Business plan is an integral part of the management of a financial institution. It should build the institution’s aims and objectives. It is a documented conclusion of how the business will create its resources to achieve its goals and how the institution will evaluate progress.
Business plan is an inclusive plan, which is the outcome of comprehensive planning by the institution’s managers and management. It should practically predict market demand, customer base, competition, ecological and economic conditions. The plan must mirror sound banking standards and illustrate practical assessment of risk with respect to economic and competitive conditions in the market to be served.
An institution with a special objective or focus like debit card, credit card, trust only, cash management, or bankers’ bank should domicile this special or unique characteristic in detail in the appropriate sections of the plan.