A formalised way of stating a set of business goals. It should indicate the strategic direction of the organisation and its long-term goals, while also charting in broad terms how these will be achieved and the approximate timeframes. It should include a sober and level-headed analysis of the likely success of the business and may include a SWOT analysis of Strengths, Weaknesses, Opportunities and Threats. A business plan is important when seeking a bank loan or access to government funding programmes.

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