What Is A Business Plan Used For

What Is A Business Plan Used For-29
A business plan is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved.

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An internal operational plan is a detailed plan describing planning details that are needed by management but may not be of interest to external stakeholders.

Such plans have a somewhat higher degree of candor and informality than the version targeted at external stakeholders and others.

This situation is complicated by the fact that many venture capitalists will refuse to sign an NDA before looking at a business plan, lest it put them in the untenable position of looking at two independently developed look-alike business plans, both claiming originality.

In such situations, one may need to develop two versions of the business plan: a stripped-down plan that can be used to develop a relationship and a detailed plan that is only shown when investors have sufficient interest and trust to sign a Non-disclosure agreement.

In its entirety, this document serves as a road map that provides direction to the business.

What Is A Business Plan Used For Work Problem Solving Examples

Business plans may be internally or externally focused.Banks are quite concerned about defaults, so a business plan for a bank loan will build a convincing case for the organization's ability to repay the loan.Venture capitalists are primarily concerned about initial investment, feasibility, and exit valuation.Non-disclosure agreements (NDAs) with third parties, non-compete agreements, conflicts of interest, privacy concerns, and the protection of one's trade secrets may severely limit the audience to which one might show the business plan.Alternatively, they may require each party receiving the business plan to sign a contract accepting special clauses and conditions.Externally-focused plans draft goals that are important to outside stakeholders, particularly financial stakeholders.These plans typically have detailed information about the organization or the team making effort to reach its goals.An externally targeted business plan should list all legal concerns and financial liabilities that might negatively affect investors.Depending on the amount of funds being raised and the audience to whom the plan is presented, failure to do this may have severe legal consequences.Writing a good business plan can’t guarantee success, but it can go a long way toward reducing the odds of failure." The format of a business plan depends on its presentation context.It is common for businesses, especially start-ups, to have three or four formats for the same business plan.

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