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Management problem - Essay Example

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Business planning is the core function of any management team of a business entity or organization. Lack of planning in any business would mean that the business is being run without a direction and without any intended objectives to be achieved. …
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Management problem
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Download file to see previous pages Therefore, preparing a good business proposal and business plan is a requisite of any business that wishes to be successful. While a business proposal should contain the specific goals that the project seeks to meet, explaining in details the technical aspects and activities to be undertaken to accomplish the project and indicating the expected results (Mullins, 2002 p305), a business plan serves as a road map to the business (George and Jones, 2002 p26). A business plan helps the owners of a business to confirm the business idea, making it possible for the owners of a business to set clear business objectives and allow the business stakeholders, partners, sponsors and financiers to make a decision regarding whether and how to work with the company (Brown, 1995 p20). Thus it is necessary for any business seeking to succeed to formulate a business proposal and a business plan. This two documents act as a tool for a business to negotiate with the potential suppliers, distributors, partners, shareholders and clients on the necessities that the business requires to succeed. In our case, the organization lacks a well formulated business plan, while its business proposal is just a ten page document of idea. There is a need to address these issues, if the housing development project for the organization is to succeed. As a consultant, in response to the lack of a well formulated business plan, the advice to the business is that a business plan is requisite for the organization to successfully achieve its housing development project. Considering that the organization experiences a problem of undertaking its housing development project due to a lack of funding available to sustain the development, then, a business plan is the required tool for use in negotiating for funding of the project by financiers. There are various reasons as to why the business entity requires having a well formulated business plan. Possession of a well formulated business plan serves to indicate to the potential financiers that the business has a mission and an objective that it seeks to meet, and that it is serious in its desire to meet this. The plan serves to indicate to the potential investors the nature of the management team that the business has and how it is committed to achieving its set goals and objectives (Camal, 2003 p52). The plan also serves to indicate to the potential investors and financiers that the business understands the needs of its customers and that is committed and dedicated to meet these needs in the best way possible, to the satisfaction of the customer. The plan also serves to show the investor and financiers that the business is well positioned to deal with the products and services the organization seeks to offer and it understands them well (Mullins, 2002 p321). It is still an advantage of the organization to have a well formulated business plan, since it shows the investors how the organization seeks to market its products and how it is equipped to overcome market risks, challenges and competition. A proposal on the other hand is required so as to communicate the business prospects of the organization to its stakeholders. This goes a long way to ensure that the business has secured the support of all its stakeholders in undertaking the project in question. In this case therefore, the organization should modify the ten page document comprising of business ideas into a well formulated housing development proposal for the organization. This way, the organization is able to negotiate for support from all its stakeholders, who include the shareholders, the employees and the potential investors. It serves to show that the project is important for the organization to undertake (Carnwell and Buchanan, 2005 p19). The proposal should ...Download file to see next pagesRead More
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