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A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.

A business plan is a documented set of business goals, objectives, target market information and financial forecasts that you are aiming to achieve over a certain period of time. It is important to prepare a business plan when starting or growing your business and review it regularly to keep it up to date.

That doesn’t mean you have to bust out Word and start the plan from scratch. A template is great--you probably aren’t doing anything that hasn’t been done before, so it provides a proven structure for your plan. Pretty much everything on it can be customized.

A business plan is a blueprint for how your business will run and reveals what future direction your business will take. Understandably you will want to be careful who you show your plan to and avoid your competition seeing it.

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