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Aside from presumably indicating a necessity to achieve regular profits (expressed as return on shareholders' funds), objectives should relate to the expectations and requirements of all the major stakeholders, including employees, and should reflect the underlying reasons for running the business.The next element is to address the Values governing the operation of the business and its conduct or relationships with society, customers, employees etc.
A well-prepared business plan will demonstrate that the managers or entrepreneurs know the business and that they have thought through its development in terms of products, management, finances, and most importantly, markets and competition.
For more guidance on these matters, check the white paper offering Insights into Business Planning, the Checklist for Preparing a Business Plan, Free-Plan (free 150-page in Word format) and the comprehensive Business Plan Guide.
It provides the framework within which it must operate and, ultimately, succeed or fail.
For management or entrepreneurs seeking external support, the plan is the most important sales document that they are ever likely to produce as it could be the key to raising finance etc.
For an established business it demonstrates that careful consideration has been given to the business's development, and for a startup it shows that the entrepreneur has done his or her homework.
A formal business plan is just as important for an established business, irrespective of its size, as it is for a startup.In the following sections, we discuss the preparation of a strategic plan and present ideas for preparing the outline of a business plan and writing up the detail.A short strategic plan (2-3 pages) can provide a very useful foundation on which to base a much more detailed and comprehensive business plan.Use Exl-Plan for preparing comprehensive financial projections for 1/3/5/7 years ahead.Ideal for a business plan, strategic planning, cash flow forecasting, raising finance, budgeting and financial appraisals.Nonetheless, most plans follow a well-tried and tested structure and general advice on preparing a plan is universally applicable.A business plan should be a realistic view of the expectations and long-term objectives for an established business or new venture.If you are developing, or have invented, a new product or service, it may be beneficial to start the business planning process by reviewing the sections of Getting New Business Ideas covering Assessing Ideas and Next Steps.This will guide you on groundwork to be done before starting to write a comprehensive plan.Answer the question: "if someone from Mars visited the business, what would they see or sense?" The nature of a business is often expressed in terms of its Mission which indicates the purposes of the business, for example, "to design, develop, manufacture and market specific product lines for sale on the basis of certain features to meet the identified needs of specified customer groups via certain distribution channels in particular geographic areas".