The Impact of the Business Planning On The Company Performance- Empirical Evidence Of Kosovo SMEs

Session

Management, Business and Economics

Description

The biggest challenge facing companies today is the ability to manage the constant changes that occur in technology and industry, the ability to stimulate innovation and creativity and at the same time the ability to plan and lead the business while facing internal and external challenges. Nowadays, the phenomenon of entrepreneurship is growing more and more. Many young people are preferring to start their own business thus increasing the number of new businesses and entrepreneurs. However, many businesses fail to survive for the sole reason that in their infancy they fail to develop an effective plan. There are many such entrepreneurs who start their business without any specific plan, and this can lead to spending time and high costs. Without a business plan, the owner finds it difficult to keep the business focused and may not know if the business is going in the wrong direction. A business plan clearly defines the mission, values, strategies, measurable objectives and key expectations or results from the business. A business plan is a document in which a business opportunity, or an already developing business, is identified, described and analyzed, examining its technical, economic and financial feasibility. The business plan develops all the necessary procedures and strategies to turn the business opportunity into an actual business project. Preparing a business plan is an important "tool" to start a neё business. A business plan is the key to securing finances, maintaining focus, and planning for the unexpected. But just ёriting a business plan is not enough; it is important to implement it meticulously to lead the business to success. The purpose of this paper is to contribute to the entrepreneur's awareness about the perception of the importance of the business plan by providing an overvieё that describes in chronological order the steps to be followed to achieve a well- designed business plan to help neё companies achieve of successes. Through this topic the main goal is to reach the conclusion of an overview of the impact of the business plan on the successful process of planning and operation of a new business. To see how much Kosovar businesses are aware of the business plan and how many of them had one before the start of their activity, and at the same time how much the latter manages to influence the success of the company, a research survey has been formulated. submitted to a group of randomly selected Kosovar companies. The survey contains a total of ten questions and is sent electronically to companies. The research has managed to identify the main problems faced by young Kosovar companies regarding the development, planning and implementation of a proper business plan in bringing and developing innovations.

Keywords:

Business, SMEs, Venture, Planning, Success. Performance.

Proceedings Editor

Edmond Hajrizi

ISBN

978-9951-550-50-5

Location

UBT Kampus, Lipjan

Start Date

29-10-2022 12:00 AM

End Date

30-10-2022 12:00 AM

DOI

10.33107/ubt-ic.2022.407

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Oct 29th, 12:00 AM Oct 30th, 12:00 AM

The Impact of the Business Planning On The Company Performance- Empirical Evidence Of Kosovo SMEs

UBT Kampus, Lipjan

The biggest challenge facing companies today is the ability to manage the constant changes that occur in technology and industry, the ability to stimulate innovation and creativity and at the same time the ability to plan and lead the business while facing internal and external challenges. Nowadays, the phenomenon of entrepreneurship is growing more and more. Many young people are preferring to start their own business thus increasing the number of new businesses and entrepreneurs. However, many businesses fail to survive for the sole reason that in their infancy they fail to develop an effective plan. There are many such entrepreneurs who start their business without any specific plan, and this can lead to spending time and high costs. Without a business plan, the owner finds it difficult to keep the business focused and may not know if the business is going in the wrong direction. A business plan clearly defines the mission, values, strategies, measurable objectives and key expectations or results from the business. A business plan is a document in which a business opportunity, or an already developing business, is identified, described and analyzed, examining its technical, economic and financial feasibility. The business plan develops all the necessary procedures and strategies to turn the business opportunity into an actual business project. Preparing a business plan is an important "tool" to start a neё business. A business plan is the key to securing finances, maintaining focus, and planning for the unexpected. But just ёriting a business plan is not enough; it is important to implement it meticulously to lead the business to success. The purpose of this paper is to contribute to the entrepreneur's awareness about the perception of the importance of the business plan by providing an overvieё that describes in chronological order the steps to be followed to achieve a well- designed business plan to help neё companies achieve of successes. Through this topic the main goal is to reach the conclusion of an overview of the impact of the business plan on the successful process of planning and operation of a new business. To see how much Kosovar businesses are aware of the business plan and how many of them had one before the start of their activity, and at the same time how much the latter manages to influence the success of the company, a research survey has been formulated. submitted to a group of randomly selected Kosovar companies. The survey contains a total of ten questions and is sent electronically to companies. The research has managed to identify the main problems faced by young Kosovar companies regarding the development, planning and implementation of a proper business plan in bringing and developing innovations.