Business plan is an essential document for every Company because it acts as a reference guide for future and helps in evaluating the feasibility of the business, especially in case of small and start-up enterprises. In addition, Business plan helps in the resource allocation process. This allocation is dependent on the budgeted estimates which are decided on the basis of the said objectives. Hence, through Business Plan, there is an attempt of integration between strategic planning and the budgeting exercise. The short-term milestones are also needed to be figured out which in totality brings about a linkage between strategic goals and the budgets. Business Plan therefore helps in actualizing what has been set by the Organization. Thus, Business Plan brings about a shift from the ‘thinking’ exercise to the ‘doing’ stage and the organization tries to achieve the long-term goals through the short-term actions.
We need to develop the Business Plan right at the inception when the idea of setting up a Business is considered. This is essential from this stage itself in order ensure the viability of the entire plan. Moreover, since it covers marketing, finance, operations, Human resource and other key functions of the Business, further exercises are based upon a definite Business Plan in place from the starting of the Business model itself.
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