Business experts frequently tout the importance of business plans. So, how important is business planning? Here are business plan basics to help you decide when to write a business plan and how to write one if you choose to do so. A business plan is a document that describes your business concept, identifies your market potential customers , sets out your financial goals and sales projections , and indicates how you will promote your business , distinguish yourself from the competition , and run the business to achieve those goals. The plan helps you determine if your startup idea is viable or if your existing business is staying on track. A good business plan can also help motivate bankers and investors to provide the funding you seek.
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The following business plan for the fictional firm of "Acme Management Technology" AMT is an example of what a completed business plan might look like. This example is provided as part of the instructions and detailed descriptions included in the Components of a Business Plan. This business plan leads the way by renewing our vision and strategic focus of adding value to our target market segments—the small business and high-end home office users in our local market. It also provides a step-by-step plan for improving our sales, gross margin, and profitability.
A business plan is considered to be an important device for any business. It is a document in writing which illustrates in detail the nature, objectives and financial position of a business, particularly a new one and the way it will achieve its objectives. A business plan can also be prepared for an established business which is changing its area of operation or applying for a business loan or funding request. Formal Business Plan: A detailed document mainly prepared for the purpose of ensuring outside finance for the business.
In the simplest terms, business development can be summarized as the ideas, initiatives, and activities that help make a business better. This includes increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships and making strategic business decisions. Sales, strategic initiatives, business partnerships , market development, business expansion, and marketing —all of these fields are involved in business development but are often mixed up and mistakenly viewed as the sole function of business development. Business development activities extend across different departments, including sales , marketing, project management, product management, and vendor management. Networking, negotiations, partnerships, and cost-savings efforts are also involved.