning:

  • Create a business plan to determine your company's direction, obtain financing, and attract investors.
  • Identifying financial, demographic, and achievable goals is a common challenge when writing a business plan.
  • Some entrepreneurs struggle to write a business plan that is concise, interesting, and informative enough to demonstrate the viability of their business idea.
  • You can streamline your business planning process by conducting research, speaking with experts and peers, and working with a business consultant.

Whether you’re running your own business or in-charge of ensuring strategic performance and growth for your employer or clients, knowing the ins and outs of business planning can set you up for success. 

Be it the launch of a new and exciting product or an expansion of operations, business planning is the necessity of all large and small companies. Which is why the need for professionals with superior business planning skills will never die out. In fact, their demand is on the rise with global firms putting emphasis on business analysis and planning to cope with cut-throat competition and market uncertainties.

While some are natural-born planners, most people have to work to develop this important skill. Plus, business planning requires you to understand the fundamentals of business management and be familiar with business analysis techniques . It also requires you to have a working knowledge of data visualization, project management, and monitoring tools commonly used by businesses today.   

Simpliearn’s Executive Certificate Program in General Management will help you develop and hone the required skills to become an extraordinary business planner. This comprehensive general management program by IIM Indore can serve as a career catalyst, equipping professionals with a competitive edge in the ever-evolving business environment.

What Is Meant by Business Planning?

Business planning is developing a company's mission or goals and defining the strategies you will use to achieve those goals or tasks. The process can be extensive, encompassing all aspects of the operation, or it can be concrete, focusing on specific functions within the overall corporate structure.

What Are the 4 Types of Business Plans?

The following are the four types of business plans:

Operational Planning

This type of planning typically describes the company's day-to-day operations. Single-use plans are developed for events and activities that occur only once (such as a single marketing campaign). Ongoing plans include problem-solving policies, rules for specific regulations, and procedures for a step-by-step process for achieving particular goals.

Strategic Planning

Strategic plans are all about why things must occur. A high-level overview of the entire business is included in strategic planning. It is the organization's foundation and will dictate long-term decisions.

Tactical Planning

Tactical plans are about what will happen. Strategic planning is aided by tactical planning. It outlines the tactics the organization intends to employ to achieve the goals outlined in the strategic plan.

Contingency Planning

When something unexpected occurs or something needs to be changed, contingency plans are created. In situations where a change is required, contingency planning can be beneficial.

What Are the 7 Steps of a Business Plan?

The following are the seven steps required for a business plan:

Conduct Research

If your company is to run a viable business plan and attract investors, your information must be of the highest quality.

Have a Goal

The goal must be unambiguous. You will waste your time if you don't know why you're writing a business plan. Knowing also implies having a target audience for when the plan is expected to get completed.

Create a Company Profile

Some refer to it as a company profile, while others refer to it as a snapshot. It's designed to be mentally quick and digestible because it needs to stick in the reader's mind quickly since more information is provided later in the plan.

Describe the Company in Detail

Explain the company's current situation, both good and bad. Details should also include patents, licenses, copyrights, and unique strengths that no one else has.

Create a marketing plan ahead of time.

A strategic marketing plan is required because it outlines how your product or service will be communicated, delivered, and sold to customers.

Be Willing to Change Your Plan for the Sake of Your Audience

Another standard error is that people only write one business plan. Startups have several versions, just as candidates have numerous resumes for various potential employers.

Incorporate Your Motivation

Your motivation must be a compelling reason for people to believe your company will succeed in all circumstances. A mission should drive a business, not just selling, to make money. That mission is defined by your motivation as specified in your business plan.

What Are the Basic Steps in Business Planning?

These are the basic steps in business planning:

Summary and Objectives

Briefly describe your company, its objectives, and your plan to keep it running.

Services and Products

Add specifics to your detailed description of the product or service you intend to offer. Where, why, and how much you plan to sell your product or service and any special offers.

Conduct research on your industry and the ideal customers to whom you want to sell. Identify the issues you want to solve for your customers.

Operations are the process of running your business, including the people, skills, and experience required to make it successful.

How are you going to reach your target audience? How you intend to sell to them may include positioning, pricing, promotion, and distribution.

Consider funding costs, operating expenses, and projected income. Include your financial objectives and a breakdown of what it takes to make your company profitable. With proper business planning through the help of support, system, and mentorship, it is easy to start a business.

Our Business And Leadership Courses Duration And Fees

Business And Leadership Courses typically range from a few weeks to several months, with fees varying based on program and institution.

Get Free Certifications with free video courses

Business Analysis Basics

Business and Leadership

Business Analysis Basics

Business Intelligence Fundamentals

Data Science & Business Analytics

Business Intelligence Fundamentals

Learn from Industry Experts with free Masterclasses

Product Manager Role Breakdown: Skills, Career Paths, and Salaries

How to Build Your UI/UX Portfolio with the Caltech UI/UX Bootcamp

Career Information Session: Find Out How to Become a Business Analyst with IIT Roorkee

Recommended Reads

Business Intelligence Career Guide: Your Complete Guide to Becoming a Business Analyst

Corporate Succession Planning: How to Create Leaders According to the Business Need

Top Business Analyst Skills

Business Analytics Basics: A Beginner’s Guide

Financial Planning for Businesses Across the Globe

How to Become a Business Analyst

Get Affiliated Certifications with Live Class programs

  • PMP, PMI, PMBOK, CAPM, PgMP, PfMP, ACP, PBA, RMP, SP, and OPM3 are registered marks of the Project Management Institute, Inc.

planning in business essay

How to Write a Business Essay for Impactful Communication and Analysis

planning in business essay

So, you've got a business essay coming up, and you're feeling a mix of excitement and a tad bit overwhelmed, right? Totally get it. Writing a business essay might sound boring, but trust me, it's a skill that's gonna come in handy when you're out there in the real world.

In this article, we're dishing out some awesome tips just for you if you have question on how to start a business essay. Think of it as your secret weapon to tackle those business essays like a pro. We'll keep it real, easy, and super practical – no fancy jargon or complicated theories. Let's dive into the world of business essay writing, where your words can make a big impact. In case you lack time or motivation to finish your assignment, use our business essay writing service to streamline the process.

What Is a Business Essay

Business essays are written pieces that explore and analyze various aspects of business-related topics, often focusing on management, marketing, finance, or entrepreneurship. They provide a platform for students and professionals to articulate their understanding of business concepts, theories, and real-world applications. Typically written in a formal and structured manner, a business essay requires critical thinking, research skills, and the ability to communicate ideas effectively. Whether delving into case studies, discussing industry trends, or evaluating business strategies, the essay aims to provide insights, draw conclusions, and contribute to a deeper understanding of the dynamic world of business.

What Is a Business Essay

How to Write an Introduction for a Business Essay

A business essay introduction sets the tone for the entire paper and captures the reader's attention. Here are some steps and tips to help you write an effective introduction for a business essay:

  • Understand the Purpose of the Introduction

Clearly understand the purpose of your essay. Are you providing an overview of a business concept, analyzing a case study, or arguing a specific point? Tailor your introduction accordingly.

  • Start with a Hook

Grab the reader's attention with a compelling hook. This could be a relevant quote, a surprising fact, a rhetorical question, or a thought-provoking statement. The goal is to make the reader want to continue reading.

  • Provide Context

After the hook, provide some background or context related to the topic of your essay. Help the reader understand the significance and relevance of the subject matter in the business world.

  • Thesis Statement

Clearly state your thesis or the main argument of your essay. This should be a concise and focused statement that outlines what the reader can expect from the rest of the essay. Make sure it is specific and reflects the purpose of your writing.

  • Outline the Scope

Briefly outline the main points or areas that your essay will cover. This gives the reader a roadmap of what to expect and helps them understand the structure of your essay.

  • Use Clear and Concise Language

Keep your introduction clear and concise. Avoid unnecessary jargon or complex language that might confuse the reader. Aim for clarity and precision.

  • Be Relevant

Ensure that every sentence in your introduction is directly related to the topic of your essay. Avoid going off on tangents or providing excessive information that doesn't contribute to the main points.

  • Consider the Tone

Choose a tone that is appropriate for your audience and the nature of your essay. Business essays can vary in tone, from formal and academic to more conversational, depending on the context.

Are You a Business Student with a Hectic Schedule?

 Try our professional writing service – it can do wonders for your curriculum!

Business Essay Introduction Example

Here’s an example of an introduction for an essay titled “The Rise of E-commerce: Shaping the Future of Retail”:

The retail landscape is undergoing a seismic shift as e-commerce continues to redefine the way consumers shop. In this essay, we explore the profound implications of this digital transformation on traditional retail models and analyze the key strategies businesses are employing to thrive in this dynamic environment. From changing consumer behaviors to the strategic use of technology, the impact of e-commerce on the retail sector is undeniable, prompting businesses to adapt or face the risk of obsolescence.

How to Write a Business Essay

Working on a business essay might seem daunting, but it doesn't have to be. In this guide, we'll break down the process into simple steps to help you navigate through it smoothly. In this next section. We’ll be breaking down the essentials of drawing up a business essay from start to finish. From defining your main argument to structuring your points effectively, let's explore the key strategies that will set you on the path to success. 

How to Write a Business Essay

Analyze the Prompt

Start by carefully reading and understanding the essay prompt. This involves breaking down the question to grasp what it's asking for, identifying the main topics, and recognizing any specific tasks or points to cover. This step helps you set the stage for a focused and relevant essay by ensuring you address all aspects mentioned in the prompt. You can hire a business essay writer to expedite the process if you want.

Think of a Thesis Statement

When writing a business essay, think of the thesis statement as the essay's compass. It should be a concise, strong sentence that lays out your main argument or viewpoint on the topic. Your thesis guides the entire essay, so make sure it's specific, debatable, and gives readers a clear idea of what to expect in your writing.

Create an Outline

We’ve already shared tips on how to write an introduction for a business essay, so let’s move on to the next stages. Organize your thoughts by outlining the main points and structure of your essay. This doesn't have to be too detailed; just a roadmap that helps you see how different ideas connect. An outline ensures a logical flow in your writing and prevents you from going off track. By the way, have you already picked business essay topics ? If not, here’s a list of great ideas you can use!

Provide Topic Background

Before diving into your main points, the business essay writing format implies giving your reader some context about the topic. Briefly introduce the key concepts, relevant facts, or historical background that will help readers understand the importance and relevance of your essay.

Write the Main Body

Start developing your essay by expanding on the main points outlined in your thesis. Each paragraph should focus on a specific idea or argument supported by evidence or examples. Be clear and concise, ensuring a smooth transition between paragraphs. It’s the most difficult part of the assignment, meaning you can use our college essay service to simplify it.

Write a Conclusion

Summarize your key points and conclusively restate your thesis. The conclusion should tie up the loose ends and leave a lasting impression on the reader. Avoid introducing new information but rather reinforce your main argument. For more details about how to write a conclusion for an essay , please refer to our guide.

Add a Bibliography

List all the sources you used in your research. Be meticulous about citing your references properly, following the chosen format (APA, MLA, etc.). This adds credibility to your essay and avoids plagiarism issues.

Edit and Proofread

As you’ve learned how to write a business essay, it’s time to master the art of self-revising. Review your essay for clarity, coherence, and grammatical errors. Editing ensures that your ideas flow smoothly, and proofreading catches any overlooked mistakes. It's a crucial step to polish your essay and present a professional piece of writing. Do you have another assignment on business management ? This guide will help you!

Choose the Writing Format

Reiterate the importance of selecting and adhering to the chosen writing format throughout the essay. Consistency in formatting, citations, and other style elements contributes to the overall professionalism of your work.

Business Essay Example

Business essay examples offer practical assistance to students tackling assignments by showcasing the application of essential writing principles in a real-world context. As a tangible reference, it demonstrates an effective essay structure and how to formulate a clear thesis statement and provide coherent arguments. By examining examples, students can glean insights into research techniques, proper citation practices, and overall essay organization, empowering them to approach their business assignments with increased confidence and proficiency.

Example 1: “The Impact of Technological Advancements on Modern Business Operations”

This essay explores the multifaceted impact of technology on operational efficiency, innovation, customer relations, and global connectivity. From integrating automation and artificial intelligence for streamlined processes to facilitating global expansion through digital platforms, technology emerges as a driving force shaping the success and sustainability of contemporary enterprises. While acknowledging the numerous benefits, the essay also highlights the challenges and ethical considerations inherent in adopting these technologies, emphasizing the need for businesses to navigate these complexities responsibly for long-term growth and competitiveness.

Example 2: “Sustainable Business Practices: A Strategic Imperative for Corporate Success”

This essay explores the pivotal role of sustainable business practices as a strategic imperative for corporate success in the contemporary entrepreneurship scene. Addressing environmental concerns, social consciousness, and economic viability, the essay delves into the multifaceted benefits of adopting sustainable approaches. It discusses how businesses can align profitability with responsible practices, emphasizing environmental stewardship, social impact, and community engagement. The essay underscores the importance of regulatory compliance and risk mitigation in business by examining the economic advantages and innovation opportunities arising from sustainable initiatives.

Final Considerations

Students engage in writing business essays to develop essential skills and knowledge crucial for success in the professional world. These essays serve as a platform for honing critical thinking, analytical, and communication skills, allowing students to articulate and analyze complex business concepts. Through the process of researching, organizing thoughts, and constructing coherent arguments, students gain a deeper understanding of business principles and practices. Business essays also cultivate the ability to synthesize information, evaluate various perspectives, and present well-reasoned conclusions. If you find with task troublesome, you can always tell us, ‘ write my research paper ,’ and one of our wordsmiths will fulfill the assignment quickly.

Writing Business Essays Doesn’t Work for You?

 Here’s an alternative – an expert writer with relevant experience and proper skills.

How Many Paragraphs Does a Business Essay Have?

What is the most important part of a business essay, how do you start off a business essay.

