Simple Single Business Goals
Single, simple business objectives
Subject: Business Studies
Class: Basic 9 / JSS 3
Term: First Term
Week: Week 10
Topic:
Simple Single Business Goals
Previous Knowledge: The pupils have previous knowledge of
Advantages and Disadvantages of transportation
that was taught in their previous lesson.
Learning Objectives: At the end of the lesson, learners will be able to
- explain goals or objectives or aims
- say how to write out simple business goal
Instructional Materials
- Textbook
- Pictures
- Online resources
- Flashcards
Methods of Teaching
- Role modelling
- Questions and Answers
- Explanation
- Discussion
- Recitation
- Imitation
- Story Telling
- Dramatization
Topic: Simple Single Business Goals
Outline:
— Meaning
— Weakness
— Opportunity
–Thrusts
Small Business Plans Explained
If you are thinking about starting a small business, you most likely already know what a business plan is and have heard that you need one. But do you truly understand the purpose of a business plan? Does it really matter if you have one for your small business? And how can you create a small business plan that is actually useful? The introduction and tips below will lay the groundwork for creating an effective small business plan for your new business.
In its simplest form, a business plan is a document that outlines the basics about your business, products, and services; the market you are targeting; the goals you have for your business; and how you will achieve those goals.
A business plan is one of several important plans you should have when you are starting a business, the others being a marketing plan and a financial plan. Your business plan should pull all three of these plans together, incorporating elements of your marketing plan and your financial plan into a comprehensive document. Think of your business plan as a map or blueprint that will guide your business from the start-up phase through establishment and eventually business growth.
A business plan is a document that sets out the goals and objectives of a business, as well as how these will be achieved. A good business plan should include:
– An executive summary
– A description of the business
– The company’s goals and objectives
– A market analysis
– A SWOT (strengths, weaknesses, opportunities and threats) analysis
– A description of the product or service
– A marketing plan
– A financial plan
The executive summary is a brief overview of the main points of the business plan. It should include the company’s mission statement, as well as an overview of the market opportunity, the company’s goals and objectives, and the key strategies that will be used to achieve these.
The market analysis should research the industry, the target market, and the competition. This information should be used to develop a marketing strategy that will allow the company to gain a competitive advantage.
The financial plan should include a sales forecast, expense budget, and cash flow statement. This information will be used to make decisions about how much money to invest in the business, and how to allocate resources.
The business plan should be reviewed and updated on a regular basis, as the business grows and changes. This will ensure that it remains relevant and accurate, and that it can be used as a tool to measure progress.
Why You Really Do Need a Business Plan
Why You Really Do Need a Business Plan
When you’re running a business, it’s easy to get caught up in the day-to-day operations and forget about the big picture. But if you want your business to be successful in the long run, you need to have a clear vision and a solid plan to get there. That’s where a business plan comes in.
A business plan is a document that outlines your business goals, strategies, and tactics. It’s basically a roadmap for your business that can help you stay on track and make better decisions.
Think of it this way: if you were going on a road trip, you wouldn’t just get in the car and start driving without any idea of where you’re going or how you’re going to get there. You would map out your route, plan for rest stops, and figure out how much gas you’ll need.
The same is true for your business. A business plan can help you figure out where you want to go and how you’re going to get there.
There are many reasons why you need a business plan, although these reasons vary by the type of business you are starting and how you intend to use your business plan. But the common thread for all businesses is that a business plan is necessary.
Evaluation
1. What are your business’s primary objectives?
2. What are your top strategies for achieving these objectives?
3. What are some potential obstacles to achieving these objectives?
4. What are the risks and rewards associated with each objective?
5. How will you measure success in achieving each objective?
Compare the Company to the Ideal
One of the first steps in creating a business plan is establishing a long-range vision for the company — how the owner sees the company growing and becoming more profitable in the future. He creates his own picture of what the company will look like if everything goes as well as planned. This ideal future version of his company will undoubtedly being doing some things much better than the current company is. He evaluates what current weaknesses need to be addressed that are roadblocks to reaching his ideal future.
Compare the Company to Major Competitors
A small business owner must know his competitors’ strengths and weaknesses in addition to those of his own company. Including a side-by-side comparison of these strengths and weaknesses in his business plan gives the owner a good idea of how to build competitive advantage — he markets to his strengths and tries to avoid competing head-on with competitors where they are strongest or where his company may be weak.
Weakness of Business Plan
In a business plan, the discussion of a company’s strengths and weaknesses is often included in a section known as SWOT — strengths, weaknesses, opportunities and threats. Strengths are what the company does particularly well. It could be offering superior products or being particularly efficient in manufacturing. Weaknesses are things that keep the company from achieving the revenue growth or profitability the business owner seeks. Small businesses often find that one of their weaknesses is a lack of financial resources.
