For your understanding, a business plan is a strategy or road map for business’s future which evaluates and describes the objectives, structure, product and service offerings, financial forecasts, etc. of the business to the external and internal users.
It usually has three basic purposes:
- Communication
- Management
- Planning
Communication
Communication is the act of giving, receiving, and sharing information — in other words, talking or writing, and listening or reading. Good communicators listen carefully, speak or write clearly, and respect different opinions.
Management
Management is the way something is handled, careful treatment, supervising skills, or those in charge of a business or group.
Planning
Planning is the process of thinking regarding the activities required to achieve a desired goal. Planning is based on foresight, the fundamental capacity for mental time travel.
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