Our Vision of the Business Plan
In the conditions of an increasing market rivalry, a business needs to have a defined mutually shared strategic vision, understanding of the business environment in which the business operates and the economic grounding for the investment returns expectations. Business planning is a foundation of a business development, an effective tool in the management of a business entity and a guiding assistant in all entrepreneurial startups.
A business plan can be a written outline or a formal statement that evaluates all market and economic aspects of a business venture describing expected returns and future business expectations. A business plan also needs to provide explanations why such expectations are reasonable. It must also include a definite plan for reaching the expected results with detailed background information about the organization and the management team responsible for attaining the expected results.
Elements of the Business Plan
A business plan incorporates the elements of market research, strategic diagnostics, legal requirements, project team characteristics, financial modeling with scenarios of future outcomes, risk analysis, project valuation and efficiencies estimations. There are a variety of categories and sub-categories of such elements which are addressing all essential factors of managing a business entity.
There are business plans that focus on different parts and aspects of the business plan (framework). Depending on the goals of a project or business entity for which it is being written, a business plan can emphasize a market research, or management team analysis, or operational risks evaluations, etc. Purposes of writing a business plan for an organization or a project can be different: raising capital, reorganization, selling transaction, expansion of existing business or functioning in crisis situation.
Timing of the Business Plan
The standard period for business planning is 5 years, but this period can be extended or reduced, depending on the age, size, investments, type of the project or business environment, etc. of the business entity under consideration.
Business plan needs also to be flexible to some extend. Therefore, it is always reasonable to include short-term planning (for 1 year or 2) especially if the economy is not stable or the business environment is rapidly changing. In such a case it is desirable to include scenarios of what can be expected in the long run with possible best and worst future outcomes. It is also a choice to pursue short term business goals and modify the plan with the time, but long-term perspectives should be kept in mind and considered in the business plan.
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