Question

What is a Business Plan? Briefly describe the items in the Plan. Why Business Plan is important?

Answer 1

Business plan:

It is an important document and a detailed and overview plan for a business which needs to be looked , modified periodically and implemented at during the lifecycle of a business.

They are for loan applications, start ups , business schools , entrepreneurships and a lot more.

Most importantly, business plan needs to very flexible when it comes to adaptations to changes .

A business plan is a guide for outlining goals and milestones for business and how one needs to proceed to achieve the same.

It contains an overview of :

Business strategies

Milestones which need to targeted and eventually achieved

Tracking task and responsibilities

Basic financial projections needed to forecast sales, expenses , and cash flows.

A typical business plan includes:

summary of product and services ,

a market analysis summary

strategy and implementation summary

accompany and management summary financial plan

and lastly an appendix .

It is very important in the context of outlining goals and data changes.

It can be long or boiled down to a couple of pages. A shorter or concise are usually the way to go .

It can be document for internal employees, shareholders , cofounders to help them catch the vision and understand your strategy.

Can used externally also to display potential future employees or possible partners on what , whys of the plan and most importantly how you are going to succeed.