A Business Plan describes the over-all nature of the business including background information, financial projections, and strategies. Typically, start-up businesses use this type of plan, although it can be of value to older organizations that need to define themselves more clearly.
A Business Plan serves as a roadmap to provide a foundation for decision-making and setting policies. It analyzes the business’ environment - taking a close look at the industry itself, competition, marketing and operations, and financials, just to name a few.
A Business Plan allows companies to gain a better understanding of their market by focusing on setting goals and priorities to help manage their strategies. This creates accountability and makes it easier to manage change.