Planning & Budgeting

What is the purpose of a Business Plan? The purpose of a Business Plan is to identify, describe and analyze a business opportunity and/or a business already under way, by examining its technical, economic and financial feasibility for future growth and expansion.

Planning helps a business to be accountable for what they do. Planning helps decide how best to use resources (people, time, money, information, equipment) so that they make the most significant contribution to achieving company goals. Planning lays the basis to assess and evaluate achievements effectively.

Forecasting refers to the tools and techniques used to predict developments in business, such as sales, expenditures, and profits. The purpose of business forecasting is to develop better strategies based on these informed predictions