Whether you already operate your own business, are an employee of a company- large or small, or are thinking of starting a business, a business plan can be a roadmap for your future.
All organizations—whether new or long-standing—achieve greater success by designing and implementing strong plans. A business plan can mean different things to different people and is a widely generic term.
What is a Business Plan?
We define a business plan as a strategic document for a given line of business, program, or organization that reflects a long-range mission but is focused more specifically on the next 12-18 months. It explains where a business has been, where it stands now, where it wants to go, and how it will get there. It includes:
Evaluation of opportunities, threats, strengths and weaknesses
Compilation of competitive, financial and risk analyses
Articulation of clear, measurable goals and results
Ways to measure your progress and success
A well-defined business plan can lead to improved impact, profits and/or growth, and can serve as a marketing tool to provide you with increased credibility. Through planning, you can:
Avoid, solve, or mitigate financial problems
Invoke a renewed sense of mission for your business