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What is a Business Plan?
According to Investopedia, a business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. It lays out a written plan from a marketing, financial and operational viewpoint.
A Business Plan is also known as a:
- Business Proposal
- Marketing Plan
- Business Outline
- Business Strategy
Who needs a Business Plan?
Anyone looking into starting a business or any endeavor that will consume time, resources, etc needs a business plan. If you are serious about business, taking planning seriously is critical to your success. Read more here
How long should a Business Plan be?
The length of your Business Plan depends on the size of your company, and how you intend to use your plan. It can be as simple or as comprehensive as you would like.
What are the key components of a business plan?
A standard business plan typically includes:
-Products and services
-Market analysis and summary
-Strategy and implementation
-Company management and summary
Learn more about each of these components here
How do I write a Business Plan?
Tip: Updating your plan keeps your company and employees focused on the same goals, and may even enliven your business as you hit milestones, and work towards achieving new ones.