What is a business plan

A Business Plan is a fundamental document that every entrepreneur should use to outline their business’s goals and plans to achieve them. It also contains several other aspects of a business’s future agenda and can serve as an internal decision-making tool. A Business Plan is a convenient document for executives to reference, so everyone is on the same strategic page.

In addition to being an internal document, it's also an external document. Using a Business Plan to pitch business proposals to potential investors is a great way to present yourself as credible. In many cases, a Business Plan is considered a prerequisite for banks and investors to provide capital to a new business.

Think of a Business Plan as a self-made guide for managing, operating, and structuring your company.

A Business Plan is also known as a:

Business Proposal

Marketing Plan

Business Strategy

Marketing Strategy

Sales Plan

There isn't a catch-all answer to this question. The length of your Business Plan depends on how many factors you want to consider and how you intend to use your plan. It can be as straightforward or as comprehensive as you'd like.

The more you put into it, the more your business may get from it because there’s a clear strategy for you to follow.

Suppose you intend to use your plan as a business proposal to enlist investor funding. In that case, it is recommended that you have a more detailed plan.