Annie Lambert

Annie Lambert

specializes in creating authoritative content on marketing, business, and finance, with a versatile ability to handle any essay type and dissertations. With a Master’s degree in Business Administration and a passion for social issues, her writing not only educates but also inspires action. On EssayPro blog, Annie delivers detailed guides and thought-provoking discussions on pressing economic and social topics. When not writing, she’s a guest speaker at various business seminars.

planning in business essay

is an expert in nursing and healthcare, with a strong background in history, law, and literature. Holding advanced degrees in nursing and public health, his analytical approach and comprehensive knowledge help students navigate complex topics. On EssayPro blog, Adam provides insightful articles on everything from historical analysis to the intricacies of healthcare policies. In his downtime, he enjoys historical documentaries and volunteering at local clinics.

Related Articles

What Is a Capstone Project: Definition, Types, Writing Steps

planning in business essay

How to Write a Business Essay: an Ultimate Guide

Avatar photo

Table of Contents

Writing an essay can be boring. A lot of essays are basically the same thing over and over again. You write an introduction, then you write your supporting paragraphs, and then you create a conclusion. Overall, the process is not a lot of fun, and you can often feel as though you are simply going through the motions for the sake of churning out extra work. But since you have to write an essay, it’s worth considering the many ways that you can make the process faster and easier. In this ultimate guide, we’ll discuss the best way to write a business essay so you can get through the process faster and with relatively little trouble.

A graphic of a man sitting behind a desk, writing, with the title text: "Business Essay Writing Guide"

It might seem obvious, but the first thing you need to do when you write an essay is to read the essay question. You need to be sure you understand each part of the essay question and how the parts of the question work together. You would be surprised how many students only glance at the question and then write a paper that only partially addresses the assignment. You don’t want to lose points because part of your paper isn’t on topic. If you find any parts of the paper that you don’t understand or that require explanation, be sure to contact your instructor for clarification before you start writing.

Read the essay rubric

These days, most essays have a grading rubric included with the question. A grading rubric is like a cheat sheet for writing your essay. When you review the essay rubric, you’ll see exactly how your instructor will grade your paper and what your instructor will be looking for. When you write your paper, you will therefore know exactly what to include and how to write about it in order to maximize your points—and you’ll also see what you can spend less time on because it won’t contribute to your overall grade.

Make friends with your library

Many students automatically turn to search engines like Google in order to research their papers, but this is not the most effective way to find high-quality business sources for your paper. Instead, take advantage of your library’s databases. Your college or university library will likely have dedicated business databases that collect high-quality academic articles on business topics. Using these resources in your paper will make your essay stronger and more effective, and it will put your paper on a solid academic footing.

Compile your sources before you write

Many students use the start-and-stop method to write their papers, composing a sentence or two and then stopping to look up more information in order to keep going. This, however, is an inefficient way to work. A better way is to read through your research sources before you start and copy into a separate file a series of quotations and facts that you might use in your paper, creating in-text citations and reference list entries for each before you start. Doing so will make sure that you don’t have to stop for research and have a ready bank of pre-cited material to work with as you write.

Outline before you write

Outlining is an important skill that will both save you time and improve the quality of your essay. Take time before you write to lay out your paper from beginning to end. Start with your thesis statement and carefully lay out the body paragraphs with a topic sentence, supporting details (including research, quotes, and citations ), and a closing paragraph . Plan your transitions to link paragraphs together. Any amount of outlining can be helpful, but the more effort that you put into outlining at this stage, the easier it will be to write your paper, and the less likely it will be that you get stuck in a tangent that goes nowhere or meander into a point that requires you to change your thesis and revise you whole essay.

Remember to revise and proofread

When you finish the draft of your paper, you aren’t done yet. The first draft is rarely the finished product. You should always set aside time to read your work back and to make revisions to make it clearer. You also need to carefully proofread for mechanical grammar, punctuation, and syntax issues to ensure that your paper is as close to perfect as possible. You don’t want to leave points on the table because your paper had easy to fix minor spelling or grammar errors.

Consider professional writing help

Another great way to get your paper done quickly is to seek out custom professional help from an essay writing service with academic experts. An online writing company such as this can create business papers for college students and deliver them fast. When you utilize professional writing assistance, you can receive a custom-written essay that can serve as a great model to help you understand how a professional would approach your business topic and organize and develop an essay to address your assignment. Using a model such as this can save you time and effort as you work on your own paper, allowing you to focus on the learning process more than the mechanics of academic essay writing.

Join the thousands who have sharpened their business writing skills with our award winning courses.

Copyright © 2024 Businesswritingblog.com.

Business Essay and the Best Way of Its Writing

  • Academic Writing Tips

Zoe Barker

  • Social Science
  • Political Science

planning in business essay

Business is an essential aspect of today’s evolving world. It is a lucrative industry that impacts many sectors, including education. Business-related courses are popular as many students are pursuing the programs. There are many branches in the business field, from business management to finance. College tutors often give students different business papers to test their knowledge as part of the assessment.

A business essay is an academic assignment that involves writing a paper that responds with a strategic and analytical approach to specific situations occurring in the market. Each business essay has a different topic that students tackle. However, the primary purpose of such essays is to collect relevant facts that align with the research question and analyze the data to get solutions.

Writing a business essay might seem simple, but it requires impressive writing skills and extensive research. You must be familiar with the topic to know the paper’s direction. Topic selection is a tricky section that affects the entire writing process. It is essential to identify a relevant topic to assist you in crafting a remarkable paper. You have to write a well-structured and compelling paper to get good grades. Presenting accurate arguments with supporting examples from reliable sources is an essential research aspect. Thus, a business essay must follow the required academic standards and theoretical frameworks.

However, writing is not everyone’s cup of tea, and incorporating logical arguments can be challenging. If you are stuck, you can check any business essay example online to understand the format. You will know how to structure the paper and relate it to the relevant themes.

That is why our writing service is here to help needy students craft exceptional essays. We will connect with a proficient business essay writer to help with the research and writing process. Get flawless documents from us and earn the best score in your class.

Business Essay Format

Most learners often overlook the importance of having a business essay format. It is imperative to use a format to help you outline your work. Proper thought organization and articulation are essential aspects that translate into a well-written business essay.

Below is an example of the format:

  • Introduction
  • Background information
  • Introduce main topics
  • Thesis statement
  • Topic sentence
  • Research explanation
  • Restate points
  • Significance of the study

The above outline is a map that will guide you to know what to include in each section. In addition, you will understand what the assignment requires you to do from the introduction to the conclusion.

If you still find it challenging to get the proper format, you can study a relevant business essay example from our site and jumpstart your paper. Whether you need a business school essay or a business plan essay, we have you covered.

Write Business Essay In 5 Steps

While writing might seem challenging, with the proper format and topic familiarity, you are on the right track. It is imperative to understand the writing process before composing your business essay. You need to read the prompt carefully to know what you are supposed to research and write about.

Here is an overview of the writing process in 5 simple steps:

  • Topic Selection

Choosing a good topic is mandatory in crafting an excellent paper. You must select a theme that aligns with the research question. Additionally, ensure you select a familiar topic you are passionate about to avoid writing mistakes and illogical paragraphs.

  • Extensive Research

Conduct extensive research to get facts and supporting evidence. Narrow down your theme and include only good points. Avoid broad topics because you will waste time during research.

  • Essay Outline

Make sure you use a proper outline to organize your thoughts and line of arguments. Follow the format essay

Start writing your paper while using the required academic format. Organize your work and include the introduction, main body paragraphs, or conclusion.

  • Editing and Proofreading

Finally, edit and proofread your essay to eliminate grammatical and spelling mistakes.

The above steps will help you during business essay writing to craft remarkable papers. It would be best to plan your time adequately to avoid rushing through the process. However, you must select an appropriate topic for your paper. It could be a business management essay or a marketing paper. No matter the subject discipline, ensure you follow the correct procedure.

Business Essay Topics

popular business topics

Our experts have compiled a list of different business essay topics to inspire your writing:

  • Discuss the importance of bookkeeping in a business.
  • Evaluate the impact of value addition in products.
  • An analysis of income and expenditure transactions.
  • Analyze the supply-chain industry.
  • The effects of product promotion in business growth.
  • How to develop an effective marketing strategy.
  • Impact of policymaking in enhancing company productivity.
  • What is multilevel marketing?
  • Impact of technology in the business world.
  • Discuss the challenges affecting entrepreneurship.
  • Significance of human resource management.
  • Explore the importance of budget analysis.
  • How does technology impact advertising?
  • The importance of a financial strategy.
  • How to start an online business.
  • How can organizations profit from sustainable practices?
  • How to develop a positive organizational culture.
  • The importance of employee diversity in an organization.
  • Effective ways of fraud prevention in a company.
  • Explore the communication channels in an organization.

Let us look at interesting argumentative business essay topics

  • Discuss the influence of cultural differences on international companies.
  • A comprehensive analysis of cryptocurrencies.
  • Discuss the ethical dilemmas in international organizations.
  • The influence of globalization on the business community.
  • Should large organizations have a social media presence?
  • Causes and effects of economic recession.
  • Impact of politics on business growth.
  • Discuss the effective strategies of negotiating cross-cultural business deals.
  • Explore the integrity of online entrepreneurship.
  • The impact of corporate social responsibility in an organization.

The field is quite diverse with various course programs. You can derive different topics from these programs to get logical arguments. So, get inspiration from the compelling business school essay examples and craft exceptional papers.

business management essay topics

How To Start A Business Essay

Knowing how to start a business essay is essential for academic writing. The first step entails topic selection because it will determine the essay’s direction. Identifying a relevant topic is vital, and you need to ensure you get the suitable theme. It will also help save you time during research and simplify the writing process.

When it comes to essay writing service , business papers are among the assignments that require extensive research and analysis. Read the essay prompt carefully to understand the tutor’s expectations. Then, make sure you conduct a comprehensive brainstorming session to get the major points for your paper. Having the right points will help you compose logical arguments in a flawless manner.

Moreover, it would help to read previous essays and publications from reliable essays widely. You will get essential data to support your arguments. Besides, the sources will help you cite your essay correctly.

Start your essay with an insightful introduction and include your perspective regarding the topic. Incorporate a powerful thesis statement that informs your readers of the paper’s direction and the major points you will discuss.

Proceed to write the body paragraphs with a topic sentence that captures all significant arguments. Each paragraph should have well-explained arguments that flow logically.

Finally, conclude your business essay by restating your main points and the significance of the study.

Still, need help with your paper? Worry no more. Our competent business essay writers are on standby, ready to assist you with any academic paper. Stop wasting time and reach out to us. We will help you score top-of-the-class grades within no time.

The paper “Enterprises Resource Planning Success and Failure” is an outstanding example of a business essay. An Enterprise resource planning (ERP) system according to Aslan et al. (2012, p.693) is a management system within an organization that has sets of connected inclusive software, which may be used when espoused and put into practice effectively, to oversee and connect every organizational function. Basically, ERP systems may be employed as a tool for helping to improve the supply chain network as well as the level of performance by helping in decreasing cycle times.

Besides that, ERP systems have been utilized routinely in capital-intensive industries like building, construction, manufacturing, as well as defence. Latterly, ERP systems have advanced further and nowadays they are prevalent in industries such as education, health care, finance, hospitality, and telecommunications. Fundamentally, the benefits of ERP systems are hard to realise not unless a strong disposition, as well as participation, is established within the organisation; so, the article seeks to critically analyse ERP success and failure experienced by organisations.

BodyAs mentioned by Hellens et al. (2005, p.283), ERP systems are built upon a single database and application, as well as a coordinate that is unified in the whole organization. For that reason, every application serving different departments such as HR, accounting, and supply chain are integrated firmly under a single ERP system. Al-as observed by Al-Masha et al. (2003, p.354), ERP systems are useful when successfully implemented because they accelerate the process of decision-making. So, the success of ERP systems depends on the ability of an organisation’s managers to efficiently oversee the operation of a business, given that ERP systems can help them reduces operation costs.

Success drivers of ERP systems can be categorised into two: operational and technological drivers. In this case, operational drivers are associated with ways of improving organisational performance, supporting business strategies, as well as cutting production costs. On the other hand, technological drivers are predominantly associated with compliance with existing rules and regulations. The notion of success varies as the process of implementation continues, in that for planning and implementation (the first two stages of the cycle) success is mainly rooted in completing the ERP project to the standards that are acceptable within the budget as well as a time limit.

As pointed out by Hanafizadeh et al. (2010), stabilization as well as Improvement (the last two stages of the cycle) success is founded on the seeming impact of the ERP system on the performance of the organization. As indicated in Hanafizadeh et al. (2010) study, there are scores of factors vital for the success of ERP systems; support is top management one of the factors, and it involves encouraging commitment, positivity, and support of top management in the ERP project. Another factor is the utilization of knowledge as well as experience of system and technology consultants.

Additionally, the balanced project team is crucial for the success of ERP systems because it includes the integration of employees and information technology with the broad knowledge of the processes in the organization. As evidenced in Hellens et al. (2005) study, the accuracy of the information is crucial to the success of ERP project, so, data loaded from accessible legacy systems must at all times be of high quality. ERP project cannot succeed if the project management teams do not have a well-defined, detailed project plan related to the goals of the project.

Change management is also a success factor in the implementation of ERP project; so, careful attention has to be offered to this, considering that several changes in business processes are experienced during ERP systems implementation. Training and education are also important given that technical expertise regarding the ERP system, its reference model, and facts regarding its working are useful in the process of implementation. Other factors crucial for success consists of, availability of experts who aside from being in top management will frequently help the organization realize ERP system benefits.

Failure of ERP projects has been prevalent, and this has continued to bite worldwide across all business platforms. As pointed out in Xue et al. (2005, p.279) study, ERP poise substantial benefits like improving customer service, reducing manufacturing costs and boosts productivity, but these benefits are only realised after successfully implementing the ERP systems. Nevertheless, statistics show that implementation of ERP systems is still a failure amongst scores of companies. Statistically, 90 per cent of ERP systems implementations in Asia countries, especially China are either completed late or use more money and resources than those stipulated in budget.

