Planning is needed to grow or start a business. The main source of planning for a company is the business plan. A business plan is a document that details the strategy of business owners on how they intend to run their business. There are several objectives that should be covered in a business plan from what the company's goals are to how many employees are going to be hired. Business plans provide a road map for where the owners want to take their businesses. It is also necessary to have if owners want to secure financing.
A detailed business plan touches on several key areas. Business plans cover the company’s vision, names of management and how many employees are/will be hired, a description of the company and what product(s) or service(s) it provides. Business plans also outline the marketing research done to analyze the profitability of the company, marketing and sales strategies and financial projections, competition, records, funding amount requests and how the money will be used.