A business plan is a way for a business to chart a path, allocate resources, focus on key points, and prepare for problems and opportunities i.e., business plans help to optimize growth according to priorities set by upper-level executives.
A business plan should include:
1. The business plan should tell a compelling story about a business, explaining who, what, when, where, how and why.
2. The plan should be focused and clear.
3. The plan should define specific business objectives and goals with general parameters to guide the organization.
4. Writing a business plan should force logic and discipline into a business.
5. A good business plan should be updated regularly as business conditions change.