ANSWERS: 1
  • A business plan is a planning tool used by most companies to ensure clear communication of goals and objectives within the organization as well as to instill effective management.

    Definition

    A business plan can come in many forms and does not have a standard set of content. Each plan will differ according to an organizations needs and objectives, but an effective plan will clearly lay out a strategy and method for achieving its goals in an clear and concise manner.

    Communication

    A business plan should communicate to potential investors, employees and business partners that the company can generate profits within a set amount of time. All risks and potential problems should be clearly addressed.

    Management

    Managing an organization's operations can be key to success. A business plan should define roles and responsibilities of management in order to track and monitor the progress of an organization.

    Planning

    Planning elements in a business plan help to identify or even avoid future obstacles for success. For example, a company can identify potential future competitors and offer various methods to compete.

    Considerations

    It is often recommended for company representatives to write and rehearse a brief three-minute "elevator pitch" version of the business plan. As business plans tend to be well over 20 or 30 pages long, a short verbal summary can be effective in attracting investors or business partners.

    Source:

    Learn That: What Is a Business Plan?

    Wise Geek: What Is a Business Plan?

Copyright 2023, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy