What Is a Business Plan?

A business plan is a written document that explains in detail how a company usually a startup defines its objectives and plans to achieve them. From a marketing, financial, and operational viewpoint, a business plan lays forth a documented path for the company.
Business plans are crucial papers that are used to entice investors before a business has a track record. They’re also an excellent method for businesses to stay on track in the future.
A business strategy is important for every firm, but it’s especially important for new enterprises. The plan should be reviewed and revised on a regular basis to evaluate whether goals have been fulfilled or if they have changed and developed. A fresh business plan is sometimes written for an existing company that has opted to take a different path.