A business plan is a prevalent feature of business venture and is encouraged by government agencies, education institutions, and consultants and is sometimes a core requirement when seeking financial support. There is a widespread belief that writing a business plan will impact favorably on venture performance by stimulating faster and better decision.
The business plan is a professional genre of significant importance to business practice. It presents the strategic approaches to conduct a certain business in a period of time. It also means to convince the reader of the feasibility of the business idea and the benefit of their participation in it. Business plan comprises of qualitative and quantitative sections. The qualitative section includes business description, marketing planning, operation strategy, human resources management, information technology strategy, and corporate social responsibility. An executive summary describes the business plan in one or two pages, helping the reader to understand the concept of the business. The quantitative section is the financial planning of the business or project.