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A business plan is necessary not only for the strategic and operational planning when starting a business, is also useful when managing existing companies and when selling companies.
It can, for example, serve internal target setting, however it is also a means of communication with external parties – such as banks, potential buyers or investors.
A meaningful business plan describes business opportunities and measures to exploit these opportunities, the goal being to use concise, understandable explanations to convince potential partners / buyers of the quality of the idea, the expansion plans and the company's vision. A business plan therefore aims to convince investors/buyers, to create improved chances of success and to monitor performance. It also helps to better assess the risks of an undertaking.