The business plan is termed by different names by its different intended interest audience.
For example, when presented to a bank, it may be called ‘loan proposal.’ a venture capital group might call it the ‘venture plan’ or ‘investment prospects’ and a common man may term it ‘project report.’ Let it be called by any name, its basic purpose is the same, i.e.
Vendors responding to RFPs must always follow the buyer’s preferred, stated format with the proposal.
Business Plan: Meaning, Contents and Significance of Business Plan!
setting up a small business enterprise within a specified period of time.
So to say, business plan is initially an operating document.
The more concrete and complete the business plan, the more likely it is to earn the respect of outsiders and their support in making and running an enterprise.
Therefore, the business plan needs to be prepared with great care and consideration.
In nutshell, writing a business plan is not without its costs and sacrifices, nonetheless the benefits of it outweigh its costs. Until committed to papers intentions are seeds without soil, sails without winds or mere wishes which do not lead to execution and without execution there is no payoff.
The preparation of a business plan or project report is of great significance for an entrepreneur.