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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.

Starting up a business is an exciting time, but writing a business plan can seem daunting initially. However, being able to write a good business plan is an essential skill to have for any entrepreneur or new business looking to increase their chance of survival.

Industry overview-This section will include description about which industry you are targeting, its growth and size, competitive analysis, business strategy and key players.

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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