A valuable source of information about your business that may be required by third parties ; Improved use of your company personal resulting from participation in the business planning process ; Increased employee motivation ; Increased profits and sustained growth.
I say that because of course you need to be careful with commercially sensitive ideas, as you do not want to pass your plan on to someone in the pub who then starts your idea before you across the road.
Drawing functional Plan: After positive result form the feasibility study, functional plans are drawn up. Some scholars and writers prefer to include feasibility study with functional plan but the two have been taken separately. Whereas only after the feasibility study can one go into the derails of drawing up functional plans which would determine the strategies for all the operational areas : marketing, Finance and production.
Whether it is travel, study, cooking or any other activity involving a process, planning is usually the first step. The same holds true for business. Business plans are probably more important than the business itself. For example, the plan for a house is more important than the house itself, though it is the house that people remember and not the plan. But the house wouldn't stand without the plan, would it?.
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