Which of the following is NOT a key function of a business plan?

A business plan serves multiple key functions that are essential for guiding the direction of a business. One of its significant roles is as a benchmark tool. This means it provides a standard against which the progress and performance of the business can be measured over time. By setting clear objectives and metrics, a business can evaluate its success and make necessary adjustments.

Additionally, a business plan acts as a loan or investor document. It is crucial for attracting funding by presenting a well-thought-out outline of the business model, market analysis, and financial projections. Investors and lenders want to see a comprehensive plan that demonstrates the potential for profitability and outlines how their investment will be used effectively.

Furthermore, it functions as a planning tool that helps business owners think through their strategies and operational needs. This involves laying out goals, the timeline for achieving them, and the resources required. It encourages thorough preparation and can identify potential challenges.

While a marketing strategy is indeed a component of a business plan, stating that it's a key function could be misleading. A marketing strategy, while important, is typically part of the broader business strategy outlined in the plan rather than a stand-alone function of the plan itself. Therefore, the option regarding marketing strategy is not typically classified among the primary functions that encompass the