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This is not just an issue for large enterprises - many small firms consist of separate business units pursuing different strategies.
You also need to make it clear what timeframe the business plan covers - this will typically be for the next 12 to 24 months.
The plan needs to include: If your business has grown to encompass a series of departments or divisions, each with its own targets and objectives, you may need to draw up a more sophisticated business plan.
Ongoing business planning means that you can monitor whether you are achieving your business objectives.
A business plan can be used as a tool to identify where you are now and in which direction you wish your business to grow.
It is a tool that can help you attract new funds or that you can use as a strategy document.
A good business plan reveals how you would use the bank loan or investment you are asking for.
It's sensible to review current performance on a regular basis and identify the most likely strategies for growth.
Once you've reviewed your progress and identified the key growth areas that you want to target, it's time to revisit your business plan and make it a road map to the next stages for your business.
Although many businesses are tempted to use their business plans solely for this purpose, a good plan should set the course of a business over its lifespan.
A business plan plays a key role in allocating resources throughout a business.