A business plan is a well written document that best describes a business. Majorly it objectives, strategies, sales, marketing and financial forecasts related to business. A business plan has many functions, from securing external funding, to measuring success within your business.
Business plan is a blueprint of step by step procedure that would be followed in future to convert business idea and planning into a successful business, it involves following tasks:
Direction to Entrepreneur- as Business plan is written document regarding future of company, so it helps entrepreneur to look upon and work on to achieve same
Monitor Progress- Progress can be monitored after 3 month, 6 month or at any frequency and then variation and reasons of actual growth with projected can be figured out
Facilitate Decision Making- As it serves as Vision statement of company so it helps to take decision at top level
Persuade other to join- When management is clear about their plan, they can easily communicate their idea to other and persuade others to join business
Help in Identification of Strength and Weakness- Strength and weakness of company can be noted down on paper and then work can be done in a way so that weakness can be overcome through strength
Helps in Investment- A clear approach of entrepreneur would help him to attract investors.
Idea and Environment scanning
Evaluation, Review and control
Preparing project report
Creation of Functional Plan
Required Documents would be communicated while finalisation of scope of services