Why Organization Needs a Business Plan - Case Study Example

The paper “Why Organization Needs a Business Plan” is a detailed example of a finance & accounting case study. This research paper aimed to identify the importance of a good business plan in large companies and how companies benefit from it. The paper performed a cross-section analysis of data in order to establish conclusive evidence that would assert the primary argument of the paper. The research has chosen to work on BMW and its strategic business plans. The paper was able to establish the positive impact of business plans in BMW as were noted in the company’s historical performances and relevant data.

Introduction The business environment has greatly evolved since information and computer technologies became integral parts of human lives. Information and communication technologies have permeated the lives of common people so deep that the demand for data and information for business growth and profitability has exponentially increased. Common business processes have been updated to meet the technological requirements of the new business environment and the changes, if used properly, became advantageous for businesses.

One of the various business practices affected by the onslaught of technological advancement is the creation, implementation, and management of business plans.Usual business processes such as determination of demand and supply, keeping trade secrets, employing counter-intelligence, and other processes related to business plans became more complex and more difficult to define, control, and manage as data and information came in large volumes. In order to overcome the difficulty associated with the growing need for information in creating business plans, small and large business companies have employed technology to their advantage in order to become more effective in creating their business plans and in implementing them.

The major use of business plans is to streamline the processes of the business to direct its actions and decisions towards the defined goals. A business plan is any plan developed by the business organization that sets its goals and objectives for a specific period of time using the available and upcoming resources and with provisions for problem-solving and issues management that would arise in the future.