This is the process of setting an organization’s goals and developing strategies to meet those goals accordingly. A business plan is a formal statement of a set of business goals, the reasons they are believed to be attainable and the plan for reaching those goals. It provides researched information and analysis about the business, its market of operations, operational/production details and finances, including sales projections and market forecasts. Business plans may be internally or externally focused. Externally focused plans target goals that are important for external stakeholders, in particular potential investors, major customers and franchisers. They typically include detailed information about the business attempting to reach the goals. Internally focused business plans target intermediate goals required to reach external goals. They may cover the development of a new product/service, a new IT system, a restructuring of finance or the refurbishing of a factory. An internal business plan is often developed in conjunction with a balanced scorecard or a list of critical success factors.
This provides an assessment and analysis of economic viability and technical specifications of business ideas related to, for instance, capital development, production expansion, rebuilding or reconstruction, equipment modernization, new product development, new business launch and new market entry. Feasibility studies aim to objectively and rationally identify the strengths and weaknesses of an existing business or proposed venture, opportunities and threats as presented by the environment, the resources required and, ultimately, the prospects for success. The two simplest criteria to judge feasibility are cost required and value to be attained. Generally, feasibility studies precede technical development and project implementation.
This is a key function of development planning that helps management to make important decisions pertaining to the profitability and financial health of an organization based on accurate, timely, high quality analysis and advice. The basic elements of financial analysis and planning are forecasting, budgeting, reporting and analysis, but it can also include other areas such as resource allocation, IT support, operations support and HR support.
Business plan industries
We are happy to announce that OTOA LLC received pre-qualification by EBRD Advice for Small Businesses as an advisory service provider to small and medium-sized companies through projects supported by the EBRD in Armenia.
The projects in Armenia are funded by the European Union in Armenia under the “EU4Business” initiative, and Sweden.