A business plan is a structured written document containing a company's objectives, the strategies for achieving those objectives, and the timeline for achieving the objectives. The essence of the corporation, background information on the organization, the financial forecasts of the organization, and the strategies it plans to adopt to achieve the specified goals are also identified. This paper, in its entirety, serves as a road map (a plan) that provides the organization with guidance.
To receive a bank loan or other form of funding, written business plans are often needed. To promote the development of a business plan, existing models and manuals, such as those provided in the United States by the Small Business Administration, may be used. Business plans can be based internally or externally. Goals that are relevant to outside stakeholders, particularly financial stakeholders, are drawn up by externally-oriented plans. Typically, these strategies provide specific details about the company or the team attempting to accomplish its objectives. Business plans are decision-making tools. The business plan's content and format are decided by the goals and audience. Banks are concerned about defaults, so a bank loan business plan would create a compelling argument for the ability of the company to repay the loan. The initial investment, viability, and exit valuation are of primary concern to venture capitalists.
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