ABSTRACT
The CEO is responsible for creating the business plan, and getting the Board to approve it. The business plan is like a road map. It defines where the company is now and where it is going within a time frame. There should be a long-range visionary plan spanning 3 to 5 years, called the strategic plan, and a one-year implementation plan that is much more detailed, called the business plan. In case of large corporations with several business units, there should be separate plans for each business unit.
