A business plan is a formal document that outlines the goals of a business and the strategies to achieve them. It typically includes sections on market analysis, financial projections, and operational plans. This document serves as a roadmap for entrepreneurs and helps them stay focused on their objectives. Additionally, a business plan is often used to attract investors or secure loans. By presenting a clear vision and detailed strategies, it demonstrates the potential for success and profitability. Overall, a well-crafted business plan is essential for guiding a business from its inception to growth.