GENERAL KNOWLEDGE

Detailed explanation-1: -A business plan is a fundamental document that any new business should have in place prior to beginning operations. Indeed, banks and venture capital firms often require a viable business plan before considering whether they’ll provide capital to new businesses.

Detailed explanation-2: -A business plan is a formal written document which contains the goals of a business, the techniques for attaining those goals, and the time-frame for the achievement of the goals. It is the foundation of your business’s success. Your business plan will act as a guide for your business.

Detailed explanation-3: -A business plan is a document describing a business, its products or services, how it earns (or will earn) money, its leadership and staffing, its financing, its operations model, and many other details essential to its success.

Detailed explanation-4: -The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding.

Detailed explanation-5: -A business plan is a documented strategy for a business that highlights its goals and its plans for achieving them. It outlines a company’s go-to-market plan, financial projections, market research, business purpose, and mission statement.