Business Plan
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A business plan is basically, a formal written document that contains all the objectives of a business, the strategies for acquiring those objectives as well as the time frame for the attainment of the goals.
It also defines the nature of the business, background information of the business, its financial projections as well as the plans it aims to execute to attain the stated goals.
In short, it can be said that a business plan is a document that serves as a roadmap that offers direction to the business effectively. To take a bank loan or any other kind of financing help, written business plans are needed.
Business plans can be internally or externally focused. Internally focused business plans often target transitional goals that are required for attaining the external goals.
The internal business plans cover the development of a new product, a new IT system, a new service, restructuring of the organization, or a rearrangement of money.
On the other hand, externally focused plans draft objectives that are necessary for the outside stakeholders. These plans contain all the detailed information about the organization or the team.
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