A business plan is a written description of your business’s future, a document that tells what you plan to do and how you plan to do it. It also summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized. It is the road map to the success of your business. A business plan is essential for entrepreneurs starting a new business and for existing companies seeking financing.
A business plan is a written document which:
- Describes the business’ goals and objectives.
- Shows how the business will achieve those objectives.
- Demonstrates how the outcome will satisfy the reader’s requirements (for example, how a loan will be repaid).