A business plan represents all phase of the business planning process, say publicly your vision and strategy with sub-plans that include cover: marketing, finance, operations, human resources, as well as a legal plan, when required. A business plan is a summary of these corrective plans.
Business loan lenders are quite concerned about defaults, so a business plan for a business loan written correctly, builds a convincing case for the organization’s ability to repay.
Remember, a good business plan makes your business credible, understandable, and attractive to a lender who is unfamiliar with the business.
Tip -Use a business plan to revise your existing business plan or create a new one if you’re a startup company.
A business plan is a formal statement of a set of business goals, the reasons why you are believed or achievable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.
Business plans may also target changes in awareness and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their annual return in that time-frame.
Business plans are decision-making tools. There is no fixed content for a business plan. Rather the content and format of the business plan is determined by the goals and audience. A business plan represents all aspects of business planning process pronounce the vision and strategy with sub-plans to cover marketing, finance, operations, human resources as well as a legal plan, when required. A business plan is a summary of those regulation of the plans.
Creating a business plan describes a wide range of knowledge from many different business regulation: finance, human resource management, intellectual property management, supply chain management, operations management, and marketing, among others. It can be helpful to view the business plan as a collection of sub-plans, one for each of the main business regulation.
A good business plan can help to make a good business credible, understandable, and attractive to someone who is unfamiliar with the business. Writing a good business plan cannot guarantee success, but it can go a long way toward reducing the odds of failure.
The format of a business plan depends on its presentation framework. It is not uncommon for businesses, especially start-ups to have three or four formats for the same business plan