What is a business plan? A business plan is a planning document which summarises the operational and financial objectives of a business. It contains detailed plans and budgets showing how the business will pursue and realise its set goals.

Why do you need a business plan for your business? A business plan is a vital first step for anyone starting a business. It is the due diligence needed to prevent you from wasting time and money on a business idea that might not work. If you have a business idea, you need a business plan to determine if it will make money, since you would not want to start a business when you are not sure that it has a good chance of being profitable.

Your business plan will help you to secure the buy-in of the people who will work with you in the business, particularly members of your senior management. Your business plan will help you to convince potential investors that your business is likely to succeed. Your business plan will show the capacity of your business if you need to borrow money from a lending institution.

Your business plan is your tool for thinking through the key elements of your business and serves as the roadmap for starting, growing and scaling your business. It guides you through every stage of your business. It is the foundation for your business.

How do you write your business plan? Here is a step by step outline you can use to write your business plan, with a listing of the key sections and essential components of the plan:

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