Question

Drake is applying for a business loan on behalf of its company. Before applying for the said loan, he draws up a road map of the company. He highlights the prospects of the business and the ability of its management to follow the path to take the business forward. What is this document prepared by Drake known as?

Answer 1

The correct answer was Business Plan.

Answer 2

I think the document described is the BUSINESS PLAN.

Business plan is universally defined as a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.

Business plan is essential in planning to start-up a business. It is a result of extensive market research and planning.