In Xue et al. (2005) study, where they differentiated implementation success of ERP system in China as well as western countries, they noted that China had a higher percentage of failure which was attributed mainly to lack of support from top management as well as data inaccuracy. Other factors that led to ERP failure include poor participation, education and training, insignificant time ensuing from a minimal understanding of cross-operational organisational processes (Dechow & Mouritsen, 2005, p.691). Furthermore, ERP systems are exceedingly expensive, and also the need for the organisation to hire consultants to assist in the configuration as well as implementation, results in further escalation of price; thus, creating a high possibility of failure.

The cost used on consultants is almost thrice the cost of an ERP system; this negatively affects the productivity of the company and can lead also to the failure of the ERP system. ConclusionIn conclusion, it has been argued that ERP systems are beneficial because they improve the flow of information between every function of the company and also manages the connections to external stakeholders. Currently, the key basis of competitive advantage is the capability of a business to improve the processes of the supply chain.

This necessity has created the need for more advanced information systems like ERP systems. The articles have heightened numerous factors critical to the success of ERP, and which have allowed companies to efficiently plan their resources resulting in business efficient functionality and increased productivity. Failures as discussed in the article are caused by lack of support from top management, data inaccuracy, and lack of sufficient education and training.

The paper “New iPhones Show a Hit For Apple as Quarterly Profit Fluctuate 13 Percent” is an outstanding example of a business literature review. Yao (2014) explains that China is expected to provide information about its weakest growth since the occurrence of the global financial crisis within the third quarter while the property downturn is assessed based on manufacturing and investment. As a result, more pressure has been put on Beijing to unveil new stimulus measures. According to Yao (2014), the market assumes that the Communist Party leader will be able to adjust to the gradual slowdown. This will happen only in circumstances where there are no possibilities of experiencing a potentially destabilizing fluctuation in unemployment. However, anything weaker would lead to more speculations of key stimulus measures, for instance, an interest rate cut. Although the leadership has consistently provided steady aid specifically to vulnerable sectors of the economy, it has been noted that several stimuli have been ignored because China is still struggling to pay a huge local government debt (Yao 2014).

Article 2: New iPhones show a hit for Apple as quarterly profit fluctuate 13 percent

Due to strong demand for APPLE’s new larger-screen iPhones released in September, its quarterly profit increased by 13 percent. This also enabled APPLE to overcome the sluggish iPad sales (Jones 2014). Despite the more intensifying competition felt by Samsung Electronics as APPLE’s leading Smartphone competitor, Jones (2014) points out that the iPhone is attracting more consumers who are also ready to pay high prices particularly for cutting-edge handsets. Through its latest phones, Apple is profitably catching with its major competitors, such as, Samsung that have from time to time managed to post attractive sales of larger phones. It has also been noted that the marketing strength that iPhone has gained stands in contrast to sluggish iPad sales and the issues affecting Samsung’s Smartphone business (Jones 2014).

Article 3: Coal not the solution for poverty

Couchi (2014) examines that cheap coal-fueled electricity is highly considered by miners and politicians as the best alternative way out of poverty, particularly for developing nations. However, Africa has not considered this. In the business report provided by Couchi (2014) about the U.S financial group Citi, it can be noted that the booming market for African electricity has been a result of the coal approach. In the attempt to reinforce coals bearish outlook, Couchi (2014) reports that Citi discovered that a new International Energy Agency (IEA) outlook on the commodity is in contrast with the idea of BHP, the US coal producer Peabody as well as the Minerals Council of Australia which maintains that coal would play an integral role in minimizing energy poverty, particularly for developing countries. Despite its metallurgical and thermal forms, coal is considered the second-biggest mineral exported from Australia after iron ore (Couchi 2014).

Article 4: Ebola could be in the headlines, but tobacco is yet another killer in Africa

Research conducted by The Guardian (2014) shows that although Ebola dominates the headlines, there is yet another killer pandemic of great importance that continues to kill many people in the African continent unnoticeably. It is has been noted that tobacco kills at least one between two long term smokers. Currently, it is anticipated to kill 1 billion people globally before 2100. This is relatively more compared to the current number of people who die of Ebola. The Guardian (2014) terms this global issue as injustice and inequality because Transnational Tobacco Companies (TTCs), such as UK-based British American Tobacco (BAT) earn humungous profits yet they cause economic damage worthy over half a trillion dollars each year. Besides, TTCs contribute more to environmental degradation and thus create risks that compromise the health as well as the sustainability of populations. To earn more profits, TTCs are currently shifting and expanding their business to untapped markets in regions with unrestricted opportunities for growth (The Guardian 2014).

Article 5: NAB, ANZ lead pack in building home-lending share

The home loan is still considered the major driving force in recovering credit growth for banks. In this case, National Australian Bank (NAB) and ANZ are on the frontline to encourage the big banks in taking the advantage of the mortgage market, while home and business lending are sustainably becoming strong. Therefore, NAB and ANZ have put on media their fastest growth out of the big in all the past three months (Yeates 2014). Despite the faster growth and expansion made by NAB compared to their rivals in home lending, Yeates (2014) notes that analysts see business lending as a bigger concern because the bank has lost shares and faced more pressure, particularly on its margins. Generally, the home loan market is considered a major driving force that enables banks to recover from credit growth regardless of the risks associated with life specifically in business lending (Yeates 2014).

The paper “Globalization and Culture” is an outstanding example of a business essay. Today, it is common to hear people refer to the world as ‘a global village’. This has been a result of the process of globalization. This process has opened up and improved trade across regional and national borders. Not only has globalization enhanced economic interactions across nations but also improved access to information and uplifted the fight for human rights, among other benefits. Recent technological and communication developments along with improved road networks have been the key drivers of globalization. However, critics of globalization say that these benefits have been realized at a very high price: that of surrendering regional and national cultural values, mainly, for Western morals (Kwame, 2007).

Regarding this debate, two key schools of thought emerge. From one angle critics argue that globalization spreads out any and every culture all over the realm, leading to cultural heterogeneity and deeper understanding between diverse groups. This is mainly defined through the global production and distribution of commodities such that people in different parts of the world have access to commodities they would otherwise have never seen. A case in point is the cultural interaction between the United States and Japan. Teens in the U.S interact with the Japanese culture through their comic books, animations and video games, while teens in Japan interact with the American culture through watching TV shows and Hollywood movies produced in the U.S (Kwame, 2007).

On the flip side, critics argue that globalization erodes the regional and national cultural identity through cultural homogeneity. This leads to a cohesive global culture constituting diluted varieties of regional and national cultural nuances. For instance, French pastries, ‘American’ fried chicken, and Japanese sushi can be eaten in almost any part of the world. Restraint chains such as MacDonald’s and Starbucks have influenced traditions and behaviors in different countries. Even though champions of globalization claim that this merely affects consumer goods and media broadcasting, critics contend that it deteriorates customary culture ((Kwame, 2007; Czinkota, 2003).

Culture is a prevalent aspect in business whether it is in marketing, production, or human resource management. It is a key variable in the function of success in new markets (Czinkota, 2003). People’s purchasing decisions are based on a product’s design, style or color that supports their religious beliefs and practices. Empirical evidence shows that the success or failure of a company, especially, in a foreign market is reliant upon the effective managerial exercise of local religious beliefs and practices. Therefore, managers ought to be on familiar terms with their market’s religious differences given that religion influences people’s attitudes. For instance, Asians have a different attitude toward authority and women that differs from Western beliefs and practices. Whereas many parts of the world, including Asia, South America, and Africa, value collectivism very much, Americans are more individualistic. Chinese, Latin Americans and Koreans take time casually even as Americans are more proactive.

Failing to appreciate the religious beliefs and practices of the market will often lead to lots of inadvertent mistakes, such as being socially violent, cultural mix-ups, tarnished interpersonal relations, poor negotiations. As a consequence, the company’s future performance dwindles as profits decline. Lack of religious competence, or religious dogmatism, can easily put at risk millions of dollars through fruitless negotiations, lost purchases or sales, and pitiable customer relationships (Czinkota, 2003).

Cultural Literacy

Culture is a broad system that includes traditions, beliefs, attitudes, values, institutions and social interactions. This system reflects the global crunch facing the human race, and so it is a cultural catastrophe (UNESCO 1997). Dealing with such a cultural diversity calls for an important skill referred to as cultural competence. Chrisman (2007) defines cultural competence as ‘attitudes, practice skills, and system savvy for cross-cultural conditions’. The key force in work involving cultural competence is the people’s flexibility and ability to appropriately consider and treat the general public politely and in a proper way fitting their culture. Cultural literacy takes account of cultural competence plus the capacity to analytically mirror, and if needed institute change in, one’s a specific culture. Cultural literacy also comprises the capacity to examine the actions of central cultures measured against other cultures. This becomes very much useful in business. A case in point is the understanding of the effect of globalization or cross-cultural businesses on indigenous cultures all over the world.

Cultural literacy has been likened to an iceberg, through the iceberg model of culture. This is due to the expanse contextual material one requires to understand the culture. Cultural literacy often involves much more than the information essentially spoken. In other words, to understand the meaning of a cultural term, one has got to have much information that is not revealed by the bare meaning of that term. The clear cultural meaning of the term is like the ‘tip of an iceberg’ meaning that the deeper understanding lies below the casual meaning of the term and it constitutes a person’s own applicable information. It is known that 15 per cent or less of an iceberg can be seen above the water surface, 85 per cent or more of the iceberg is submerged below the water surface. This means that there is quite a different picture depicted shallowly from that which is the actual translation in the literature, giving the imprint that implied information comprises relatively tiny bits and pieces of information, left out by the correspondent due to dismissal or suitability (Hawkes, 2001).

Figure 1: Iceberg Model of Culture

It has been stated earlier that culture is a broad system that among other aspects involves religion. The world is very diverse in terms of culture as well as religion. Each culture embodies a creation in itself and yet it is not closed. Cultures give religious convictions semantics, and religions provide decisive connotation to each culture. Religion is a way of life for numerous cultures saturating every one human action. In other cultures, it characterizes the utmost ambitions of human life, and for others, religion is an institution that claims to convey a meaning of deliverance (Hawkes, 2001).

The paper “The Different Communications ” is an outstanding example of a management assignment. Phone: 23 rd August: the communication was made to remind that the bill for the mobile phone is outstanding and if not paid within the date will have a fine imposed on it. The communication was successful as it helped to fulfill my need and acted as a reminder. Further, the call also ensured that it was complete and all the details like outstanding amount, due date, late fine, and other details were provided. The call was complete and highlighted the important aspect which if ignored could have an impact on my usage.

Radio: 24 th August: The communication was made regarding the areas which are having huge traffic and showed the roads which should be avoided. The communication was successful as it helped to fulfill my requirements by highlighting the different roads which need to be avoided and which need to be used. The communication was further clear and loud regarding the different roads and path which should be avoided. This method acted as one where proper guidance was provided and acting in the correct way was highlighted so those correct decisions can be taken.

Communications that were unsuccessful

Television: 24 th August: The communication was made regarding the sale of women’s garments. The communication was ineffective because in the first instance it didn’t meet my needs and requirements as I was not looking to shop. Secondly, the message was not constructed properly as it didn’t speak about the brands which were available on sale, the different garments which were available, and also didn’t highlight the date when the sale would end.

Phone: 25 th August: The communication was made regarding the mobile bill payment which has already been made. The call was ineffective because it was not required as the payment has been made and I had the required receipt. The call was instead a wastage of time. In addition to it, the call was not constructed properly and required to focus on areas through which a message would have been enough as a source of communication to ensure that the payment was correctly entered.

Reasons for communication not to be successful

The communication process can be improved in the following ways

Firstly, ensuring that the communication which is made is required and is addressed properly so that the person who receives the communication gains from it (Nicholas, 2013)

Secondly, providing complete information is essential as it will serve as a benchmark to evaluate the manner in which different information is passed (Anne & Bochner, 2007). It will also help to understand the important matter which has been spoken and will help to highlight the manner in which changes can make so that proper communication and message is passed

Thirdly, the targeted audience was wrong and it is important to correct the audience (Mehrabian and Susan, 2007). This will help to improve the validity and reliability of the communication and will ensure that the process of communication becomes effective and is directed towards the correct person

Fourthly, the process of communication needs to be improved and changed so that the message is correctly interpreted and passed with the same intention (Imahori & Lanigan, 2012). This will help the listeners to evaluate the message in the correct form and will help to ensure maximum response.

Fifthly, the media which are used needs to be chosen wisely as the usage of a message instead of a phone call for bill paid confirmation would have been more helpful and could have caught the attention of the audience in a better way. This would have multiplied the effectiveness of communication and would have helped to understand the important points and issues.

The process of communication thereby requires working on the smaller and important aspect so that the overall process of communication improves and helps to provide the required dimensions through which effectiveness can be gained in the manner messages are passed.

The paper “Why Did Telefonica Initially Focus on Latin America” is a perfect example of a business assignment. Based on Telefonica’s objectives of rapidly increasing shareholder value, profits and achieving growth, it had to take advantage of location economies. Hence, the company initially focused on Latin America, as it must have perceived FDI to be a means for circumnavigating trade barriers. Indeed, the reasons why Telefonica initially focused on Latin America are perceivable through the lens of the Uppsala Model Theory.

According to the theory, the internalisation of a company across many foreign markets is correlated to psychic distance, where the first entry is to foreign markets that are familiar and closer in regards to the psychic distance of the host country, before making subsequent entries in foreign markets with greater psychic distance. Psychic distance comprises the differences in culture, language and political systems (Falvo & Parshad 2005).

Within the perspective of Uppsala Model Theory, it should be argued that companies tend to gradually increase their activities in international markets through a series of incremental stages, where the succeeding steps are anchored in learning and adapting to foreign markets (Pandian & Sim 2002).

