Role of Business Plan in Obtaining Funding with Peer-Reviewed
In a digital economy, one has to business strategy in a business plan. Business strategy refers to a combination of all decisions and actions performed by a business to ensure the attainment of its set goals and secure a competitive advantage in the market. It is the backbone of a company that leads to the achievement of the desired goals. It consists of factors such as the mission, vision, and objectives of the business, core values of the company, and SWOT analysis. Examples of business strategies include creating a new market, product distinguishing as Apple did to differentiate its operating system from Android by making it simpler. Another example is cost leadership, like in the case of OnePlus, which launched 6T with features that were similar to iPhone X but at a lower price. A business strategy is a part of the business plan, which is a part of a bigger conceptual structure known as the business model. The business model is a conceptual structure that describes how the business operates and how it plans to attain its set goals. The business plan defines the goals of the business, and then the business strategy gives the roadmap of how to attain the goals. Business models include mergers, franchises, and internal growth of the company.