The Role of a Business Plan in Business Planning

The Role of a Business Plan in Business Planning

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The Role of a Business Plan in Business Planning

A business plan is a document that outlines the operational and financial objectives of a business and details the steps that management will take to achieve those goals. It typically includes information on the company’s products or services, target market, competition, financial projections, and management team. A business plan is typically created at the beginning stages of starting a new business, but it is also a useful tool for an established business that is looking to expand or make changes to its operations.

The main role of a business plan is to serve as a roadmap for the company’s management team. It lays out the objectives of the business, and the steps that will be taken to achieve those objectives. It also serves as a tool for communicating the company’s goals and plans to potential investors, lenders, and other stakeholders. A well-written business plan can help a business to secure financing, attract new investors, and establish strategic partnerships.

A business plan is also a valuable tool for management, as it helps them to stay focused on the company’s goals and objectives. By outlining the steps that will be taken to achieve those goals, the plan helps to ensure that management is working towards the same end and that the company is on track to meet its objectives. It also allows management to anticipate and plan for potential challenges that may arise along the way.

The financial projections section of a business plan is critical for a new business that is seeking funding. It is usually based on the research and analysis of the industry and target market that have been performed. These projections help the management team to create a realistic budget and set financial goals for the business. Financial projections also help to establish the viability of the business and to determine the amount of funding that will be needed.

The business plan can also include marketing strategies and tactics that will be used to promote the company’s products or services to the target market. This can include information on advertising, public relations, and sales strategies. This section helps management to understand how the company will be positioned in the market, and what types of marketing efforts will be needed to reach the target market.

The management team section of a business plan is also an important part, it usually includes a brief summary of the qualifications and experience of the key management team members. This section can help investors or lenders to understand the qualifications and experience of the individuals who will be running the business and provides assurance that the business is in good hands.

One of the most important aspects of a business plan is that it should be reviewed and updated regularly. As the business grows and changes, so too should the plan. By regularly reviewing and updating the plan, the management team can ensure that the company is on track to meet its goals and can make any necessary adjustments to keep the business on track.

In conclusion, a business plan plays an essential role in business planning by providing a roadmap for the company’s management team, a tool for communicating the company’s goals and plans to potential investors, lenders, and other stakeholders, a valuable tool for management to stay focused on the company’s goals, a critical aspect for a new business seeking funding, and a document that should be reviewed and updated regularly. It is a comprehensive document that outlines the company’s vision, mission, strategies, and tactics for achieving its goals and objectives. With the help of a well-written business plan, a company can set clear and achievable goals, stay focused on achieving those goals, and anticipate and plan for potential challenges that may arise.

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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