Why should every business company have its own business plan? Read this article and discover the importance and the real purpose of the business plan!
A business plan is a document used for analyzing and planning out specific information, details, and ideas about your business company. The business plans can vary in size, from a few sentences to more than 50 pages with a table of content, formal sections, and a title page. According to the experts, a professionally-written business plan should be written on 15-25 pages and should include 3 sections – a business concept, a financial concept, and marketplace. These 3 sections are divided into 7 key elements: summary of the business plan, an overview of the business, market strategies and actions, competition analysis, operations and management, design and development, and financial information. Regardless of the size of the business plan, they all have importance and a certain purpose for the success of the business and the brand.