By QuickBooks India. Would be entrepreneurs are in a constant dilemma whether to write a business plan or simply take the plunge. They juggle between two approaches that have long been in a face-off with each other. The first approach claims that a startup should simply act on its business idea , become better and support itself.
Two months ago, I used this column to suggest that we need to find a better term for business planning that doesn't conjure up fear and dread like the mention of a high-school paper or graduate thesis. Business planning is supposed to be about managing and steering a company. In the comments readers posted below that column, I saw several valiant efforts to suggest new phrases road map and business blueprint, for example. But I ended up agreeing with several people who disagreed with my basic thesis. They essentially said business planning is too important to mess with changing the words. So I've changed my mind -- again -- and come up with this list of essential business planning words every manager should know:. Business plan: An organized collection of milestones, tasks, assumptions and basic business numbers.
Last Updated: November 2, References Approved. This article was co-authored by Helena Ronis. She has worked in product and the tech industry for over 8 years, and received her BA from Sapir Academic College in Israel in There are 13 references cited in this article, which can be found at the bottom of the page.
The following business plan for the fictional firm of "Acme Management Technology" AMT is an example of what a completed business plan might look like. This example is provided as part of the instructions and detailed descriptions included in the Components of a Business Plan. This business plan leads the way by renewing our vision and strategic focus of adding value to our target market segments—the small business and high-end home office users in our local market.