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.
Businesses hire management consultants to assist them with strategy, financial, and operations. These services help businesses develop goals to achieve stronger growth and develop products and services. Companies are better able to afford industry services when corporate profit margins are high, thus making investment in consulting more possible, but can continue to use industry services to restructure when profit is low. Furthermore, management consultants benefit from a growing number of businesses because there is a greater supply of companies looking to take advantage of consulting services. Newly opened businesses tend to use consulting firms, particularly for strategic management consulting services, to make sure they are efficiently structured before hitting the market. This is because it is more difficult to restructure and redirect resources after a product or service is released.
A well-written business plan addresses the strategic management issues related to the business, marketing, competitiveness, operations, human resources, e-business, social responsibility and financial planning of the businesses. It is definitely used to manage the operation and the growth of a business.