Chapter 3

Our description of the business planning process makes it evident that this notion is much wider than composing business plan on paper. If business planning implies mental activity fuelling all the other work then developing a business plan implies stating certain aspects of business planning on paper. Business plan development is required for the following:

- so that the planning object could get a concise and complete image of the planned activity directed towards achieving his goal;
- so that participants of planning could understand each other better;
- so that the effectiveness of planning could be determined (whether the plan is brought to life successfully or not);
- so that the company could be introduced to a potential investor, partner or customer.

Therefore, business plan development is a part of business planning process, one of its expressions, which serves to achieve the aim of planning. Let’s give a definition to a business plan development.

Business plan development is committing to writing the goals of a company and the ways of achieving these goals.

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