Explain the purpose and importance of the business plan 1 PAGE

Expert Solution

Answer:-

A business plan essentially is a crucial tool which a business uses to manage and grow its business.It lays out a path for growth together with the steps that are crucial to grow a business.

A business plan serves different purposes. Among them:--

?Maintaining focus:- It contains all product information, manpower and financial estimates plan for the business

?Securing financing:- A good business plan helps in getting financing from investors and lenders

?Fueling ambitions:- A business plan acts as a motivator to achieve goals

?Enlightening executives:- Can help executives see the business vision clearly.

Besides, a business plan acts as a communication instrument for attracting not only financing but also good staff and managers that can see a business grow. Additionally, a business plan defines the aims or the intent of a business over a specific time. This is important as it permits the business owner to comprehend what should be done at a specific time to see the business move forward.

A business plan has the following importance:-

?It increases clairity in allocation of resources

?It creates a marketing road-map for the business

?It can be used to secure and retain talent

?It provides structure and management objectives to a business.

keosha answered 7 months ago

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