Develop business plan
1. Review and evaluate pre-existing strategic, business and operational plan, if available.
2. Analyse and interpret business vision, mission, values and objectives.
3. Consult with key stakeholders.
4. Review market requirements for the product or service, profile customer needs and research pricing options.
5. Develop performance objectives and measures through consultation with key stakeholders.
6. Identify financial, human and physical resource requirements for the business.
7. Consider any permits or licences that may be required for new activity.
8. Write business plan.
How does the current political climate influence business? Government policies influence a range of business practices in areas such as taxes, labour laws, trade restrictions and tariffs and environmental law. Political factors also influence consumer confidence, spending, infrastructure, health and education.
What is the current economic climate and what predictions can you make for the future? Economic factors include interest rates (which can affect a business’s borrowings), exchange rates (which can affect supplier prices on imported goods and the cost of exporting goods) and predicted economic growth.
What is a current ‘snapshot’ of society and how is it changing? Social factors include population growth and age distribution, career attitudes and attitudes towards health, safety, sustainability, etc. Social factors have a big influence on marketing strategies and attracting and retaining a skilled workforce.
What is the rate of technological change and what new technology is available to your business? Technological factors also include research and development, automation and advances in software and computing. Technology can impact on product/service delivery, costs and improvements.
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