WHAT IS A BUSINESS PLAN?
· Written document
· Sets out basic idea underlying a business idea and related startup opportunities
· Details the operational and financial aspects of a company
· Also details its marketing opportunities and strategy
· As well as its management’s skills and abilities
WHAT IS BUSINESS PLANNING?
Business planning is the process whereby a company makes the following decisions:
· What products or services it will deliver
· Where it will compete
· Why the customer should do business with the company
· How it will organize and reengineer itself to accomplish its goals
The plan may be presented through a planning document, but the business plan itself should be a set of management decisions about what a company will be doing to ensure success in the future.
