A business plan is a road map for every business that determines how the business will run in the present and future. It is the guideline for the management that determines what to do and what not while running the business and participating in a market competition. Every business, small or big, requires proper business planning, no matter what the business manufactures or sells. Lack of proper planning and implementation of that plan is the lifeline of the business. In this highly competitive market, even the MNCs can lag behind in a local market and lose customers to a local business due to a compact planning.