If you are interested in entrepreneurship or business management, you probably already know that a business plan is an important document for any organization. But what exactly is a business plan, what is its purpose and how should one be written? Here is what you should know.
A feasibility business plan is a relatively short document that focuses on whether a potential business idea is viable. It defines the product or service, identifying the target market and analyzing the potential profitability.
This type of business plan lays out all the details regarding a new business venture. It describes the company and its core products or services, analyzes the market, identifies the initial management team and offers financial projections.
An operations plan is an internal document that goes into more detail with regards to the operational aspects of the business. It sets goals and milestones and lays out employee job descriptions.
A strategic business plan is more or less the equivalent of a start-up plan, only for an established business. It covers all the key areas of the start-up plan, along with the company’s mission and vision statements and an implementation schedule for core business strategies.
Although there are many different types of business plans, you don’t need to sit down and write each one from scratch. Instead, each plan naturally flows into the next. You can use the information gleaned from your feasibility study to draft your start-up plan, pull out the operations and growth plans from there and ultimately rework your start-up plan into a strategic document as your company gains traction.
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