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1.A business plan is a form of guide which can be made to help in achieving business success. The main component of the business plan will have an impact on daily based decisions and can come up with expansion, diversification, and future evaluation of the business. It includes a discussion of the plan configuration and the information you need to develop a business plan. Business plans are traditionally developed and written by the owner with input from family members and the members of the business team and the idea and experience around us. Business plans are "living" documents that should be reviewed and updated every year or if an opportunity for change presents itself.

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2. A business plan is written formal document in which there is description details that how a business is going to achieve its goal in the future. Business plan tool covers everything from hiring of executives, company description for market research, product line, sales and marketing, financial analysis etc. startup companies use business plans to get off the ground and attract outside investors. Good business plan should include an executive summary, products and services, marketing strategy and analysis, financial planning and a budget. A good business plan should outline all the projected costs and possible pitfalls of each decision a company makes. Business plan are developed and written by owners with input from the members of the business team. The elements of the business plan will have an impact on daily decisions and provide direction for expansion, diversification and future evaluation of the business.