business plan

A business plan is a document that describes the goals or objectives of a business, and outlines how these will be achieved.

They are regularly developed by both start-ups and established businesses, and are arguably the most important planning tool for business. A good business plan will test the assumptions of management, identify important risks, outline financial considerations, and define a strategic direction. In theory, this information can then be used as a frame of reference for important decision making, such as resource allocation and staffing, resulting in a more coordinated organization. In reality, they are often 'stuffed in a drawer' and forgotten due to a lack of relevance to daily activity.

Business plans vary wildly in size and shape based on the planning needs of the organisation they represent. They may consist of a single page (or napkin); or in the case of corporate or government business plans, they may be hundreds or thousands of pages long.

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Original Technorati articles tagged “business plan”

• in Small Business
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