8.2.1 What is a Business Plan?

A Business Plan is a formal written document which: 

  • Describes the short & long term goals 
  • Describes how the goals will be achieved
  • Details and evaluates critical issues for success

A business plan should cover a period of 3-5 years and should show the various stages of the project during this period of time including milestones which will enable an effective evaluation of the project's progress.