A business plan outlines a company's goals and how it plans to achieve them through marketing, financial, and operational strategies. It includes descriptions of products/services, budgets, market analysis, and revenue/expense projections. The key components are an executive summary, customer analysis, and competitive analysis. A business plan establishes measurable and realistic goals, defines roles and responsibilities, and provides a roadmap for a business to follow to help avoid mistakes and ensure everyone understands the strategy. It is often needed to raise capital or guide an established business changing direction.

2. What is a 'Business Plan‘ ?
A written document that describes in detail how a new
business is going to achieve its goals. A business plan will
lay out a written plan from a marketing, financial and
operational viewpoint. Sometimes a business plan is
prepared for an established business that is moving in a
new direction.

3. BREAKING DOWN 'Business Plan'
A business plan includes a description of a company or
small business, its services and/or products and how the
business will achieve its goals. The plan includes
the overall budget, current and projected financing, a
market analysis and its marketing strategy approach. In a
business plan, a business owner projects revenues and
expenses for a certain period of time and describes
operational activity and costs related to the business.

4. Objectives of Business plan
Specific
Measurable
Achievable
Realistic
Timed

5. How to Create a Business Plan Step by Step
Step 1:
Create a mission statement about why your business exists.
Step 2:
Define a vision of what your business wants to become.
Step 3:
Define the market that your business will serve. Include the business outlook
for your industry, what customer needs are addressed and a profile of
targeted customers.

6. Step 4:
Describe products and services, including their pricing. Include what makes the
products and services competitive.
Step 5:
Describe the company’s legal and management structures. Explain how
business activities are accomplished. Indicate what permits and licenses
your business maintains. Include biographies of key managers.
Step 6:
Define marketing strategy, including pricing and promotion. Include
customer groups whose needs are met by your products and services.

7. Step 7:
Provide a balance sheet, which is a snapshot of the company’s value. For an
existing business, this should cover the past three years.
Step 8:
Provide an income statement, which indicates the profit or loss over a
period. For an existing business, cover the past three years.
Step 9:
Provide a cash flow statement, which indicates revenue, expenses and
available cash. These are projected amounts if the plan is for a startup
business.

8. Step 10:
Provide each principal’s personal financial statement and prior year’s federal
tax return if your business is applying for financing.
Step 11:
Append miscellaneous information that helps define your company. Include
marketing materials, contracts and key employee resumes, for instance.
Step 12
Write an executive summary that defines what your business does and
why. This becomes the first section in the plan.

9. What are the Basic Components of a Business Plan?
Executive Summary
Customer Analysis
Competitive Analysis

10. Why Business plan is needed
To avoid big mistakes
To counterbalance your emotions
To make sure everyone's on the same
page
 To develop a game plan
To raise capital

11. Defects in Business plan
Unachievable Goals and Aspirations
Lack of Market Research
Productivity and Motivation Issues
Improper Budgeting

12. A business plan is a formal statement
of business goals, reasons they are attainable,
and plans for reaching them. It may also
contain background information about the
organization or team attempting to reach those
goals.