By Mary R. Badger on July 12 2018 01:45:16
Business plans may target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their investment return in that timeframe.
A business plan is a blueprint for how your business will run and reveals what future direction your business will take. Understandably you will want to be careful who you show your plan to and avoid your competition seeing it.
Having an understanding with third parties when distributing a plan could be enough protection for some businesses, however others who have innovative business practices or products or services may wish to go further and sign a confidentiality agreement with each person to protect their innovations. It may also be a good idea to include some words in your plan asking the reader not to disclose the details of your plan.
A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.
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