This implies that the firms fast gain experience from the markets, where they have closer cultural ties before expanding to foreign markets. For instance, Telefonica had to first gain experience as a telecoms operator in Latin America, since the region has deep cultural ties with Spain, where it is headquartered.

Strategic competitive advantages

The company’s decision to slowly expand to Europe appeared opportunistic as well as strategic. Europe had initially possessed trade barriers that lowered the chances of successful entries. Essentially, there is a correlation between culture and national competitive advantage, where countries that are likely to impose trade barriers, in terms of competition are bypassed in preference to those that are less competitive (Enu & Attah-Obeng 2010). This argument is based on Dunning’s Eclectic Theory, which hypothesises that a company will always seek to leverage their specific advantages, including marketing, knowledge, skilled personnel, technology and information (Dunning 2001).

In this case, the Latin American markets were growing rapidly. They also experienced an increased high adoption rate and usage of mobile phones and internet connections. Additionally, after the Spanish government privatised Telefonica and deregulated the Spanish telecommunications market, the company’s core objective became increasing shareholder value, profits and achieving growth.

This implies that profit maximisation is a major drive to foreign direct development; through the use of particular advantages the company has (Glesem et al. 1990). It, therefore, had to select a region that would enable it to achieve higher profits. The company selected Latin America over Europe. Latin America had few entry barriers, such as competition and government regulations, while Europe had greater barriers due to more competitors. This implies that imperfect competition within the marketplace is a key incentive for expanding abroad. Besides, European mobile telecommunications operators had agreed they would not invade each other’s markets. However, after the entry of America Movil into Latin America, Telefonica faced a stronger competitor, forcing it to expand to Europe.

Commenting on other student’s post:

Why did Telefonica initially focus on Latin America?  Why was it slower to expand in Europe, even though Spain is a member of the European Union?

While the student hinted at the growth of multinational enterprises, a brief outline detailing why the company expanded and reasons for expansion could have provided a more relevant backdrop. Additionally, the reference to the Socialist Party by Popular Part in the general election of 1996 was irrelevant and out of context. The student’s decision to link the factors for the European Union to the opening of the telecommunications sector was misplaced. Rather, the student should have selected reasons why Telefonica selected to begin operating in Latin America before making headway to Europe. However, reference to high competition in the sector in Europe was justified.

Accordingly, the student should have explored the close cultural ties between Spain and Latin America, as the major drivers that triggered Telefonica to first launch in the region before expanding to Europe. In supporting the argument, a reference to a relevant theory, such as the Uppsala Model Theory could have pointed to the reasons why internationalisation of a company across many foreign markets is correlated to psychic distance (Uhasselt. be 2005). This includes why the initial entry is mostly made in foreign markets that are familiar and closer in regards to the psychic distance of the host country. Afterward, an explanation of what this meant to Telefonica based on the theory could have been appropriate (Gustafsson & Zasada 2011). For instance, the student should have stated that firms get to fast gain experience from the markets where they have closer cultural ties before expanding to foreign markets.

The student should have based his arguments on Dunning’s Eclectic Theory, which proposes that firms tend to use their peculiar advantages such as marketing, knowledge, skilled personnel, technology and information (Rugman 2010). Further, he should have stated that companies view FDI as a means to circumnavigate trade barriers before going forth to describe the correlation between culture and national competitive advantage, where countries that are likely to impose trade barriers in terms of competition are bypassed in preference to those that are less competitive.

While the student was also justified in arguing that the company sought to maximise profitability and to increase shareholder value, no basis was provided to support the argument, based on the case study. At this stage, the student should have suggested a theory to support his argument (Morgan & Katsikeas 1999). Later, the student should have provided examples from the case study to defend the choice of the theory he selected. However, the student provided examples outside the case study, such as “Telefonica has been able to establish footprints in 24 countries and having an average of 120,000 professionals with consolidated revenues of 24,957 million euros in January-June 2014 and more than 315.7 million customers at June 2014”

Additionally, the reasons the student outlined as the likely motivators for Telefonica to launch first in Latin America before making entries in Europe cannot be justified, as they have not been argued appropriately. For instance, in suggesting political developments, taking policy advantage and the fact that the markets shared a common language, the student should have discussed the concept of psychic distance and the related theory, such as the Uppsala Model Theory.

Business is an essential aspect of today’s evolving world. It is a lucrative industry that impacts many sectors, including education. Business-related courses are popular as many students are pursuing the…  Read More

Business Essay Writing

How to write an anthropology essay perfectly?

Stuck with an anthropology essay with no help in sight? Anthropology essay writing is not a simple task. Not many college students can handle such a paper. An anthropology essay…  Read More

  • Essay Tips&Tricks

student working anthropology essay

All About Persuasive Essay Writing

Writing a persuasive essay requires expressing your viewpoint and convincing readers of its rightfulness. Many struggle with completing this type of written assignment because of a lack of proper writing…  Read More

  • Essay Writing Guides

Persuasive Essay Writing

Table of contents

Module 2: Writing in Business

Planning business messages, learning outcome.

  • Discuss the importance of the planning stage in the writing process

A circular diagram of the "plan" stage of the writing process, and within the circle are the words "plan, purpose, preliminary research, outline/organize."

Remember those school days when teachers required outlines before you could start writing your paper? They may have referred to it as part of a “pre-writing” phase. It turns out those outlines are life skills, not just busy work. As adult business communicators, you should still commit to outlining. An outline serves as a road map for what you’re going to write,  and  it aids in breaking weak writing habits. Outlines set a writer up for success. Unlike in school, they do not need to be formally typed and numbered; they can exist on a notepad or scrap to the side of the keyboard. That said, using your word processor’s outlining function is a great way to keep your outline tidy, and cutting and pasting makes it easy to rearrange your order.

First, determine how the receiver of this communication likely feels about the communication: positive, neutral or negative. Focus on what the receiver feels based on the receiver’s situation. Do not factor in “How I’d like to hear this news.” The receiver has not researched this message, might not have heard parts of the topic before, or might not have the same background you do. The receiver may have a different work responsibility and may need background to fully appreciate the communication. Factor all of that into the audience analysis. This is you-view planning.

The you-view thinks about what the receiver wants and needs to understand. Do not factor in your own feelings.

A screenshot of a google shirt for the search, "Journal of Obesity and Weightloss Medication impact factor.

Planning is the key first step in the writing process because it enables the writer to begin thinking about how the final product will be created and evaluated. It is the first step in establishing your accountability and reliability as a writer. Remember that when you are writing for a corporation or organization, your writing lives on as legal documentation and reference. Writers are no less responsible for accountability for their work than are lawyers and medical personnel. Solid planning leads to reliable final documents.

Skipping the pre-writing stage is like taking a vacation without first choosing a destination: If you don’t know where you’re going, how will you get there? Fortunately, pre-writing can take many forms, and there are strategies that suit every type of writer.

The strategies and processes used in the pre-writing stage not only help the writer formulate a topic and solidify ideas, they also serve as a kind of rehearsal for the rest of the writing process. As the writer uses the vocabulary associated with a particular topic, he or she becomes well-versed in the subject and is able to express ideas with more confidence, organization, and clarity. All of this brings to mind the old joke, “How do you get to Carnegie Hall?”  The answer, of course: “Practice. Practice. Practice.”

Just as a musician must practice their instrument in order to achieve their goal, the practice undertaken during the pre-writing stage guides the writer toward a specific goal. That goal is to develop a well-defined topic that will eventually be couched in the language of a succinct thesis or hypothesis.

Planning starts with audience reaction, which maps to an organizational structure for the document.

Earlier in this module, three audience types were introduced: positive, neutral, and negative. These audiences may receive positive, negative, or persuasive messages:

  • Positive messages are routine or good news. The receiver is likely to react positively or neutrally.
  • Negative messages are bad news. The receiver is likely to react negatively.
  • The overlapping category is persuasive messages. The audience is expected to need encouragement to act as the sender desires. In some cases, the receiver is more like a positive audience. In other cases, the receiver is more like a negative audience.

All messages contain three or four blocks:

  • News:  Whether good news or bad news, the message states its point clearly. The receiver should clearly understand the news unambiguously.
  • Reasons:  The reasons section supports or explains the news. This is the needed detail to aid the receiver’s understanding or action.
  • Goodwill and Action:  This is the closing paragraph where the sender provides a brief, sincere remark designed to continue the working relationship. The closing paragraph is not finished without some detail or reminder related to the purpose of the communication, or call to action.
  • Buffer . This is usually only found in negative and some persuasive messages. A buffer starts a message where the reader is likely to be the negative side of the continuum by warming the reader to the topic, but not laying out the entire outcome of the message.

Depending on your audience reaction, you will place these blocks in a different order:

A diagram titled, "How does your audience fell about your conclusion?". The diagram is a double ended arrow, with one end being green and labeled "positive", the middle being yellow and labeled "neutral", and the other end being red and labeled "negative". Below the arrow is the question, "How should you organize your message?", and below the question in between the "positive" and "neutral" sections are the words "direct organization, news-main idea, reasons, goodwill & action". Below the question in between the "neutral" and "negative" sections are the words "indirect organization, buffer, reasons, news-main idea ("no"), goodwill & action".

Positive Message Outline

The basic organizational outline for a positive message uses the blocks introduced above in that same order: news, reasons, and goodwill and action. Remember, this is the outline for writing the entire message (the second step in the writing process). The blocks are the labels of the outline section where the writer collects notes and thoughts on that part or paragraph. With these notes, the writer can write the entire message without stopping to look for detail.

In this example of a positive message, assume the sender is confirming the receipt of a duplicate shipment and has agreed to provide credit.

Negative Message Outline

The generic organizational outline for a negative message uses the three blocks news, reasons, and goodwill and action. It uses these organizational blocks in a different order and also adds the buffer block. Remember this is the outline for writing the entire message (step 2 in the writing process). With these notes, the writer can write the entire message without stopping to look for detail.

In this example of a negative message, assume the sender is delivering the bad news about a delay in the promised ship date of a book. The receiver needs this to prepare for a two week training conference but didn’t order it early enough.

Persuasive Message Outline

A diagram of The Purchase Funnel, with the Number of prospective purchasers decreasing from top to bottom. The very top section of the funnel is purple and labeled "Awareness", with a subheading labeled "Market potential". The next level down is blue and labeled "Interest", with the subheading labeled "Suspects". The next level down is orange, and labeled "Desire", with the subheading labeled "Prospects". The very bottom level is green and labeled "Action", with the subheading labeled "Customers".

It is helpful to overlay these structures with the marketing concept of Awareness, Interest, Desire, and Action (AIDA).

This strategy starts with the opening of a positive or negative message. The opening should include an attention grabbing opening, such as a fact, question, or something to catch the receiver’s interest. Next, direct your writing to discuss more details to interest the receiver in this situation. The desire is about how the receiver’s help or action matters. Finally, the closing includes the specific action requested of the receiver.

Practice Question

  • Planning Business Messages. Authored by : Susan Kendall. Provided by : Lumen Learning. License : CC BY: Attribution
  • Audience reception image. Provided by : Lumen Learning. License : CC BY: Attribution
  • Outcome: Prewriting. Provided by : Lumen Learning. Located at : https://courses.lumenlearning.com/engcomp1-wmopen . License : CC BY-NC-SA: Attribution-NonCommercial-ShareAlike
  • Image of Prewrite. Authored by : Kim Louie for Lumen Learning. License : CC BY: Attribution
  • Prewriting Strategies for Diverse Learners. Provided by : Lumen Learning. Located at : https://courses.lumenlearning.com/engcomp1-wmopen/chapter/video-prewriting-strategies-for-diverse-learners/ . License : CC BY: Attribution
  • AIDA Purchase Funnel. Authored by : BronHiggs. Located at : https://commons.wikimedia.org/wiki/File:The_Purchase_Funnel.jpg . License : CC BY-SA: Attribution-ShareAlike
  • Revision and Adaptation of Pre-writing. Authored by : Vinetta Bell. Provided by : Learn NC. Located at : http://www.learnnc.org/lp/editions/writing-process/5805 . Project : A Writing Process. License : CC BY-NC-SA: Attribution-NonCommercial-ShareAlike
  • Image of brainstorm. Authored by : nist6dh. Located at : https://flic.kr/p/e4qUqA . License : CC BY-SA: Attribution-ShareAlike

Footer Logo Lumen Waymaker

  • Call to +1 844 889-9952

Business Plan Essay Examples for Free

Business planning aims to evaluate the current state of a company or business and determine the possible steps to improve its performance in the future. It includes marketing research, business planning, and formulating mission and vision statements.

A typical business planning essay might refer to the key tools in finance, marketing, and logistics. Students might also look at the required steps in the business planning process, or take it a step further by summarizing the best practices of business planning. Another option is to examine and compare successful and unsuccessful business cases.

Below you will find a comprehensive list of various business planning essay examples written by A+ students. They will help you to boost your creativity and inspiration.

Presentation Plan For the New Line of Design Company

Pre-event Planning Concept The concept is to perform event management for the popularity and progress of a fashion designing company. This fashion designing company is in East London, which is owned by several young designers. They mainly focus on designing clothes for young adults and offer a dress in dissimilar...

Improving Organization Performance Through Simulation

A corporate situation; lackluster in employee productivity in a sales department Simulation is a process of imitating business process and state of affairs. This process entails representing core behaviors of an abstract system. The objective of simulation is to model business process systems, which are mainly under humans to help...

Fundamental Premise of Business

Abstract It is said that there are many ways which one can use to skin a cat. Using this analogy, it can be said that there are several approaches that can be adopted to make a business a success. Boxall and Purcell in their book ‘Strategy and Human Resource Management’...

Business Management and Planning Issues

Introduction Identifying competencies in a candidate in an interview for a role is crucial in the recruitment process since it helps the firm acquire the right candidate for a particular task. Competencies are taken to include personal attributes such as understanding, behaviors, skills and thoughts (Daft, 2003). The firm should...

