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