business plan – a detailed statement setting out a business's future objectives and strategies for achieving them

To remember what business plan means use the following mnemonic:

The meaning of the term business plan is self explanatory, it's a plan that's created before starting a business. 

A business plan is an essential document that anyone looking to start a business should prepare. It is a roadmap for your business and can help you attract investors, secure funding, and make informed decisions about your business.

A business plan typically includes the following sections:

• Executive Summary: This is a brief overview of your business and its goals.
• Company description: This section provides more detail about the business, including its products or services, target market and competitive landscape.
• Marketing plan: This section outlines your plans for marketing your products or services, including your advertising and promotion strategies, and sales goals.
• Financial plan: This section provides detailed financial analysis of your business, including your projected revenue, expenses, and cash flow.
• Management team: This section describes your management team and their qualifications.

It is important to be as accurate and realistic as possible when preparing a business plan. There is no point predicting much higher sales in the first year than is realistically possible.