Planning Intervention and Property Markets

Abstract The sector of property market has been facing upbeats as well as downturns for a number of explanations approximately over the last ten years. On one occasion it witness deficiency of lodging materials, directing to lengthen increasing costs. This was pursued by a recession of lodging costs by the...

Tesco. Supermarket Industry in England

Introduction There are many challenges that managers face in an organization and may be due to uncertain environment in which they work in, that is influenced by the way the operations of a company are carried out. Extensive research should be carried out within an organization and its environment so...

Examination of the Information System SAP

Introduction The main aim of this particular paper is to look at the various ways in which SAP has been installed into the management system of Dupont. The paper encompasses the various improvements which the SAP has brought to DuPont. These have been in terms of the tremendous reduction in...

Information Systems Improving Business Efficiency

Introduction Information has emerged as an essential agent of integration of corporate activities and also as enabler for enhancing the competitiveness of present day’s business houses in the domestic as well as international market place. However, the question that whether the shifts in the strategic planning methods are really supporting...

Approaches to Innovation Analysis

Describe the ‘traditional’ and ‘transnational’ approaches to innovation used by Bartlett and Ghoshal For any enterprise, changing conditions brought on by changing competition, markets, and technology confront executives with a major and continuing challenge to decide on what specific new business interests to pursue. Unless a company constantly looks ahead,...

Open Business Model Analysis

Introduction The topic of business modeling is relevant in the theory of strategic management, marketing, and the economics of entrepreneurship. One of the main and most effective tools in these sectors today is innovation in business frameworks. As an approach to maintaining sustainable work in these fields, the concept proposed...

Business Plan: New Age Recyclers

Executive Summary In order to establish a successful business, it is important to develop a comprehensive strategic plan which is the basic blueprint for the actualisation of a business plan. Reflectively, the strategic plan is inclusive of the SWOT of the business environment, penetration strategies, and success measurement parameters at...

The Organization “Last Chance for Man’s Best Friends”

Proposal Summary The purpose of the agency is to provide emotional support for elderly people staying at nursing homes by allowing them to communicate with dogs that are no longer wanted and have been saved from the streets or euthanasia. Thus, the twofold aim that “Last Chance for Man’s Best...

Enterprise Resource Planning in Nigeria Oil and Gas Industry

Abstract Changes in technologies have affected all industries. The oil and gas industry has also experienced the effects of technologies through the introduction of ERP platforms. ERP systems promised to revolutionise the industry through the handling of core business processes and operations. The study aimed to show that adaptation of...

Business Plan: UNIK AutoCare Services Limited

Executive Summary Mission Statement The mission of UNIK AutoCare Services Limited is to attract and maintain customers through the provision of convenience and high-quality auto repair services that surpass the expectation of the clients. Business Objectives The experienced team at UNIK AutoCare Services Limited, excellent locality, special and distinctive services...

Seniors at Home Food Service Organization’s Plans

Seniors at Home Food Service is a hypothetical organization concerned with the welfare of the elderly in society. Its strategic plan is to end hunger among seniors by the year 2016. The organization is committed to ensuring that the seniors are free from hunger by the year 2016, and to...

Tyco International Ltd.’s Management Planning

This report has selected Tyco International to discuss the planning function of management, the impact of those legal issues, ethics, and corporate social responsibility of management and three factors such as present market condition, an adaptation of advanced technology and corporate Governance Practice those influence the company’s planning function. However,...

Capacity Planning in Operations Management

Read this paper to get familiar with capacity planning in operations management. Here, you will find capacity planning in operations management examples, shareholders management, factors affecting different types of capacity planning, and capacity planning issues and challenges. What Is Capacity Planning in Operations Management Although there are different ways of...

Performance Management and Strategic Planning

Executive summary The essence of the present study is to establish ways in which the process of performance management and the link between performance management and strategic planning can be improved. To achieve this objective, 20 study participants from 10 organizations located within New York will be selected. To collect...

Forecasting in Operations Management

Introduction Porter (2011) states that operations management is a function in organizations that is concerned with the management of resources needed in the production and delivery of goods and services. Since all organizations, whether large or small, private or public, profit oriented or non-profit making, produce goods and services, it...

Enterprise Resource Planning

Companies have to use their resources efficiently to remain competitive and offer a unique product or service to their customers. The modern developments within the information technology industry allow organizations to use computers and cloud-based sources for many of their daily tasks. Enterprise resource planning (ERP) systems help these establishments...

Diamond-E Framework in Strategic Planning Process

The Diamond-e framework is a pattern for strategic planning and analysis. In this paper, you will find the explanation of the diamond-e model, its use in strategic planning, and some examples. The study is based on the synthesis of three articles Introduction The strategic plan enables organizational leaders to establish...

Strategy Planning in Dynamic and Uncertain Environment

Business environment changes as times change. The business environment is an ever-dynamic area. Various strategies help businesses adjust and adapt to environmental dynamism. The success of a business in a changing environment is subjective to the strategies. The business environment has two scopes concerned with strategy making. They include, first,...

Managerial Planning and Its Effectiveness

Abstract The main aim of this study was to explore the effectiveness of managerial planning in the performance of the organization. This study used the deductive approach of the research technique, whereby the theory and the hypotheses were formulated after going through the relevant literature. Also, a quantitative research method...

Innovation Planning and Design

Introduction Every organization requires its employees to be innovative. Innovation is one of the most crucial determinants of success in an organization because stiff competition is always inevitable in most industries. Therefore, every organization in a given business segment usually aims at being innovative to remain competitive in the market....

  • Accounting 519
  • Advertising 36
  • Brand Management 30
  • Branding 33
  • Business Analysis Case Study 1175
  • Business Communication 102
  • Business Ethics 321
  • Business Planning 24
  • Business Strategy 126
  • Career Planning 15
  • Company Analysis 1760
  • Corporate Culture 54
  • Corporate Governance 22
  • Decision Making 56
  • E-Commerce 70
  • Economics 407
  • Employee Relations 52
  • Entrepreneurship 82
  • Finance 338
  • Financial Management 299
  • Financial Markets 10
  • Human Resource Management 1467
  • Industries 89
  • Innovation 17
  • International Business 22
  • International Marketing 53
  • Leadership Styles 418
  • Logistics 134
  • Management 1694
  • Management Theory 84
  • Managerial Roles 22
  • Marketing 620
  • Marketing Planning 101
  • Marketing Strategy 133
  • Mission & Vision 20
  • Negotiation 17
  • Organizational Structure 18
  • Product Management 76
  • Risk Management 86
  • Strategic Management 412

Business Planning Process and Techniques

Planning is defined as the act of formulating a course of action. The business process involves defining the company’s objectives and goals and the determination of the necessary resources that may be needed to achieve the objectives and goals. The business process is important because in order to achieve any vision, there is a requirement for concrete and coordinated efforts that conform to a wider organizational plan. On the other hand, business techniques involve a specific action or strategy that utilizes skills and experience in matters related to the company’s day-to-day operations. In this essay, the topic is on planning processes and techniques. The essay includes the use of real-life business examples.

Planning Process

Planning is a set of tasks laid in advance to cover a certain activity, and it involves adherence to the company’s mission and vision statement. When planning, a company must use business strategic techniques so that the entire plan can come to success. For example, Rakuten indulged into online marketing, a strong phenomenon of e-commerce, and expanded its virtual shops across all the regions beyond Japan and Asia. The idea to expand is a plan that must be implemented by putting in place required bits of information and any other relevant paraphernalia. To execute the plan, Rakuten used techniques such as selling their brand more by having discounts, coupons, premiums, among other techniques that made more online consumers aware of their portfolio. Several steps are passed in systematic planning processes, as discussed below.

Definition of Objectives

Objectives, in this case, are those related to business. It is something that a company wants to achieve or accomplish for a given period. Examples of objectives are to earn profits, cover a wider market share, grow the products and services, provide quality products to prospects and protect the environment. Objectives can be long-term or short-term, depending on the same nature. Additionally, they can be economic, social, human, national, and global. Economic objectives, in this case, mean those that are meant for earning a profit; social objectives are designed to benefit the company’s welfare and society. An example of a social objective would be ensuring there are production and supply of quality products and services. National objectives benefit the country and could be things like offering more investment opportunities, among other considerations.

Determination of Where a Company Stand

It means analysis of the company’s financial position where the company’s value and financial statements are derived. The other determination would be the company’s position in the market by analyzing the brand recognition, demand, and supply of the products offered, what consumers are saying about the company’s goods, among other things. For example, Starbucks, a fast-food chain specializing in hot beverages, specifically coffee, wanted to know its position in the market. They did that by checking demographics such as the number of people interested in buying their coffee over the other rival firms, the kind of reaction consumers have when they get services from employees, and whether or not they can meet the demand of buyers’ time.

Development of Premises Regarding Future Conditions

At this step, a manager is expected to make some assumptions about the future. The assumptions can be base material by which plans are to be executed. That can be informed of forecasts, current plans, etc., to develop premises; it is important to forecast as that technique provides and gathers information. The end game here would-be successful plans from accurate forecasting that aims at placing the firm in the right place.

Analysis of Alternatives

One of the planning process determinations of the substitutes is ensuring there is sustainability in the business. A serious company about maintaining the mission and vision does not indulge only in one product or service. The firm can decide to have minor business elements to use as a major substitute; in any case, there is a risk of product or service collapse. An example is Uber that no longer relies on taxi services to individuals and has alternatives services such as the delivery of food through Uber Eats. The strategy is better because people will always need food instead of traveling all the time.

Plan Implementation and Results Evaluation

Implementation involves turning the business techniques and skills into actions to accomplish objectives and goals. Implementation requires the performance of the tasks by doing according to the plan. In the example of Rakuten’s objective given above, the company can decide to implement that by successfully opening virtual correspondent shops in other countries. Implementation has outcome and most of the times there are benefits that company and the shareholders realize.

Benefits of Planning

  • Planning enables an organization to be proactive and foresee their future; therefore, prepare accordingly. A company can anticipate certainties or uncertainties before happening, hence knowing how to accommodate them.
  • It gives a sense of direction that a firm can follow. For example, it allows a company to follow specific objectives and goals corresponding to the mission and vision statement.
  • It leads to operational efficiency because management has a roadmap to follow the functional tasks that are made to achieve goals.
  • Planning helps to increase market share by noting valuable insights about the current trends in consumer buying behavior. For example, Pepsi increased market share by adding the favorite flavors to suit consumer needs.
  • It ensures business thrive and durability because business is a dynamic concept that involves a constant change in world markets and industries.

Planning and Time Management

As indicated above, plans can be long-term or short-term. Therefore, time management is vital as it allows a company to do the right activity at the right time by the right personnel. Managers have used strategic plans that follow a certain time range, such as short-term and long-term plans taking three and six months, respectively. Sticking to the plans and schedules is a key virtue in the process. Managers need to build the variables by effectively predicting possible implementation outcomes on time or late. One of the common examples of time management in the planning process is when firms plan the workforce by delegating duties and shifts. The shifts ensure employees do not work for fewer or more hours, and the duties ensure that they are engaged to the company’s goals.

The planning process is the course of action taken by measuring the company’s objectives and goals. It is implemented by using the right techniques and steps. Some of the steps include objective formulation, determination of where the company stands, among others. The benefits of planning include increased operational efficiency, relevant firm business direction, etc. Time management is essential in the planning process as it ensures duties are carried at the right time and follows the company’s goals and objectives. All managers should utilize relevant business planning processes and techniques to answer business collapse, rivalry, and improvement of product or service lines.

Cite this paper

  • Chicago (N-B)
  • Chicago (A-D)

StudyCorgi. (2022, August 3). Business Planning Process and Techniques. https://studycorgi.com/business-planning-process-and-techniques/

"Business Planning Process and Techniques." StudyCorgi , 3 Aug. 2022, studycorgi.com/business-planning-process-and-techniques/.

StudyCorgi . (2022) 'Business Planning Process and Techniques'. 3 August.

1. StudyCorgi . "Business Planning Process and Techniques." August 3, 2022. https://studycorgi.com/business-planning-process-and-techniques/.

Bibliography

StudyCorgi . "Business Planning Process and Techniques." August 3, 2022. https://studycorgi.com/business-planning-process-and-techniques/.

StudyCorgi . 2022. "Business Planning Process and Techniques." August 3, 2022. https://studycorgi.com/business-planning-process-and-techniques/.

This paper, “Business Planning Process and Techniques”, was written and voluntary submitted to our free essay database by a straight-A student. Please ensure you properly reference the paper if you're using it to write your assignment.

Before publication, the StudyCorgi editorial team proofread and checked the paper to make sure it meets the highest standards in terms of grammar, punctuation, style, fact accuracy, copyright issues, and inclusive language. Last updated: August 3, 2022 .

If you are the author of this paper and no longer wish to have it published on StudyCorgi, request the removal . Please use the “ Donate your paper ” form to submit an essay.

Logo for M Libraries Publishing

Want to create or adapt books like this? Learn more about how Pressbooks supports open publishing practices.

1.5 Planning, Organizing, Leading, and Controlling

Learning objectives.

  • Know the dimensions of the planning-organizing-leading-controlling (P-O-L-C) framework.
  • Know the general inputs into each P-O-L-C dimension.

A manager’s primary challenge is to solve problems creatively. While drawing from a variety of academic disciplines, and to help managers respond to the challenge of creative problem solving, principles of management have long been categorized into the four major functions of planning, organizing, leading, and controlling (the P-O-L-C framework). The four functions, summarized in the P-O-L-C figure, are actually highly integrated when carried out in the day-to-day realities of running an organization. Therefore, you should not get caught up in trying to analyze and understand a complete, clear rationale for categorizing skills and practices that compose the whole of the P-O-L-C framework.

It is important to note that this framework is not without criticism. Specifically, these criticisms stem from the observation that the P-O-L-C functions might be ideal but that they do not accurately depict the day-to-day actions of actual managers (Mintzberg, 1973; Lamond, 2004). The typical day in the life of a manager at any level can be fragmented and hectic, with the constant threat of having priorities dictated by the law of the trivial many and important few (i.e., the 80/20 rule). However, the general conclusion seems to be that the P-O-L-C functions of management still provide a very useful way of classifying the activities managers engage in as they attempt to achieve organizational goals (Lamond, 2004).

