Many firms and companies use a formal business planning. It determines both long range and short range and that range decision for running the overall business.The terms and conditions are evaluated in financial terms of their financial impact on the business and plans are expressed in financial terms. It is a statement of organizations overall activities of coming periods. It is developed by top executives considering general economic conditions, anticipated conditions of industries, competitive consideration etc. Business plan is the understanding agreement between all functional departments. It is not developed on detail by specifying timing of activities for execution rather it determines framework for achieving goals. Therefore it is a guide for lower level and to make detail plans and decision.
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