Punginagina, Jaime S.

BSBA FinM 3E

Business Planning Process

Step 1: Defining Your Business Purpose and Goals

Begin by clarifying your business’s purpose, mission, and long-term goals. These elements
should align with the organization’s core values and guide every aspect of the planning process.

Step 2: Conducting Market Research and Analysis

Thorough market research and analysis are crucial to understanding the industry landscape,
identifying target customers, and gauging the competition. This information will inform your
business strategy and help you find your niche in the market.

Step 3: Creating a Business Model and Strategy

Based on the insights from your market research, develop a business model that outlines how
your organization will create, deliver, and capture value. This will inform the overall business
strategy, including identifying target markets, value propositions, and competitive advantages.

Step 4: Developing a Marketing Plan

A marketing plan details how your organization will promote its products or services to target
customers. This includes defining marketing objectives, tactics, channels, budgets, and
performance metrics to measure success.

Step 5: Establishing Operational and Financial Plans

The operational plan outlines the day-to-day activities, resources, and processes required to run
your business. The financial plan projects revenue, expenses, and cash flow, providing a basis for
assessing the organization’s financial health and long-term viability.

Step 6: Reviewing and Revising the Business Plan

Regularly review and update your business plan to ensure it remains relevant and reflects the
organization’s current situation and goals. This iterative process enables proactive adjustments to
strategies and tactics in response to changing market conditions and business realities.