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.