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VET 172 - Portfolio and Related Topics: Business Plan

Definition

"A business plan is a document that describes a proposed new business or a new project within an existing business. A business plan for a new business seeks to capture the vision and describes the current status and expected needs of the markets, along with the projected results and financial needs for the new business. A business plan for a new project within an existing business describes the business idea, establishes its objectives and details the strategies, methods and processes that must be followed to achieve those objectives, including financial projections for the coming years.

Business planning for a new project begins at the front end by asking:

  • Why do we want to do this project? Is the market large or rapidly growing?
  • What products and services do we want to offer (what jobs we want to do for customers)? And why are they needed?

  • How do these new products/services further our strategic objectives?
  • Does our company have the people and organizational resources, capabilities and supply chains to do the job?

  • Source: Business plan. (2011). In H. Thota, & Z. Munir, Palgrave Key concepts: Key concepts in innovation. Basingstoke, UK: Macmillan Publishers Ltd. Retrieved from http://ezp.gvltec.edu:2048/login?url=https://search.credoreference.com/content/entry/maci/business_plan/0?institutionId=2272

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