Business plan is a document that defines in detail a company’s objectives and how it plans to
achieve its goals. A business plan lays out a written road map for the firm from marketing,
financial, and operational standpoints. Both startups and established companies use business
Business Plan is a key to Success:
Your business plan can help keep you organized and focused. You’ll refine your business idea
as you create your business plan, and you’ll have a roadmap that you can refer to before
making major decisions.
The purpose of Business plan:
A business plan is a written tool about your business that projects 3-5 years ahead and outlines
the path your business intends to take to make money and grow revenue. Think of it as a living
project for the business
But most plans will include the following main sections:
- Executive summary. This is your five-minute elevator pitch….
- Business description and structure. This is where you explain why you’ll in
business and what you are selling….
- Market research and strategies….
- Management and personnel….
- Financial documents…
The advantages of a business plan
- It helps you forecast future steps. …
- It is required if you want to apply for credit. …
- It helps you to identify future cash flow issues. …
- It helps you to allocate resources. …
- It helps you better understand your competition. …
- It can help to secure talent.