👉 What is a Business Plan?✅
What is a Business Plan?
A business plan is a blueprint of your business. It is a detailed plan from which all other plans should be developed.
Why Write a Business Plan?
A business plan is a road map for the development of your company. It includes a written description of your business and corresponding financial data.
The goals of a business plan are:
1. To assist you to obtain money from lenders (get a loan.) or investors (Sell some ownership in your company to someone else).
2. To develop and implement your ideas into actual business practices, products or services.
3. To identify the strengths and weaknesses of your company and its competitors, and to provide a strategy to further your company's growth.
4. To develop guidelines for the operation of your company. A business plan is about business results guiding decisions. The plan itself has no value if it doesn't help you improve business. Its value is the decisions it leads to. Whether its every month or every quarter, you need to track results, analyze the difference between plan and actual results, and manage. Change things that need to be changed. Compare plan to reality. What went wrong, and how can you fix it? What went right, and how can you take advantage of it?
What it business plan includes?
What goes in a business plan?
The body of the business plan can be divided into four distinct sections: the description of the business,
1) the marketing plan,
2) the financial management plan and
3) The management plan. Agenda to the business plan should include the executive summary, supporting documents and financial projections.
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