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Creating the Business Plan
e CEO is responsible for creating the business plan, and getting the
Board to approve it. e business plan is like a road map. It denes
where the company is now and where it is going within a time frame.
ere should be a long- range visionary plan spanning 3 to 5years, called
the strategic plan, and a one- year implementation plan that is much more
detailed, called the business plan. In case of large corporations with sev-
eral business units, there should be separate plans for each business unit.
STRATEGIC PLAN
e strategic plan should address the following trends for the next 3 to
5years:
• What changes will occu ...