Figure 1.7 The P-O-L-C Framework

image

Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives. Planning requires that managers be aware of environmental conditions facing their organization and forecast future conditions. It also requires that managers be good decision makers.

Planning is a process consisting of several steps. The process begins with environmental scanning which simply means that planners must be aware of the critical contingencies facing their organization in terms of economic conditions, their competitors, and their customers. Planners must then attempt to forecast future conditions. These forecasts form the basis for planning.

Planners must establish objectives, which are statements of what needs to be achieved and when. Planners must then identify alternative courses of action for achieving objectives. After evaluating the various alternatives, planners must make decisions about the best courses of action for achieving objectives. They must then formulate necessary steps and ensure effective implementation of plans. Finally, planners must constantly evaluate the success of their plans and take corrective action when necessary.

There are many different types of plans and planning.

Strategic planning involves analyzing competitive opportunities and threats, as well as the strengths and weaknesses of the organization, and then determining how to position the organization to compete effectively in their environment. Strategic planning has a long time frame, often three years or more. Strategic planning generally includes the entire organization and includes formulation of objectives. Strategic planning is often based on the organization’s mission, which is its fundamental reason for existence. An organization’s top management most often conducts strategic planning.

Tactical planning is intermediate-range (one to three years) planning that is designed to develop relatively concrete and specific means to implement the strategic plan. Middle-level managers often engage in tactical planning.

Operational planning generally assumes the existence of organization-wide or subunit goals and objectives and specifies ways to achieve them. Operational planning is short-range (less than a year) planning that is designed to develop specific action steps that support the strategic and tactical plans.

Organizing is the function of management that involves developing an organizational structure and allocating human resources to ensure the accomplishment of objectives. The structure of the organization is the framework within which effort is coordinated. The structure is usually represented by an organization chart, which provides a graphic representation of the chain of command within an organization. Decisions made about the structure of an organization are generally referred to as organizational design decisions.

Organizing also involves the design of individual jobs within the organization. Decisions must be made about the duties and responsibilities of individual jobs, as well as the manner in which the duties should be carried out. Decisions made about the nature of jobs within the organization are generally called “job design” decisions.

Organizing at the level of the organization involves deciding how best to departmentalize, or cluster, jobs into departments to coordinate effort effectively. There are many different ways to departmentalize, including organizing by function, product, geography, or customer. Many larger organizations use multiple methods of departmentalization.

Organizing at the level of a particular job involves how best to design individual jobs to most effectively use human resources. Traditionally, job design was based on principles of division of labor and specialization, which assumed that the more narrow the job content, the more proficient the individual performing the job could become. However, experience has shown that it is possible for jobs to become too narrow and specialized. For example, how would you like to screw lids on jars one day after another, as you might have done many decades ago if you worked in company that made and sold jellies and jams? When this happens, negative outcomes result, including decreased job satisfaction and organizational commitment, increased absenteeism, and turnover.

Recently, many organizations have attempted to strike a balance between the need for worker specialization and the need for workers to have jobs that entail variety and autonomy. Many jobs are now designed based on such principles as empowerment, job enrichment and teamwork . For example, HUI Manufacturing, a custom sheet metal fabricator, has done away with traditional “departments” to focus on listening and responding to customer needs. From company-wide meetings to team huddles, HUI employees know and understand their customers and how HUI might service them best (Huimfg, 2008).

Leading involves the social and informal sources of influence that you use to inspire action taken by others. If managers are effective leaders, their subordinates will be enthusiastic about exerting effort to attain organizational objectives.

The behavioral sciences have made many contributions to understanding this function of management. Personality research and studies of job attitudes provide important information as to how managers can most effectively lead subordinates. For example, this research tells us that to become effective at leading, managers must first understand their subordinates’ personalities, values, attitudes, and emotions.

Studies of motivation and motivation theory provide important information about the ways in which workers can be energized to put forth productive effort. Studies of communication provide direction as to how managers can effectively and persuasively communicate. Studies of leadership and leadership style provide information regarding questions, such as, “What makes a manager a good leader?” and “In what situations are certain leadership styles most appropriate and effective?”

1.5

Quality control ensures that the organization delivers on its promises.

International Maize and Wheat Improvement Center – Maize seed quality control at small seed company Bidasem – CC BY-NC-SA 2.0.

Controlling

Controlling involves ensuring that performance does not deviate from standards. Controlling consists of three steps, which include (1) establishing performance standards, (2) comparing actual performance against standards, and (3) taking corrective action when necessary. Performance standards are often stated in monetary terms such as revenue, costs, or profits but may also be stated in other terms, such as units produced, number of defective products, or levels of quality or customer service.

The measurement of performance can be done in several ways, depending on the performance standards, including financial statements, sales reports, production results, customer satisfaction, and formal performance appraisals. Managers at all levels engage in the managerial function of controlling to some degree.

The managerial function of controlling should not be confused with control in the behavioral or manipulative sense. This function does not imply that managers should attempt to control or to manipulate the personalities, values, attitudes, or emotions of their subordinates. Instead, this function of management concerns the manager’s role in taking necessary actions to ensure that the work-related activities of subordinates are consistent with and contributing toward the accomplishment of organizational and departmental objectives.

Effective controlling requires the existence of plans, since planning provides the necessary performance standards or objectives. Controlling also requires a clear understanding of where responsibility for deviations from standards lies. Two traditional control techniques are budget and performance audits. An audit involves an examination and verification of records and supporting documents. A budget audit provides information about where the organization is with respect to what was planned or budgeted for, whereas a performance audit might try to determine whether the figures reported are a reflection of actual performance. Although controlling is often thought of in terms of financial criteria, managers must also control production and operations processes, procedures for delivery of services, compliance with company policies, and many other activities within the organization.

The management functions of planning, organizing, leading, and controlling are widely considered to be the best means of describing the manager’s job, as well as the best way to classify accumulated knowledge about the study of management. Although there have been tremendous changes in the environment faced by managers and the tools used by managers to perform their roles, managers still perform these essential functions.

Key Takeaway

The principles of management can be distilled down to four critical functions. These functions are planning, organizing, leading, and controlling. This P-O-L-C framework provides useful guidance into what the ideal job of a manager should look like.

  • What are the management functions that comprise the P-O-L-C framework?
  • Are there any criticisms of this framework?
  • What function does planning serve?
  • What function does organizing serve?
  • What function does leading serve?
  • What function does controlling serve?

Huimfg.com, http://www.huimfg.com/abouthui-yourteams.aspx (accessed October 15, 2008).

Lamond, D, “A Matter of Style: Reconciling Henri and Henry,” Management Decision 42, no. 2 (2004): 330–56.

Mintzberg, H. The Nature of Managerial Work (New York: Harper & Row, 1973); D. Lamond, “A Matter of Style: Reconciling Henri and Henry,” Management Decision 42 , no. 2 (2004): 330–56.

Principles of Management Copyright © 2015 by University of Minnesota is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License , except where otherwise noted.

Business Essay Examples

Cathy A.

13 Business Essay Examples for Students

14 min read

Published on: May 1, 2023

Last updated on: Jan 30, 2024

business essay examples

Share this article

Are you struggling to figure out the structure, research, or data required to make your essay stand out? Or frustrated by the lack of inspiration and ideas for your essay?

But don't give up yet! We have a powerful solution that will make your essay writing a breeze. Our list of business essay examples is here to help! 

We have compiled expertly written business essay examples that will illustrate how to write a striking business essay.

With our examples, you'll be able to see how to structure your essay and generate creative ideas for your topic. And our tips will help you make the most of these examples.

So, let's dive in and get ready to learn!

On This Page On This Page -->

What is a Business Essay?

A business essay is a type of academic writing that focuses on business-related topics and issues. These essays can cover a wide range of topics such as marketing, finance, management, entrepreneurship, and more.

The importance of business essay lies in presenting a well-researched and informed analysis. To do this effectively, writers need to conduct extensive research and analysis on the topic at hand.

Referring to examples of business essays can help you gain insight into the structure, tone, and content of a well-written essay.

Business Essay Examples For Students

Here is a list of business writing examples

Business Essay Examples Pdf

Business Essay Example Grade 10

Business Essay Example Grade 11

A Level Business Essay Examples

University Business Essay Examples

International Business Essay Examples

Short Essay About Business

College Essay About Starting A Business

Types of Business Essay with Examples

When it comes to business essay writing, there are several different types that you might encounter. 

Here's a brief overview of each type, including their characteristics and an example of each.

Order Essay

Paper Due? Why Suffer? That's our Job!

Case Studies

A case study is an in-depth analysis of a specific business situation or problem. It involves extensive research and data analysis to provide recommendations.

Case studies often showcase the application of theory to real-world business scenarios.

Research Papers

Research papers involve a more academic approach to business writing. They typically require an extensive literature review, data analysis, and original research. 

Business research papers aim to contribute new knowledge to the field of business. These often involve a hypothesis or research question.

Argumentative Essays

Argumentative business essays aim to persuade the reader to adopt a particular point of view or take a specific action. They present an argument and use evidence and logic to support their claims. 

Argumentative essays can address various business topics such as management practices, ethical issues, or market trends.

White Papers

A white paper is a document that provides a detailed explanation of a particular issue or problem, often with recommendations or solutions. 

White papers are typically used to educate stakeholders about a specific topic. These are often used in the business-to-business (B2B) context.

Comparative Essays 

Comparative business essays compare and contrast two or more topics or ideas. They typically analyze the similarities and differences between the topics to evaluate their pros and cons. 

Comparative essays can focus on various aspects such as products, companies, markets, or strategies.

How to Structure Your Business Essays

As you begin writing your business essay, it's important to structure it in a clear and organized way. 

Here's a step-by-step guide with business essay samples to help you do just that:

Executive Summary

The executive summary is a brief overview of your entire essay. It should summarize your main points and highlight your recommendations. 

This section should be written after completing the essay, as it gives a clear picture of what the essay covers. 

Here is how you start a business essay sample:

Introduction

The introduction sets the stage for the rest of the essay. It should introduce the topic, provide background information, and explain the purpose of the essay. 

Here is a business essay introduction example:

Industry Analysis

In this section, you'll conduct a thorough analysis of the industry in which the business operates. You should examine factors such as competition, market trends, and customer behavior. 

Here is a sample industry analysis

Key Issues or Problems

This section should identify the main issues or problems faced by the business. You should provide evidence to support your claims and analyze the impact of these issues. 

Here is an example paragraph:

Solutions or Recommendation

Here, you'll provide solutions or recommendations to address the issues identified in the previous section. Your solutions should be well-supported and feasible. 

For instance:

Implementation Plan

For this part, you'll outline a plan for implementing the solutions or recommendations you've proposed. This is sort of a description of the business model you suggest. 

This section should be detailed and include specific action steps. 

For example:

Finally, you'll wrap up your essay by summarizing your main points and reiterating your recommendations. 

This section should be clear, concise, and impactful. 

By following this structure, your business essay will be well-organized, coherent, and easy to follow for your readers.

Tips for Using Business Essay Examples Effectively

Now that you have quite a few business essay examples at hand, you should know how to use them effectively:

  • Use them as a guide, not a template : While it's great to learn from examples, you should never copy them outright. Instead, use them as a starting point for your own research and writing.
  • Analyze the strengths and weaknesses of the essay : Take note of what works well in the example essay, as well as any areas that could be improved. This will help you understand how to make your own essay even better.
  • Use them to inform your own research and writing : Pay attention to the research methods, sources, and evidence used in the example essay. This can give you ideas for your own research and help you strengthen your arguments.
  • Avoid plagiarism and ensure proper citation: Whenever you use ideas or information from an example, make sure to cite your sources. This will help you avoid plagiarism and maintain academic integrity.

You now have a plenty of business essay examples on different topics to help you get started!

By following our tips and studying the sample essays, you can confidently write your own essays that are clear, concise, and impactful. 

However, if you still find yourself struggling with your business essays, just reach out to our professional business essay writing service . 

We have the best online essay writing service and are ready to provide you a high-quality business. Our writing service has subject specialist writers who can tackle any business essay topic.  

So why wait? Contact us today and let our AI essay writer take your business essays to the next level!

Cathy A. (Literature)

For more than five years now, Cathy has been one of our most hardworking authors on the platform. With a Masters degree in mass communication, she knows the ins and outs of professional writing. Clients often leave her glowing reviews for being an amazing writer who takes her work very seriously.

Paper Due? Why Suffer? That’s our Job!

Get Help

Legal & Policies

  • Privacy Policy
  • Cookies Policy
  • Terms of Use
  • Refunds & Cancellations
  • Our Writers
  • Success Stories
  • Our Guarantees
  • Affiliate Program
  • Referral Program
  • AI Essay Writer

Disclaimer: All client orders are completed by our team of highly qualified human writers. The essays and papers provided by us are not to be used for submission but rather as learning models only.

planning in business essay

Health product innovation and circular economy: A case study of inter-organisational cooperation in the development of a new firm

  • Gonçalves, André
  • Franco, Mário

Technological renewal is increasingly complex and costly, which makes it difficult for new firms to be able to develop their innovation activities in isolation. Many of the product innovation requirements are not completely available inside firms, and so they need to form cooperative relationships with other organisations to make up for the shortages in resources and capacity. Through analysis of a case study, the aim is to understand the inter-organisational cooperation relationships established by one firm in the use, as a raw material, from another firm's activity waste – coffee dregs. This type of innovative cooperation also involved simultaneously a university and an innovation research centre in the development of a new product in the health field. It provides an example of circular economy in the context of an innovative firm's initial development, something that could inspire academics and business-people who focus their work on sustainability, innovation and inter-organisational cooperation topics, where the diversity of relationships has not yet been studied in the consulted literature. Several semi-structured interviews were carried out with representatives of the focal company and other cooperating organisations, in addition to secondary data collected from each one. From content analysis method, the results show mutual advantages, locally and nationally, in establishing cooperative relationships to develop an innovative product based on sustainability principles. Still based on the case study, six major topics were identified: (1) sustainability; (2) planning the firm's activity in the medium and long-term; (3) product innovation; (4) university-firm relationship; (5) protecting industrial property, and (6) community benefits resulting from the cooperation. Based on these topics, an innovative model is proposed, as well as presenting the contributions of this pioneering study to theory and practice. Future lines of research are indicated to guide possible empirical studies to carry out a posteriori.

