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Developing the Strategy within a Business Plan

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The business plan is the single most important document in the development and promotion of any business. Without a well thought out business plan it is unlikely that a new venture will succeed or be able to navigate the often difficult and complex environment. When starting a business people often focus on their great idea but fail to understand the important components and steps that lead to successful development. The business plan helps to create the business model. Each business needs some way of competing in the market. The business plan is the most significant planning exercise that can lead to the success or failure of the entity (McKaskill, 2011). Ensuring that it is detailed and critically analyzed will help minimize problems later. The formation of a business plan should include research into each of the areas. Making “rule of thumb” judgments where more exact data is needed can be a mistake. The quality of the plan is based upon the depth and strength of the a