ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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BUSINESS PLAN Definition
BUSINESS PLAN is a description of a business (normally over a 1-5 year period). A basic business plan includes: product(s) and/or service(s), the market, competitor analysis, the key people involved, financing needs, and the financial rewards if the business plan is implemented successfully. A well-prepared business plan plays two important roles, firstly, it is a useful management tool that can help management plot a course for the company, and secondly, it is a vital sales tool that will impress funding sources, e.g., venture capitalists or the board of directors, with managements planning ability and general competence. Other things being equal, a well prepared business plan will increase a companys chances of obtaining a financial commitment to fund the business.
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COMPLIANCE is following applicable internal control procedures, rules, or laws.
VET, VETTED, VETTING is to make a careful and critical examination of someone or something, e.g. a person prior to employment.