Business Planning

The Business Plan is a formal written expression of entrepreneurial vision, describing the strategy and operations of existing/proposed venture.

The present dynamic economic environment accentuates the need to formulate Business Plan, even for a profit making existing business, as it:

	Provides current assessment of business as well as roadmap for future
	Is a statement of the plan of action to achieve strategic objectives
	Assists business to grow by design
	Is essential for securing finance
	Is a tool for decision making
	Is a living document that gets reviewed regularly in the backdrop of changing business environment and company’s own performance
	Involves participation of key managers & employees at all stages leading to better team building

For a proposed venture a business plan is all the more important, as it also provides answers to the fundamental questions like:

	Is there really an opportunity to serve an important customer need or want?
	Do the numbers work out favorably?
	Does the opportunity really match?
	Personal goals, values, abilities and resources required to exploit the opportunity