This challenge requires you to develop or update a business plan for your current business/ section of the business. The business plan is the blueprint for your business. It provides a road map to your future. It can also be used to obtain financial capital to expand or start up a business.
Why do you need a business plan?
Lewis Carroll (Carroll, 1993) wrote this in Alice in Wonderland:
“One day Alice came to a fork in the road and saw a Cheshire cat in a tree. ‘Which road do I take?’ she asked. ‘Where do you want to go?’ was his response. ‘I don’t know,’ Alice answered. ‘Then,’ said the cat, ‘it doesn’t matter.”
It is also true of your business; without a plan you don’t know where you are going and the road you take may cost you money, staff and customers.
Example for "Develop a business plan":