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Business Plan and Business Planning Process

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In this write-up, Stutley’s assertion that “The chief executive of the business or business unit should take overall responsibility for the plan, but the best business plans are developed by the whole….for an enterprise-wide plan, all departments…should contribute to the planning process and the final documentation” (2007, 17) shall be linked to how an all-inclusive policy in the construction of a business plan can lead to successes for companies.
Difference between business plan and business planning process
Ward (2000) explains that “a business plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized.” Giving a closely related definition, Berry (2011) explains that “a business plan is any plan that works for a business to look ahead, allocates resources, focus on key points, and prepare for problems and opportunities.” On the other hand, Gleeson (2011) posits that “the business plan process is simply the steps you go through and actions you take when producing a business plan.” From these definitions, the differences that can be drawn between a business plan and the business planning process are that whereas a business plan is a document, the business planning process is an action. Again, whereas a business plan is an end product, the business planning process is a means to an end and is actually the means that results in a business plan. To this effect, it can be said that an effect business planning process leads to a workable and effective business plan.