Home

Define and explain business plan

A business plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized. It is the road map to the success of your business.

For anyone starting a business, it's a vital first step. How can the answer be improved? If your business plan will be used as a financing proposal, explain why the additional equity or debt will make your business more profitable. Give hard facts, such as" new equipment will create an income stream of 10, 000 per year" and briefly describe how. Definition of business plan: Set of documents prepared by a firm's management to summarize its operational and financial objectives for the near future (usually one to three years) and to show how they will be achieved.

A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and Define and explain business plan viewpoint. The definition of a business plan may vary from one person to the next.

While some say it is the framework of a business, others may say it is just a lengthy document that is reviewed only once.

The business plan is certainly what you make of it. A business plan is a document demonstrating the feasibility of a prospective new business and providing a roadmap for its first several years of operation. Business plans are often shared with funding agencies, potential investors and venture capitalists to obtain the funding required for a startup. In addition to business planning for profit and growth, your business should have a contingency plan.

Contingency business planning (also known as business continuity planning or disaster planning) is the type of business planning that A business plan is literally a plan for the business, where that may be a profit making firm, a government or a non profit organization. In private industry, the business plan heart is a business strategy and its business model. These describe business objectives and where the company expects to earn and spend.

In your global business plan, include a definition of the nature and scope of your business and the product or service you provide. Outline the geographic area youve chosen and justify why it