BUSINESS PLAN ELABORATION

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A Business Plan is a written document that describes what your business currently is, what you plan to do, and how you plan to do it. In other words, it tells us who you are, what you do, where you are headed, how and why do you expect to get there. It is your blueprint for success:

  1. It defines the goals for the business. It describes your customers and competitors, points your strengths and your weaknesses and details the plans for the future.
  2. Analyzes the market, operational and financial feasibility of a business for a new venture, or for an expansion, merger and/or acquisition.

A Business Plan is essential if a bank loan is contemplated or if investors are being sought. In the same manner, it is the guideline for a business owner/ manager to follow and compare actual vs. estimated performance each month and be able to take action or corrective steps if needed.

In order for a business to succeed, you must have a Vision(know where you are going), have a general path line of what steps and/or actions you will take to get there and the potential estimated timing for you to achieve it. It is your business past, present and future in a nut shell.