A business plan is a written document that describes a business. It covers objectives, strategies, sales, marketing and financial forecasts. Every new venture should have a business plan. A Business Plan Preparation is the formally composed expression of the entrepreneurial vision. It explains the strategy and operations of the proposed venture.

A well drafted business plan will contain details about the promoters, infrastructure information, human capital requirement, business model, industry outlook, competitor analysis, SWOT analysis, past financial performance, projected financial performance, key financial indicators and any other relevant information.

Benefits of a business plan are as follows:-

  • Structure the financial side of your business efficiently
  • Help you to monitor your performance
  • To communicate the objectives to the people who might have a stake in the firm’s future
  • To encourage the planning process.
  • Help you to spot the potential pitfalls before they happen
  • Business plan plays an important role in the syndication of capital from investors
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