When starting a business, many people do not see the value of a business plan. They have an idea and then they basically open the doors. What do you see as the purpose and value of a business plan? Although each aspect of a business plan is important, if you had to determine which one is the most important, which one would you choose and why? Finally, how important is ethics that it be incorporated into a business plan?
A business plan is a written document that gives details on a business idea or venture and present the outlook of the business over a number of years. This plan will guide the business project management and operations, assist in vital decisions and measure performance. Many times, individuals often ignore the significance of this aspect in the view that the knowledge in mind is very enough. This has not fruitful always. This paper will therefore examine the importance of business plan to individuals and organizations at large highlighting its components and its relevance as mentioned before.