A business plan is a document that describes an organization's current status and plans for five years into the future. It projects the future opportunities for the organization and maps the financial, operations, marketing and organizational strategies that will enable the organization to achieve its goals.
A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, the impact expected, the targeted audiences and the plan for reaching those targets, including resources, timescale, names of the people who will get involved and the financial aspects, investment and profit.
A business plan can also be a written proposal for a new business or new direction in a previously established business. Business plans typically include a description of the company and its products or services, a budget, an overview of current and projected financing, a market analysis and marketing strategy, and projected profits and losses.
When starting a new business, writing a business plan is an important first step to getting started. A business plan will lay out the direction for the future of your company and begin to establish the standards for your success.
Business plans serve as an operating model for the business and outline financial expectations for potential investors.
A complete business plan should include five year financial projections. These projections will assist investors with making decisions about your business and help you to know how much funding you will need to get the business running.
A business plan should define how you would like to operate your business. This includes describing the management team, the marketing strategy, and the methods in which you will interact with customers. A business plan might project a strategy that reflects the management style of the founders of the business. The definition should be clear but flexible.
Business plans are developed for many purposes. One company might be looking for funding from investors. Another company might be looking for a loan from a bank. Your company might just need to plan out the company’s strategy to make sure it is successful. Whatever the case, every business needs a business plan.
A business plan is a summary of how a business owner, manager, or entrepreneur intends to organize an entrepreneurial endeavour and implement activities necessary and sufficient for the venture to succeed.
Wednesday, September 3, 2008
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