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A business plan is a written material compiled and arranged by the company, the enterprise or the project unit according to certain format and content requirements to comprehensively show the current situation and future development potential of the company and the project to the audience in order to achieve the three business purposes of the owner's independent use and operation, the project financing or investment promotion, and the project government's approval.
For entrepreneurs starting new businesses, the business plan has four basic objectives:
1. Determine the nature and content of business opportunities.
2. Explain how entrepreneurs plan to take advantage of this opportunity for development.
3. Determine the factors most likely to determine the success of the business Identify tools to raise funds.
It concretizes the ideals and hopes that make entrepreneurs devote themselves to creating enterprises. The most common business plan we see is to make business plans for new enterprises. In these business plans, entrepreneurs plan the sales, operation and financial aspects of the pre built enterprise in the first three to five years. However, the business plan can also be used to describe the significant expansion of an existing enterprise, for example, the entrepreneur of an existing small enterprise may plan to increase production lines or open up branches.
The business plan can be used to introduce the value of the enterprise, so as to attract investment, credit, employees, strategic partners, or other stakeholders including the government. A mature business plan can not only describe the growth history of your company, show the future growth direction and vision, but also quantify the potential profitability. This requires you to have a comprehensive understanding of your company, to think about all the existing problems, to make a plan for possible hidden dangers, and to be able to put forward effective work plans.
Business plan is a planning tool, which can guide you through different stages of the company's development. An idea plan can help you identify the roadblock and get around it. Many entrepreneurs share business plans with their employees so that the team can have a deeper understanding of where their business is going. Large companies are also making use of business plans, through annual periodic and repeated discussions and careful deliberation, to finally determine the future action plan of the organization and the action plan of the year, and to unify the will of the superiors and subordinates.
A business plan can also help you track, monitor, feedback, and measure your business processes. A good business plan will be a living document, and it will grow with the increasing knowledge and experience of the team. When you set up your company's timeline and milestones, and after a period of time, you can measure how the company's actual path differs from the plan it started. More and more companies are beginning to use the annual periodic planning work to summarize the successes and shortcomings of the previous cycle, so as to adjust the direction and steps of the collective, and then reward the good and punish the bad, and encourage the growth of the team.
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