The business plan outlines in specific terms the financial objectives of your business, and how it will position itself to achieve those goals in the context of the current market environment.
In addition, the business plan is an indispensable tool to attract business capital.
Calculated planning: the business plan presents the SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) and STEER analysis (Socio-cultural, Technological, Economic, Ecological, and Regulatory) of the firm which helps in defining its future plans as well as in vital decision making.
In education sector: Business plans are used in educational institutions to teach fiscal theories.
Total quality management: Targeted at enhancing knowledge in all managerial processes, TQM is the chief aim of the business plan.
It is widely used in manufacturing, BPO, nuclear science and service industries.The business plan of government or non-profit organisations concentrates more on the structural format which is the basis of their tax-exempt standing and optimising profits.Business plan also aims at increasing clientele, changing outlook and branding strategy as a part of its marketing plan.The different presentation structures of a business plan are mentioned as under: Public contributions: A prospective investor can assess the possibilities of investing in the firm after going through the business plan that outlines details of public offerings.Helps in generating capital: Fund-raising is the basic objective of a business plan as it is associated with the success or failure of the firm.This article will outline how to create one step-by-step.A business plan is an official declaration of an assortment of business objectives along with major guidelines to achieve them.Although there is a fairly well accepted structure for a business plan format, there are many ways of putting it down on paper.There are three primary parts of a business plan: Your contents page should be the very last thing you write to ensure that all the page numbers are correct.Make sure that you number your pages correctly so that a person can quickly and easily find the sections they are interested in.A master of strategy, Greg Fisher is a Professor in the Management and Entrepreneurship Department at the Kelley School of Business, Indiana University and is also a visiting lecturer at the Gordon Institute of Business Science (GIBS) in South Africa and at the SKK Graduate School of Business in South Korea. in Entrepreneurship and Strategy from the University of Washington in Seattle and an MBA from GIBS.