Running head: BUSINESS PLAN VS BUSINESS CASE 1 Business Plan vs. Business Case Wilmington University
BUSINESS PLAN VS BUSINESS CASE 2 Business Plan vs. Business Case A business plan is a proposal for a new business or major change to an existing business. A business case is a proposal for a strategy or project. A business plan is typically targeted to investors. It may include a pitch, financial plan , business model , cost estimates, market analysis, competitive analysis, risk identification, operations plan, marketing plan and other information that is relevant to investment in a new business. A business case may contain much the same information but in a much shorter format that can be used for strategy prioritization and internal budget approvals. Within the context of an existing business it is often not necessary to revisit basics such as the firm's business model. Business Plan: A business plan is a description of a business and its plans for the next one to three years. The plan sets out the means by which an organization will achieve its objectives. Without a clear plan a business will have little sense of direction. More specifically the plan explains what the business does (or will do if it's a new business); it suggests who will buy the product or service and why; it provides financial forecasts demonstrating overall viability; and indicates the finance available and explains the financial requirements. The business plan is written for the owner to give a guide to run the business. It is also written for financial backers, and lenders of money such as banks. Business plans are drawn up when a business sets up for the first time and are amended and revised when the business wants to change - typically when it wants to expand .
BUSINESS PLAN VS BUSINESS CASE 3 Business plans can help perform a number of tasks for those who write and read them. They're used by investment-seeking entrepreneurs to convey their vision to potential investors. They may also be used by firms that are trying to attract key employees, prospect for new business, deal with suppliers or simply to understand how to manage their companies better.
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