Function

• A business plan is a description of operational and financial goals, and the criteria to assess how goals are met.
  
  

Significance

• These documents are used as a management tool or to secure funding from banks, investors or credit agencies.
  
  

Features

• Most plans include the following components: an executive summary, industry overview, market and competitive analysis, and market, management and financial plans.
  
  

Size

• Business plans are succinct, ranging from 20 to 30 pages--40 at most.
  
  

Misconceptions

• Business plans do not have one format. Some plans are internal and are used as a management tool, while other plans are external and are used to attract investors.