PLANNING A BUSINESS

WHAT IS A BUSINESS PLAN?

A lot of people might have been struggling with how to give life to the numerous business ideas in their head. Having an idea on the business you want to go into is one thing but another thing that might be a pain in the butt is would what plans are necessary to get these ideas into reality and that is business plan. Now the question is what is a business plan

Business plan definitions

According to wiki, A business plan is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved.

A business plan can also be said to be a document setting out a business's future objectives and strategies for achieving them. That's all there is to it. A document that describes the kind of business you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of a plan.

Good business plans can help perform a number of tasks for those who write and read them. Investment-seeking entrepreneurs use business plan to convey their vision to potential investors. Business plans are also used by firms that are trying to attract key employees, prospect for new business, deal with suppliers or simply to understand how to manage their companies better.