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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.

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:

Management and Organization Details : This is where you will list who the management is for your business. If you are at this point the only person involved in the company then this will simply be you. If you have others working in the company detail the organization structure of your enterprise. Below this list the ownership structure of the business. This is whether your are running a sole proprietorship, partnership or a limited liability company.

Business plans may target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their investment return in that timeframe.

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