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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?
 
1. Personal goals and values, and is a tool for decision making