Importance of a Business Plan

In any organization, there are a variety of plans—financial plans, marketing plans, production and operation plans, sales plans, and staffing plans. A plan can be strategic or operational and focus on the short or long term. Regardless of its scope, each plan has the purpose to provide guidance and structure for success in a rapidly changing, hypercompetitive global market.

A corporate venture business plan is a document describing all relevant external and internal elements involved in launching the corporate entrepreneurial venture. It is often an integration of various functional plans that addresses both short- and long-term decisions for usually the first three years of operation of the corporate entrepreneurial venture highlighting the time it will take to break even and begin producing profits.