Business plan

A solid and realistic business plan is the basis of a successful business.

A Business plan is a "document setting out a business's future objectives and strategies for achieving them."

According to Investopedia:

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A solid and realistic business plan is the basis of a successful business. In the plan, you will outline achievable goals for your business, how your business can meet those goals, and possible problems and solutions. The plan will figure out if there's a need for the business through research and surveys; it will figure out the costs and inputs needed for the business, and it will outline strategies and timelines that should be implemented and met. Once you have the plan, you should follow it. If you start doubling your spending or changing your strategies whimsically, you are asking for failure. Unless you have found that your business plan is overwhelmingly inaccurate, stick with it. If it is inaccurate, it's best to find out what's wrong with it, fix it, and follow the new plan rather than change how you do business based on quick observations. The more mistakes you make, the more expensive your business will become and the greater the chance of failure. You may also be called to pivot when market conditions change drastically and impact negatively the chances of success based on the initial business plan. In this case, you revisit your plan and edit it fully based on the decided pivot.

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How to write a business plan

• Write your business plan, Small Business Administration

• How to Write a Business Plan, Step by Step, Nerd Wallet

• How To Write A Business Plan (2024 Guide), Forbes, 2024

• How to write an effective business plan in 11 steps (with workbook), Bank of America

• How to Write a Winning Business Plan, Harvard Business Review

See also

• Management
• Marketing
• Sales