Business planning is the blue print for any organization. It is the most significant step in the process of planning before and during a business activity that is continuously reviewed and updated. When a business organization enters a new market or develops a new product, it is subject to a wide range of varied and complex elements that may have a negative impact on the organization or its profitability; and in some cases even may result in the liquidation or bankruptcy of the enterprise. Therefore, it is essential to consider all the potential risks that the business organization may encounter. This is where business planning attains prime importance.
Business planning involves understanding the long and short term objectives of the organization and its strategies, its business process used to achieve those strategies taking appropriate measures to attain them in the most economical way. This includes reviewing the business agenda, risk containment and mitigation, the strong and weak points of the business, and other important decisions to be made. While business planning does not guarantee success in raising funds or mobilizing support, it remains of critical importance in reducing the possibility of failure.
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