small business Essay

Submitted By obalola7
Words: 655
Pages: 3

TASK 3 Every business should have a business plan by illustrating its current status and to explain the strategies
A Business plan is the entrepreneur’s road map. It is a written document that describe in detail a proposed venture, and its purpose is to illustrate the current status, expected needs and projected results of a new or expanding business (Horgetts and Kurato,1992,p.84).It should involves the management,financial projections.operation and the industry

1. It attracts lenders and investors who will provide needed capital
2. It explains the company’s marketing strategies
3It provides a definition of the company’s products and services
4.It is a timetable for achieving for achieving the set objectives and goals

Considering the importance of business plan, Oba Enterprises has reviewed its its business stated below in the table , with reference to its current business objectives and a revised objectives and plans in order to be more successful

Oba Enterprise current objectives and plans
The revised objectives and plans
The action plan
1.Make profit in short term
1.Focus on long term profit
1.Improve product quality
1. 2Years
2. To increase sales
2.Increase customer satisfaction
3.Improve Employee training
2. 3 Years
3. Small premises
3.Bigger space
3.Beter equipment
3. 3 Years

After reviewing the current objectives on profit in the short term incuding sales and employment status,all in the short term,a revised objectives have been drawn up changing all the current objective to a long term one when the issue will be addressed and changed in order to meet the set new goals .All has been given a time frame to achieve these and likewise a plan of achieving them has been set up.It is clear that by changing from the current objective to a long term one,it will benefit the company and also make more profit with a larger market share and a better brand

Example of business plan.

TASK 4 Daryl Conner,(1982) says “ it is a set of principles, techniques, and prescriptions applied to the human aspects of executing major change in organisational settings”.

IMPORTANCE OF CHANGE MANAGEMENT Change management builds employee status including the work rate and product produce enabling important changes to be made. It develops leadership improving performance . It a helps organisation in setting goals

1.Reactive change which is important occurring when action is taken in response to problems and threats or opportunities in the market
2.Planned change involves the action that is taken based on a thorough and carefully thoughts out process in anticipating the future problems and threats

It can create a positive or negative impact on an organisation as explained in on the table below with positive performance on profit increase stability with trust. It can also be Negative which wil lead to c financial problems for the organisation with and loss of control