About Business Plan


 A business plan is considered to be a written document that details the proposed venture.It can be defined as the description of the business and what the owner manager wants it to become over, say, a year to come  A business plan contains targets, estimates and projections and describes how these will be achieved. It illustrates the current status, expected needs and projected results of the new business.

On the whole, the business plan serves as the entrepreneurs’ road map for a successful enterprise.It is the minimum document required by any financial source. It also allows the entrepreneur to enter the investment process.One of the most important steps in setting up a new business is to develop a business plan This plan allows the owner-manager to crystallise the business ideas and to think through the problems the business venture is likely to face before the firm can actually cope with them.Designing and writing a business plan should be seen as the outcome of careful research process and subsequent planning procedure. This business plan is part of the ongoing strategic planning for the entrepreneur and his or her small business.In fact, the business plan may serve as a basis for taking strategic decisions and also as a subsequent monitoring device. The plan allows entrepreneurs to set aims and objectives and, thereby, give themselves a yardstick against which to monitor their performance. It can also act as a vehicle for attracting external finance.

 

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