Abstract:
According to Galai (2016), a business plan is a crucial document to have when examining a start
up business or making strategic decisions. A successful business plan should be a short document
with a page count of 20 to 50. Rather of being static, it is a dynamic document and it important to
establish who will develop business plan before getting started. According to Galai (2016), leaving
writing to entrepreneur or manager is a mistake. He suggests enlisting help of several corporate
divisions or hiring an outside specialist. When second option is selected, it is important to send
some draft copies of important information about a start-up being planned to be launched. A main
reason behind this is because while expert is skilled at producing business plans, he may lack
sufficient expertise of your industry. He is emphasizing importance of a succinct and focused
business plan as well. Galai (2016) is attempting to convey that every company strategy is made
for a specific reason, such as developing an original product, attracting partners, or achieving a
technical breakthrough. When it is a technology product, for example, it should be emphasized
that it will be superior to other items; or when it is a new product, proof of concept should be
emphasized, and so on. Finally, company strategy should be concise and well-organized. This may
appear to be a small matter, but when reviewers are examining business plan, small flaws such as
an empty page may give impression that your organization is not serious or wastes money on
purpose. Galai (2016) does not advocate a certain structural format for a business plan, but does
stress significance of prioritizing certain areas based on plan's objectives. When business strategy
is for a new company, he believes first chapter should focus on problem, solution that product
provides, and validation of that answer.