Business Plan For A New Venture

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A business plan can be used for beginning a new business, to create a more profitable business or for consideration of new services and ideas. A business plan is a written document that gives details on a business idea or venture and present the outlook of the business over a number of years. This plan will guide the business project management and operations, assist in vital decisions and measure performance. There are many types of business plans and not one of them is considered a universal plan, therefore each business must use a plan that will be useful for its own goals and desired achievements. It is wise to develop a formal business plan before a new venture is started or a major new initiative is launched (McDonough, 2007). Strategic business plans When creating a strategic business plan, the business has specific goals usually stemming from the executives mission. This plan give details of the business direction, its mission, philosophy, goals and purpose. Other areas that are included in this plan are an evaluation of the business current position, weaknesses, strengths, opportunities and business threats. Strategic business plan are internal plans that requires scheduled deadline times for start dates, milestones and completion dates, therefore this plan will include objectives, strategies and timeframes to achieve these goals (McGhee Nelson, 2002). In a strategic plan, strategies and/or actions are put into place addressing issues on how the work will be

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