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A business plan is a written document that describes the business, outlines business goals, and details the route that will be taken to achieve those goals. A business plan is not a static document that you write once, and writing a business plan doesn't automatically guarantee success. On the other hand, a business plan will allow you to set targets for your business and to communicate your strategy and vision for your team. It also gives you a framework to evaluate your strategy and your financials and determine whether you need to make any changes. Writing a business plan also gives you a document to show banks and other potential sources of financing that your business is viable, and a solid plan can also help you negotiate favorable rates from banks and investors. The key components of a business plan include: a description of the company's organization, management, and products or services; financial projections; funding requirement; analyses of the industry, market, and competitors; and sales and marketing strategies.
Every business should have a business plan that projects three to five years into the future. Think of the business plan as both an operational roadmap and a "living document" that evolves as the business develops.
The video below was created by Bplans.com, and explains this in greater detail.
Online Guides
U.S. Small Business Administration.
Deming Center for Entrepreneurship. University of Colorado.
Alliance for Nonprofit Management.
Donald A. Griesmann