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Steps in Planning a Business

Updated on November 18, 2009

 

Planning is the first step in managerial activity. The managers or entrepreneurs think their actions in advance. Their actions are usually based on some methods or logic. The following are procedures in planning a business:

1.      Establish your goals. Determine what you want to attain or achieve in putting-up a business. This will give you direction to your actions.

2.      Determine your capital. You must know how much fund or capital you have be­cause this will determine the size of your business.

3.              Study your market. Do customers have the capacity to buy the products? Who will be your customers?

4.              Analyze your managerial skills. Who will operate and manage the business? Are they knowledgeable and skilled? Do they know how to handle business records and transactions?

Basic Managerial Concerns in Business

Management is the process of planning, organizing, leading and controlling the ef­forts of organizational members. It is also the process by which people in the business make use of both human and material resources that design or set goals that can be achieved.

1.              Planning - determining what business to put up and actions to be done.

2.      Organizing - deciding on procedures to be implemented, tasks to perform and how to accomplish them.

3.      Staffing - employing persons who are qualified to assist in the business operation.

4.      Directing - guiding people in the implementation of the plan through direct super­vision, orientation and development programs.

5.              Evaluating - finding out whether the business is making good or not by accessing the flow of the business.

 

Location and Layout of Business

Standards to be considered in choosing the best location for the business.

1.   Accessibility - It must be easily reached by the customers. It should be near the source of supply.

2.   Reliability of transportation facilities - It is an important matter especially if the product or merchandise is perishable. It should be transported to the place of pur­chase from the place of production which could easily be done using reliable trans­portation and facilities.

3.   Cost of labor - It refers to the salaries or fees paid to workers. The layout must be systematic, efficient and well-planned to save time and effort.

4.   Availability of water and waste disposal facilities - Location of water supply and disposal facilities must be adequate and continuous.

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