A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives.
Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas, which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. It typically includes background information, financial information, and a summary of the business. Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation.
Describe and develop the components of a full business plan.Describe and develop the components of a brief business plan.Describe the different purposes of a business plan.By the end of this section, you will be able to:
