Planning Makes It Happen
Whether you are leading a tech startup or launching a new product from an established manufacturing company, you must have a plan. Planning is a natural part of human behavior, but it does not come easily for everyone. Learning to create a business plan involves a combination of skills and industry knowledge that you can find in an online MBA program.
The Stages Are Set
The researchers behind Biodesign: The Process of Innovating Medical Technologies have formalized a process to create a business plan. They point out that a company’s reasons for creating one will vary depending on their stage of development. For example, startups may craft a business plan to present to investors, hoping to secure funding to break into the market. The researchers note that more established companies “may use a business plan to map out a change in strategy or a plan for accelerated growth.” Before you can create a business plan, you must first understand its purpose and its audience.
Different audiences expect different things from a business plan. Without some prior research, you could create one that covers unnecessary information and leaves your audience confused. Online MBA programs offer the training to create targeted, effective business plans. Instructors can walk you through a series of projects that culminate in a sound plan and evaluate your performance before you stand in front of boards or investors. This type of real-world approach is invaluable; prospective MBA students should seek out online MBA programs that stress this type of training.
To create a business plan, you must first understand your purpose and audience. Purpose is usually a function of the stage of development of a company, while your audience can vary from industry to industry. Creating a business plan is an iterative process: MBAs learn to research, organize and evaluate their plans, which ultimately improves a plan’s chances of success.
Learn more about the Boise State online MBA program.
Have a question or concern about this article? Please contact us.