You have probably already encountered several types of business plans, or you will, so we will offer just a general definition.  

A business plan outlines how a company plans to generate revenue and profit. It is a presentation covering multiple topics such as value proposition, target market, revenue stream, cost structure, competition and many more.  

The benefits of creating a business plan – especially a great one – are: setting clear and understandable goals for the company, aligning operations with the strategy, making room for further optimizations, allowing refinement, and focusing on organizational sustainability.