MANAGEMENT

Detailed explanation-1: -Why is a business plan important? A business plan is a very important and strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term objectives.

Detailed explanation-2: -No matter what industry you plan on going into, a business plan is the first step for any successful enterprise. Building your business plan helps you figure out where you want your business to go and identify the necessary steps to get you there.

Detailed explanation-3: -A Business Plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.

Detailed explanation-4: -The biggest reason that they fail is that the action elements are not applied, monitored regularly or refined when required. This results in lack of focus and direction. It also results in lack of energy…if actions aren’t being completed then nothing can be achieved.”