Business planning is essentially the development of a formal business statement addressing the questions of ‘what? why? how? who? where? and when?’
Depending on the needs of the client, business plans can take the form of a ‘conceptual’ plan to further generate an initial business idea, or a ‘comprehensive’ plan guiding the detailed activities of a soon to be established (or established) business or product.
Business plans can often be developed as a ‘second phase’ after undertaking a detailed feasibility study.
Business plans generally include the nature of the business and/or product, business strategy (vision, mission, goals and objectives), industry/market analysis, competitor analysis, institutional and organisational structures, marketing plan, operational plan, and financial model.