Definition of a Business Plan A business plan is "a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals".
Focus of a Business Plan Externally focused plans target goals that are important to external stakeholders, particularly financial stakeholders.
They typically have detailed information about the organization or team attempting to reach the goals Internally focused business plans target intermediate goals required to reach the external goals. They may cover the development of a new product, a new service, a new IT system, a restructuring of finance, or the refurbishing of a factory.​