What is a business plan?
The first planning document that you will create as a potential business owner is a business plan. If your vision statement is a compass, then your business plan is a road map. It should be capable of guiding you, the entrepreneur, through a maze of business decisions and alternatives while successfully avoiding detours and dead ends.
A business plan is a carefully thought out document that outlines the nature of the business, your objectives as an entrepreneur, and the actions that you will take in order to reach those objectives. A business plan is really a series of small, related plans that cover the four major business functions. When you are finished, your business plan will contain:
- a marketing plan
- a human resources plan
- an operations plan
- a financial plan
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