![]() Generally speaking, a business plan should not be written in the first person.Ī major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. Refer to the business venture throughout the document. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement. A business plan can be an organizational roadmap, that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. Next, we explore how a business plan can meet several different needs.Ī business plan can serve many different purposes-some internal, others external. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. (CC BY 4.0 Rice University & OpenStax)īoth types of business plans aim at providing a picture and roadmap to follow from conception to creation. \): Most business plans include the same important sections.
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