  • Inter-organisational cooperation;
  • Circular economy;
  • Innovation;
  • Sustainability;
  • University;
  • Industrial property

Budget 2024-25 - home

Cost of living help and a future made in Australia

Investing in a future made in australia.

Investing in a Future Made in Australia and the skills to make it a reality

Print or save page

On this page

Attracting investment in key industries

Making Australians the beneficiaries of change

A Future Made in Australia is about creating new jobs and opportunities for every part of our country by maximising the economic and industrial benefits of the move to net zero and securing Australia’s place in a changing global economic and strategic landscape.

The Government’s $22.7 billion Future Made in Australia package will help facilitate the private sector investment required for Australia to be an indispensable part of the global economy.

For more information refer to the Future Made in Australia fact sheet [PDF 438KB]

Better deploying capital in priority areas

The Future Made in Australia package will realise Australia’s potential to become a renewable energy superpower, value‑add to our resources and strengthen economic security by better attracting and enabling investment in priority areas. The Government will create a Future Made in Australia Act and establish a National Interest Framework that identifies priority industries and ensures investments associated with them are responsible and targeted.

The Framework will have a focus on industries that contribute to the net zero transformation where Australia has a comparative advantage, and where Australia has national interest imperatives related to economic resilience and security.

Strengthening and streamlining approvals

This Budget provides a faster pathway to better decisions on environmental, energy, planning, cultural heritage and foreign investment approvals.

This includes:

  • $134.2 million to better prioritise approvals for renewable energy projects of national significance, and support faster decisions on environment, cultural heritage and planning approvals.
  • Working with the states and territories through the Energy and Climate Change Ministerial Council to accelerate electricity grid connections.
  • $20.7 million to improve engagement with communities impacted by the energy transition and accelerate the delivery of key energy projects.
  • $15.7 million to strengthen scrutiny of high‑risk foreign investment proposals, enhance monitoring and enforcement activities and support faster decisions.

The Government will also encourage foreign investment by providing refunds of 75 per cent of application fees for unsuccessful competitive bids.

Promoting sustainable finance

The Government is committing $17.3 million to mobilise private sector investment in sustainable activities. This includes extending Australia’s sustainable finance taxonomy to the agriculture sector and developing a labelling regime for financial products marketed as sustainable.

The Government will also examine opportunities to improve data quality and provide $1.3 million to develop and issue guidance for best practice transition plans.

Making Australia a renewable energy superpower

Powering australia with cheaper, cleaner, more reliable energy.

Australia’s potential to produce abundant renewable energy is a powerful source of comparative advantage. To realise this, the Government is unlocking more than $65 billion of investment in renewable capacity through the Capacity Investment Scheme by 2030.

This Budget helps Australians benefit from cheaper, cleaner energy sooner by investing $27.7 million to integrate consumer energy resources like batteries and solar into the grid.

The New Vehicle Efficiency Standard will save Australians around $95 billion at the bowser by 2050 and reduce transport emissions.

Unlocking investment in net zero industries and jobs

This Budget accelerates growth of new industries by establishing the $1.7 billion Future Made in Australia Innovation Fund and delivering a 10‑year extension of funding to the Australian Renewable Energy Agency. It also delivers the $44.4 million Energy Industry Jobs Plan and $134.2 million for skills and employment support in key regions.

The Future Made in Australia package establishes time‑limited incentives to invest in new industries. The Hydrogen Production Tax Incentive will make Australia’s pipeline of hydrogen projects commercial sooner, at an estimated cost of $6.7 billion over the decade. This Budget also expands the Hydrogen Headstart program by $1.3 billion.

Boosting demand for Australia’s green exports

The Government is making it easier for businesses and trading partners to source low‑emissions products by building better markets and product standards for green products.

This Budget provides $32.2 million to fast‑track the initial phase of the Guarantee of Origin scheme, focused on renewable hydrogen, and bring forward the expansion of the scheme to accredit the emissions content of green metals and low‑carbon liquid fuels. The Government is also working closely with trading partners to identify opportunities to drive greater supply chain transparency and better market recognition of high environmental, social and governance standards in the critical minerals sector.

Realising the opportunities of the net zero transformation

Australia is committed to reaching net zero greenhouse gas emissions by 2050 and is developing six sector plans covering:

  • electricity and energy
  • agriculture and land
  • the built environment.

This Budget continues investment in effective emissions abatement, including through $63.8 million to support emissions reduction efforts in the agriculture and land sector.

The Government is also investing $399 million to establish the Net Zero Economy Authority and support the economy‑wide net zero transformation. This Budget also invests an additional $48 million in reforms to the Australian Carbon Credit Unit scheme and $20.7 million to improve community engagement.

Strengthening resources and economic security

Backing a strong resources sector.

The Government is investing $8.8 billion over the decade to add more value to our resources and strengthen critical minerals supply chains. This Budget establishes a production tax incentive for processing and refining critical minerals at an estimated cost of $7 billion over the decade. It commits up to $1.2 billion in strategic critical minerals projects through the Critical Minerals Facility and the Northern Australia Infrastructure Facility, and pre‑feasibility studies for common user precincts.

This is in addition to $566.1 million to support Geoscience Australia to map all of Australia’s critical minerals, strategic materials, groundwater and other resources essential for the transition to net zero.

Manufacturing clean energy technologies

The Government is committing $1.5 billion to manufacturing clean energy technologies, including the $1 billion Solar Sunshot and $523.2 million Battery Breakthrough Initiative. These investments will be delivered by ARENA.

Strengthening supply chains

To support the delivery of the 82 per cent renewable energy target, the Government has formed the National Renewable Energy Supply Chain Action Plan with states and territories. The Government will invest an additional $14.3 million working with trade partners to support global rules on unfair trade practices and to negotiate benchmarks for trade in high quality critical minerals.

Digital, science and innovation

Investing in new technologies and capabilities.

The Government is investing $466.4 million to partner with PsiQuantum and the Queensland Government to build the world’s first commercial‑scale quantum computer in Brisbane.

The Government will undertake a strategic examination of Australia’s research and development (R&D) system with $38.2 million invested in a range of science, technology, engineering, and maths programs.

The Government is providing $448.7 million to partner with the United States in the Landsat Next satellite program to provide access to critical data to monitor the earth’s climate, agricultural production, and natural disasters.

Modernising and digitising industries

This Budget commits $288.1 million to support Australia’s Digital ID System. A National Robotics Strategy will also be released to promote the responsible production and adoption of robotics and automation technologies for advanced manufacturing in Australia.

Reforming tertiary education

The Government is committing $1.6 billion over 5 years, and an additional $2.7 billion from 2028–29 to 2034–35 to reform the tertiary education system and deliver Australia's future workforce.

This includes $1.1 billion for reforms to university funding and tertiary system governance.

Over $500 million will be provided for skills and training in priority industries and to support women’s participation in these sectors.

The Government will set a tertiary attainment target of 80 per cent of the working‑age population by 2050.

Supporting students on placements

The Government will establish Commonwealth Prac Payments (CPP) for students undertaking mandatory placements. From 1 July 2025, the payment will provide more than 73,000 eligible students, including teachers, nurses, midwives and social workers with $319.50 per week during their placements.

Felicity is a full‑time student receiving Youth Allowance, living by herself. She is studying a Bachelor of Nursing and must stop paid work during her mandatory prac placement. During her prac, Felicity receives $712.05 per week from the Government including: $319.50 of CPP, $285.55 of Youth Allowance (YA), $103.50 of Commonwealth Rent Assistance (CRA) and $3.50 of Energy Supplement.

Felicity receives $351.55 a week more than she would have in 2023 before indexation and the changes to YA, CRA and CPP in the current and 2023–24 Budget

planning in business essay

Broadening access to university

From January 2026, needs‑based funding will provide per student funding contributions for under‑represented students. The Government will also provide $350.3 million to fully fund university enabling courses and increase pathways for prospective students to university.

Skills pipeline for priority industries

Skills and training for Future Made in Australia industries

The Government will expand eligibility to the New Energy Apprenticeships Program to include work in the clean energy sector, including in construction and advanced manufacturing. This will provide access to $10,000 incentive payments and support our target of 10,000 new energy apprentices.

The Government will commit $30 million to turbocharge the VET teaching workforce for clean energy courses and $50 million to upgrade and expand clean energy training facilities.

The Government will invest $55.6 million to establish the Building Women’s Careers program to support women’s participation in key industries including clean energy and advanced manufacturing.

Supporting apprentices and building the construction workforce

The $5,000 support payments to apprentices in priority occupations will be maintained for another 12 months to 1 July 2025, up from $3,000 in the absence of any changes. Employers of these apprentices will receive a $5,000 hiring incentive, up from $4,000 in the absence of changes. This will provide certainty to apprentices while the Strategic Review of the Apprenticeship Incentive System is underway.

The Government will also invest $88.8 million to deliver 20,000 new fee‑free TAFE places including pre‑apprenticeships in courses relevant to the construction sector. The Government will provide $1.8 million to deliver streamlined skills assessments for around 1,900 migrants from comparable countries to work in Australia’s housing construction industry.

Strengthening our defence industry capability

An integrated and focused approach to defending Australia

The Government is investing an additional $50.3 billion over ten years to implement the 2024 National Defence Strategy to meet Australia’s strategic needs.

Overall funding for Defence will reach $765 billion over the decade. Defence’s Integrated Investment Program has been rebuilt to create a focused Australian Defence Force, accelerate delivery of priority capabilities, and provide certainty to grow Australia’s defence industry. This includes funding for the Royal Australian Navy’s surface combatant fleet and establishing a guided weapons and explosive ordnance manufacturing capability earlier.

The Government is reforming Defence’s budget to support the National Defence Strategy and delivery of priority capabilities.

Developing defence industry and skills

Industry development grants funding of $165.7 million will also help businesses to scale up and deliver the Sovereign Defence Industrial Priorities, which include continuous naval shipbuilding and sustainment, and development and integration of autonomous systems.

The Government is providing $101.8 million to attract and retain the skilled industrial workforce to support Australian shipbuilding and delivery of conventionally armed, nuclear powered submarines. This includes a pilot apprenticeship program in shipbuilding trades and technologies.

Investing in civil maritime capabilities

The Government is providing $123.8 million to maintain and enhance civil maritime security capabilities. This includes $71.2 million to increase the Australian Border Force’s on‑water response and aerial surveillance capabilities.

Securing Australia’s place in the world

Strengthening relationships and simplifying trade

A stable, prosperous and resilient Pacific region

The Government is delivering over $2 billion in development assistance to the Pacific in 2024–25. This includes the Australia‑Tuvalu Falepili Union.

Investing in our relationship with Southeast Asia

Following the launch of Australia’s Southeast Asia Economic Strategy to 2040, the Government is committing $505.9 million to deepen ties with the region.

Australia recently celebrated 50 years of partnership with the Association of Southeast Asian Nations (ASEAN). At the ASEAN‑Australia Special Summit, the Government announced a range of new and expanded initiatives, including a $2 billion Southeast Asia Investment Financing Facility to boost Australian trade and investment.

Simplifying trade

The Government will abolish 457 nuisance tariffs from 1 July 2024, streamlining $8.5 billion in annual trade and eliminating tariffs on goods such as toothbrushes, fridges, dishwashers, clothing and sanitary products.

The Government will provide $29.9 million to coordinate trade simplification and deliver the Digital Trade Accelerator program, and $10.9 million to enhance the Go Global Toolkit to support exporters.

The Government is expanding the Australia‑India Business Exchange, diversifying trade and helping more Australian businesses build commercial ties with India and across South Asia. There will be $2 million to support Australian agricultural exporters entering the Chinese markets.

Support for small businesses

Helping small businesses

This Budget’s Small Business Statement reaffirms the Government’s commitment to deliver a better deal for small businesses, with $641.4 million in targeted support.

For more information refer to the small business fact sheet [PDF 0.98MB]

Improving cash flow

The Government is providing $290 million to extend the $20,000 instant asset write‑off for 12 months. There will be $25.3 million to improve payment times to small businesses and $23.3 million to increase eInvoicing adoption.

Easing cost pressures and reducing the administrative burden

This Budget provides $3.5 billion of energy bill relief, including rebates of $325 to around one million small businesses.

The Government is reducing the administrative burden for small business by abolishing 457 nuisance tariffs and delivering $10 million to provide additional support for small business employers administering the Paid Parental Leave scheme.

Supporting confidence and resilience in the small business sector

This Budget invests a further $10.8 million in tailored, free and confidential financial and mental wellbeing supports for small business owners.

The Government is providing $20.5 million to the Fair Work Ombudsman to help small businesses understand and comply with recent workplace relations changes.

There will be $3 million to implement the Government’s response to the Review of the Franchising Code of Conduct, including remaking and enhancing the Code, and an additional $2.6 million to support more small businesses through alternative dispute resolution.

A more resilient Australia

Preparing for the future

The Government is preparing Australia for future droughts and heightened risk of natural disasters.

Disaster resilience and preparedness

The Government will provide $138.7 million to improve Australia’s response and resilience to natural hazards and disasters. Support includes: funding for the National Emergency Management Agency to supply communities with vital goods, equipment, and temporary accommodation during an emergency, aerial firefighting capability, and mental health support. This is in addition to the $11.4 billion previously committed for Disaster Recovery Funding Arrangements for the states and territories.

