A Business Plan is the written plan for the future of your business, outlining how you plan to operate and grow your business, covering your business structure, product/service, and key operational processes, your marketing and promotion strategy, and your financials and forecasting.
Business Plans are a foundational component of any funding or investment pitch, to convince investors that the concept has been well thought through and giving them a set of financial benchmarks against which the founder can be held accountable.
However, Business Plans are not for startups alone and can allow established businesses to be operated with a more clear and cohesive vision. A Business Plan provides you with a roadmap of what you want to achieve and exactly how you are going to do so.
A Business Plan may be in the form of a large document if needed for funding applications, however, it can also be lean and agile when being used to guide operations and management.