The business plan serves as the business roadmap and provides its managers with the ability to monitor and fine tune the business on a daily and periodical basis measuring progress or drawbacks. The business plan also serves as an evaluation tool for investors or strategic partners. A good business plan provides the business with the right strategy and tactics to meet the ongoing business challenges, uncertainty and risk while maximizing business opportunities.
The business plan consists of the strategy, business definition, sales and marketing plan, financial planning and the “Go to market” plan.
In order to maximize the return from the Business Plan it needs to be built in a way that is tailored to the executives who implement it and their management style. A business plan is a live and dynamic strategic document that can be adjusted during the life course of the business.