A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.
It should include a market research that identifies your competitors, their share of the market and the range of the products they produce. By learning how they conduct their operations, you may learn tricks of the trade in the business you want to enter and you also get to have a basis on what you can do to excel.
Management by objectives (MBO) is a process of agreeing upon objectives (as can be detailed within business plans) within an organization so that management and employees agree to the objectives and understand what they are in the organization.
Business Overview- This section will cover the objectives, mission and vision of the business. The goals of the business should be properly outlined in this section.
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