What is a Business Plan?
Business plans help you run your business. A business plan is a document that summarizes the operational and financial objectives of a business. A good business plan guides you through each stage of starting and managing your business.
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What is a Business Plan?
Business plans help you run your business. A business plan is a document that summarizes the operational and financial objectives of a business. A good business plan guides you through each stage of starting and managing your business. It is a business's road map to success with detailed plans and budgets that show how the objectives will be realized.
A business plan is a formal written document. Business plans can help perform a number of tasks for those who write and read them. They're used by investment-seeking entrepreneurs to convey their vision to potential investors. They may also be used by firms that are trying to attract key employees, prospect for new business, deal with suppliers, or simply understand how to manage their companies better.
A good business plan follows generally accepted guidelines for both form and content. There are three primary parts to a business plan:
The first is the business concept, where you discuss the industry, your business structure, your particular product or service, and how you plan to make your business a success.
The second is the marketplace section, in which you describe and analyze potential customers: who and where they are, what makes them buy, and so on. Here, you also describe the competition and how you'll position yourself to beat it.
Finally, the financial section contains your income and cash flow statement, balance sheet, and other financial ratios, such as break-even analyses. This part may require help from your accountant and a good spreadsheet software program.
