ABSTRACT
Planning is the process of deciding what we want to achieve and how we intend to achieve it. It may involve making assumptions and answering questions before they arise. Before making an investment, a business plan is prepared to determine the feasibility of a proposed project and the expected returns. Based on the findings, one can make the decision to invest or not. A business plan explores the factors that are known to determine the success of a project. A typical business plan includes the following sections: market analysis; scope of the proposed services; organizational capacity; projected financials; and statutory requirements. Once a decision to set up a business is made, the proposed project’s goals and objectives are defined. In management parlance, this approach is known as "management by objectives." A goal indicates a broad intention. It can be broken down into several small objectives.
