Business Plan

A business plan is a written document that describes all the aspects of a business venture in a concise manner. It is usually necessary to have a written business plan to raise money and attract high-quality business partners. Writing a business plan forces an entrepreneur to think carefully through all the aspects of a business venture. It also helps a new venture establish a set of milestones that can be used to guide the early –phases of the business rollout.

The business plan provides a comprehensive view of the firm’s situation today and of its company-wide and departmental goals and plans for the next 3 to 5 years. Managers most often use the term “business plan” in relation to smaller businesses. It is the plan that investors or lenders want to see before offering money to the firm. However, even Dell or Microsoft has versions, of such comprehensive plans. They often label it their “long-term” or perhaps “strategic” plan.

Business plan is the written document that provides an orderly statement of a company’s goals, methods, and standards.

Business plan means a written document that describes the business, product, customer’s competition, financing, and all activities necessary to enter business and make or sell a product.

Share it:  Cite

More from this Section

  • Skill
    Skill can be defined as ability to perform a mental or motor activity that contributes ...
  • Affirmative action
    Making an extra effort to recruit, hire and promote those in protected groups, particularly ...
  • Management Game
    Management game is a development technique in which teams of managers compete by making ...
  • Judiciary
    Judiciary is the court system, or branch of government that is responsible for settling ...
  • Skimming Pricing
    Skimming pricing is the strategy that sets an intentionally high price relative to the ...