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Business Plan

A business plan is a statement that sets out organizations goals and the strategies to be implemented to achieve those goals. Business plan also states key information of the organization such as company’s key values and mission statements.

Business plan also gives more information on how a company intends to change perceptions of the wider audience towards the company. Business plan enables many companies to plan their future and how to cope in the broadening competitive market.

Business plan calls for extensive research, information to be included in a business plan should be based on facts. Researcher should analyze internal and external factors affecting a business to come up with possible solutions. Future of the business should be considered in the plan to ensure effective strategies are put in place to cope with the threats.

Business plan can be presented in different formats;

  1. An elevator pitch- this is a short summary aimed at attracting targeted customers, donors or strategic partners.
  2. Oral narrative- this includes narratives or slide show aimed at drawing attention of targeted investors. It can be presented in form of graphs to show financial details.
  3. Written presentation- written business plan is mostly targeted for external stakeholders.
  4. Internal operational plan- this form of business plan states the information required by internal stakeholders for decision making. It is always more formal than the one intended for external stakeholders.

Business plan for profit making organization focuses more on financial goals while non profit organizations and government agencies is based on organization mission statement.

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