Business Plan Meaning Essays On Feminism
Let some important definitions of business plan be presented. Dollinger has defined the business plan as “the formal written expression of the entrepreneurial vision, describing the strategy and operations of the proposed venture.” According to Jack M.
Kaplan, “The term business plan means the development of a written document that spells out like a roadmap where you are, where you want to be, and how you want to get there.”Thus, a business plan or project report can best be defined as a well evolved course of action devised to achieve the specified objective, i.e.
Therefore, it must contain an action plan with specific activities, due dates and who is responsible for each activity.
A strategic plan ensures any growth initiative is undertaken in a coordinated, systematic and informed way, for the best possible odds of success.
Both a business plan and a strategic plan are living documents that must be reviewed at least annually.
However, a strategic plan should also be reviewed every time there’s a major event impacting the business, such as a new competitor entering your market, a new product launch, a sudden cash flow challenge or an important currency fluctuation.
The background, qualifications, and job functions for key players and managers also are included.
Business Plan: Meaning, Contents and Significance of Business Plan!
However, a strategic plan is different in that it sets out the detailed roadmap you will follow in the next few years to achieve your objectives.Both should include a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) and be reviewed regularly so that they’re up to date.The business plan is a broader, more preliminary document that sets your course when your company may still be nothing more than a twinkle in your eye.What’s compelling and different about what you’re offering compared to the competition? Here’s where you outline your detailed financial projections, including growth expectations over the next couple of years.Lenders and investors want to know they’re going to get paid back or make a return. It includes your company’s organizational structure, marketing plan and financial projections.A strategic plan, on the other hand, answers "how will I do it? It includes a detailed action plan for the next few years to achieve your company’s goals.In other words, business plan serves like a kind of big road map to reach the destination determined by the entrepreneur.Webster New 20th Century Dictionary defines a project as a scheme, design, a proposal of something intended or devised.setting up a small business enterprise within a specified period of time.So to say, business plan is initially an operating document.