Usually, banks and venture capital firms make the existence of a viable business plan a prerequisite to the investment of funds in a business. It should also provide at least an overview of the industry of which the business will be a part, and how it will distinguish itself from its potential competitors. Financial Projections A complete business plan must also include a set of financial projections for the business. These forward-looking projected financial statements are often called pro-forma financial statements or simply the " pro-formas.
Tweet A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.
The business goals being attempted may be for-profit or non-profit. For-profit business plans typically focus on financial goals. Non-profit and government agency business plans tend to focus on service goals.
Business plans may also target changes in perception and branding by the customer, client, tax-payer, or larger community. A business plan having changes in perception and branding as its primary goals is called a marketing plan. Business plans may be internally or externally focused. Externally focused plans target goals that are important to external stakeholders, particularly financial stakeholders.
They typically have detailed information about the organization or team attempting to reach the goals. With for-profit entities, external stakeholders include investors and customers.
Internally focused business plans target intermediate goals required to reach the external goals. They may cover the development of a new product, a new service, a new IT system, a restructuring of finance, the refurbishing of a factory or a restructuring of the organization.
An internal business is often developed in conjunction with a balanced scorecard or a list of critical success factors. This allows success of the plan to be measured using non-financial measures.
Business plans that identify and target internal goals, but provide only general guidance on how they will be met are called strategic plans.
Operational plans describe the goals of an internal organization, working group or department. This definition is part of a series that covers the topic of Business Start-Up.
Waters is an author, speaker, business consultant. For many years, she has been helping people make their dreams of becoming a successful business owner come true! Feb 20,ISBN:For a startup business, creating a business plan is like creating a game plan in sports. You need to scout out all the information to create a winning strategy for the game.
While business plans. Use this free manufacturing business plan to start and grow a thriving, profitable manufacturing business.
Includes market analysis, strategy, more.
Set of documents, instructions, and procedures which enable a business to respond to accidents, disasters, emergencies, and/or threats without any stoppage or hindrance in its key attheheels.com called business resumption plan, disaster recovery plan, or recovery plan.
See also business continuity planning. A business continuity plan (BCP) is a document that consists of the critical information an organization needs to continue operating during an unplanned event. A business plan is also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road.
The time you spend making your business plan thorough and. What is a 'Business Plan' A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan.