A Business Plan is needed to implement the planned ideas for expanding an existing business of the company, introduce new products and services into the market.

Business Plan is a program of business operations and actions, which contains information about the company, the product, its production, markets, marketing, operations, organization and efficiency calculation.

A business plan is a short, accurate, accessible and understandable description of the proposed business, the most important tool when considering the larger number of different situations, allowing you to select the most promising desired result and identify the means to achieve it.

A Business Plan is a document that allows to manage the business, therefore it can be represented as an integral part of strategic planning and as a guide for execution and control. It is important to consider the business plan as the process of planning and management tool in-house.

A Business Plan serves two main purposes:

  • It gives an investor a response to the question of whether to invest into the given investment project.
  • It serves as a source of information for those directly implementing the project.

A Business Plan helps the businessman to do the following:

  • Determine the specific areas of activity.
  • Target markets and place the company into these markets.
  • Formulate a long-term and short-term goals and objectives, strategies and tactics to achieve.
  • Select and identify the indicators of the goods and services that will be offered to the consumers.
  • Estimate the production and trade costs for the creation and implementation.
  • Identify whether the existing staff of the company and their motivation suits the requirements for achieving the company’s goals.
  • Determine the composition of the marketing activities of the company for market research, advertising, sales promotion, pricing, distribution channels, etc.
  • Assess the financial position of the company, whether the existing financial and material resources suit the possibilities for achieving the goals, foresee difficulties as well as "pitfalls" that can interfere with the practical implementation of the Business Plan.

A Business Plan helps the businessman to provide answers to the following questions:

  • What type of product or a new business to choose to enter the domestic and foreign markets?
  • What would be the market demand for the goods and services offered, and how it will change?
  • What resources and how much would be required for the organization of a business project?
  • How much would the necessary resources cost and where to find reliable suppliers?
  • What would be the costs for organizing the production, realization and services in the relevant markets?
  • What could be the market price for these products and how it would affect competitors?
  • What could be the total income, and how it should be distributed among all the participants of the business project?
  • What are the indicators of efficiency and how they might be improved?

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