The Government is establishing a pilot program for Australia’s Strategic Fleet. These vessels will improve Australia’s capacity to respond and support communities and supply chains during crises.

Preparing for drought and climate change

This Budget provides $174.6 million from the National Water Grid Fund to deliver new water infrastructure projects that will enhance water security, boost agricultural production and help drought proof regional communities.

The Government will provide $519.1 million from its Future Drought Fund to help farmers and rural communities manage the impacts of climate change and prepare for future droughts.

planning in business essay

This investment will build the drought resilience of more farmers like Victorian cropper Ed Rickard.

The Fund supported Ed in developing a better farm business plan, which identified his need for weather stations and soil moisture probes. It also helped him implement a succession plan that ensured his farm’s long-term viability.

Back to top

Management Planning Paper Essay

Introduction, reference list.

Management is an important aspect in all business organization regardless of their size. It ensures proper utilization of the available resources in order to achieve a company’s goal, objective, mission and vision. Management has got various concepts, planning being the core upon which the rest should build on.

Planning has got many merits on the company’s performances and failure to plan can have adverse effects eventually leading to collapse. In this paper, WorldCom is the subject of study where effects of planning and various factors that led to its failure have been looked at.

Planning is very important in any organization as it helps one focus ahead and determines what actions to be implemented in the future. It falls among the four functions of management, the rest being directing, organizing and controlling. Planning is an on going process and because unavoidable factors will always be present to influence a company’s performance either positively or negatively, adjustment to the planned action is required and this can be termed as strategic planning.

It gives a systematic way of determining when a given activity or task in the organization is going to be executed, which manner it is going to be done and the individual responsible for executing it.

It is a basic function of management which enables adequate use of available resources in order to meet the demand. It ensures achievement of the set goals by use of facts and not guesses. Since objectives and goals are set in planning, alternatives are also availed by the same process so as to maximize the results of an organization at the long run.

As a basic function of management, planning is vital for success of any company as it determines the current position and gives a way of reaching future expectations. It simplifies ways of achieving set goals in an organization. Strategic planning is vital as it enables establish a company’s strengths and weakness (Rane 2007).

WorldCom organization is a company responsible for telecommunications. In 2000, this company failed in its services delivery due to lack of proper management plan which is essential in achieving a company’s goals and objectives.

Firstly, the management did not control the bad actions such as acts of fraud by those under their control. Infact, they joined hands in the perpetuation of these acts which are a detriment to success of a company.

Under, proper management, those above such as the human resource managers and departmental directors are supposed to control when, how and who is responsible for certain action and that a proper coordination among the various departments is available.

Lack of such responsibility saw this company which initially performed well go down. Secondly, information dispersion was not done in the right manner, there are several instances where transactions were carried out within minutes and the stakeholders had no idea or received very short notices of the same.

Proper communication is important for it ensures satisfaction among the involved parties. For a company’s development, it has to be flexible and be in a position to adapt to the changes that occur; this is made possible by research on the desired technological advancements, this helps the company offer services well to the satisfaction of the customers.

There should be proper consultations before making decision that is likely to affect the functioning of the organization at large. This is evident in WorldCom acquisition of Skytel, Inc and intermedia Inc. Other cases of decision making failures included the debt management, loan and benefit management, where the directors made these decisions on their own. Contrary to management plan, directors of WorldCom become self centered in that they were up to their own interests rather than the company’s wellbeing.

This contributed to management failure which contributed greatly to the collapse of the organization. Individual responsibility and proper governance lacked in WorldCom which form the basics for strategic planning. It is for these reasons that the organization did not perform to the expectations (Worldcom et al, 2003).

In planning, social responsibility requires an individual or a group’s engagement in an activity that is helpful to the society and not just to an individual.

Usually, research and development are meant not to maximize profits in an organization but to serve the customers satisfactorily and in a safer manner. By WorldCom, not involving social responsibility, which is by not involving in actions that are beneficial to all, it did not succeed.

Top officials engaged in fraud cases involving financial statement in order to gain not minding about customer’s interests. Apart from business responsibility, managers of a company may engage in activities such as conducting fund drives to collect money that can be used to help the needy in the society such as orphans, HIV/AIDS victims and the aged. In order to improve the corporate image of a company, management decisions that are right and good are made regardless of how unprofitable they might be.

Ethics also call for actions that are aimed at bringing much profit to the company for the benefit of all the employees. Though some actions may be considered unethical to some individuals, they are undertaken so as to help a company gain advantage such actions may include employees’ relocation and retrenchment of others in order to maximize profits.

In many cases, governments impose laws and regulations which a company must operate under; this affects its normal running as it must adhere to such imposed rules. In such cases deregulations has been employed in most companies WorldCom being among them (Thinking made easy, 2008).

Several factors may have had an influence on the planning management of WorldCom, such may include; finance, lack of competent labor and inexperienced mangers. As a large company that deals with communication system, a lot of money was required for its proper running but this was unavailable leading to the company’s borrowing of loans.

Lack of proper management of debts within the company led to misappropriation of funds resulting to greater debts accumulation. Human resource is vital for such a company in the production of the information system, this was in adequate in the company and the incoporaration of some system without the employee’s knowledge led to low outcome.

Managers for this company were self-centered and they made most of the decision on their own with an aim of benefitting themselves which is contrary to management requirement. Lack of good communication protocol also resulted to the company’s failure.

In conclusion, for the success of any organization, it is important to have proper planning failure to which the company can easily collapse or fail to achieve its set goals. Without planning WorldCom did not perform well to the end and all companies are vulnerable if planning is not incorporated in its management process.

Rane Sanjay .(2007). The Four Functions of Management: Foundation for All Management Concepts. Web.

Thinking made easy. (2008). Web.

WorldCom et al. Second interim report of dick Thornburgh, bankruptcy court examiner (2003). Web.

  • Chicago (A-D)
  • Chicago (N-B)

IvyPanda. (2018, May 30). Management Planning Paper. https://ivypanda.com/essays/management-planning-paper/

"Management Planning Paper." IvyPanda , 30 May 2018, ivypanda.com/essays/management-planning-paper/.

IvyPanda . (2018) 'Management Planning Paper'. 30 May.

IvyPanda . 2018. "Management Planning Paper." May 30, 2018. https://ivypanda.com/essays/management-planning-paper/.

1. IvyPanda . "Management Planning Paper." May 30, 2018. https://ivypanda.com/essays/management-planning-paper/.

Bibliography

IvyPanda . "Management Planning Paper." May 30, 2018. https://ivypanda.com/essays/management-planning-paper/.

  • Communication Barriers: Bernard Ebbers' Case
  • Enron Company's Unethical Business Research Practices
  • Ethical Analysis of the Actions of General Electric Capital
  • Aspects of Organization Design
  • Delegation and Empowerment
  • What Is Organizational Development?
  • Chiefs Restaurant: Action Plan for the Cooks
  • Virtual Teams Challenges in Global Corporations

COMMENTS

  1. Writing a Successful Business Plan

    The business plan should clearly and concisely define the mission, val-ues, strategy, measurable objectives, and key results the owner expects. It is important to set aside enough time to formulate the plan. Experts recommend starting the planning pro-cess at least 6 months before initiating a new business.

  2. Business Planning: It's Importance, Types and Key Elements

    Here are the key elements of a good business plan: Executive Summary: An executive summary gives a clear picture of the strategies and goals of your business right at the outset. Though its value is often understated, it can be extremely helpful in creating the readers' first impression of your business.

  3. The Importance of a Business Plan Essay

    The value of a business plan is important in the startup of an organization. The value of proper business plan in an organization can determine if the organization will withstand over of time or for years to come for that matter. In implementing a proper business plan, proper planning in it self is important and valuable to the process.

  4. Planning as the Most Important Function of Management Essay

    Introduction. According to a common identification, there are currently four functions of management that are accepted by the majority of professionals: planning, organizing, leading, and controlling. All four of these functions are essential and highly valued in management (Raduški, 2017). This essay argues that, although these elements are ...

  5. How to Write a Business Essay: A Comprehensive Guide

    Provide Context. After the hook, provide some background or context related to the topic of your essay. Help the reader understand the significance and relevance of the subject matter in the business world. Thesis Statement. Clearly state your thesis or the main argument of your essay.

  6. How To Write A Business Plan (2024 Guide)

    Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...

  7. Entrepreneurship: Making a Business Plan

    A business plan is regarded as an entrepreneurs' 'road map' to realize a successful business. It describes the current status, future needs, and expected outcomes of the venture. It includes multiple parts, starting from project overview and finishing with financial strategy and timetable. Despite being rather extensive in size, it holds ...

  8. Entrepreneurial Business Planning

    Here's how to write better business plans: Research first. Regardless of your expectations, rely on credible data from multiple sources. Study the industry, competitors, market, existing and potential customers, etc. Use a sample. You can find plenty of business plans in pdf format on big companies' websites.

  9. How to Write a Business Essay: an Ultimate Guide

    Take time before you write to lay out your paper from beginning to end. Start with your thesis statement and carefully lay out the body paragraphs with a topic sentence, supporting details (including research, quotes, and citations ), and a closing paragraph. Plan your transitions to link paragraphs together.

  10. How to write a Business Essay

    Make an outline plan for your business essay. Constructing an outline plan for your essay will assist you in organising your main arguments and ideas so that they'll be presented in a logical sequence when you come to write the essay. Jot down the key points you want to include in your introduction, main body, and conclusion.

  11. Planning in Business and Project Management Essay

    While planning, it is important to take risks into account. Thus, risk management is an important part of planning in any business. Finally, it is also important to remember that any plan may need changes, so it is necessary to be able to make the changes at any stage of planning or implementation of the plan.

  12. Business Essay

    The paper "Enterprises Resource Planning Success and Failure" is an outstanding example of a business essay. An Enterprise resource planning (ERP) system according to Aslan et al. (2012, p.693) is a management system within an organization that has sets of connected inclusive software, which may be used when espoused and put into practice ...

  13. Why Your Business-Planning Process Is More Important Than The ...

    Planning shouldn't happen once a year; it should happen all year long. The questions one attempts to answer in strategic planning should be asked and answered as often as you have new information.

  14. Strategic Planning in Business Essay Example [Free]

    Business essay sample: Adopting strategic planning increases a company's competitive advantage, brand value, operational efficiency, and productivity, plus minimizes risks. Call to +1 844 889-9952 +1 844 889-9952

  15. PLANNING AS A MANAGEMENT FUNCTION IN BUSINESS ORGANISATIONS

    planning is the continuous managerial process of anticipating and forecasting the future. environment of the business organization, the formulation of the long term and short term goals. to be ...

  16. Planning Business Messages

    All messages contain three or four blocks: News: Whether good news or bad news, the message states its point clearly. The receiver should clearly understand the news unambiguously. Reasons: The reasons section supports or explains the news. This is the needed detail to aid the receiver's understanding or action.

  17. Business Plan Essay Examples for Free

    A typical business planning essay might refer to the key tools in finance, marketing, and logistics. Students might also look at the required steps in the business planning process, or take it a step further by summarizing the best practices of business planning. Another option is to examine and compare successful and unsuccessful business cases.

  18. Business Planning Process and Techniques

    Planning is a set of tasks laid in advance to cover a certain activity, and it involves adherence to the company's mission and vision statement. When planning, a company must use business strategic techniques so that the entire plan can come to success. For example, Rakuten indulged into online marketing, a strong phenomenon of e-commerce ...

  19. 1.5 Planning, Organizing, Leading, and Controlling

    A manager's primary challenge is to solve problems creatively. While drawing from a variety of academic disciplines, and to help managers respond to the challenge of creative problem solving, principles of management have long been categorized into the four major functions of planning, organizing, leading, and controlling (the P-O-L-C framework).

  20. 323 Business Planning Essay Topic Ideas & Examples

    A business plan is a document that performs the operational and managerial functions of the venture. XL Ladies Clothing's Business Plan. The target market for the firm will comprise of the women populace particularly the middle aged and young women that constitute around 62% of the market.

  21. Best Business Essay Examples for Inspiration

    Click to get FREE 10+ downloadable business essay examples to learn business essay writing. Also find tips and sources for using examples effectively. ... Through the proposed solutions and implementation plan outlined in this essay, businesses can overcome the challenges of implementing a new CRM system and reap the benefits. It is recommended ...

  22. Health product innovation and circular economy: A case study of inter

    Still based on the case study, six major topics were identified: (1) sustainability; (2) planning the firm's activity in the medium and long-term; (3) product innovation; (4) university-firm relationship; (5) protecting industrial property, and (6) community benefits resulting from the cooperation. ... something that could inspire academics and ...

  23. Borough Looking Into Options for Creating Chamber of Commerce

    RARITAN, NJ - Raritan Borough is considering dissolving the Economic Development Committee to establish a Special Improvement District downtown, but will have to work on a plan alongside the...

  24. The Planning Process in Business

    The Planning Process in Business Essay. Planning in business is a management process concerned with defining the company's path and direction and goals that are desirable to achieve. The software for planning is aimed to help its users to reach success and obtain considerable assets as soon as possible.

  25. Factors affecting succession planning in Sub-Saharan African family

    Inclusion criteria covered literature from 2010 to 2023, focussing on Sub-Saharan African studies related to family-owned business succession planning.FindingsThe study emphasises the need for gender inclusiveness, resource management and family dynamics in family-owned business succession planning in Sub-Saharan Africa.

  26. Investing in a Future Made in Australia

    This Budget accelerates growth of new industries by establishing the $1.7 billion Future Made in Australia Innovation Fund and delivering a 10‑year extension of funding to the Australian Renewable Energy Agency. It also delivers the $44.4 million Energy Industry Jobs Plan and $134.2 million for skills and employment support in key regions.

  27. Management Planning Paper

    Management has got various concepts, planning being the core upon which the rest should build on. We will write a custom essay on your topic. Planning has got many merits on the company's performances and failure to plan can have adverse effects eventually leading to collapse. In this paper, WorldCom is the subject of study where effects of ...