What is a Business Plan?
A business plan is a comprehensive document that outlines the goals, strategies, operations, and financial projections of a business. It serves as a roadmap for the organization’s future direction and provides a detailed blueprint for how the business will be structured, managed, and operated.
Features of a Business Plan are:
- Executive Summary: A business plan gives a brief overview of the business concept, objectives, products or services offered, target market, competitive advantage, and financial projections.
- Company Description: It gives detailed information about the business, including its history, mission statement, vision, values, legal structure, location, and ownership.
- Market Analysis: A business plan is formed after analyzing the target market, including its size, growth potential, demographics, buying behavior, market trends, and competition. This section also outlines the business’s market positioning and competitive strategy.
Difference between Feasibility Study and Business Plan
Feasibility Study and Business Plan are essential tools in the business development process. They serve different purposes and are conducted at different stages. A feasibility study helps determine the viability of a business idea; whereas, a business plan provides a detailed roadmap for executing that idea and achieving business goals.