Preparation of Business Plans

PREPARATION OF BUSINESS PLANS

A business plan is basically an outline of step-wise procedures which is followed to convert business ideas into a booming business ventures. Following task is included in this:-

• Allocate resource in an optimum manner
• Distinguishing internal strength and weakness
• Evaluating the feasibility of ideas
• Examine the external environment for opportunities and threats
• Examine innovative ideas and business possibilities

OBJECTIVES OF A BUISNESS PLANS

• To evaluate the feasibility of business
• To identifying strength and weakness existing in the environment
• To ease the decision making process
• To look for the loans from financial institutions
• To convince others to join the business
• To examine the opportunities and threats in the business environment
• To provide guidance to the vision of the entrepreneurs
• To examine the future probabilities of business
• To examine the progress immediately after the implementation of plans