What is Business Planning?
When we want to establish a business, there are many things that should be done until finally you start to serve the customer. Start with the feasibility analysis that will filter all the ideas related to the proposed business and business planning. Business planning is one of the important factors that will increase the possibility of the business runs smoothly in the future, so it’s not a guarantee for a business to success.
Business planning is done after the feasibility analysis because the information gathered in feasibility analysis is used in business planning. Business planning is basically a summary from the business owner of the detail of the proposed business, the marketing strategy used in the business and also the financial planning.
Business planning has three important functions. First is to guide the company because business planning contains the future planning or future course of the company and the strategy of how to achieve it. second is to attract the investor and creditor who will give additional capital to the company and the third is to show that the entrepreneur understand about the business, the state of the business on the future and how to achieve it and also what key factors that will make the business success.
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