A list of overarching goals for a company, along with an outline of how the company plans to accomplish those goals.

Definition

A business plan, as defined by Entrepeneur.com is:

A written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement

It is useful to have a business plan, as it sets down what you'd like your business to accomplish.

Writing a Business Plan

There are many good resources to help one write their own business plan. Of note:

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