MANAGEMENT

Detailed explanation-1: -If your business plan contains measurable goals, develop a tracking system to assess where you stand regularly. For example, if the plan calls for earning a certain amount of revenue per month, track revenue on a daily or weekly budget to monitor and control the process.

Detailed explanation-2: -An evaluation plan is part of the planning for a project – the part that is related to deciding how the project will be monitored and assessed to determine the project’s success and effectiveness. An effective evaluation plan should show how the project will be monitored and how its objectives will be met.

Detailed explanation-3: -The 3 most important purposes of a business plan are 1) to create an effective strategy for growth, 2) to determine your future financial needs, and 3) to attract investors (including angel investors and VC funding) and lenders.

Detailed explanation-4: -When evaluating your Business Plan, it is important to look at industry trends and ensure that you are making the best of current trends that impact your business. It is also essential that you examine the ways in which competitors have changed their functioning to accommodate the change in trends.