Businessplan
A business plan is a written document used to
describe a proposed venture or idea. It typically
includes the current state of a business, future vision
for the business, target market analysis and challenges,
sales and marketing strategies, and funding
requirements to reach stated goals .
A business plan precisely defines your business,
identifies your goals, and serves as
your firm’s resume. It helps you allocate
resources properly, handle unforeseen complications, and make good business decisions.
Because it provides specific and organized
information about your company and how
you will repay borrowed money, a good
business plan is a crucial part of any loan
application. Additionally, it informs sales
personnel, suppliers, and others about your
operations and goals. The U.S. Small Business Administration recommends that a business plan describe four main elements of the proposed venture: an overview of the business, a marketing analysis, a financial plan, and a management plan. An executive summary and other supporting documents should also accompany the plan. These elements provide a solid starting point for
a general plan, but there is no single formula to a business plan and a multitude of factors will impact the amount of content needed in a good business plan .
⠀ Turner, M. C. (2006). Business Plan. In M. M. Helmes (Ed.). Encyclopedia of management (5th ed., pp. 54-57). Farlington Hills : Thomson Gale (p. 54-55)