Business plan

Definition

A business plan is a formal written document that outlines the goals of a business, strategies for achieving them, and the time frame for success. It includes market analysis, financial projections, and the organizational structure.

Related terms

Market Analysis: The evaluation of market trends, growth rates, and competition to identify market opportunities for a new or existing business.

Financial Projections: Estimates of future income, expenses, and profitability over a specific period, often included in a business plan to forecast economic viability.

Organizational Structure: Describes the hierarchy of an organization by detailing roles, responsibilities, and relationships between individuals within the company