A business plan provides a clear description of where a business wants to be even as far back as five years.
A business plan is a document that defines in detail description of a company's objectives and how it plans to achieve its goals in upcoming years. This plan is use to secure investment capital from financial institutions or lenders.
A business plan lays out a written roadmap for the firm from financial, marketing, and operational standpoints. Both startups and established companies use business plans in order to succeed.
Hence, one should have a proper business plan before establishing a business.
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