A business plan outlines what a business intends to do and how the business owner or partners plan to go about putting the intentions into practice. The plan performs a number of different functions. It may be used to attract investors to the business or to bring in critical employees or to grow the business itself. Business plans should include the mission or goals of the business, how the business will fulfill its mission, and the structure of the business, including roles and responsibilities of employees. It should also outline any obstacles or problems the business may face and provide explanation of how the business will handle those issues. Financial data such as the amount of capital needed to get the business off the ground should also be included in the plan.
Business can be a dirty business. And the language of business can be hard to understand. For beginners in the field (or the more analog of the bunch), business acronyms old and new can confuse and ultimately disappoint if not correctly understood. The more market-savvy professionals already know some of these standard shortened phrases, and business glossaries abound. But if the initial jargon has got you down, just KISS (keep it simple, stupid), and check out these nine business acronyms that you need to know.