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It also needs to be written in formal format and style. You have to remember that a business plan is something that you may have to present to your business partners, financial firms and banks. So if you can, refrain from using slang in any part of your plan.

A business plan is the utmost requirement for securing your financial needs. There is a pattern for writing a good business plan which one should follow to get success. The major components of a business plan are as follows:

Finally, a business plan should be error - free. This is important because your business plan defines who you are as a business person. If it turned out sloppy, then that does not speak too highly of you.

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.

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