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A business plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized. It is the road map to the success of your business. For anyone starting a business, it's a vital first step.
Overall, a business plan will: 1  Help you consider all costs, expenses and financial projections. 2  Build upon marketing and sales initiatives to fuel the growth of your business.  Show that the business may not be viable and point out flawed areas of the idea.