Part of the business-planning process involves an analysis of your own strengths and weaknesses as well as a recognition of the opportunities and threats in your business environment.
Establishing specific goals and objectives as part of a coherent, overall plan is especially important when your company is in trouble. An effective business plan ensures that all your employees are focused on the same goals when you most need them to be.
A strong and inspiring business plan can bring your employees back together and boost morale. Two key parts of a good business plan — the mission statement and the vision statement — help make clear to employees not only what the company does, but also why it’s in business.
The two statements express both your purpose and what the company wants to become in the future. Many businesses use their mission and vision statements to inspire their people, boost productivity, and sharpen their competitive edge.
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[...] have two good reasons to write a business plan. One of the purposes of your plan will be to get the part of the company you’re spinning off in [...]