Business plan is an official way of declaring the aims and objectives of a company, the prescribed duration to achieve them and the strategies to attain the same. It can also include the formal dissemination of details about the teams which have made responsible to accomplish the organizational objectives.

Business plan is required by companies to have a focused approach towards the targets. Also, it in a way helps the projects an organisation as a responsible entity with a direction in front of the shareholders.

A company can have an internal and/ or external business plan such that internal plan focuses mostly on the development of the internal structures and internal stakeholders of the company. External business plan is directed towards the growth of an organisation from financiers’, target audience, and other entities like government agencies perspective.

Business plan is essential to establish the credibility of the company in the market, to make its vision and approaches understandable, can act as the unique selling preposition for a business and help a lot in avoiding failures in the long run.

Business plan is basically a tool and though it is formal document but its creation does not follow any rigid guidelines. The content of the business plan is totally dependent upon the objectives of an organisation and covers almost all the aspects of business planning namely the vision of the plan, strategy to achieve it, and the departments to be involved in its creation.

Business plan can presented can be presented in a oral form or can be represented in written form. In addition to the information on goals and the description of project, a business plan should have few other essential details like an executive summary, description of the business/ company and the market analysis of the same, analysis of the competitors, description of marketing, financial and operational plans and summary of management.

One can also include some details/ credentials of the team that will be taking care of the project. It must also provide details on budget & returns related issues, any legality that the stakeholders must be aware of, raw materials and the details of the resources required for the same and duration in which the project has to be completed. The company must decide that whether it wishes to make it public or plans to keep it confidential.