Business plan: Business plan is the written document of the business future. This document generally project business goals, issues your business may face and plans to solve them, and outlines the route a company intend to take to grow revenues. Generally, a business plan includes components such as descriptions of the company, product or services, market, forecasts, and financial analysis with a projected profit and loss statement (Mckeever, 2011)
Hence, a business plan is estimation or valuation finalized at the organization level, which close with Go/No-Go criteria on whether one should set up another organization that will contend with different organizations in the business sector. A business plan is a formal statement of business goals and plans for reaching them. It may also contain
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Whereas a business plan is a detailed document of various step that an organization plans to take before truly putting all acts and operations together. A business case is based on a cost model and a benefits rationale. It measures business performance in terms of financial metrics, such as, NPV, ROI, and payback period based on projected cash flow. A business plan is based on the business model for the organization as well as expected trends and competitor actions.
A business plan addresses every key aspect, especially those associated with organization’s expenditures and profits for over a period. Furthermore, a business plan offers transparency to the company and stakeholders, the probable investors, the value and effectiveness of the thought and approach (Ghatak, S., 2010).
A business case supports a business plan by evaluating the action’s impact on the organization's business performance. A business plan can support a business case by helping case designers estimate budgets and expenditures, profits, and anticipated fluctuations in these zones (Schmidt,