Give the importance of the following in a business plan a) Management b)nature of business c) Competition
Give the importance of the following in a business plan
a) Management
b)nature of business
c) Competition
Management is the process of attaining the firm's goals and objectives with people by performing the operations as per the nature and requirements of the business.
Through proper management, The firm arranges the resources, incorporates the resources in order to achieve the organizational goals. It helps in proper allocation and utilization of available resources to have expected output efficiently. It also helps in obtaining the maximum output through minimum inputs like physical, human, and financial resources which causes to reduce in cost of production and other functionalities.
The nature of the business always depends on the firm's objectives, operations, and functions. It is described as the type of the business based on the nature of the work, personnel, sales, and features. The nature of the business is one of the key factors in business plan to make efficient and effective decisions to attain the organizational goals.
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