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Business planning is the process of setting goals, explaining the objectives and then mapping out a document to achieve these goals and objectives. A well-written Business Plan lays out the best growth path and strategy, as well as the rationale for the selection of the strategy over other alternatives. In essence, a Business Plan is the articulation and explanation of why the chosen game plan for building the company makes sense, what resources it will need to implement the vision, who the team will be that will have the skills and leadership to execute the vision, and what path they will follow to get there.
