Some key concepts in business planning
In this article, we look at some key concepts in business planning and how they can help you create a successful and sustainable strategy for your business.
This article is part of our series of articles on business planning and business strategies. You can find more articles in the series by clicking on the link below.
To GoalEnvision's article series on business planning...
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Term |
Definition |
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Business strategy |
The overall plan that describes how a company will achieve its long-term goals. |
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Mission/Business idea |
A short and concise description of the company's purpose and what it strives to achieve. Read more about formulating the business idea... |
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Vision |
An inspiring vision of the future that describes what the company looks like when it has achieved its goals. Read more about formulating the vision... |
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Goal |
Concrete achievements or results that the company strives to achieve. Read more about goals... |
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SWOT analysis |
A method for identifying the company's Strengths, Weaknesses, Opportunities and Threats. Read more about SWOT... |
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Target group |
The specific group of customers or markets that the company aims to reach and serve. |
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Competitive analysis |
Evaluation of competitors and their strengths and weaknesses to identify opportunities. Read more about analyzing the situation... |
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Market analysis |
A survey of the market to understand customer needs, preferences and trends. Read more about analyzing the situation... |
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Strategic plan |
A detailed plan that describes how the company will implement its business strategy. Read more about strategy development... |
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Core values |
The fundamental principles and beliefs that guide the company's culture and decisions. |
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Portfolio management |
The management of the company's various business units, products or services to maximize profitability and growth. Read more about resource allocation... |
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Implementation |
The process of transforming strategic plans into practical action and implementation. Read more about how GoalEnvision helps you implement strategic business plans... |
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Balanced scorecard |
A strategic tool used to measure and monitor performance in various aspects of the company's operations. Read more about balanced scorecards in GoalEnvision... |
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Risk management |
Identification, assessment and management of potential risks that may affect the company's goals and strategies. Read more about risk management... |
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Tactical planning |
Planning concrete measures and initiatives to support the company's overall strategy. Read more about business planning... |