Business Planning

I. Introduction

A business plan is a formal document indicating a set of company goals, the plan for achieving those set goals and a description why the management believe that those goals are attainable and etc. Its primary value is to evaluate the viability of the potential projects and to analyze the business prospects. It may also contain background information about the company such as mission, vision and how suitable and feasible the project is, to the company. Business plans may also target changes in perception and branding by the customer, client, taxpayer, or larger community.

A business plan will be useful to a company in many ways. Firstly it will clearly identify and focus the company objectives using suitable information and analysis. Also it can be used as a selling tool when dealing with lenders, investors and banks.
A business plan is also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road. The time you spend making your business plan thorough and accurate, and keeping it up-to-date, is an investment that pays big dividends in the long term.

Business planning is very significant because it is the first step toward success in your business venture. From obtaining funding to hiring employees to planning for expansion, a business plan can be your guide to keeping your business on track. Your business plan can keep you focused on your goals and keep you moving forward.

II. Body

Successfully launching a new business or initiative requires careful planning and the results of a business planning process are usually captured in a business plan. Any investor or those in an existing business responsible for approving new initiatives will steadily want to see a business plan before making any financial commitment. The business plan, besides being a requirement