BUSINESS PLAN is a description of a business (normally over a 1-5 year period). A basic business plan includes: product(s) and/or service(s), the market, competitor analysis, the key people involved, financing needs, and the financial rewards if the business plan is implemented successfully. A well-prepared business plan plays two important roles, firstly, it is a useful management tool that can help management plot a course for the company, and secondly, it is a vital sales tool that will impress funding sources, e. G., venture capitalists or the board of directors, with management's planning ability and general competence. Other things being equal, a well prepared business plan will increase a company's chances of obtaining a financial commitment to fund the business.
| APA | Barry Goldsmith. (2010). business plan. Retrieved September 23, 2026, from http://smartdefine.org/business_plan/definitions/1149151 |
| Chicago | Barry Goldsmith. 2010. "business plan" http://smartdefine.org/business_plan/definitions/1149151 (accessed September 23, 2026). |
| Harvard | Barry Goldsmith 2010, business plan, Smart Define, viewed 23 September, 2026, <http://smartdefine.org/business_plan/definitions/1149151>. |
| MLA | Barry Goldsmith. "business plan" 21 October 2010. Web. 23 September 2026. <http://smartdefine.org/business_plan/definitions/1149151> |