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Writing down your business plan helps you clarify your thoughts and organize the steps you need to take to be successful in your business.

There are a number of pieces that all have to come together to make your business profitable. Be specific even if the plan is for your eyes only.

Use measurable milestones, accountable responsibilities and trackable performance expectations, for starters. When your plan is clearly spelled out in writing, it helps you see the big picture and identify potential problems before you make blunders.

Your plan should include things like what you plan to offer to the market, how you plan to deliver it, what the costs are, how much you plan to charge, what you plan to make in profit on each sale and what your fixed costs such as rent and utilities are going to be.

If sales graph is kept falling, it reflects that your business is regressing. Sales gives you the next move you need to make e.

If sales are getting low, you need to encourage customers to buy your products and recommend to friends. Sales gives you the direction and motivation of what you should do next to improve these stats.

Marketing is the last type of business activity that we think you should pay attention to. It is not just the advertisement of your brand, but also the process of analyzing the need of your customers and why they buy or need your products?

Marketing strategy helps you to analyze why customers prefer to buy products from your competitors. There are three marketing activities segmentation, targeting and positioning.

These marketing activities are the keys towards successful marketing of your business. For in depth analysis of these three marketing activities: segmentation, targeting and positioning.

Click here to see the details to three marketing activities. This was all about the 6 types of business activities and we hope that you know their importance now.

If not, you must start making moves keeping in mind all these. A need is a good or service essential for living A want is a good or service that people desire, but is not essential for living The economic problem results from there being unlimited wants but limited resources to produce the goods and services to satisfy those wants.

This creates scarcity. Scarcity is the lack of sufficient products to fulfill the total wants of the population Factors of Production Factors of Production are those resources needed to produce goods and services.

They are in limited supply. Land: covers all the natural resources provided by nature Labor: human resource Capital: investment in goods that are used to produce other goods in the future e.

Growth also means that a business is able to spread risks by moving to other markets, or it is gaining a larger market share.

Bigger businesses also gain cost advantages, called economies of scale. Survival: If a business do not survive, its owners lose everything. Therefore, businesses need to focus on this objective the most when they are: starting up , competing with other businesses , or in an economic recession.

Service to the community: This is the primary goal for most government owned businesses. They plan to produce essential products to everybody who need them.

These business objectives can conflict because different people in a business want different things at different times. Stakeholders are a person or a group which has interest in a business for various reasons and will be directly affected by its decisions.

Stakeholders also have different objectives and these also conflict over time. There are two 6 types of stakeholders, and these types can be classified into two groups with similar interests.

Owners: Profit, return on capital. Growth, increase in value of business. Workers High salaries. Job security. Job satisfaction. Managers High salaries.

Growth of business so they get more power, status, and salary. Group 2: Value. Customers Safe products. High quality. Value for money.

Reliability of service and maintenance. Government Employment. Community Employment. Business does not pollute the environment. Safe products that are socially responsible.

That's the first chapter guys. I realised that doing summaries in this format takes so much time, so the next chapter I will do it more in note form, making this less of a study guide but a revision guide or summary.

Chapter two coming out soon! Abdullah Shirajee August 15, at PM. Anonymous April 10, at PM. Xtreme Papers January 5, at PM.

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In his letter to CEOs Mr. Purpose is not the sole pursuit of profits but the animating force for achieving them.

There has been little consistency in the use of terms such as ESG, CSR Corporate Social Responsibility , climate change, intangibles, culture, character, purpose, long-term focus, non-financial performance metrics, etc.

In our view, each company should assume responsibility for selecting and defining the terminology that works best for describing its purpose, business circumstances, strategy, value drivers and goals and that reflects the sustainability issues that are most important to its investors.

Here again, in dealing with the crowd of different raters and ratings, particularly those focused on climate change, each company is presumed to be the best judge of the metrics and standards that are appropriate for its Many companies around the world are looking to SASB Sustainability Accounting Standards Board as the starting point and guide for determining the materiality of specific sustainability issues.

To add to the complexity, there is an additional layer of sustainability raters that serve institutional investors.

These include the two global proxy advisory firms ISS and Glass Lewis, which now include sustainability evaluations in their proxy voting recommendations.

This category of raters that serve investors is primarily important to companies in the context of their annual meetings and proxy solicitation campaigns.

For U. Two prominent U. Intel Corp. Travelers Corp. Recent webcasts sponsored by the U. They can be found here: Intel , Travelers.