This approach allows you to tweak the system if your numbers are far off the mark. Key elements of the business plan include research on your market and competition as well as revenue projections.
Each of these elements is subject to rapid change, and you should remain aware of where you stand with regard to these issues.
Control, or controlling, is one of the managerial functions like planning, organizing, staffing and directing.
It is an important function because it helps to check the errors and to take the corrective action so that deviation from standards are minimized and stated goals of the organization are achieved in a desired manner.
If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of one. You start here, today, with certain resources and abilities.
And you want to get to there, a point in the future (usually three to five years out), at which time your business will have a different set of resources and abilities as well as greater profitability and increased assets.These credentials document basic knowledge of business management concepts including making decisions and managing change, planning and controlling daily business operations, communicating with all stakeholders, managing and supervising people, and leading the organization towards its goals.In addition, the successful business manager must understand the business environment, business structure and organization, business ethics and social responsibility, principles of marketing and product promotion, quality management, information systems, human resources, and basic business financial concepts.A business plan is a comprehensive document that outlines key elements of how you operate your business.The plan typically includes an assessment of your market and your competition, your operating budget breakdown, and your short and long-term business goals.The control subsystem functions in close harmony with the operating system.The degree to which they interact depends on the nature of the operating system and its objectives.Management control can be defined as a systematic effort by business management to compare performance to predetermined standards, plans, or objectives in order to determine whether performance is in line with these standards and presumably in order to take any remedial action required to see that human and other corporate resources are being used in the most effective and efficient way possible in achieving corporate objectives.Also control can be defined as "that function of the system that adjusts operations as needed to achieve the plan, or to maintain variations from system objectives within allowable limits".Business and marketing plans overlap in several ways, so reviewing both documents simultaneously on a regular basis helps you monitor and control the goals and measurements of each plan.If an element of one plan changes dramatically, evaluate the impact it has on the other plan.