What is a business plan? – Business Development Series – 2
The second post of our “Business Development Series” is about the definition of “business plan“. A business plan is a document that has a summary of the operational and financial objectives of a business. It contains the budget and the operations needed.
A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals. Wikipedia
Many people think that a business plan is only to secure an external funding. A business plan helps you about to secure an external funding, but it has many other benefits, too. A well-developed business plan can help you as a powerful management tool. A good business plan will provide you step-by-step instructions on how to transform your business idea into a profitable business.
When? Once you’ve conducted your business idea into the feasibility of a new business, then you’re ready to wirte a business plan.
Why? Preparing a good business plan is painful, but planning process forces entrepreneurs to understand more clearly what they want to achieve and how and when they can do it. It helps you structure the financial side of your new business and it’s also a requirement when you’re seeking finance froım external resources. A business plan works as a measure of your new business’ success. Briefly, a business plan answers “what for?” and “how to?” questions for your business idea…
Next in series “What is the content of a business plan? – Business Development Series – 3″
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