Business Plan and Business Planning Process Essay

Business Plan and Business Planning Process - Essay Example In this write-up, Stutley’s assertion that â€Å"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 â€Å"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 â€Å"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 â€Å"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 busine ss plan. To this effect, it can be said that an effect business planning process leads to a workable and effective business plan.