Business planning entails different stages that help realize the end goal of running a successful business. These stages are five in number and can be summarized as :
Conceptualization
This is the first stage of business planning. It involves the formation of the business idea. In this stage of business planning, the objective is thinking through the short-term and long-term goals of the company. The goals should be clear and realistic to help in the later stages of planning.
Analysis
This stage involves critiquing the business idea and testing it with available raw data available to the business owner. Information gathered here is essential in outlining the needs of the business and strategies to follow. SWOT analysis is done at this stage as it traces the strengths, Weaknesses, Opportunities, and Threats that may affect the business plan.
Strategy formulation
This stage is based on the results of the SWOT analysis. With the available resources, a plan on how best to advance is materialized. This plan ought not to be rigid as the business environment is ever fluid, and I need alterations along the way.
Strategy implementation
This rolls out the plan to action. It spells out the responsibilities of all team members for the ultimate goal to be realized. Implementors should have different approaches if one strategy does not go to [plan.
Evaluation
This stage checks on the successes or challenges encountered in the implementation phase and gives recommendations on the best way forward. Success or failure should be gauged upon the objectives and goals of the business.
With these processes done meticulously, a company’s success is assured as there are checks and balances at each stage of the way.
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Dr. Diana Rangaves, PharmD 