Definition Of A Business Plan

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Most importantly, because the success of your business will depend upon the quality of the decisions you make, a good-business plan can be vital for the decision-making process A business plan is a statement related to the specific goals of a business.These fall into two parts: first a statement is needed describing the business.This sounds too simple, but it is needed if a business is to marshal its strengths and not waste its efforts going into areas where it has no experience.A business plan can also represent a product line, an individual product, a line of service products, or some other part of a larger business entity.For companies in private industry, the heart of the business plan is a business model and business strategywhich describe how and where the company expects to make and spend money.The statement should not be too restrictive to prevent development or so broad as to be meaningless.Second, a qualified primary long-term objective is needed which reflects what is wanted by the owner/manager and what business can achieve, given the prospects for the environment it finds itself in.It is vital the assumptions on which the plan is based are explicitly stated.For example, increase/decrease in the market or upswings/downswings in the economy during the start-up period of the new venture should be stated.A good plan should emphasis the strength and recognize the weaknesses of the proposed venture.Above all, it should convey a sincerity of purpose and analysis which lends credibility both to the plan and to the entrepreneur putting it forward.

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