Topic: Drawing a simple single business plan
There is by no means an exhaustive list to get the best tuning results for drawing a simple single business plan, but we can draw immense insights that can serve as a ready reference to avoid the common pitfalls.
What we have presented is a simple step-by-step summary of the business planning process to get you going and give you an overview of the core steps you need to take to ensure you are taking advantage of everything a good planning process has to offer.
Business planning is simple and so worthwhile that this straight-forward guide is in order to help you through the basics. So, here’s a simple checklist you can follow to kick start your planning process:
- Start with a pitch: to outline your strategy and the basic concept for your business. Do this quickly and keep it simple. This isn’t your investor pitch (yet), but more like a simple one-page business plan. Really it’s just a sketch of your business concept. Your pitch should include your key value proposition, an overview of the problem you are solving, your solution to the problem, a description of your ideal customers, and an overview of the competitive landscape. For more details, check out our guide to creating the perfect pitch.
- Validate the assumptions: in your pitch. Does the problem you think you are solving actually exist? Does your target market like your proposed solution? Do you have enough potential customers who are willing to pay for your solution to make a real business? As you test and validate your assumptions, update the pitch you built in step 1.
- Build a simple sales forecast and expense budget: At this stage, budgeting and forecasting is more of a “gut check” rather than a detailed, precise forecast. You really just need to figure out if you can build a profitable business from your idea and, potentially, figure out roughly how much money you need to raise. To figure this out, you’ll want to build a cash flow forecast as well.
- Schedule important tasks: and milestones. It’s important to move out of the planning phase and start building your business. The sooner you can get started, the more you will learn so you can adjust your strategy. Scheduling tasks and assigning responsibilities creates accountability that you can track and manage.
- Set up a regular review schedule: for your plan. Do this no matter what. As you discover new information about the problem you are solving and your target customers, update your pitch that you created in step 1 so that it reflects the latest findings. A regular (monthly is ideal) review of your strategy and your progress towards your goals will help you stay on track and, more importantly, help you change directions should things not go according to your plan.
Now STOP. If you don’t need to present a business plan document to outsiders, stop here and start tracking your progress towards your financial goals and milestones. Revise your strategy using the pitch that you created as you learn more about your customers, what marketing and sales strategies work, and as you are more accurately able to forecast your sales and budget your expenses.
But, there are plenty of people who do need a formal business plan document. Lenders and investors often ask for a written business plan. So, should you need the full-blown plan document, take these final steps:
- Develop your executive summary: Investors often ask to see just your executive summary to start with. If they like what they see, they may ask for your detailed plan. Writing your executive summary last is the best choice because you are just summarizing all the detail that you’ve already put together in your detailed plan.
- Refine your pitch into an investor-ready presentation: The pitch that you started with in step 1 of this process will be nearly ready to present to investors at this point, assuming you’ve been revising it as you go. You may need to add a few slides to cover progress that you’ve made to date and other information specific to your business and industry.
That’s it! Remember, business planning is more of a process rather than a single event. Good business planning helps you find success, track what’s happening in your business, and adjust course as necessary.
Evaluation
1. What is the best way to write out simple business goal questions?
2. What is the worst way to write out simple business goal questions?
3. How can you make sure that your objectives are clear and concise?
4. What are some common mistakes people make when writing objectives?
5. How can you ensure that your objectives are achievable?
STRATEGIES AND ACTIVITIES:
Class Teacher and Pupils Activities. Interaction or Participation
The topic is presented step by step
Step 1: The teacher revises the old topic by asking questions that are related to the previous topics as reminder.
Step 2: The teacher introduces the new topic by telling pupils any story that is related to good or bad office practices, He or she also narrates his or her experience in any of the offices that he or she has visited
Step 3: The teacher allows the pupils to make their own contributions and gives room for pupils” participation by giving answers to their questions. The subject teacher also asks questions that are related to office practice.
ASSESSMENT (EVALUATION)
1. What are your business’ strengths?
2. What are your business’ weaknesses?
3. What are your business’ opportunities?
4. What are your business’ threats?
5. How can you capitalize on your strengths?
6. How can you improve your weaknesses?
7. What new opportunities can you take advantage of?
8. What existing threats do you need to be aware of?
9. How might your strengths and weaknesses affect your opportunities and threats?
10. How can you use your SWOT analysis to create a competitive advantage?
WRAP-UP (CONCLUSION)
The subject teacher makes the necessary corrections which gives him or her the opportunity to reteach what has been taught before so that learners that did not understand in the first instance can have the opportunity of relearning the topic again.
He does the necessary marking, grading and corrections