The document outlines the key aspects of preparing an effective business plan, including defining what a business plan is, its objectives, importance, and features. A business plan (1) identifies the business goals, products/services, target market, and organizational structure, (2) guides the entrepreneur's vision and allows progress monitoring, and (3) is used to obtain financing and recruit others. It serves as a roadmap, increases management confidence, and facilitates planning, analysis, and overcoming challenges.
2. Meaning of a Business Plan:
A business plan is a written document which an entrepreneur
intends ton take up, identifies business goals and services as
the resume of the business.
Definition Of A Business Plan:
Business planning is the process whereby a company makes
the following decisions:
• What products or services it will deliver?
• Where it will compete?
• Why the customer should do the business with the
company?
• How it will organize and reengineer itself to accomplish its
goals?
3. Objective of Business Plan
• To give direction to the vision of entrepreneur.
• To monitor the progress after the implementation of plan.
• To seek loans from financial institutions.
• To persuade to others to join the business.
• To identify opportunities and threats in the external
environment.
• To identify strength and weakness present in the internal
environment.
4. Importance of Business Plan
• Road Map
• Confidence in Management
• Helps in proper planning
• Action plan
• Helps in establishing realistic goals
• Business plan acts as a blue print
• Anticipates and predicts challenges
• Better plan heals to analyze alternatives
• Overcoming the conflicts.
5. Features Of A Good Business Plan
– A business plan should be realistic.
– A business plan should accurate.
– It should highlight key areas.
