Research Topics:

Business Plan Development

Content Type:

Glossary

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Business Plan Development Definition

The process of creating a document that describes an organization's current status and plans for several years into the future. It generally projects future opportunities for the organization and maps the financial, operations, marketing and organizational strategies that will enable the organization to achieve its goals.

Business plan development involves creating a comprehensive roadmap outlining the goals, strategies and tactics that a firm would follow to promote and sell products or services for several years in the future. It integrates the findings from marketing research to boost decision-making, audience identification, positioning and competitive analysis. More specifically, it maps the financial, operations, marketing and organizational strategies intended to move a business toward its goals. A well-thought-out plan serves as a communication tool that should convey a company’s marketing plan to stakeholders, team members and partners. It is a dynamic document that provides flexibility to be adjusted as market conditions evolve.

Who relies on business plan development?

Business plan development is implemented by entrepreneurs, startups, established businesses and nonprofit organizations to provide a roadmap for future business activity for investors, stakeholders and potential partners. Well-structured business plans are designed to gauge the viability and potential success of a marketing strategy.

Why should I care about business plan development?

Business plan development is valuable for a number of reasons. Firstly, it helps businesses to align their marketing efforts with business goals, thus ensuring a focused and effective strategy. What’s more, it can help businesses secure funding and support from investors or lenders who assess the feasibility of marketing plans. And finally, it is a guide for businesses to navigate challenges and seize opportunities in the marketplace.