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.
Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. Business plans can help decision makers see how specific projects relate to the organization's strategic plan.
Executive summary- The executive summary is the backbone of the business plan and it should include a brief background of the business concept, company's objective's or your plan, ownership structure, management team, service offering, target market(s), competitive advantages, marketing strategy and high-level financial details like expected profit, required funding etc. It helps the bank or finance executives to get an idea of your business.
The market potential for your service or product-You need to convince your customers and employees for your products and services you are offering and hence you have to find out the market which needs that product or service.
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